The Expensive Monkey NFTs
NFTs, or Non-Fungible Tokens, are revolutionizing the world of digital assets. These unique digital items have exploded in popularity, with marketplaces and auction houses like Binance, FTX, and Sotheby's joining the hype.
What are NFTs and How Do They Work?
NFTs are unique digital assets that represent ownership. Unlike cryptocurrencies, where every token is identical and interchangeable, NFTs are distinct tokens that can be owned and sold. This means that even the work of a digital artist, such as the famous Beeple piece that sold for $69 million at Christie's, can have a unique, uncopyable form of ownership.
The Rarity of Bored Ape Yacht Club NFTs
Bored Ape Yacht Club (BAYC) NFTs have particularly piqued the interest of collectors and investors. These are 10,000 unique digital collectibles whose creators are known for their unique and daring designs. Each Bored Ape NFT has over 170 unique traits, making each piece rare and almost entirely one-of-a-kind.
Why are Bored Apes so Rare?
There are only 10,000 BAYC NFTs available. This scarcity creates demand and drives up the price. For example, the most expensive Bored Ape NFT is worth 769 ETH, or approximately $2.3 million. The shortage of new NFTs hitting the market maintains the exclusive status of owning one of these rare collectibles.
Exclusivity of Bored Ape NFTs
Owning a Bored Ape NFT comes with a host of exclusive benefits. These benefits create additional value for the owners, contributing to the high price:
Exclusive Benefits
Community Events: Access to events like the “warehouse party” held during New York’s NFT week. Discord Server: A members-only Discord server where owners can network and share experiences. Exclusive Graffiti Board: An in-game feature called “The Bathroom” that allows interaction with other owners and celebrities.In addition, owning a Bored Ape NFT unlocks commercial usage rights, such as rental opportunities with NFT museums or other commercial ventures. Eventual offshoots like the Bored Ape Kennel Club have raised significant funds for animal shelters through the sale of canine NFTs, further emphasizing the commercial potential of these collectibles.
Celebrity Interest and Prestige
Popularity often translates to high demand, and celebrities are no exception. Figures like Alexis Ohanian (Co-Founder of Reddit), Eminem, Jimmy Fallon, Justin Bieber, Kevin Hart, Logon Paul, Madonna, Mark Cuban, Neymar Jr., Post Malone, Shaquille O’Neal, Snoop Dogg, and Tom Brady have all purchased Bored Ape NFTs. Their endorsement adds a level of prestige and exclusivity, driving up the value of these cryptocollectibles.
Bored Ape NFTs vs. CryptoPunks
Bored Ape NFTs are often compared to CryptoPunks, another popular and valuable series of NFTs. Both share a community of collectors and enthusiasts, but they differ in terms of their history and features:
History and Features
CryptoPunks were launched in 2017 and are also a set of 10,000 unique NFTs. However, the debate around CryptoPunks is whether they grant intellectual property (IP) rights to NFT owners. In contrast, Bored Ape Yacht Club (BAYC) NFTs do provide owners with IP rights, making them a more appealing choice for artists and collectors. Additionally, Yuga Labs, the creators of BAYC NFTs, recently acquired the CryptoPunks NFT collection, further entrenching their position in the NFT market.
Continued Innovation and Expansion
The Bored Ape NFT universe continues to evolve with new ranges and innovations:
New Ranges and Innovations
New Ranges: A new range of Canine NFTs and Mutant Apes have been introduced, providing new opportunities for collectors and investors. ApeCoin: In March 2022, Yuga Labs launched a native token called ApeCoin, which is currently trading at $11.19 with a market cap of $3.05 billion. ApeCoin will be utilized in the play-to-earn video game, Benji Bananas, further expanding the Bored Ape ecosystem.These innovations ensure that Bored Ape NFTs remain attractive to both existing users and newcomers, driving their high prices and sustained popularity.