Bored Apes are the limited ten thousand Ethereum-based NFTs (Non-Fungible Tokens). They present unique and imaginative images of an ape with different facial expressions, clothes, etc.These NFTs have gained so much public attention that people spend millions to buy them. The NFTs have almost become a new symbol of status. Celebrities like Eminem, Jimmy Fallon, and Paris Hilton have joined the Bored Ape Yacht Club by purchasing NFTs from this collection.
If you are curious about what made this NFT collection so popular, read on to learn more.
Bored Ape Yacht Club: What is it?
Bored Ape Yacht Club (BAYC) is a collection of ten thousand unique art collections created by Yuga Labs.The crypto start-up launched these assets in 2021 in the blockchain network of Ethereum.Its main inspiration is hard-core, hip-hop, and punk music scenes from the 1980s and 90s. The artists have created the apes keeping those styles in mind.
How did Yuga Labs initially sell Bored Apes?
The Yuga Labs has woven a fascinating backstory to market their NFTs. It says that in 2031, a few apes who invested in cryptocurrencies a decade ago have become wealthy due to the constant and quick hike in the price. After being affluent, those crypto investors become confused about where to spend so much money. They also became bored and joined a yacht to delve into merriment.
After creating these collectables, Yuga Labs marked 0.08 Ether (USD 200) for every Bored Ape NFT. It has also used a unique way of selling. It kept the collectables hidden from the buyer inside a digital box. Buyers had to scratch the box to open and see which Ape they would get inside.
Despite the uncertainty, the crypto company succeeded in selling all the NFTs and collected USD 2,000,000 from the market.
How to buy a Bored Ape?
NFTs have become so integrated with the modern digital culture that their prices have increased exponentially since the initial sell-out.You only need to go to secondary web3 platforms like OpenSea to buy a Bored Ape from an existing holder. Since you cannot buy them with fiat currencies, you must have a crypto wallet with sufficient Ether in it.
Presently, the market price of these collectables has become so high that you have to spend millions of dollars to buy even the cheapest ones. The price is constantly increasing. You may want to know the reason behind this skyrocketing price of Bored Ape.
Why are Bored Apes so expensive?
Bored Ape NFTs have surpassed all other collectables built on the blockchain network in popularity.The following are some major reasons responsible for the sharp increase in the price of these virtual assets:
- Scarcity
Only ten thousand Bored Apes are in supply in the market. Considering the constant growth and high esteem of these NFTs, almost all collectors and crypto enthusiasts want to own them. This limited supply and high demand is the driving factor of their overall price.
- Uniqueness
All the assets in this collection are made unique by randomly integrating almost 170 character traits. Yuga Labs has differentiated all these collectables with varied colours, clothing, headwear, etc. As a result, enthusiasts want to establish ownership of any of these collectables.
- Celebrity influence
Celebrities like Eminem, Post Malone, Jimmy Fallon, and Snoop Dogg own these Bored Ape NFTs. They have even used the image of their NFTs as their Twitter profile picture. This acts as an endorsem*nt, increasing people's affinity for these assets.
- Exclusive benefits
You can get exclusive perks and benefits for being a member of the Bored Ape club. For example, you can connect with several celebrities on Discord servers. People also arrange some exclusive real-life events only for the members of the Bored Ape club. Further, you can add the image of your BAYC NFT on your profile picture to boast of your collection.
Top 5 most expensive Bored Ape NFTs
Following are some of the costliest Bored Ape NFTs:
- BAYC #8817
The BAYC #8817 is an ape with golden hair and a neck. It wears a pair of earrings, a turtleneck woollen sweater, and a colourful cap. Holding a party horn on its lips, it has a sleepy and bored expression.
- BAYC #3749
It is also a golden ape wearing a black T-shirt. It is also popular as 'The Captain' among the BAYC members. One of the unique traits that you can see is the outpouring of laser rays from its eyes.
- BAYC #232
It is also one of the 0.46% of Bored Apes with golden fur. It wears a seaman hat and a red smoking jacket. The sleepy and disgusted expression is also available on this Ape's countenance.
- BAYC #8585
BAYC #8585 is one of the apes with a beautiful yet funny appearance, sporting a crown on its head and heart-shaped sunglasses on its eyes. It also has an expression of defiance with its grin. This Ape's psychedelic body and trippy fur are also unique attributes.
- BAYC #2087
It is a Bored Ape with an angry expression and a big open eye. It has rainbow-coloured fur on its body. With a half-burnt cigarette on its lips, it has attained the place of one of the costliest Apes within the BAYC collection.
Bottom line
The price and popularity of these NFTs have steadily increased in the recent past. You can also be a member of this Bored Ape Yacht Club by purchasing one of these NFTs. It will not only give you a status symbol, but you can also enhance your earning prospects.
