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Memeland Giant 9GAG Goes On $1.3M Bored Ape NFT Buying Spree

source-logo  beincrypto.com 06 February 2023 08:15, UTC

The 9GAG social media platform from Memeland has been loading up on high-priced Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs).

On Feb. 6, Memeland spent almost 800 ETH to purchase eight Bored Ape Yacht Club (BAYC) NFTs, all of which included the rare hat accessory traits.

The most recent one was BAYC 4024, which Memeland bought for 93.8 ETH (~$152,000). The most expensive of the eight was BAYC 2059, purchased for 132.7 ETH or around $215,000.

The total amount for the buying spree was 796.87 ETH or around $1.3 million at current prices.

9GAG Loading Up on BAYC NFTs

9GAG is an online platform and social media website based in Hong Kong. It allows its users to upload and share user-generated content or other content from external social media websites.

Memeland is a web3 venture studio that aims to bring ownership to every community in the world. It claims that 9GAG now has a “global audience of 200 million across different social platforms.”

Furthermore, Memeland and 9GAG have also created several NFT collections, including The Captainz, The Potatoz, and You The Real MPV.

Crypto investor, Cirrus, shared a screenshot from the Memeland Discord channel that stated that the apes might be raffled by Captainz.

According to Chinese industry observer Colin Wu, the 9GAG address holds NFTs worth more than 5,900 ETH (about $9.6 million).

Ecosystem Outlook

According to the Nonfungible.com market tracker, NFT sales are still in the doldrums. It reported around $15 million in sales on Feb. 5. Comparatively, February 2022 saw several days, with sales reaching $60 to $70 million.

It ranks BAYC as the top-selling NFT collection for the past seven days, with a volume of $26 million from 802 sales.

However, Cryptoslam claims that Otherdeed has been the top-selling NFT collection over the past week, with $17.5 million in secondary sales.

Ethereum remains the top network for NFT activity, with $195 million in sales over the past week. Solana is second with $27 million in weekly volume, according to Cryptoslam.