The Bored Ape Yacht Club project is one of the most valuable OpenSea NFT projects in the NFT market if not the whole blockchain. These 10,000 Bored Ape NFTs are causing a stir since they are collectively worth millions of dollars.
The Bored Ape Yacht Club, which started in April and has a total of 10,000 Bored Apes, is one of the most successful nonfungible token collections. Right now, the cheapest one available is worth 49 Ether ($208,000).
The Bored Ape Yacht Club, like everything else related to NFTs, is divisive. Those who own and trade NFT art are jealous of ape owners, while those who don't are confused and suspicious. Some of its success may be attributed to the art, but that isn't the case for the majority of it. Here's all you need to know about the exhibit.
NFT art may be divided into two categories. First, there are one-of-a-kind visual art pieces that are marketed as NFTs, exactly like real-life paintings. Consider the $69 million Beeple NFTs that were sold at Christie's auctions. Then there are NFT collections, often known as "projects," such as the Bored Ape Yacht Club.
These work in a similar way to Pokémon cards in that they take a template and generate hundreds or thousands of variations, each of which is graded in terms of rarity. There are 10,000 apes in BAYC, each with unique "properties" like fur kinds, facial expressions, clothes, accessories, and more.
These attributes are shown on OpenSea, the primary trading platform for NFTs. The attributes of each NFT will be published on its page, along with the proportion of NFTs in the collection who share that trait. Anything less than 1% is usually considered uncommon. Take a look at the apes at the top of the page, for example.
One with the uncommon "Solid Gold" fur characteristic may be found on the right. Only 46 apes out of 10,000 have this trait, making them extremely valuable. These Bored Ape NFTs may be found on OpenSea NFT, the most popular NFT trading site. Each NFT's properties, as well as the proportion of NFTs in the collection who share that property, will be disclosed on its page.
As previously indicated, the project's "floor price," or what you'll pay for an ape with common attributes, is 52 Ether. Apes with golden fur are quite rare, hence they command a higher price. Someone just paid 333 Ether, or $1.36 million, for one.
One with gold fur and laser eyes, two sub-1 percent traits, went for $3 million two months ago. Bored Ape Yacht Club is the second-largest NFT project of its kind, behind CryptoPunks. CryptoPunks is a collection of 10,000 8-bit avatars released in 2017 that is notable for being the first NFT collection. The most frequent ones sell for around 100 Ether ($500,000).
After CryptoPunks, BAYC is the second-largest NFT project of its sort. CryptoPunks is a 2017 collection of 10,000 8-bit avatars that derives much of its worth from the fact that it is the first NFT collection. The common ones go for roughly 100 ether, or $500,000.
What distinguishes the Bored Ape Yacht Club from the competition?
This is a difficult question to answer. The quick answer is that value is very much in the eye of the beholder, just as it is with real-world art. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass, four pseudonymous developers, debuted Bored Ape Yacht Club in late April. For 0.08 ether, or roughly $190, it took 12 hours for all 10,000 to sell out.
It's difficult to say what makes BAYC or any other NFT collection valuable. In general, it's a combination of three factors. Involvement of celebrities and influencers, community strength, and member benefits.
The first is self-evident. When celebrities own an NFT, it inspires others to want one as well. Jimmy Fallon is the most recent example.
The Tonight Show host purchased a BAYC on November 8 (for a cool $145,000) and has been using it as his Twitter profile photo ever since. This has resulted in a frenzy of hype and sales, as seen by the increased sales volume and price.
Second, there is the issue of usefulness. The majority of NFT initiatives promise to provide some type of usefulness, whether it's access to play-to-earn games or the ability to stake an NFT in return for a cryptocurrency.
Finally, and maybe most importantly, a collection's community. Meetups for the Bored Ape Yacht Club have taken place in New York and California, as well as Hong Kong and the United Kingdom. A weekend of celebrations for owners was recently hosted in New York, which included a real yacht party and a concert with Chris Rock, Aziz Ansari, and The Strokes.
Developing a community does, after all, have an economic side to it. Art, in whatever form, is only worth what people are willing to pay for it. The floor price in an NFT collection is roughly the same as what the least-invested members are prepared to sell for. People who believe they are carrying a community token are less likely to post their monkeys for sale. Selling your ape includes not just an NFT, but also a community pass.
What people are doing with their apes, on the other hand, is odder. The complete commercial rights that come with owning a Bored Ape NFT are being used in some innovative ways by holders. One Bored Ape owner gave his ape a Twitter account and gave him a narrative, transforming him into Jenkins, a valet at the Yacht Club.
Jenkins was signed to a real-world agency in September. He'll be the subject of his biography, which will be written in part by New York Times bestselling author Neil Strauss. Universal Music Group has invested by signing three bored apes and one mutant ape as a band.