Image source: NFTCulture
A collaboration between the Bored Wine Company and the hot NFT community, Bored Ape Yacht Club, has resulted in the NFT marketplace finally making its way into the world of wine and fine art (BAYC) .
Strange ape images have appeared on social media platforms in recent months, with a large number of individuals updating their profile pictures to reflect these ape cartoon images.
This collection of apes, most of them have cynical expressions and bright backgrounds, has become the main focus of the non-fungible token (NFT) economy, as Twitter personalities and communities continue to buy and discuss these magnificent works of digital art.
The Bored Ape Yacht Club (BAYC), which released its NFTs on April 30th, is the creator of these avatars, which are based on one of the most successful NFT communities on the planet today.
The BAYC website released ten thousand unique ape avatars as non-fungible tokens (NFTs) at the time of launch, raising $2 million dollars in a sell-out event in minutes.
The apes will now provide consumers with an extra use, in addition to the delight of having a collection – the ability to make a financial investment in good wine.
Bored Ape Yacht Club will collaborate with The Bored Wine Company (there are no links between the two companies) to provide ape avatar users with “something to appreciate in the real world,” according to a release.
Holders of BAYC NFTs will be able to invest in and trade in fine wine collections offered by The Bored Wine Company, while also earning an NFT in the process of doing so.
Awarded to BAYC members in the previous month, the Bored Wine Company is the second spin-off NFT enterprise to get an award from the organization.
NFTs entering the wine art space
Both exquisite wines and rare NFTs are represented by this merger of two significant disciplines in the arts, which will work together to improve the user experience, transactions, and acceptance of both products in the future.
According to the Bored Wine Company, which was created by the same team that built the blockchain-based trading platform for unique assets WiV, the launch of wine-based NFTs will herald the beginning of a new age in both cryptocurrency and the wine business.
In a release, it is stated that owners of rare BAYC NFT ape avatars will be able to invest in The Bored Wine Company, which would grant them ownership of a case of six bottles of excellent wine with a label that is designed to look like their Bored Ape NFT personality.
The NFT wine labels will be specially commissioned original pieces that will be made solely by NFTSommelier, WiV’s creative director, and will be available for purchase.
It is planned that the Bored Wine Company will source and bottle some of the world’s best wines, and that these wines will be immortalized with a collection of the rarest and most exclusive new BAYC NFT pieces.
Physical wine bottles will subsequently be stored in the company’s Metacellar for the purpose of preservation.
Users who want to invest in The Bored Wine Collection must first fill out a form on the company’s website and then send the ape avatar they want to see on the bottle.
Once the quota is reached, artists from the community will pick up their tools and produce one-of-a-kind and remarkable artwork for wine bottles and labels, as well as one-of-a-kind NFTs.
The NFT is then minted on Opensea, and the artwork for the fabrication of the wine labels is then submitted to production together with your vintage collection of wine, which is then shipped to you.
Ownership of NFT-branded wine collection
The Bored Wine Company produces a case of six wines, each labeled with the avatar personality of your choice, which is then shipped to an expert Metacellar for storage after your investment in the company is complete.
Additionally, investors will receive an NFT minted on Opensea based on the wine’s label – which will serve as a denotation of ownership of the physical wine bottles and can be freely transferred – in addition to the NFT they invested in.
This wine will be produced by The Bored Wine Company in support of the NFT metaverse, and a seventh bottle of the same wine will be produced and housed in the company’s vault.
Finally, a person can request the eighth physical wine bottle with a similar label to be shipped to them to drink in the real world.
“You will have an NFT that demonstrates ownership of the wine and you can trade virtually instantaneously, secure in the knowledge that the physical bottles of wine will have their value protected in our professionally managed warehouse,” a statement from The Bored Wine Company reads.
The NFT holder will receive an notification when the wines are ready for sale, allowing them to purchase the six bottles of wine for a two-day exclusive period before they are made available on the open market.
Leading the NFT space…
The increase in value of BAYC assets over the past several months has been nothing short of spectacular, with NFT pieces fetching as much as half a million dollars and the cheapest Bored Ape NFT fetching over $14,000 per piece on OpenSea.
According to NFT statistics, NFTs for the Bored Ape Yacht Club were sold 1116 times in the last 7 days, resulting in a total transaction volume of $53.4 million and an average NFT price of $47,800 per NFT purchased.
Despite this, the NFT concept is now gaining traction among the general public, as evidenced by prominent media outlets covering the event and the leading auction house, Christie’s, joining in on the fun.
This September, the London-based auction house aims to launch NFT, with pieces from the BAYC collection set to be offered for sale.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.