In late June 2022, rap icons Eminem and Snoop Dogg released the official music video for their new single From the D 2 The LBC. The video premiered at Apefest, an annual gathering of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) holders, and quickly went viral on YouTube, amassing 8.85 million views at the time of reporting. The most eye-catching element is that both artists used their own Bored Ape Yacht Club NFT avatars — Snoop Dogg owns BAYC #6723 and Eminem owns BAYC #9055, each purchased for six figures. Their Bored Apes are animated throughout the video, which features lyrics centered around cannabis consumption.
A Crossover Between Music and Metaverse
Apefest also featured performances by Lil Wayne, Future, LCD Soundsystem, The Roots, Haim, and Lil Baby, making it a major event for both NFT enthusiasts and music fans. Fan reactions on YouTube were largely positive, with user DJ Skandalous commenting, "It's great to see these two legends squash their beef and now drop some joints together for us." However, some media outlets such as The Verge downplayed the video, stating that it "is here to try and sell us on tokens." This reflects the ongoing debate about the commercialization of NFTs in mainstream entertainment.
APE Token Under Pressure
The music video launch came amid ongoing legal actions by Yuga Labs — the creators of BAYC — against artist Ryder Ripps and several associates. Meanwhile, the ecosystem token ApeCoin (APE) experienced a 15% weekly gain and a 21.6% bi-weekly increase, but its price of $4.76 at the time of writing was still 82.2% lower than its all-time high of $26.70. This indicates that while the NFT collectibles themselves remain in demand, the associated token market has yet to recover from the broader crypto downturn.
BAYC and MAYC Market Dynamics
Despite market headwinds, BAYC NFTs continue to command premium prices. The floor price for the cheapest BAYC stood at 89.49 ETH ($106,289), with no Bored Ape available below six figures. The floor for MAYC was 17.57 ETH ($20,868). In the past seven days, notable sales included Bored Ape #8522 for 233.33 ETH ($262,958), Bored Ape #2896 for 166 ETH ($205K), and Bored Ape #7381 for 147.25 ETH ($182K). These transactions demonstrate that top-tier NFT collections maintain strong liquidity and demand from high-net-worth collectors.
Overall, Eminem and Snoop Dogg's new music video is not just a musical release but a landmark moment for BAYC's penetration into mainstream culture. While volatility persists in the broader NFT and crypto markets, the use of digital identities through NFT avatars is gaining recognition among global celebrities and their audiences.