The superstar point guard of NBA team Golden State Warriors, Stephen Curry, recently spent a six-figure sum on a non-fungible token (NFT).
The basketball global icon acquired a Bored Ape Yacht Club NFT at a price of 55 Ether, worth approximately $180,000 at the time of the purchase, on the crypto-collectibles platform OpenSea.
According to a description on OpenSea, there are 10,000 Bored Ape NFTs in the collection. Each Bored Ape NFT serves as a membership card that grants access to a graffiti board known as “THE BATHROOM.”
At the time of writing, Curry is using the purchased Bored Ape NFT as his Twitter page profile photo.
Curry also owns other crypto-collectibles, including a Bored Ape Kennel Club, which he bought for 5.69 ETH, worth over $18,000.
The Bored Ape Kennel Club consists of NFTs featuring virtual dogs meant for adoption by Bored Ape Yacht Club members at no added cost except for transaction fees. Proceeds from the secondary sales of the Bored Ape Kennel Club NFTs are donated to charity.
According to OpenSea, the three-time NBA champ bought an NFT that features a canine carrying a basketball hoop, a rare trait not found in 98% of the collection.
Last week NFT-tracking website CryptoSlam revealed that the NFT project CryptoPunks had recorded the highest monthly sales figures ever in August, over $378 million – raising speculation that a bubble is forming.
The chief strategy officer of digital asset manager CoinShares, Meltem Demirors, disputes claims that NFTs are in a bubble. Demirors argues that NFTs are luxury goods targeting a new category of consumers.
“The global market for luxury goods i.e. conspicuous spending is absolutely massive. NFTs are digital flex/status symbol for a new class of consumers, but unlike the traditional markets of wealth and status, they are open to anyone, anywhere with verifiable scarcity.”
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