MoonPay Paid $25 Million To Buy BAYC For Celebrities To Promote NFT

Key Points:

• MoonPay paid a hefty price for BAYC, then transferred these NFT to the so-called celebrity wallet for free, and the celebrity “thanked” MoonPay on social media.
• According to on-chain statistics, MoonPay’s wallet “MoonPayHQ” has spent at least $25 million on NFT, with 60% (or around $15 million) spent on BAYC.

According to some former MoonPay employees, because there is no proof of chain, many celebrities may not have paid for the purchase of BAYC.

On February 11th, CNN published the “boring ape” BAYC in-depth investigation article “A Distorted Story About Celebrity Marketing, Black Box Trading, and Accusations of Racism,” which stated that the data on the chain showed that MoonPay paid a high price for BAYC, and then transferred these NFT to the so-called celebrity wallet for free, and then the celebrity will “thank” MoonPay on social media, claiming that they purchased BAYC through MoonPay for marketing according to some former MoonPay employees, because there is no proof of chain, many celebrities may not have paid for the purchase of BAYC.

According to on-chain statistics, MoonPay’s wallet “MoonPayHQ” has spent at least $25 million on NFT, with 60% (or around $15 million) spent on BAYC. According to attorney Louis Tompros, Yuga paid celebrities to promote its NFTs, which they did not disclose. “No celebrity was paid to join BAYC, and Yuga Labs did not give away any Ape,” stated Oseary, a Hollywood agent who is also an investor in MoonPay and Yuga Labs. He said he paid full price for his BAYC, as did Madonna.

Yuga Labs released the Bored Ape Yacht Club collection of cartoon apes in April 2021 with a computer-generated combination of features and accessories, including gold fur, a sailor hat, laser eyes, 3-D glasses, a cigarette, and “hip hop” clothes, a “pimp coat,” a prison jumpsuit, a pith helmet, and a “sushi chef” headband. The founders remain nameless, only being identified by their internet screen aliases.

MoonPay claimed in April 2022 that more than 60 celebrities and influencers have invested in the company. According to MoonPay spokesman Justin Hamilton, Hilton became an investor after appearing on “The Tonight Show” with Jimmy Fallon. When an endorser has a financial interest in supporting a firm, the FTC normally requires them to declare it.

The celebrity buzz and exorbitant pricing piqued the media’s curiosity. The magazine “Rolling Stone” coined NFTs with Bored Apes on the cover. Guy Oseary was featured on the cover of “Variety” as the “NFT King.”

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