Category: News, NFT News

9GAG’s CEO Acquires Stephen Chow NFT for 31.55 Times Its Listing Price

SNEAK PEEK

  • Ray Chan buys a rare Stephen Chow NFT for $47,300, paying 3,155% above its base price.
  • The NFT, featuring a unique Sun trait, comes from a collection by director Stephen Chow and rapper Jin Au-Yeung.
  • Chan’s purchase underscores 9GAG’s focus on Web3 tech and its ongoing hunt for a blockchain engineer.

Ray Chan, the CEO and co-founder of the popular entertainment platform 9GAG, recently made headlines with his purchase of a unique Stephen Chow “Nobody” NFT, Nobody #889, for a striking sum of 19.527 Ether, equivalent to $47,300. This transaction marked a premium of 3,155% over the collection’s base price of 0.6 Ether, or $1,450. Inspired by the “Monkey King” theme, the NFT stands out for its rare Sun trait, found in less than 0.01% of the series.

The acquisition highlights the burgeoning interest in digital collectibles and the value attributed to rare traits within the NFT space. Chan’s investment reflects his belief in the uniqueness and sentimental value of the piece, echoing his sentiment that “Pictures are valuable, memories are priceless.” This purchase comes in the wake of the launch of the Nobody NFT collection by renowned Hong Kong director Stephen Chow, famed for his work on “Kung Fu Hustle.” The collection, created in collaboration with Chinese-American rapper Jin Au-Yeung, also known as MC Jin, has seen substantial success, amassing over 10,516 Ether in total trading volume since its introduction.

The collaboration with the Moonbox platform, a venture by the eponymous Hong Kong startup, and a partnership with cryptocurrency exchange OKX for a 2,500 NFTs giveaway has significantly fueled interest. This event attracted over 125,000 applicants, underscoring the collection’s popularity and the growing fascination with digital assets.

Ray Chan’s involvement in the NFT market extends beyond this single acquisition. As an avid collector, he has navigated the highs and lows of the market, experiencing firsthand the volatility and lessons that come with it. These experiences have shaped his approach to Memeland, a Web3 venture studio initiated by 9GAG, where he serves as CEO. The company’s proactive stance on adopting Web3 technologies is evident in its current recruitment drive for a blockchain engineer. It aims to bolster its capabilities in developing secure and efficient intelligent contracts on the Ethereum blockchain.

This move by Chan underscores the growing intersection of entertainment, technology, and digital art and highlights the evolving landscape of digital collectibles. As the market for NFTs continues to expand, such high-profile transactions underscore the value and potential of digital assets in the contemporary art and entertainment sectors.




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