Social networking platform purchases NFT worth $1,24 million as its brand ambassador

cointelegraph.com:

The hype around NFTs is reaching critical mass, with public figures, celebrities like Justin Bieber and Jimmy Fallon, and major businesses putting significant investments into the digital sphere. For many, the actions of these parties call into question what all the attraction is about. 

To understand the reasoning, users must first backtrack to 2014, when the first nonfungible token or NFT came to life. NFTs are blockchain-based tokens that authenticate digital assets, making them an ideal method for tracking music, art and film creators and owners to ensure appropriate parties are compensated for their efforts. 

Therefore, profit isn’t the only reason that these public figures have been investing hundreds of thousands, if not millions, into NFTs. Rather, many have found major appeal in what these digital avatars represent, freedom for artists, membership into a shared community, and a bridge toward the digital realm.

Among notable players entering the market is Btok, a social network designed to connect people to the blockchain world. Much like NFTs connect people to digital communities, by entering the platform, Btok users will have the chance to join like-minded blockchain enthusiasts, fellow investors and, of course, learn the latest project news firsthand. 

As a super app serving the needs of people in blockchain, it is only fitting that the platform is also diving head first into NFTs with the purchase of the most expensive Bored Ape Yacht Club NFTs on the market. The blockchain social media app now holds Ape #7537 as its brand ambassador, a piece defined by its bandolier clothing, which only 2% of the collection possess, closed eyes, bored mouth and brown fur. At the time of sale, this Ape sold for 1024 ETH, the