The sport of golf has gotten a collection of NFTs, courtesy of a Korean blockchain company. Wemade has drawn inspiration from some 110 Bored Ape Yacht Club NFTs – minted last year by ALTAVA Group in collaboration with Animoca Brands, The Sandbox and Elite Apes – to create some 300 Bored Ape Golf Club (BAGC) NFTs.
BAGC made its debut as a concept last year at Korean pop-up stores, drawing 40,000 concurrent users in the run-up to the NFT sale. The NFTs are being issued today, May 4, through Wemade’s platform, which is called NFT Is Life Evolution (NILE) and structured as a digital autonomous organization (DAO) – that is, a sort of corporate structure with no management on top.
There is an innovation with respect to previous Bored Ape productions. The NFTs make use of NILE’s so-called NEITH Covenant, which entails an underlying asset. Each NFT is redeemable – on or after the covenant date – for a fixed number of WEMIX crypto coins. According to Wemade, these coins can then serve as collateral for loans, swaps or staking services.
In addition, the purchase a BAGC NFT “will reveal two NFTs: a BAGC NEITH profile picture (PFP) NFT and a MERCH NFT comprising different BAGC sporting goods like t-shirts and boston bags.” These items will be available to claim as of September.
First introduced on April 30, 2021, Bored Ape Yacht Club NFTs have a current market cap of 507,798 Ether (€852m), according to CoinGecko.com. There are just shy of 10,000 NFTs with just shy of 6,000 owners. They reached a peak price of 153,700 ETH on May 1, 2022. Their current price is about 50,790 ETH.
