Guy Oseary, the manager of musical heavyweights U2 and Madonna has signed a representation agreement with Yuga Labs to expand the non-fungible token project Bored Ape Yacht Club (BAYC), or NFT, in films, television, music and Games.
Yuga Labs’ move comes a month after Larva Labs from the creators of CryptoPunks signed a Hollywood representation agreement with the United Talent Agency. Oseary adds BAYC to a star client list that includes, alongside U2 and Madonna, comedian Amy Schumer and the Red Hot Chilli Peppers.
– Bored Ape Yacht Club (@BoredApeYC) 12 October 2021
The ad was share via Variety on Tuesday, with Oseary pointing out that despite the success of Project BAYC, Yuga Labs is still a relatively unknown brand, suggesting that there is a lot of growth potential for the company:
“A lot of people still haven’t heard of Yuga, yet they are one of the highest grossing talents of the year in all art forms, including music and film.”
NFT BAYCs have become a much sought-after asset in recent months, with a collection of 101 NFT Bored Ape sold for $ 24 million at auction on September 10. Figures such as NBA star Steph Curry spent six-figure sums on the adorable monkeys, while games company Metaverse Sandbox bought a golden monkey for 740 Ethereum (ETH) on September 6.
“We have many ambitious projects underway and we are grateful for Guy’s expertise as we move the club into this new chapter, for the benefit of the entire BAYC community,” said Yuga Labs.
According to data from CryptoSlam, NFT BAYC have generated over $ 555 million in secondary market sales since its launch in April. The floor price is sitting at 37.08 ETH, which is worth around $ 130,000 at time of publication. While that’s a sizable sum, it’s currently down 51% from its all-time high of 76.8 ETH ($ 269,000) on September 30.
Oseary also pointed out that the Yuga Labs Representation Agreement will provide many opportunities for BAYC NFTS holders, noting that:
“They are originals, empowering their community of NFT holders by giving them intellectual property rights to their purchased monkey, and continually creating ways to add benefit and utility to the purchased artwork.”
“The Yuga Labs monkeys and I have a lot of exciting initiatives for the community and we look forward to sharing them soon,” he added.
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An upcoming project for BAYC is the launch of its own token, with the team revealing on Twitter last Friday that it will launch an ERC-20 in the first quarter of 2022. BAYC said that although launching a token does take “Within minutes” he is working carefully on building a “lawful token” that is put in place “responsibly.”
First of all: it’s stupid and easy to throw an ERC-20 token; it takes a few minutes.
It is much more complicated to build a token compliant with the law and to set it up in a responsible and sustainable manner.
– Bored Ape Yacht Club (@BoredApeYC) October 8, 2021