Get to know about the Bored Apes Yacht Club (BAYC) NFT collection and why it is so expensive.
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Owning a Bored Ape is “cool” now. Mostly, it’s expensive! There are a total of 10,000 Bored Ape NFTs, all of whichfor roughly $190 each. 10,000 different versions might sound like a lot, but it’s a small enough number to still be considered limited-edition.
By the time Fallon bought his BAYC NFT, it was roughly $216,000, the LA Times reported, in a piece that also notes the value might be even greater on resale given his “hyping it up on the show.” Non-fungible tokens have been the hottest trend in 2021. They saw global recognition, mainstream adoption, and overall acceptance in and out of the cryptocurrency industry.
The astronomic surge in popularity of non-fungible tokens (NFTs) led to a massive demand (and an even higher supply) of various collections, each one with its intricacies and perks
In this editorial, we will take a closer look into the BAYC collection, why it is so popular, what’s the most expensive Ape sold on the market, and which celebrities have been endorsing it so far.
AFTER READING THIS, YOU should be able to understand the following;
- What Board Ape Yatch club is
- Who created the Bored Ape Yacht club
- The list of celebrities that owns the bored ape
- BAYC’s ROI and how much a bored ape costs now.
- Where to buy the bored ape nft.
A Non-Fungible Token or NFT is a unit of data that is stored on a digital ledger (blockchain) and can be sold and traded. NFT data units may be associated with digital files such as photos, videos, and audio. If there’s been one NFT collection that’s truly defined where the trend has gone in 2021, it’s probably Bored Ape Yacht Club. The exclusive collection of 10,000 unique apes with trendy outfits in front of colourful backgrounds living on the Ethereum blockchain has skyrocketed in popularity and value.
Bored Ape Yacht Club NFT is trading at a floor price of $312,466.36. There is a total of 10000 NFTs minted held by 6311.0 unique owners with a total market cap of $3,124,663,643.99 as at the time of writing this post
The average sale price for BAYC is currently over $200,000 and growing, with some of the non-fungible tokens with rarer attributes (accessories, outfits, facial features, etc.) going for potentially millions of dollars. Takefor instance: It sold for 2.8 ETH (currently $12,088) on July 1 and 54 ETH (currently $233,141) on Nov. 18.
Celebrities from around the world like Stephen Curry, Post Malone, and Jimmy Fallon have not only flocked to buying Apes as a status symbol, but immediately updated their social media avatars to show off their new purchases. .
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club is a club unlike any other. It’s a virtual lounge reserved only for its members, and there will never be more than 10,000. It is a limited NFT collection where the token itself doubles as your membership to a swamp club for apes.
Well, in essence, BAYC is a collection of 10,000 Bored Ape NFTs. These represent unique digital collectibles built on top of Ethereum’s blockchain. Each Bored Ape also gives its owner membership to the club and grants access to some benefits that are dedicated to the selected few.This is how some of the NFTs look like:
Each NFT has its unique traits such as clothing, headwear, expression, and more. Just as other NFTs on Ethereum, these are stored as ERC-721 tokens.
As of writing these lines, they have grown to become the most popular profile picture (PFP) NFT project, and multiple celebrities have already bought and used them for this exact purpose, but more on this later. Why do people buy Bored Apes?
One of the perks of owning a Bored Ape NFT is access to the so-called bathroom which is essentially a virtual hangout place with a canvas that’s accessible only to wallets that contain at least one ape. This is where owners can draw, write expletives, or do whatever they see fit.
Every ape-holder is allowed to paint a pixel on the bathroom wall every fifteen minutes. Essentially, buying an ape NFT makes the owner a member of an exclusive club that has a membership cap.
In addition, owning a high-prized NFT and one that’s recognized within a community is much like buying a valuable painting. Its value is derived from the subjective worth of what it means for the owner himself. And remember – each Bored Ape NFT is completely unique, and there will never be a second one like it.
Last but not least, some of the users who buy these NFTs look at them as an investment. There’s a finite supply of them on the market, and as they might continue growing, they could also get more expensive, thus becoming a worthwhile investment.
Who created BAYC?
The Bored Ape Yacht Club was launched by anonymous developers that go by the pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. There’s also an entity that took responsibility for the creation of BAYC called Yuga Labs.
The story of BAYC is actually quite interesting. On April 23rd, Gordon Goner – one of the project’s creators, announced the pre-sale launch on Discord. The announcement itself was met with almost no reactions.
BAYC’s ROI and How Much a Bored Ape Costs Today
Bored Apes are likely to be amongst the NFTs that brought the most disproportionate returns to early owners. As mentioned above, they were minted at a price of 0.08 ETH (roughly $190)each in April 2021.
At the time of this writing – February 2022, the floor price on OpenSea sits at 77.99 ETH, which is a return of almost 100,000%.
While many apes sold for six and even seven figures, the most expensive one seems to be Bored Ape #3749. It sold for 740 ETH, worth around $2.9 million at the time of the purchase. This is how it looks like:
How to Buy Bored Ape NFTs?
As mentioned above, Bored Ape NFTs were first minted at a price of 0.08 ETH each, but that was only available for a short period of time upon the project’s launch. Now, the only way to buy them is on secondary marketplaces, and the most popular one is OpenSea.
All in all, the project seems to be undergoing regular developments while the community is growing as ape owners have the commercial rights to their NFTs, and it’s in their best interest to constantly move forward.
Click on the link to check out our previous post on how you can buy the Bored Ape NFTs and other NFTs.
List of celebrities that own the BAYC NTFs.
(NBA, Charlotte Hornets)
(NBA, New Orleans Pelicans)
- , ,
- Von Miller (NFL, Los Angeles Rams)
(soccer, Paris Saint-Germain)
- (NBA, Turner Sports)
- Andrew Sendejo (NFL, Indianapolis Colts)
- Marcus Stroman (MLB, Chicago Cubs)
- (Specific Bored Ape currently unconfirmed)
- Andrew Wiggins (NBA, Golden State Warriors)
- (Specific Bored Ape currently unconfirmed)
- Serena Williams (tennis)
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