ApeCoin and Bored Ape Yacht Club Investors Beware
Arguably the most well-known collection of non-fungible tokens (NFTs) to hit the market are the Bored Ape Yacht Club (BAYC) NFTs. These pictures of monkeys in different garb with varying facial expressions took the internet by storm and attracted celebrities such as Snoop Dogg, Justin Bieber, Jimmy Fallon, and Kevin Hart.
Prices for these NFTs soared at one point. Six of them have sold for more than $2 million, and in October 2021 one BAYC sold for an eye-watering $3 million.
But what might not be so well known is that there is actually a company behind the BAYC NFTs. Yuga Labs started getting to work on BAYC in February 2021 before launching the collection in April that same year. As its fame and notoriety skyrocketed, the company took it a step further and now owns the rights to other popular NFT collections like CryptoPunks and Meebits.
Source Fool.com
