Eminem and Snoop Dogg broadcasted an NFT music video.
That's right. The Dogg Father and the real Slim Shady collaborated on an NFT music video for a new song showcased on the final day of the Bored Ape Yacht Club's (BAYC) annual event, ApeFest 2022, per The Verge.
The Apefest is an annual event for people who hold Mutant and Bored Ape Yacht Club NFTs, with its first celebration being held in October 2021.
Snoop Dogg-Eminem NFT Music Video Details
Snoop Dogg and Eminem created an NFT video for a new song, "From The D 2 The LBC," which featured spliced images of the bored apes talking about smoking weed.
The music video started with Eminem complaining to Snoop about the smokiness of a recording booth when all of a sudden, both rappers "morphed" into BAYC NFTs in a hybrid cartoon/live-action universe, per Decrypt.
Interestingly, the two bored apesEminem and Snoop morphed into were theirs, according to Crypto Potato. This accurate portrayal is not as surprising as you may think - both rappers have a history with NFTs, especially with BAYC ones.
Eminem bought the NFT he morphed into in 2021 for 123 Ethereum, which was worth around $462,000 at the time. Meanwhile, Snoop bought the NFT he morphed into in the music video at the end of 2021.
Read More: Why Nothing CEO Carl Pei Thinks 'Other Smartphones are Uninteresting?' Here's an Explanation
Additionally, Eminem seems to have acquired 26 other NFTs under the name "Shady Holdings" on OpenSea, though it isn't clear if they were BAYC NFTs.
Snoop Dogg, meanwhile, bought one Bored Ape Kennel Club companion, and two Mutant Ape Yacht Club NFTs alongside his BAYC NFT.
From The D 2 The LBC Timing And Effect on BAYC NFTs
Eminem and Snoop NFT music video wouldn't have been possible without BAYC's new strategy to allow BAYC NFT owners to use the NFTs they bought for their creative or business endeavors. However, the strategy might or might not increase its appeal to people who don't have the money needed to buy one BAYC NFT.
However, the video's timing couldn't have been greater - as of the writing of this article, the price of ApeCoin is down by 2.85%, with a price of $4.46, a mere 10 cents higher than its lowest registered price of $4.36, according to CoinMarketCap.
The ApeCoin's Market Cap shows a similar story as well, with the current cap being at $1.34 billion - around $30,000,000 higher than its lowest market cap of $1.31 billion.
Meanwhile, ApeCoin's Bitcoin and Ethereum values are understandably low. as of the writing of this article, ApeCoin's Bitcoin value is 0.0002094, with a decrease of 2.53%. The NFT's Ethereum value is at 0.003675, with a flat 7% drop.
To say that the ApeCoin is hurting because of the current NFT downturn is an understatement - The Wall Street Journal called the current NFT trend a flatlining, meaning that NFT growth has halted.
However, it's still too early to see if the music video positively affected the NFT's price.
Related Article: The Story Behind Bored Ape Yacht Club: How Did it Become NFTs' Status Symbol?
