Former hedge fund manager at Goldman Sachs and current CEO of Real Vision Raoul Pal recently bought Bored Ape #7894 for 140 ETH – or about $400,000 at the time of purchase.
Pal posted about the big purchase on his Substack, explaining that he’s been following Bored Ape Yacht Club (BAYC) for a while and discussing some of the collection’s recent successes.
In particular, he mentions the partnership of the popular NFT collection with Adidas, impressed by the founder of Yuga Labs, and a meeting with Timbaland, the world-class producer who founded an NFT record label with four Bored Apes called Ape in productions.
But what seems to have influenced Pal to pull the trigger and monkey up to BAYC was hearing the news that Yuga Labs was buying CryptoPunks and Meebits and returning IP rights to holders.
Pal says he chose his monkey, named Seneca, for its clean and simple design, “the rare laurel wreath and its symbolism.” Ape #7849 is ranked 4670th as a rarity in the 10,000-piece NFT collection. The rarest feature is the laurel wreath, which appears only 72 times in the collection.
Pal is an investment strategist, economist and hedge fund manager who is prominent in the financial world. He is known for being one of the few investors who predicted the 2008-2009 mortgage crisis.
He is also known for being optimistic about crypto and a supporter of Bitcoin. He is currently the CEO of Real Vision – a streaming service that aims to give users easy-to-understand financial information – which he co-founded in 2014.
Bored Ape Yacht Club continues its march
Rarely does a day go by that we don’t write about BAYC, one of the most successful generative NFT collections of all time. The PFP avatar collection launched by Yuga Labs in April 2021 has generated total sales of more than $1.4 billion in March 2022, and the bottom price is currently 105 ETH, approximately $350,000.
And Pal certainly isn’t the only celebrity spending money on a monkey. Snoop Dogg, Eminem, Meek Mill, Paris Hilton, Jimmy Fallon, Kevin Hart and Serena Williams are some of the other big names who own Apes and are involved in the community.
A few weeks ago, Yuga Labs released its cryptocurrency ApeCoin, which grew more than 4,000% in its first week and was broadcast to BAYC holders. Just a day after the launch of ApeCoin, the founder of BAYC tweeted his first teaser trailer for a Bored Ape metaverse called “Otherside”, which could be launched in April this year.
At this point, BAYC is much more than a PFP NFT collection, and for Apes holders, the cartoon JPEGs are more than a status symbol.
As the competition for the metaverse heats up, BAYC seems as likely as anyone else to be a dominant player in the space. 2022 has already been a monster year for Yuga Labs and we just finished Q1. We will certainly keep our eyes open for more.