In recent years, non-fungible tokens (NFTs) have dominated the cryptocurrency market, for instance, most expensive nft monkey. According to crypto enthusiasts, NFTs have a variety of applications, but blockchain-based art is the most well-known and valued usage of this odd crypto technology to date.
Bored Ape Yacht Club is, by most counts, the most successful NFT art collection (BAYC). According to CoinGecko, BAYC’s market capitalization is now estimated to be approximately $1.1 billion.
Even stories of hackers stealing Bored Apes have surfaced in recent times, including a peculiar phishing scheme involving actor and filmmaker Seth Green. Even if kidnapped blockchain art monkeys appear a bit obscure, the astronomical prices of the Bored Apes make the situation clear. In April 2022, the entry-level price was approximately $420,000; this is costly art, making it a favorite target for theft.
So, what exactly are these peculiarly named NFTs? Here is a comprehensive overview of Bored Apes, including its history, meteoric rise, ongoing controversies, and sky-high prices.
The Bored Ape Yacht Club
Yuga Labs established The Bored Ape Yacht Club as a collection of NFTs on the Ethereum (ETH) network. The term “Ape” refers to each of these NFTs individually.These digital pieces of art portray Sims that are bored. Due to the various combinations of facial expressions, accessories, and attire, no two Apes are alike despite their similar appearance and feel.
This unique combination of characteristics, or the relative rarity of each combination, may explain the popularity of the Bored Apes. “Rarity” is a formal indicator of the uniqueness of each Ape in BAYC society.
Apes are ranked according to their scarcity on specialized websites. According to Rarity Tools, Bored Ape No. 8135 has the most recent “custom rarity score.” Bored Ape No. 8135 is distinguished by its silver stud earrings, multicolored captain’s helmet, and dagger in its mouth.
Aside from their rarity, the artworks are unremarkable; after all, they are just pictures of monkeys. The fact that BAYC has gained cultural traction differentiates it from its rivals. According to NFT insiders, having a Bored Ape is a ticket to an elite membership club with benefits such as clothes, parties, and ApeCoins (APE), among others.
How numerous are NFT Bored Apes?
Using an algorithm, only 10,000 Bored Ape NFTs will ever be generated. As stated previously, each ape is unique. It may share certain features with other apes, but no two apes are identical. This drives BAYC’s non-fungibility, which is crucial for the pricing of NFTs.
BAYC NFTs are likewise severely illiquid due to lack. If certain Apes are reported as stolen, OpenSea, the largest NFT market, routinely suspends their listing. This is considered controversial by some since it defies one of the core concepts of cryptocurrency: decentralization. On the other hand, it prevents thieves from trading stolen monkeys for bitcoins.
Who Owns Bore Apes?
Bored Apes is owned by celebrities, influencers, and average people. Some BAYC owners use photographs of their apes as their profile pictures on social media. Famous people enjoy their dull apes. Among others, Tom Brady has BAYC No. 3667, Justin Bieber has BAYC No. 3001, and Madonna has BAYC No. 4988.
In April 2021, 0.08 ETH, or around $192 at the time, was chosen as the initial mint price for Bored Apes. The floor price for Apes, or the price of the least expensive NFT in a collection, has altered significantly.
It reached its highest point in April 2022, nearly a year after its launch, when it was worth over $420,000. Due to the bearish crypto market, the BAYC floor price has decreased to 72 ETH, or around $110,000. In only five months, it has decreased by about 70%.
Frequently, rare apes have been sold for millions of dollars. On August 18, BAYC No. 5383 was sold for 777 ETH, or approximately $1.4 million. The high price of gold fur is primarily because to its scarcity. BAYC No. 8817, the most expensive ape ever sold at auction, sold for $3.4 million in October 2021 at Sotheby’s “Natively Digital 1.2: The Collectors”
It is also vital to keep in mind that BAYC and the majority of the other largest NFT collections are denominated in Ethereum, making them susceptible to both the price volatility of ETH relative to fiat currencies and the volatility of the floor price itself.
The BendDAO and Bore Ape Yacht Club
For some BendDAO debtors, the prospect of liquidation may drive increased activity. On this NFT lending platform, BAYC NFTs may serve as loan collateral. Due to the fact that a substantial number of Bored Apes were pledged as collateral months ago when the floor price was substantially higher, loans could be repaid if the market continues to decline. If this scenario materializes, it could affect the NFT market and BAYC’s influence.
Because the macroeconomic situation remains uncertain, Ethereum and Bored Apes will continue to be highly volatile in the future. BAYC continues to be a high-risk investment with substantial upside and downside potential.