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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Media

MTV goes bananas for Bored Apes as NFTs remain lifeless

Snoop Dogg and Eminem don their ape avatars for virtual VMAs performance

The 2022 MTV video music awards (VMAs) featured a surprise album announcement from Taylor Swift, Nicky Minaj and Lizzo and skimpy pink outfits, and giant 3D rendered apes.

The latter was the contribution of rap icons Eminem and Snoop Dogg, who did a virtual performance of their collaboration track ‘From the D 2 the LBC’ as their Bored Ape Yacht Club avatars.

Streamed via the Otherside metaverse platform, the performance was most likely the grandest mainstream display of any NFT project to date - a show of support for the NFTs that comes with trading volumes having plunged 99% from their peak on some platforms.

I didn’t personally tune in because I lack the cable subscription and stomach for it, but not everyone agrees.

This year’s VMAs attracted a total of 3.9 million viewers across the night, making for a 3% improvement on the year.

What percentage of these viewers tuned in for… let’s say minimalistically animated rapping monkeys is unclear, for other attendees included Ariana Grande, BTS, Charli XCX and a floating Johnny Depp.

And they were in the flesh, at least I think. It is getting hard to tell.

No shade on virtual music acts either - Gorillaz performed live at the VMAs in 2010 and it was great.

And in fairness, the actual vocal performances of Eminem and Snoop were as good as ever, even if the whole thing resembled 2000s era computer graphics.

The metaverse-themed performance also featured a blunt the size of Snoop’s torso, so hey, there’s that.

Elsewhere in the NFT world

Trading volumes on the largest NFT marketplace have plunged 99% from their May peak, according to data from market tracker DappRadar, with market leader OpenSea slashing staff numbers last month.

Floor prices are also plummeting, with the Bored Apes falling over 53% since May.

Will Snoop’s and Eminem’s performance marks an epic turnaround?

We’ll have to wait and see.

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