If you’re a crypto enthusiast or even like to keep yourself updated with the possibilities of the NFT space, chances are you already know about Bored Apes.
There’s no denying the Bored Apes have been one of the most successful digital assets sold in 2021-22. These 10,000 pieces of the art collection are a popular hit among celebrities and influencers, including Justin Beiber and Eminem.
However, if you are still not amazed, you might be surprised that these monkey NFTs are sold for millions of dollars.
Interestingly, their exorbitant price has made these non-fungible tokens the talk of town between regular investors and analysts. So if you’re also confused with the ‘why’ aspect, this blog might come in handy.
Continue reading as we explore the primary reason behind the hype around these monkey NFTs in the following sections. Let’s get started.
Bored Ape Yacht Club: The ‘Elite’ Club & The Price Push
Bored Apes: Technology Behind The NFTs
Bored Apes are a limited collection of 10,000 unique NFTs developed on the Ethereum Blockchain. As the name suggests, these digital art pieces are apes or grungy simian avatars with unique characteristics, some rarer than others.
For instance, only 50 Bored Apes highlight red fur, and only 30 have a biker vest. Therefore, their unique traits make them exclusive and more expensive to own.
Why Are Bored Apes Different?
As it is with all NFTs, Bored Apes are nothing but a digital asset with unique ownership. These NFTs are a digital representation of ownership or a passkey. Adding to it, Bored Apes are also referred to as the initiators of an elite movement called the BYAC (Bored Apes Yacht Club).
As the name suggests, it is an exclusive, member-only club that brings you close to other Bored Ape holders. Besides, investors also get access to different benefits like:
- The Bathroom: First on the list of advantages is access to ‘The Bathroom.’ No, it isn’t what readers might think; instead, it is the name of a community drawing board where different owners of the crypto monkey NFT can leave behind digital graffiti.
- Member-Only Discord Server: Next, Bored Ape ownership also allows the investors to access the member-only Discord server where they can interact with other owners. This way, you’re at a better chance of rubbing shoulders with renowned global celebrities like Justin Beiber and Eminem, among others.
- Priority Access To Future Events: Apart from the additional benefits like airdrops and spotlight, ownership of these NFTs also brings you priority access to BAYC events. This would allow you to access newly released digital art pieces before they open for the public.
What Pushed The Crypto Monkey NFT?
At the time of its launch in early 2021, all the Bored Apes were available on a first-come, first-served basis at 0.8 ETH or about $190. However, it was their quick sale response that shot them to fame.
Thanks to the overwhelming response, Bored Apes were able to generate the desired ‘hype,’ which soon led to their rising prices across secondary marketplaces like OpenSea. So as these NFTs transitioned from their original website to a marketplace, the price was increased by 1,000x as the floor price for one Ape would be 108 ETH, or about $368,000.
All these events favored attention, and soon, owning these Apes was a status symbol where. Celebrities would throw in millions of dollars to own one of them.
Interestingly, their hype isn’t the only reason people invest in these NFTs. Continue reading as we explore some unique aspects of the project and understand the factors that make its ownership worth the investment.
What Makes The Bored Ape NFTs Unique?
They’re Backed By Utility
In addition to acting as a unique digital identity, the Bored Ape art is valuable for its related economic usage rights. Owners of Bored Ape are permitted to sell spinoff products based on their artwork, alongside reselling the NFT for a profit
For instance, a Bored Ape owner created a Twitter account for their character and created a whole story around the digital art, portraying it as a character from the Yacht Club. This way, the owner of the digital art was able to monetize their purchase instead of selling it for profit.
Adding to it, these NFTs are expected to have more utility as the Metaverse becomes more mainstream. Owners of Bored Apes might soon be able to participate in a unique P2E gaming platform developed by the BYAC community.
Their limited availability is another factor that adds value to these Bored Ape NFTs. If we analyze using the simple fundamentals of economics, the supply of NFT art is limited to 10,000 Bored Apes. With a high-demand/low-supply dynamic, the art pieces will eventually multiply in price.
Additionally, different Bored Ape avatars from the same collection have different rarities. As mentioned, the combination is filled with unique traits, including earrings, headgear, facial expression, backdrop color, attire, etc. This way, their scarcity will add up to their future prices, ultimately increasing the price further.
Backing By A Budding Community
The budding community with limited membership opportunities is by far one of the unique aspects of the NFT collection. Apart from the networking possibilities, this community fosters a sense of belonging for all its 10,000 members.
All BAYC holders might profit from any Bored Ape owner’s publicity if they perform anything noteworthy. With more individuals desiring to claim that they’re in a club with celebrities and influencers, the community is expected to increase multiple folds.
Early Market Entrant
Being an early market entrant also adds to Bored Ape’s benefit. Even though they might not be the first NFT collection in the open market, they’re quite popular. For instance, CryptoPunks have earned a name solely because they are the first NFT collection. There’s no utility backing the collection.
Besides, BAYC has moved ahead to become the market dominator in the NFT space. Early in March 2022, the community-acquired CryptoPunks drastically reduced competition and cemented their status in the NFT community. This indicates a possibly strong future for the Bored Ape holders in the NFT space.
Now You Know!
This brings us to the end of our blog on the different aspects that make the Bored Ape NFT project unique. Besides, now that you have an idea of the entire history and fundamentals that back the project, you’ve already decoded the ‘hype’ behind it.
Considering everything we just uncovered, do you think Bore Ape NFTs are worth the investment?