NFTs are digital assets that represent physical things such as art, music, in-game goods, and films. They are often bought and traded online using the crypto and are typically encoded with the same underlying software as most cryptocurrencies.
Even though they’ve been available since 2014, NFTs are growing in popularity as a means to purchase and sell digital art. In 2021 alone, the market for NFTs was worth a stunning $41 billion, which is close to the value of the whole worldwide fine art market.
This is in sharp contrast to most digital products, which nearly invariably have a limitless supply. Theoretically, if a particular item is in high demand, severing its availability ought to increase its value.
Nevertheless, many NFTs, at least in the early days, have been digital creations that already exist elsewhere, such as legendary video clips from NBA games or securitized copies of digital art that are already circulating on Instagram.
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club(BAYC) collection has 10,000 unique NFTs generated by an algorithm from over 172 possible attributes. Sixty-nine apes have laser eyes, 49 have blue beams, 46 have complete gold fur, and 26 have lips that read, “Bored Unshaven Pizza.” The NFT is more advantageous when an image of an ape has unique qualities.
According to data collected in March 2022, BAYC transactions on the OpenSea marketplace were valued at over 466,000 ETH ($1.4 billion).
The BAYC collection is distinctive in that it may serve several functions. First, they represent membership in the Bored Ape Yacht Club, a digital club with exceptional benefits.
For instance, only MetaMask wallets storing the Bored Apes cryptocurrency have access to THE BATHROOM, a community graffiti board. As the BAYC road plan progresses, members will get increasing benefits.
Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass are the pseudonyms of the co-founders of Yuga Labs: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. The collection is saved on IPFS and operates as ERC-721 currencies on Ethereum.
Why are BAYC NFTs so famous and valuable?
The BAYC collection gives members-only access to the Yacht Club, an exclusive retail shop, and a Discord server. In addition, holders of the BAYC get access to other NFTs, including the free Bored Ape Kennel Club.
Yuga Labs gave golfers from the Bored Ape Yacht Club (BAYC) a free mutant serum, which established a Mutant Ape Yacht Club (MAYC) NFT for Bored Ape owners. Recently, the ApeCoin cryptocurrency was airdropped to MAYC and BAYC holders. A BAYC is analogous to a continuing subscription to new NFTs and assets.
Additionally, there is its communal attraction. BAYC holders have aggressively displayed their NFTs as their social media profile images.
The third reason these NFTs are so valued is that their high ownership cost makes their status symbols. As the worldwide Covid-19 epidemic spurred digital adoption, non-financial assets became a symbol of socioeconomic standing.
Regarding the collection’s attraction to some of the world’s wealthiest creative artists and athletes, Petscher feels that it may assist in expanding its celebrity brands. “Some careers require a person to be relevant, so what better way to do that than owning the most well-known NFT globally,” he said. “BAYC is cool, and everyone wants what’s cool.”
What is the best way to acquire a Bored Ape NFT?
During a public sale in April 2021, Bored Ape NFTs were offered for 0.08 ETH apiece, and the whole collection was snapped up in less than 12 hours. Images are now being exchanged on non-traditional trading platforms such as OpenSea. With a high minimum price, those interested in the BAYC collection may do so without difficulty.
Buyers of Bored Ape will require an Ethereum wallet, such as MetaMask, to complete the transaction. NFT marketplaces allow potential buyers to buy via auctions or fixed-price listings, depending on their needs.