This Wildly Speculative Crypto Might Turn out to Be More Than Just a Silly Meme Coin
When it first launched back in mid-March, ApeCoin (CRYPTO: APE) appeared to be one of the most speculative crypto investments you could make. After all, you were essentially betting on the future price of a bunch of digital cartoon apes -- the "Bored Apes" -- at a time when the non-fungible token (NFT) market was rapidly deteriorating. Bored Apes that once sold for hundreds of thousands of dollars began selling for a fraction of those prices, and many people were losing their faith in the long-term cultural significance of the Bored Ape Yacht Club.
So is APE just a silly meme coin, and did it already have its 15 minutes of fame? It's easy to be skeptical, but there are growing signs that APE has finally figured out a way to become more than just a meme coin. Quite simply, APE could be on its way to becoming a new kind of entertainment brand, backed by a growing portfolio of valuable intellectual property (IP).
At this summer's NFT.NYC event in New York City, attendees kept playing up the idea of the NFT as brand. Maybe it was just an attempt to prop up the value of their sagging NFT investments, but it could signal a new way to think about NFTs. They are no longer just "digital collectibles" -- they are now "intellectual property." In short, NFTs can be brands. And some of the biggest NFT brands might one day rival the biggest entertainment brands of today, including the likes of Disney (NYSE: DIS).
Source Fool.com
