TL;DR

• A fella known as j1mmy.eth spent ~$80k on 420 Bored Apes when the project first released. (A collection worth ~$45M, in todays money!)

• Unfortunately, if he wanted to realize those gains, he'd have to sell his Apes - and j1mmy loves his Apes.

• But because he has broad licenses over the NFTs, j1mmy can perpetually profit from his Apes, by licensing out their intellectual property (IP) to third party companies.

• Which he has done with the Dungeons & Dragons-inspired Web3 game 'The Glimmering.'

Full Story

The more the NFT space progresses, the more the whole 'you can just right-click-save them' argument is being countered.

You can absolutely right-click-save an NFT's image, but the .jpeg file isn't necessarily where the value lies in each project.

In the case of Bored Ape Yacht Club (BAYC), a huge chunk of value lies in the licensing agreement, which grants holders the commercial rights to an NFT's imagery.

Which, is all a bit 'meh' if the project is a dud (there's no brand value if no one's interested).

But BAYC is the flagship brand of a $4B company and, love 'em or hate 'em - the Ape aesthetic is broadly recognizable.

...which makes it broadly monetizable.

This is a brief case study of that value potential, being exercised:

A fella known as j1mmy.eth went hard into BAYC at launch - he spent ~$80k on 420 Bored Apes when the project first released.

(A collection worth ~$45M, in todays money!)

Unfortunately, if he wanted to realize those gains, he'd have to sell his Apes - and j1mmy loves his Apes.

But because he has broad licenses over his NFTs, he's able to carve out a 'best of both worlds' solution.

j1mmy can perpetually profit from his Apes, by licensing out their intellectual property (IP) to third party companies.

Which he's recently done; licensing out his Mutant Ape characters to play the villains, in the Dungeons & Dragons-inspired Web3 game 'The Glimmering.'

Is it a $45M pay-day? No.

But ol' j1m j1m is profiting from his NFTs, without having to part with them.

(And that's something!)