Why Is Bored Ape Yacht Club So Expensive?
How can a cartoon of a monkey made by a computer be worth more than $500,000? This is what it is, so you can see why it costs so much. Even though Web 3.0 and NFTs have been around for a while and have been explained many times, most people still don’t understand most expensive nft monkey. There are 10,000 apes living at the Bored Ape Yacht Club NFT.
You’ll likely have a lot of questions about monkey nft price its price and so on. What, exactly, is the Bored Ape Yacht Club? Why is nft monkey the most expensive? Is this just a financial bubble that looks like a new idea? We now know what to do next. Let’s get the party going.
What does the Boring Ape Yacht Club really mean?
Bored Apes is a group of 10,000 unique Ethereum tokens that can’t be traded with other people. The Bored Apes are avatars that look like apes and have a variety of strange traits, some more so than others. Only 5% of Bored Apes have red fur, and only 3% wear a motorbike vest. The traits of a Bored Ape are more rare the more it costs.
The Bored Ape is not the underlying asset, like other NFTs. In this case, it is a passkey, which is a kind of proof of ownership. When buying an NFT for the first time, you need to know exactly what you are getting.
The Bored Apes Yacht Club’s drive to do well starts and ends at the club. Your Bored Ape can also be your Yacht Club membership card, giving you access to member-only benefits like THE BATHROOM, a community painting board where Bored Ape owners can write digital graffiti. Also, owners of Bored Ape will be able to use a secret Discord server to talk with other owners.
At the time they came out, each Bored Ape cost 0.8 ETH, or about $190, and they were given to the first people who asked for one. They can be bought on the OpenSea secondary market, which is kind of like eBay for tokens that can’t be used to buy other tokens. As of this writing, an Ape on OpenSea costs 108 ETH, which is about $368,000 USD.
Who is in charge of keeping the Bored Ape Yacht Club running?
The Bored Ape Yacht Club was started by four business owners in 2021 through their company, Yuga Labs. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass are some of the founders. Or at least they did until February 2022, when BuzzFeed revealed that Gordon Goner and Gargamel were the real names of the two.
Greg Solano, who writes books and reviews them, is really Gargamel. Gordon Goner is played by 35-year-old Wylie Aronow. Then they both sent out tweets with their real names and the hashtag #BoredApes. Emperor Tomato Ketchup and No Sass did the same thing after that.
A Rolling Stone article says that NFT pioneers like CryptoPunks, who have become a kind of cultural currency, gave the developers inspiration. Like Bored Apes, CryptoPunks is a pricey set of 10,000 different NFT avatars. One of these avatars sold for a crazy $11.7 million, which is a lot of money. If you haven’t already, find out what CryptoPunks are and why they cost so much. BAYC wanted to combine the collectible art part of NFTs with getting people involved in the community. This would make NFTs more useful than just the cool kids’ cult symbols.
Why do apes that are bored cost so much?
Why does Bored Apes cost so much? The most important question is this one. Even the most exclusive club memberships in the US don’t cost $368,000. What’s going on? Let’s watch and see what happens.
The art from Bored Ape can not only be used as a digital identity, but it can also be sold for money. The owners of Bored Ape can make money not only by selling the NFT, but also by selling things that are based on the art.
The owner of a bored ape made the ape a Twitter account and made up a story in which the ape is Jenkins, the valet at the Yacht Club. Jenkins is nice and knows a lot about cryptography. He also has a great sense of humor. This is a great combination for a well-known Twitter account.
Jenkins’ story is made more interesting by the fact that he was the least expensive chimp in the group, which hurt his job as a valet. People have always been interested in the classic “underdog wins” story.
Jenkins was hired by a good agency in September 2021 to look into the publishing possibilities of books, podcasts, movies, and TV, among other things. Neil Strauss, whose books have sold the most copies in the New York Times, will also help write his biography.
The owners of Jenkins are creating a sub-BAYC community by letting users buy NFTs that give them the right to vote on whether Jenkins’ first book should be published. People pay to take part in this huge group project.
