Two former Barclays Plc traders have swapped junk bonds for non-fungible tokens, amassing a collection of Bored Ape Yacht Club art in a bet on the growing lure of digital collectibles.
Ovie Faruq and Mike Anderson, former high-yield cash and derivatives traders, have amassed 70 images of apes in various states of boredom, and three Damien Hirst NFTs, among other digital images. They wouldn’t reveal the value of their collection, or specific ID addresses, citing security concerns, but a Sotheby’s auction in September of similar images gives a ballpark figure. A lot of 101 Bored Ape tokens was sold for $24.4 million — and valuations have increased since.