Bored Ape Yacht Club is one of the most valued Opensea NFT projects there is in the NFT market, and perhaps the whole blockchain.
These 10,000 Bored Ape NFTs are creating a buzz in how they are accumulatively valued at millions.
Bored Ape Yacht Club, which began in April and consists of 10,000 Bored Apes, is one of the most successful collections in the nonfungible token arena.
The lowest one buyers can get right now is worth 49 Ether ($208,000).
Some of its success can be attributed to the art, but it isn’t the case for the majority of it.
NFT art can be divided into two categories.
First, there are one-of-a-kind visual art pieces that are marketed as NFTs, exactly like real-life paintings. Consider the $69 million Beeple NFTs that was sold at Christie’s auctions, according to Fortune.
Then there are NFT collections, often known as “projects,” such as the Bored Ape Yacht Club.
These work in a similar way to Pokemon cards in that they take a template and generate hundreds or thousands of variations, each of which is graded in terms of rarity.
There are 10,000 apes in BAYC, each with unique “properties” like fur types, facial expressions, clothing, accessories, and more.
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These Bored Ape NFTs are displayed on OpenSea NFT, the primary trading platform for NFTs.
The properties of each NFT will be published on its page, along with the percentage of NFTs in the collection who share that property.
The project’s “floor price,” or what you’ll pay for an ape with common qualities, is 52 Ether, as previously stated. Apes with golden fur are quite rare, so they sell for a lot more.
Someone paid 333 Ether, or $1.36 million, for one recently.
Two months ago, one with gold fur and laser eyes, two sub-1 percent features, sold for $3 million.
After CryptoPunks, Bored Ape Yacht Club is the second-largest NFT project of its sort.
CryptoPunks is a 2017 collection of 10,000 8-bit avatars that derives much of its worth from the fact that it is the first NFT collection. The common ones go for roughly 100 Ether, or $500,000.
According to Rolling Stone, Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass, four pseudonymous developers, debuted Bored Ape Yacht Club in late April.
At a price of 0.08 ether, or roughly $190, it took 12 hours for all 10,000 to sell out.
The price slowly increased from April through July until skyrocketing in August.
As mentioned by CNET, it’s difficult to say what makes Bored Ape Yacht Club or any other NFT collection valuable. In general, it’s a combination of three factors.
First, the involvement of celebrities and influencers, second is the community built in NFT art, and lastly, member benefits.
When celebrities own an NFT, it inspires others to want one as well.
Jimmy Fallon is the most recent example. The “Tonight Show” host purchased an Ape Yacht Clun NFT on November 8 priced at $145,000 and has been using it as his Twitter profile photo ever since.
— jimmy fallon (@jimmyfallon) November 12, 2021
Furthermore, there is the matter of utility.
The majority of NFT projects claim to provide some type of usefulness, whether it’s access to play-to-earn games or the ability to stake an NFT in return for a cryptocurrency.
Finally, and perhaps most importantly, a collection’s community definitely increases its overall value.
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