Madonna buys Bored Ape NFT

The "Queen of Pop" recently announced on Instagram and Twitter that she had acquired a BAYC NFT worth half a million dollars.

Madonna buys Bored Ape NFT

Madonna, also known as the "Queen of Pop," recently announced on Instagram and Twitter that she had acquired an NFT worth half a million dollars from the popular Bored Ape Yacht Club collection.

Following celebrities such as Justin Beiber, Paris Hilton, and Eminem who have publicly promoted digital apes, Madonna is the latest celebrity to endorse them.

As Madonna wrote in her Instagram post, "I finally entered the metaverse. My very own Ape! What should I name her?"

Bored Ape Yacht Club is a non-fungible token collection built on the Ethereum blockchain featuring profiles of cartoon primates.

The OpenSea transaction shows Madonna completed the purchase using the crypto-payment service Moonpay.

Moonpay purchased Ape #4988 earlier this month for 180 Ether (now worth about $570k). Some days before Madonna posted it on her Instagram account, the NFT was transferred to another wallet.

Ape NFTs are now valued at about $1.5 million. Bieber purchased an ape NFT in January for 500 Ether.

According to data tracker DappRadar, Bored Ape has become one of the top NFT collections with $1.4 billion in lifetime sales over the past year.

Madonna's endorsement of the collection comes at a busy time for Yuga Labs, the collection's parent company. Earlier this week, the company announced it raised $450 million from venture capital firm Andreessen Horowitz.

In one of the highest profiles NFT acquisitions to date, Yuga Labs recently acquired the CryptoPunks and Meebits collections from Larva Labs.