BMW’s ‘Ape Car’ Wows Crowds at ApeFest

At the ApeFest 2023 event in Hong Kong, BMW unveiled a striking electric vehicle known as the “Ape Car,” an i5 M60 transformed into a canvas adorned with ape caricatures, a nod to the current NFT craze.

Ape-Themed BMW
This unique ape-themed BMW creation, dubbed the “Ape Car,” is a product of Yuga Labs, the parent company behind the Bored Ape Yacht Club (BAYC), and it showcases the fusion of automotive innovation with the digital art world.

BMW’s Web3 Initiatives
BMW has been actively exploring blockchain technology and NFT ventures. The decision to use a “digital wrap” for the i5 M60 may seem unconventional to some, but BMW’s forward-thinking approach is reflected in its robust sales figures. The company’s innovative strategies are propelling it ahead of competitors like Mercedes and Audi.

The BMW Ape Car and Avant-Garde Design
The Ape Car, reminiscent of the i Vision Dee concept featuring E Ink technology, has ignited a blend of nostalgia and controversy. The i Vision Dee, known for its ability to change the color of its body panels, was a hit at CES in January 2023, highlighting BMW’s commitment to avant-garde aesthetics in its design philosophy.

ApeFest in Hong Kong
ApeFest was held at Hong Kong’s repurposed Kai Tak airport, symbolizing the city’s embrace of transformation and its growing interest in web3 technologies. As the first ApeFest outside the US, it represents a strategic move to capture the expansive NFT market in Asia.

Challenges and Partnerships
While the festival was filled with celebration, Yuga Labs, the parent company, has faced its own set of challenges as the NFT market cooled, leading to a decline in the floor price of Bored Apes. However, Yuga Labs remains committed to its long-term viability, as indicated by recent strategic layoffs.

One of the event’s highlights was the announcement by Greg Solano, co-founder of Yuga Labs, about a partnership with Magic Eden to launch a marketplace that enforces royalties, underscoring the ongoing discussion about NFT royalties and creator rights.