Why are Bored Apes popular and expensive?

Non-Fungible Tokens or NFTs have become a hot topic in the world of cryptocurrency and digital art. One of the most popular ones include Bored Apes as each of them is completely unique. 

Considered as one of the pioneers in NFTs and digital art, The Bored Apes collection has already established a reputation in the crypto industry. Each of these hold a distinct characteristic and a special value that makes them even more interesting for those who wish to own one. 

By digging deeper into the NFT scene and learning what this asset is all about, make sure to read about this article on Bored Ape Yacht Club NFT. 

What is the Bored Ape Yacht Club? 

The Bored Ape Yacht Club, also known as BAYC, is a massive collection of 10,000 NFTs that were enabled by the release of Ethereum’s ERC-721 standard. These NFTs are graphical depictions of apes that resemble cartoon characters. They are also distinguished by their metadata including the backdrops, jewellery, clothing, fur, and eyes. 

The Bored Ape Yacht Club NFT collection, which was launched in 2021, is comparable to other tangible works of art. What makes these items unique is that they exist digitally and are stored on the blockchain where people can take ownership of them. 

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How it started 

At the height of the cryptocurrency bull market in 2021, the BAYC NFT was released by Yuga Labs. When it was first launched, the Bored Ape Yacht Club NFT price was around 0.08 ETH, or $220 in today's money. Within a day, it was sold out. By mid-October 2022, it increased to a ‘floor price’ of 76 ETH or around $100,418. A floor price is the least expensive NFT in a collection. 

So far, several celebrities have shown interest in BAYC and bought the NFTs at inflated prices. Among them are NBA champions Steph Curry and Shaquille O'Neal, musicians Snoop Dogg, Eminem, and Justin Bieber, as well as star soccer player Neymar. 

What makes it unique? 

One of its impressive factors is its storyline which takes place in the year 2031. In this made-up story, early crypto backers who ‘aped’ a decade ago have become extremely wealthy. These investors, who have taken form as Bored Apes, have to deal with the disappointment of success and are unclear of how to make the most of their time. There, they decide to merely wallow at the yacht club in large groups with the other Bored Apes. 

Investors can enjoy using BAYC NFT as it serves as membership to the Yacht Club, a collection of online areas and activities that are only accessible to Bored Ape users. In the collection, no two pieces are the same because each one has a variety of traits and qualities. 

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Most valuable Bored Apes

In the NFT industry, rarity tends to correlate with a higher value. In addition to having an unalterable limit of 10,000 rare combinations of traits tend to demand higher Bored Ape NFT price.  

Bored Apes sell for over USD 2,000,000, which is more than the price of the entire collection of 10,000 was when the Bored Ape Yacht Club first launched. As of early 2022, the most expensive most expensive Bored Ape , #3749, had traits that included a sea captain’s hat, laser eyes, and solid gold fur. It was sold for 740 ETH which is approximately USD 2.91 million. 

Owning and flaunting a Bored Ape has become a status symbol in line with the NFT market's phenomenal rise on a global scale. With its impact, Twitter now provides NFT verification for Bored Ape profile images. 

Why are bored ape NFTs so expensive? 

The Bored Ape Yacht Club NFT utility goes beyond just being a collectible, as it grants members exclusive access to events, merchandise, and other perks. If you are wondering why are the Bored Apes are so expensive, these are the factors that make it valuable and special:

• Rarity → Investors are more interested in NFTs with rarer qualities and attributes. In terms of Bored Apes, special characteristics are exceptionally sought-after and valued by many collectors since gold fur and laser eyes are so unusual.
• Membership → Bored Ape Yacht Club's worth is found in both the thriving community it has created and the collection's on-screen aesthetics. Therefore, owning a Bored Ape access to exclusive membership benefits that can be enjoyed both online and offline.
• The Bathroom → Holders of a BAYC NFT are given exclusive access to a virtual ‘bathroom’ where participants can draw on the walls, much like the r/place craze on Reddit.
• BAYC Discord → All Bored Ape owners are welcome to join the project's Discord channel to communicate with other Apes holders.
• Free NFTs → Aside from BAYC, Yuga Labs has also created other NFT projects which you can also take advantage of. Among these include the Bored Ape Kennel Club and Mutant Ape Yacht Club.
   

How to buy them 

To buy a Bored Ape token and join the exclusive club, visit a site where the BAYC collection is listed such as OpenSea and connect an Ethereum wallet. Then, search ‘Bored Ape Yacht Club’, choose the ape you like, and place an order. You will become a new owner of the ape once the order is accepted.

These are just some facts you have to know about Bored Apes and why you should invest in them. By learning more about them and understanding what makes them special and valuable, you can find it more appealing to invest in one. Still, investors would have to keep in mind that just like crypto assets, these NFTs are also subject to volatility. 

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Words: Kyra Jimenez