The more likely these things are to happen, the more valuable a Bored Ape is. Even brands have “jumped in.” Arizona Iced Tea, for example, bought a non-fungible token from the Bored Ape Yacht Club in August 2021 to use in marketing materials. Adidas also got a BAYC NFT so that they could make a character and story for themselves.
Since there are only 10,000 Bored Apes, there aren’t many NFT paintings to choose from. Because the brand is so popular and there aren’t enough of them, the price will go up.
Some Bored Ape avatars are more rare than others, even within the same collection. Each Ape is different in 170 ways, such as its background color, earring, facial expression, headgear, clothing, and so on. Bored Apes are hard to find, which is part of the reason why they cost so much.
On the website of the Bored Ape Yacht Club, there is a detailed road map that shows the members’ exclusive content rights. The roadmap is a list of tasks that the founders of the company plan to do once they have reached their sales goals.
As part of its eleventh goal, “finding new ways to go ape with our friends,” the BAYC has come up with even more creative ways to get people together. For example, in June 2021, anyone who owned a Bored Ape could “adopt” a free dog companion NFT (they would only have to pay for “gas,” which is the cost of processing transactions on the Ethereum network). Because of this, the Bored Ape Kennel Club was made. The group raised $1 million for animal shelters by selling the dogs again.
At the current exchange rate, the least you can pay for a dog from the Bored Ape Kennel Club is 7.60 ETH, which is close to $17,000. In August of 2021, BAYC made 20,000 mutations of apes. They sold the general public 10,000 tokens for 3 ETH each to get more people to join. The whole collection sold out in one hour, making $96 million.
But all Bored Apes owners got 10,000 digital vials of mutant serum for free in the air. This let them use the Bored Apes they already had to make mutant apes. They might also make money if they sell the new NFT on the secondary market.
In March 2022, the BAYC released its own cryptocurrency, the APE coin, and gave all BAYC and MAYC holders $ape tokens. Each person who owns BAYC NFT can claim about 10,000 ApeCoin, which are worth about $100,000.
Wiz Khalifa and Snoop Dogg worked together to make an NFT mixtape with eight songs for $APE subscribers. This means that the APE currencies can be used in the BAYC community right now.
BAYC has started holding events for club members in person, which will become a yearly tradition. In November 2021, Ape Fest was held for the first time by BAYC. Off the coast of Manhattan, there was an art show, a contest for the best costume, and a party on a yacht that could hold 1,000 people. Some of the unexpected guests at the warehouse party in Brooklyn were Lil Baby, the Strokes, Questlove, Beck, Chris Rock, and Aziz Ansari.
Famous Celebes Who Own These
Jimmy Fallon, Mark Cuban, Paris Hilton, Snoop Dogg, Stephen Curry, Eminem, and Shaquille O’Neal are all owners of Bored Apes. Also, everyone knows that putting a famous person’s name on a product or service can make it more popular and raise its price at the same time.
Bored Apes has become a status symbol because it has a lot of famous people in it. It’s like a digital Veblen good: the more it costs, the more you want it.
Even though it’s not the first NFT collection, Getting In Early Bored Apes is one of the few that can be bought. It helps the movement succeed without taking away from how new it is. For example, CryptoPunks is important because it is the first book to collect NFTs.
Early in March 2022, BAYC bought Cryptopunks. This cut their competition by a lot and made it more likely that they would become the leaders of the NFT-community movement. BAYC wants to give owners of CryptoPunks the same rights to marketing and intellectual property as owners of Bored Ape. This will make more people want it, which will cause prices to go up.
What do you think about the business with NFT Apes?
BAYC just got $450 million to build Otherside, which is a decentralized Metaverse project that is like a game. The goal of the company is to combine the real and virtual worlds into a virtual reality experience. If the BAYC’s Metaverse project works out, their services will be very helpful. Some people don’t think that the NFT sector can work in the cryptosphere, but the BAYC is working to make the brand more than just a collection of art. If anyone thought that the BAYC was just a one-time thing, the company’s goals to build a community and get people involved should change their minds. This is a brand to keep an eye on.