Snoop Dogg Launches Bored Ape-Themed Music NFTs, Ape Coin Soars

With a floor price of $300,000, Bored Ape NFTs have been making a lot of news lately. In another development that gave a further boost to the popularity of these profile picture NFTs, legendary rapper Snoop Dogg collaborated with Wiz Khalifa to create music NFTs inspired by Bored Ape. Its native coin APE saw a 13% rise in price in 24 hours.

Snoop Dogg and Wiz Khalifa Music NFT

As a special project, American rappers Snoop Dogg and Wiz Khalifa released on Thursday a set of eight music tracks as NFTs where ApeCoin (APE) and Bored Ape Yacht Club (BAYC) act as the theme.

Titled “Ape Drops 03: An 8th,” the collection minted through Manifold seems to have nearly 8,000 NFTs each available from 12 APE to 15 APE ($165 -$210). The BYAC-themed music NFTs can be bought only through APE token.

Snoop Dogg is an established name in the music NFT, and the latest one is his third such digital endeavor. Among other collections, A Journey With The Dogg, in association with Crypto.com, has been a notable one. Snoop Dogg is also a big collector on OpenSea. Recently, he released 10,000 playable avatars for metaverse use through The Sandbox, which eventually helped SAND token see an uptick.

Yuga Labs Raises $450-Million

The launch of these NFTs follows the news of $450-million raised by Yuga Labs, the creator of BAYC, on Wednesday. Valued at $4 billion after the latest round of funding, Yuga Labs plans to use the money to drive its ambition in metaverse and web 3. The funding round was led by VC firm Andreessen Horowitz.

On March 17, Yuga Labs launched the ApeCoin through an airdrop to BYAC holders and other related coins, making its intention clear that it will release new initiatives as part of the BAYC ecosystem.

APE Price on the Surge

Following the launch of the APE coin, the price of BAYC NFTs shot up to 109 ETH but crashed 30% from its high to settle at 78 ETH on March 17.

On FTX, where APE coins became available the same day, the asset traded at around $7. On the second trading day, APE surged 90% to over $15.

In the past seven days, the price of ApeCoin has seen an appreciation of 1,300%, while in the last 24 hours, the APE price has risen by 13% to $13.77. However, it’s down 19.5% from its all-time high of $17, achieved on March 18, the day following its launch.