9GAG Goes on an NFT Spending Spree

9GAG Goes on an NFT Spending Spree

The Hong Kong-based social media website, 9GAG, has been engaging in a spree of acquisitions of Bored Ape Yacht Club (BAYC) NFTs.

9GAG Spends Big on Bored Ape NFTs

On the 6th of February, 9GAG made a considerable investment in eight distinct Bored Ape Yacht Club NFTs, incurring a cost of almost 800 ETH. These NFTs all possessed the highly coveted hat accessory characteristic.

The latest NFT acquired by 9GAG was BAYC 4024, purchased for 93.8 ETH, which amounts to about $152,000. Among the eight NFTs, BAYC 2059 was the most expensive, bought for 132.7 ETH or approximately $215,000. The total expenditure incurred by 9GAG during this buying frenzy was 796.87 ETH, which equates to around $1.3 million based on current market values.

9GAG, located in Hong Kong, is a web-based social media platform enabling its users to upload and distribute both original user-generated content and content sourced from other external social media websites. The company behind 9GAG is also known for creating the popular Memeland website.

The platform’s recent spending spree on Bored Ape NFTs is a clear indication of the platform’s interest in the growing NFT market. The platform’s willingness to invest a significant amount of money in NFTs shows its commitment to exploring the possibilities of this new and exciting digital asset class.

Bored Apes Yacht Club NFTs

The Bored Ape Yacht Club (BAYC), is a collection of unique digital tokens, or NFTs, created on the Ethereum blockchain. These NFTs feature cartoon apes with profile images that are produced by a computer program. BAYC was created by Yuga Labs and has risen to become the most popular NFT collection in the world.

Numerous renowned personalities and high-profile individuals have shown interest in the Bored Ape Yacht Club. Some of the famous names who have acquired non-fungible tokens from the collection include Justin Bieber, Kanye West, and technology magnate Elon Musk.

On December 8th, Scott+Scott Attorneys at Law LLP submitted a class action lawsuit on behalf of plaintiffs Adam Titcher and Adonis Real against Yuga Labs Inc. The suit, filed with the Western Division of the United States Central District Court of California, accuses the company of using deceptive and misleading advertising methods.

Several parties, including celebrities such as Justin Bieber, Paris Hilton, Madonna, Neymar, Jimmy Fallon, Kevin Hart, Diplo, Snoop Dogg, Post Malone, and The Weeknd, are named as defendants in the class action complaint. These celebrities are accused of promoting the Bored Ape Yacht Club NFT collection without revealing their financial connections to Yuga Labs, leading to the false perception that the collection was a profitable investment.

Checks VV NFT collection surpasses BAYC

Recently, the Checks VV NFT collection has recently surpassed BAYC in 24-hour volume, becoming the first open-edition non-fungible token to do so.

Jack Butcher created the Checks VV non-fungible token (NFT) collection in January. It is inspired by the blue checkmarks used on Twitter and other social media platforms to signal verified accounts. According to Butcher, the project is aimed as an exploration of the evolution of authenticity on the internet. 

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