Bored Apes owner draws 2,500 NFT enthusiasts to Hong Kong for first international ApeFest in win for local Web3 push

The Bored Ape Yacht Club, a renowned non-fungible token (NFT) brand, recently held its first international ApeFest in Hong Kong. The event was organized by Yuga Labs, the company that oversees the Bored Ape brand. The festival attracted over 2,000 attendees from 60 different countries, marking the first time the event was held outside of New York. The decision to host the event in Hong Kong was made a few months prior, when the company decided to cancel plans for a festival in Las Vegas. Yuga Labs' CEO, Daniel Alegre, stated that the company wanted to cater to its Asian community, noting that some of Hong Kong's most influential families are Bored Ape owners.

The choice to host the event in Hong Kong over other Asian cities such as Singapore, Seoul, and Tokyo was influenced by the support of their investor, Animoca Brands, and the accommodating nature of the Hong Kong government. The successful execution of the event has bolstered Hong Kong's efforts to become a global hub for virtual assets and Web3 technologies. However, Yuga Labs has faced some challenges, including a 55% drop in the value of the top 500 smart contracts, as indicated by the Forkast 500 NFT index.

Despite these hurdles, Yuga Labs remains optimistic about the future. The company maintains that their NFTs should not be classified as securities as they are selling the intellectual property to the images. They also have a dedicated fan base willing to travel globally to attend their events. For instance, 250 Americans obtained their first passport specifically to attend ApeFest. The event was a resounding success and could potentially play a pivotal role in uniting the entire NFT ecosystem.