Bored Ape Yacht Club is a very popular NFT collection that became popular in 2021.
These NFTs are nonetheless very famous, and they may be famous for a reason.
Bored Apes are extremely good high priced repute symbols.
Even celebrities are getting in on the action!
In this post, we’ll talk about what exactly Bored Ape Yacht Club is, and why are these NFTs so pricey.
See also: Beginners Guide: Why are NFTs so costly?
What exactly is the Bored Ape Yacht Club?
The Bored Ape Yacht Club is a digital art collection of 10,000 NFTs called Bored Apes, which feature cartoon ape portraits.
An NFT is a token that is not fungible.
A non-fungible token is a one-of-a-kind token that is linked to a blockchain transaction via a smart contract.
An NFT cannot be replicated or manipulated because it is stored on the blockchain.
It can be bought and sold like a cryptocurrency and is essentially a certificate of authenticity.
This set of NTFs, Bored Ape Yacht Club, is primarily based totally on the Ethereum blockchain Bored Apes are avatars that feature portraits of various apes with various traits and characteristics.
Each Bored Ape is unique because there are so many possible combinations.
The creators of Bored Ape Yacht Club wanted to create a digital canvas on which people could draw if they purchased it, similar to a bathroom at the club.
They built a story around this “bathroom,” where crypto investors become so wealthy from “aping in” that they hang out at the yacht club with celebrities.
“Aping in” is shorthand for rashly investing in an altcoin on which you have done no research. That’s how the Bored Ape Yacht Club was birthed.
See also: Logan Paul’s NFT failure: From Millions to just $10
Why Are Bored Apes So Costly?
As you may have guessed, Bored Apes really aren’t cheap.
The main reason for the high price of bored apes is their scarcity. When the Bored Ape Yacht Club first was launched in April 2021, each Bored Ape was worth 0.08 ETH (approximately $185 at the time).
Currently, the cheapest is around 80 ETH (approximately $104,000). 852.39 ETH ($1.1 million now, $3.4 million then) was paid for the most expensive Bored Ape.
Of course, you might be asking, how did it get there?
As Bored Ape Yacht Club grew in popularity, so did the demand for NFTs.
And, since the amount of Bored Apes is limited, only 10,000 people can get one. And to obtain one, you must outbid everyone else.
This is why the price of Bored Apes shot through the roof. However, there are other factors that add to their increased cost. Along with unusual character traits! The higher the NFT, the rarer the trait.
For example, The cheapest “Bored” eyes NFT costs about 80 ETH which is about $104,000, and “Laser Eyes” is 145 ETH also around $188,500.
The same goes for almost every single trait. The rare ones are more valuable. But there’s another reason why Bored Apes are so expensive.
They are regarded as a status symbol. In a way, they are both comparable to a Maserati or a Rolex.
When someone sees you on Twitter with a Bored Ape profile picture, they will know you have class, sophistication, and wit.
Why are there only 10,000 Bored Apes?
Good question, you see, In general, NFT art can be divided into two categories.
First, there are one-of-a-kind visuals that are sold as non-fungible tokens, similar to how paintings are sold in real life. Consider the Beeple NFTs that fetched up to $69 million at Christie’s.
Secondly, there are also NFT collections such as the Bored Ape Yacht Club, that are primarily intended to be used as pictures on social media profiles.
And it seems like spending money to get sophisticated profile pictures is where all the attention is now.
Popular Culture’s Bored Ape Yacht Club
Following its mainstream success, Bored Ape Yacht Club became widely recognized as a status symbol and became frequently seen in popular culture. Bored Ape Yacht Club members include entrepreneurs and even famous people.
Steph Curry is now part of the Bored Ape Yacht Club (“BAYC” in his Twitter bio), a collection of 10,000 unique Bored Ape NFTs.
The 2x MVP paid 55 ETH for this one, which is $180,000 — or, 0.39% of his $45.7M salary next season.
What a time. pic.twitter.com/T9iBcM7hjk
— Boardroom (@boardroom) August 29, 2021
That includes Steph Curry, Justin Bieber, Jimmy Fallon, Snoop Dogg, Eminem, John Terry, Gwyneth Paltrow, Post Malone, Kevin Hart, Madonna, Neymar, Paris Hilton, Timbaland, and Tom Brady.
Snoop Dogg and Eminem have been very public with their own collections. They appeared at ApeFest and in a music video for “From the D 2 The LBC” with their Bored Apes. Even their Bored Apes appeared on the VMAs!
Bored Ape NFT Perks, Benefits, and Ownership
In addition to owning an NFT, owning a Bored Ape comes with a number of other distinct advantages, some of which were outlined in the BAYC roadmap. These advantages include:
- Members-only areas on the internet
- BAYC members receive limited edition merchandise.
- Actual events and conventions for owners
- Free NFTs offered by The Bored Ape Kennel Club
But the most notable benefit is that when you own a Bored Ape, you own it completely, which includes commercial rights and the ability to monetize it. Unlike the majority of NFT collections, separators and investors are not permitted to commercially market the NFTs they purchase.
But with the Bored Ape club, you can do it.
ApeCoin
ApeCoin was officially launched as a “token for culture, gaming, and commerce” on March 16, 2022, and it is the main cryptocurrency within the Bored Ape Yacht Club ecosystem.
In the Bored Ape Yacht Club metaverse ecosystem, apecoin will be the dominant cryptocurrency. There will be a few upcoming metaverse games, in which ApeCoin will serve as an in-game currency.
For now, you can use ApeCoin to buy some of the Bored Apes themselves. Apecoin is also used in the metaverse for governance.
Holders of $APE are able to join the DAO and make huge decisions, vote on proposals, and change the future of Apecoin. It’s all in your hands.
A more detailed explanation of Apecoin will be posted soon, so if you’d like to learn more about this Altcoin, stick around.
See also: Cryptocurrency for Beginners: A Comprehensive Guide
Summary
The Bored Ape Yacht Club is a collection of 10,000 Ethereum-based NFTs portraying cartoon ape photographs.
Each NFT has its own unique set of characteristics which makes the Bored Apes costly because they are rare, considered a status symbol, and have numerous real-world benefits.
You will gain access to merch, events, and other NFTs if you have a Bored Ape.
The goal of the Bored Ape Yacht Club is to create a metaverse ecosystem in which an Altcoin called ApeCoin can be used to purchase items.
And as Bored Ape Yacht Club grew in popularity, it began to appear in a variety of contexts, including videos and many posts on Twitter.
