Bored Ape Yacht Club (BAYC) which was next only to CryptoPhunks in 2021, has flipped position ranking #1 now among NFTs. Reportedly, selling all the NFT collections on the “Bored Ape NFT Collection” would amount to 1.09 million ETH, which is approximately 3 billion dollars. BAYC has proved that with just a few trades many things can change.
The ROI from Minting through secondary sales have been mind blowing. The mint price started at 0.08 ETH then at $192. The least valuable APE sold at a floor price of 0.03 ETH @ $70 way back. Now the floor price of the least valuable NFT is 100 ETH @ $290,000, which is 145,000% increase. This is only considering the floor price!
Reportedly, after all the calculations of prices for different assets the ROI in holding a single Bored APE has been reported to be $477,000, thus calling it the best investment in crypto. So, far so good.
For those who are new, BAYC NFT collections consist of 10,000 NFTs. The standalone pieces of Art known as 1/1 is an art collection where only one exists. For instance, Beeples “Everydays” is a clear example of the 1/1 NFT.
There are also “Bored Apes Editions” and these contain several NFTs and work more like trading cards. To come up with larger editions of NFTs, artists create templates to provide for creating variations in specific traits of Apes. And, every trait is ranked according to rarity and priced accordingly. The variations are created in terms of fur types, facial expressions, clothing, accessories and several others.
The BAYC collection is so famous that even those who do not have an idea of NFTs have seen them as the Bored Apes are Everywhere.
“The NFT concept for BAYC started off with the idea of having a display piece for the Bathroom; however, one that is inside am Exclusive Bar, accessible only to members of the club. Eventually the idea of Yacht Club was Born. Eventually, they decided the Club would be inhabited by Apes of Future.”
The founders drained their savings in to the project and it is now paying off. It all started off with 0.08 ETH per ape on April 29, 2021, eventually things were slow.
Pranksy, NFT trader purchased lot of Apes and further tweeted about it, eventually sales picked up. Following May 01, 2021, he tweeted further and eventually sales picked up and BAYC sold out within 12 hours. Eventually, secondary sales started to happen and things changed for good to eventually where it is now.
Not everyone is willing to pay the expensive price for BAYC; however, Celebrities are willing and they changed the scope of BAYC. Dozens of stars are following suit. The only way to buy BAYC is now through secondary sales.
The utility of the BAYC NFT is very clear. And, the BAYC is performing just like what the founders intended it to be. The developers wanted to reward those who decided to buy the BAYC NFT and there are exclusivity rewards for BAYC members.
There have been several members-only exclusivity rewards and some are pretty pricey rewards.
Members will have commercial usage rights to their apes and therefore they can sell prints, T-shirts, coffee mugs, etc.
An exclusive Merch for Bored NFT owners was released. And, members had to sign up with their ETH wallet to verify their ownership before purchase.
Bored Ape Kennel Club (BAKC) had the entire supply of NFTs airdropped exclusively to Bored Ape owners. 1 Ape = 1 Dog. Eventually, the floor of BAKC surpassed 1 ETH (over $2,000) on the secondary sales market.
Mutant Ape Yacht Club originally a member exclusive NFT collection, later opened to public after waiting period.
BAYC members propose their say on where the project’s funds go. Several millions have been donated to various charities.
Recently, several members-only utilities have been announced like the scavenger hunt, BAYC project narrative updates, games, and many are up and coming.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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