Popular Miami nightclub E11EVEN buys Bored Ape #11 for $400,000
December 27, 2021, 4:50PM EST
1 min read
E11EVEN Partners, the company behind the high-profile E11EVEN Miami nightclub, announced Monday that it purchased Bored Ape Yacht Club (BAYC) #11 for 99 ETH ($396,000).
“After studying BAYC for some time, we started to notice traits that resonated with E11EVEN. Believe it or not, our favorite Ape just happened to be #11," E11EVEN Partners owner Michael Simkins told The Block in an email.
Simkins said his firm contacted the owner of the non-fungible token (NFT) via Discord. "At first they were hesitant to sell, but after some back and forth we were able to come to a mutual agreement," he said.
Simkins added E11EVEN is “excited about exploring marketing opportunities” with BAYC #11. This is its first purchase of an NFT.
Bored Ape Yacht Club NFT #11, now in the possession of E11EVEN Miami.
The nightclub has already processed over $4 million in cryptocurrency payments since it first began accepting crypto in April of this year, according to a release. E11EVEN also announced in October that its real estate arm, E11EVEN Hotels and Residencies, has partnered with the crypto exchange giant FTX to begin accepting cryptocurrency for luxury high-rises and residential transactions.
Miami has become a hub for crypto companies,thanks in large part to its crypto-friendly mayor, Francis Suarez, and local tax policies that allow firms to forgo paying property taxes for a long period of time.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.