Web3 merch: Fashion or fandom?

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In September, a line stretched down Sunset Boulevard in front of Fred Segal’s Los Angeles boutique. The draw? Canned water — Ape Water, to be exact. Ape Water sells limited-edition 12 packs of water for $24.99 with a picture of Bored Ape #5382 (owned by Pudgy Penguins CEO Luca Schnetzler) that sold last August for ETH 61 (more than $192,000 at the time).