ApeFest tosses NFTs into the real world as digital tokens come for brick-and-mortar events
Non-fungible fanny pack… Apes swung into the concrete jungle this week, and their bananas weren't just on the blockchain. The second annual ApeFest, an IRL music festival tied to the popular Bored Ape NFT collection, wrapped up yesterday in NYC (think: Coachella for crypto diehards). Token holders took over Times Square, suggesting that NFTs could survive crypto winter's chill by hitting the pavement.
- Non-fungible fun: Bored Ape Yacht Club NFTs served as event tickets — an IRL use for the sought-after tokens. Performers included LCD Soundsystem, Lil Baby, and Amy Schumer.
- Not as fun: The fest may not have helped Bored Ape prices, some of which have crashed 78% from their April highs. It’s a theme: top NFT collections like Doodles and Meebits are also down big-time.
Can’t funge this… The “right-click, save” crowd may be prevailing over NFT promoters. Despite contradicting reports over whether the NFT market collapsed earlier this year, the bear market hasn't done NFT collectors any favors. Trading volume has plummeted to its lowest point since June of last year. But that hasn't killed corporate token interest:
Real-world uses ≠ users… While NFT event tickets show digital assets aren’t limited to blockchain transactions, they haven’t created mainstream appeal. Thousands of token fans rocked out at ApeFest, but as of January most NFTs were owned by just a few hundred thousand people. Perhaps efforts like Shopify's to make tokens part of daily life could change that.