Is Now the Time to Buy ApeCoin?
Non-fungible token (NFT) prices continue to fall across the board, including prices for even the most popular NFT collections. Prices of NFTs in the Bored Ape Yacht Club collection, for example, have fallen by more than 50% during the past 90 days. Crypto media is filled with stories saying the Bored Apes are over and done. So it's no surprise that the price of ApeCoin (CRYPTO: APE), which is correlated with the prices of Bored Apes in the marketplace, is down more than 25% over the past 30 days.
But I'm not so convinced that it's time to give up on ApeCoin. The Bored Ape Yacht Club is still the benchmark NFT collection for investors to track. You can say the Bored Apes are over, but some of these NFTs are still fetching prices of $100,000 or more. Moreover, the creators of the Bored Ape Yacht Club have been taking concrete steps to create a real-world brand by commercializing their NFT intellectual property. That is going to create value for holders of ApeCoin. In the long term, the continued buildout of the metaverse could be another value driver for this controversial crypto.
At this summer's big NFT conference in New York City, there was much talk about NFTs as brands. If you can convince investors that your NFT collection is a "brand" rather than merely "digital art," then NFT collections can become intellectual property that can be monetized. You could, for example, earn money by licensing characters from your NFT collection. You could also start to create entertainment experiences around that brand, as well as offer real-world products based on it.
Source Fool.com
