Items like trading cards, virtual homes, and avatars are examples of NFTs. There are no two crypto-collectibles collections that are the same. In particular, the Bored Ape Yacht Club NFT collection is quickly becoming a household name, both among experts and in the media. The expensive bored ape growing popularity is putting leaders like CryptoPunks in danger.
Because the collection has a unique, almost instantly recognizable look, it has gained a lot of fans. Some of them are celebrities and people with a lot of power, like Eminem, Jimmy Fallon, and the multibillionaire businessman Mark Cuban. This has added to the buzz and made prices go up. In the past year, professional traders have bought them on OpenSea and sold them for up to ten times more than they paid.
This article will explain what the Bored Ape Yacht Club collection is, who made the monkey nft, why it is so popular, and how it has gained such a large fan base.
The NFT Collection from the Bored Ape Yacht Club
Because this NFT collection is getting more attention, the price has gone up. Prices may go up even more because people don’t want to miss out, especially if more celebrities invest.
In 2017, when CryptoPunks came out, it was the first big change in the NFT market. Still, when the cryptocurrency market crashed, they became much less popular. When investors came back to the cryptocurrency market a few years later, NFTs were already in place. The whole area became popular very quickly.
As the CryptoPunks collection became more popular, the most expensive NFT sold at auction for more than $11 million. NFTs are becoming more popular because the metaverse is still being built. In the metaverse, NFTs will play an important role as proof of ownership of goods, other items, and virtual land in the virtual world.
It makes sense that a brand-new collection would be very popular. In April 2021, the Bored Ape NFT collection made the most of the chance. For 0.08 ETH, each of the 10,000 images was quickly obtained. At the time, that was around $190. As of this writing, the one that costs the least is 89.9 ETH, which is about $107,000.
One of the most popular NFT collections right now is the Bored Ape Yacht Club collection, also called BAYC. In July 2021, it became more popular, and as the number of people who wanted it went up, so did the price. Let’s take a look at the people who made the project such a huge success.
The Bored Ape Yacht Club is owned by who?
The Bored Ape Yacht Club is run by the company Yuga Labs LLC. No Sass, Gargamel, Emperor Tomato Ketchup, and Gordon Goner were the first four people to join BAYC when it was first formed. The group now has eleven members of different races and cultures. This shows how designers and businesspeople from different backgrounds can work together to inspire the rest of the world.
Everyone on the team is interested in NFTs because most of their lives have been spent playing video games. Because they know how important NFTs are for the future, they are already working on other projects that they hope will change the NFT industry for good.
Using their many years of gaming experience, the team is working on an NFT-based blockchain gaming project.
Why are Boring Ape NFTs so Popular?
The most obvious reason for BAYC’s popularity is the buzz around the NFT market, which brings in millions of investors looking to make money. But there’s more to it than that, and these are the other parts:
Scarcity
There are only 10,000 Bored Apes to choose from. Even though it looks like a lot, there are far less people in the world than that. About 8 billion people, or 0.000125% of the world’s population, can use a Bored Ape NFT.
Aside from the small size of the collection, some pieces are much more valuable than others because there aren’t as many of them. Also, some parts of style, like clothes, colors, and facial expressions, have their own appeal.
Celebrity Exposure
The fact that many well-known people have invested in Bored Ape Yacht Club also proves that it is very popular. Some people have also talked about their purchases on social media, which has brought them a lot of followers who aren’t as smart.
Eminem, Jimmy Fallon, Shaquille O’Neal, Gary Vaynerchuck, Post Malone, Mark Cuban, and Stephen Curry are just a few of the famous people who have bought copies of Bored Apes. The list keeps growing, and as it gets more well-known, it attracts more celebrity endorsements and media attention. Because of this, more people are now interested in the Bored Ape Yacht Club NFT collection.
A scene from the collection is in the music video for “From The D 2 The LBC.” The latest hit album by Snoop Dogg and Eminem has been watched by more than 13 million people on YouTube. Snoop Dogg and Eminem’s normally still Bored Ape avatars were made to move to promote the high-end NFT collection, which has gotten a lot of attention.
Big Brand Collaboration
Adidas is BAYC’s most well-known partner. The company worked with Yuga Labs LLC to make its own NFTs based on the Bored Ape Yacht Club. When someone buys NFTs from Adidas, they will get NFT Bored Ape gear.
Also, some of the 20,000 Adidas NFTs will be given to BAYC and Mutant Ape Yacht Club NFT owners before anyone else (discussed below). Their release was a success and made the company $22 million in just one afternoon. The project was a huge success because Adidas® Originals, Pixel Vault, and BAYC all worked on it. A lot of NFT fans took advantage of the early access and bought a lot of items from the collection.
A partnership with Animoca Brands is another interesting project that is gaining traction. The two companies are working together on a video game project to make non-fungible Bored Ape tokens more valuable. Given what Animoca Brands and Yuga Labs have done in gaming, expectations are high.
Status
Keep in mind that there are only so many bored apes at BAYC. Even though membership is unlikely, there may be benefits to being in the same “club” as the celebrities listed above. Already, NFT events are held at the Bored Ape Yacht Club.
A lot of people who own apes went to Ape Fest 2021, which was held in New York City. So that other members could easily spot them, they even wore masks that made them look like Ape NFTs.
The real world is also there. Both the true, the a, the, and the of the the. If you have at least one of the Apes, you can get into an event that celebrities like Jimmy Fallon and DJ Khaled might go to. This increases sales because people don’t want to miss out. Also, the BAYC Roadmap 2.0 shows the goals for the future of popular NFTs. The owners seem to be worried about a lot of different things.
