Teslas, Twitter, and now NFTs? This edition of the NFT Weekly Blog turns to the world’s richest man, Elon Musk, who hit headlines on the 4th May after changing his profile picture on Twitter (a platform he recently purchased for $44 billion) to a collage of Bored Apes from different artists and collections, with Ape #5809 taking centre stage.
Bored Apes are famously sought after by the rich and famous, with Snoop Dogg, Justin Bieber, and Eminem amongst the owners of the distinctive ape avatars. Their popularity is such that that the recent minting of the Bored Apes Yacht Club’s Otherdeeds NFTs froze the Ethereum network and sent gas fees skyrocketing. With so many eyes watching the BAYC, comments have poured in on Musk’s motivation behind the profile picture change. Is it a trolling incident? A sign that the entrepreneur is making a move into NFTs? This debate is not without its controversy, with the collage’s designer, Michael Bouhanna of Sotheby’s, requesting that Musk either delete the picture or provide him with credit. Musk himself stirred up further controversy when he tweeted “I dunno…seems kinda fungible”, seemingly criticising NFTs even as he selected them as his profile image.
Whatever Elon Musk’s reasoning behind the move, this news offers the NFT community a fascinating insight into the impact of popular culture on the market. The value of ApeCoin, the BAYC’s token, increased by 20% according to Cointelegraph data following Musk’s new profile picture and, as of the morning of the 4th May, the floor price of Bored Apes has risen by 10 ETH.
Here at Stratisphere, it is interesting to witness the impact that the cultural reach of celebrities and high-profile entrepreneurs can have on the NFT community, as well as the debates that this can stir up. While the value of Bored Apes rose with the minting of Otherdeeds tokens, for example, so did the discontent amongst the community as gas fees increased. Though Stratisphere operates with 0% commission and is over 99% cheaper than Ethereum, fluctuations such as this are still a point of contention amongst many NFT users of other platforms.
So, will the floor price of Bored Apes start to drop? Will Elon Musk continue with his apparent interest in NFTs? Will other well-known public figures venture into the world of blockchain, crypto, and non-fungible tokens? Be sure to follow us at @StratisphereNFT for the latest community updates and insights.