Bored Ape Yacht Club NFTs Taking The World By Storm & Selling For Over $80,000 USD
Bored Ape Yacht Club taking the NFT world by storm.
This NFT Community Project has people Bored on Yachts going bananas!
This project consisting of ape images is titled the “Bored Ape Yacht Club”.
Above you see a couple of monkeys wearing random accessories . These are known as “properties. The price of your Ape will generally be decided by the specific properties your NFT has. Within the projects first week an ape sold for a record 21 ETH, A Number just north of $80,000 USD.
Ape #8135 Sold for 21 ETH May 1st, 2021.
A week from launch the project was able to reach the second spot on the opensea.io NFT Marketplace.
Please refer to the about page for a quick rundown on NFTs if you are still learning.
The NFT Collectibles Market has been extremely speculative consisting of multiple cash grabs. Generally most projects as of now will not retain their value. Purchasing the wrong asset can leave you “hodl-in’ the bag. What differentiates these premier projects from the fakes?
Community and Utility.
Community.
Take a large group of people. These individuals own things but also have their own wants and needs. Let’s say I have something that you want. I may be willing to trade it to you for something valuable in return. Now you have a market. The community ultimately decides what is & is not valuable. When it comes to Bored Apes, It has on record grown to be the second largest NFT Collectibles community behind the original Crypto Punks.
Authentic Representation for your brand or project can be night or day for the success of your product. Why else would Nike & Adidas spend millions on sponsorship deals for professional athletes to represent them? This concept transfers over to any asset class or project.
Within the last month Gary Vaynerchuck, The Weeknd & even the National Basketball Association have exposed their customers to NFT Technology. Having Authentic Celebrities or influencers involved with your project or platform is a great sign of community.
Below is the CEO of the Parent company working with the NBA’s NFT project known as Dapper Labs, Roham repping his ape.
“The Sandbox” will be hosting the apes as playable characters in their new game. The Sandbox is a free roaming multiplayer NFT universe verified on twitter with over 100,000 followers. They also allow investors to purchase their token “SAND” and invest directly into the company through exchanges like Gemini.
Excited to bring the Bored Ape Yacht Club to The Sandbox! ☠️🦍⛵️🤝 The Euphoria LAND sale partners: @voxodeus @zepeto_official @BoredApeYC @RTFKTstudios @art_cadaf @Jinkei_brk @MrMisang @skullriddim @Hanjintan @HellsKitchenFOX @joinrepublic @wivteam + 2 yet to be announced partners - stay tuned... 😉The Sandbox @TheSandboxGame
This brings us to utility.
Utility.
What can I do with this asset?
What will I be able to do with it in the future?
Gary Vee, for example is applying utility through physical access to private events & Efficient communication with his customers.
Another form of Utility for Collectibles is breeding. When you “Breed” an NFT, you use the original asset that you bought to either create or “mint” another asset separate from the original. As of now, depending on the platform you would just have to pay the required fee’s to replicate.
This is a huge incentive for original owners of projects like crypto punks & apes also have announced they will be including breeding into the project alongside Yacht club meetups.
The bored apes are also providing a DAO. This allows ape owners to use their apes for means of verification to purchase exclusive merchandise, etc.
NFT Projects can be a ton of fun. They give you the opportunity to make connections, friends & money. Like everything in life the opposite is also true. You can easily lose a ton of money. You can also accidentally associate with terrible & unethical people. These are risks that all markets present. It is up to you, the user if you want to participate. Art and collectibles are generally a long term investment.
The Bored Apes Yacht Club Community continues to break records & grow throughout social media.
The current floor (lowest price) to purchase an ape is around .36 ETH or $800 USD plus Gas Fees at Current ETH prices.
You can purchase an ape and join the yacht club by downloading an application known as metamask & buying from the opensea NFT marketplace with Ethereum.
We will be doing an in depth guide on this process within the next week so stay tuned on how to buy nfts.
The apes are here and the amazing community is here to stay for the long run.
Apes Strong Together.