Memeland Goes Bananas for BAYC in $1.3M USD Spending Spree

• 9GAG’s Memeland has made a significant investment in the NFT market by purchasing eight high-volume Bored Ape Yacht Club (BAYC) NFTs. 
• BAYC has been the top-selling collection in the past seven days, according to data from NonFungible.com.
• Memeland has not yet revealed the official endgame for the NFTs or the reason behind the purchase.

On February 6th, 2023, the Bored Ape Gazette’s official Twitter account revealed that Web3 venture studio Memeland had purchased eight high-volume Bored Ape Yacht Club (BAYC) NFTs.

According to the associated announcement by the Bored Ape Gazette,

“Memeland spent 796.86 ETH or $1,304,000 USD on the eight nautical themed primates, according to Etherscan data.”

Each of the purchased BAYC NFTs includes rare hat accessory traits, and the highest-volume NFT in the purchase was BAYC 2059, worth 132.7 ETH or approximately $215,879.29 USD at the time of writing.

Considering the current state of the NFT market, the high-volume NFT purchases have fostered keen anticipation within the BAYC, Memeland, and broader crypto communities.

A Bullish Buy

Data from NonFungible reveals that BAYC has been the top-selling NFT collection in the past seven days, with 798 sales totaling $26,4M. The high-volume BAYC sale and raffle speculation have sparked the interest of the crypto community.

Notable crypto investor Cirrus shared a screenshot from the Memeland Discord, which suggests the BAYC NFTs will be raffled off.

Community member BelfortNFT remarks that it is “very interesting” that all the purchased NFTs are sailor-themed.

Another community member speculates that “it’s going to get wild” if the NFTs are dropped to random Captainz holders.

Beyond the aforementioned high-volume sale, Bored Ape Yacht Club has remained one of the most prominent Blue-Chip NFT projects in the space, with an all-time volume of $5.1B, according to data from NonFungible.

Despite a steady decrease of NFT sales from the 2021 highs, the broader NFT market has outlasted the notorious crypto winter and has shown signs of picking back up after the prolonged downtrend as new high-rollers are entering the scene.

On the Flipside

• Considering the overarching nautical themes of the BAYC NFTs and Memeland’s own Captainz collection, the community might be curious about a potential oceanic integration or collaboration.
• Memeland has yet to respond to a request for comment by the Bored Ape Gazette.

Why You Should Care

The rapid global adoption of BAYC has contributed to the rise of the crypto industry. Integrating a notable Web3 entity like BAYC with a Web 2.0 mainstay like 9GAG could propel the NFT market.

Read more about Bored Ape Yacht Club:
BAYC Creators Yuga Labs Sewer Pass NFTs Net $6M on New Game Launch

Read more about NFT market growth in the crypto winter:
Japanese NFT Market Projects 53% Growth Despite Crypto Winter