NFTs, or non-fungible tokens, were a big hit in 2021, with some selling for crazy prices. Recently, an NFT of a key sold for $1.6 million, and it’s related to an experiment by Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC).
They’ve been experimenting with integrating games and a narrative into NFTs, starting with The Trial of Jimmy the Monkey storyline. The story begins with Jimmy accidentally swallowing a mysterious key after opening the spacetime continuum. To retrieve it, BAYC NFT owners were given Sewer Pass NFTs to play a game called Dookey Dash, in which they traversed through a sewer system as an ape to find Jimmy and retrieve the key.
The top score of the three-week competition was earned by an esports pro named Kyle “Mongraal” Jackson, who received the key NFT from his Sewer Pass NFT. He later sold it for 1,000 ether, or $1.6 million, to a buyer named Adam Weitsman. The experiment is part of a larger project that Yuga Labs is working on, leading up to a new collection and potentially connecting to their upcoming MMORPG metaverse, Otherside. Although NFT values have decreased in recent months, some believe prices will recover once the economy stabilizes.