Image courtesy of the official Btok website
NFT

Why Did Web3 Social Network Btok Drop $1.2M on a Bored Ape?

Btok’s big Bored Ape Yacht Club purchase shocked the NFT industry as the volatile crypto market continues to struggle.

Bored Ape Yacht Club‘s floor price has dropped to under $100,000 for the first time since last August, yet one of its NFTs sold for 1,024 ETH on June 14.

That converted to roughly $1.2 million at the time of sale. Clearly, there’s something going on with this 1,024 number because an OpenSea user under the name btok1024.eth made the big purchase and snagged this Bored Ape from a user dubbed BoredWeb3.

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According to OpenSea data, BoredWeb3 bought Ape #7537 three months ago for 102.88 ETH, so the user’s profit margin on this sale is huge. The user behind btok1024.eth is actually a company named Btok, which has larger plans for its recent Ape purchase.

Btok is a Web3 social network based on blockchain technology, per its website. The company claims to have 10 million users and one million groups on its platform. Still, this is the first time many people are hearing of Btok following its Bored Ape purchase. Bored Ape #7537 can be found all throughout Btok’s website, including in a video with the tagline “To the Moon.”

Btok also recently announced on Twitter that it purchased the ENS btok1024.eth. The seemingly new Web3 project also dropped this trailer and is consistently tagging Elon Musk in its tweets.

Was Btok’s new mascot actually worth $1.2 million? We’ll be watching to see what comes of the new project.

For now, is anyone else wondering why Btok didn’t attempt to purchase Bored Ape #1024?

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