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The new age of wealth gave way to many new things in the world today. If we look at the luxury industry, watches are hard to get, cars are hard to buy. The world is currently experiencing a new wave of people that are attempting to buy things that money could not buy before. This article will explore some case studies in which NFTs allow for the purchasing of things that money could not buy before like BAYC, Crypto Punks, and now new projects like High Sloth Society, and more.
The Current Wave of Demand and the Luxury Industries
With the new age of wealth, naturally, the luxury markets have enjoyed a great boom when it comes to the demand over the sectors. Rolexes are becoming impossible to buy, cars are low in supply, even luxury real estate has inflated in prices over the past 2 years since the pandemic. The rich are becoming less interested in what money can buy, now they want what money can’t buy. Now, the world is seeing a revolution taking place currently with the rise of the NFT industry to satisfy that urge.
The Bored Apes
One of the most successful NFT projects in the sector right now is the Bored Ape Yacht Club NFTs. They are selling for millions of dollars regularly, with the cheapest ones currently on sale right now for over 100 ETH (which is over $300,000 at the time of this article). One of the biggest reasons for this insane pricing is because the Bored Ape Yacht Club gives a sense of membership to an exclusive club. Eminem, Rihanna, and many other A-list celebrities and notable people are all part of the club. In essence, to be considered as part of the same group, you need to own a bored ape NFT. This is something that did not exist before. But now it does, through the use case of NFT technology.
NFTs, and the evolution of their reach
Given the case study of the Bored Apes, now we are seeing new reaches in the space. The High Sloth Society project is a new way for people to buy something that could not be bought before.
In Korea, Funds pour into Dao to buy Korean national treasures, there was an ancient artifact that went on sale. Through a company called Crayon DAO, 900 ETH was raised to purchase the artifact of the museum that was on the brink of bankruptcy. Now, this artifact is in the hands of the crypto crowd. Giving notable people the exclusive opportunity to be part of the ownership of this artifact. Enter the High Sloth Society, where you could buy this NFT soon and own a piece of a sacred portable temple.
This is an NFT PFP collection that would bridge the sacred artifact and the crypto space to real ownership. This is the chance for people to participate in the preservation and ownership of something that comes from the upper echelon of collecting, and heritage. This is a perfect example of something that people could not buy before. An ancient artifact, protected by the gates of a museum, is now brought and offered to the world via NFTs as a vessel of the rightful ownership of a sacred temple.