An NFT in the Bored Ape Yacht Club Collection was sold in the secondary market for $132,000. This sale makes Bored Ape #8023 the most expensive NFT in the Series. The collection is barely a month old yet it already generated $15.44 Million in volume.
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs. The Bored Ape doubles as a Yacht Club Membership card and grants access to members-only benefits. The first of which is THE BATHROOM, a collaborative graffiti where community members can contribute.
Bored Ape NFTs
Bored Ape Yacht Club was an instant success. Each bored ape has differing levels of rarity depending on its attributes. Thus, it perfectly combines the scarcity element in a collectible and the artistic value of digital art.
Bored Ape #8023 stands out from the rest with its two rare properties. First, it sports a Trippy Captain’s Hat which only .65% of all apes have. It also has Trippy Fur which is a .77% attribute. It is astonishing to think that each Bored Ape was all originally listed for 0.08 ETH. Bored Ape #8023 pulled in 49.99 ETH in the secondary market.
The general aesthetic of the trending Bored Apes is fun, cartoonish and eye-catching. The pop of colors plus the unique character each ape portrays makes it irresistible and the numbers are backing it up.
Creating a Virtual Identity in the Metaverse
Bored Apes instantly became Twitter Famous. Celebrities and NFT space figures flocked to OpenSea to score some of the original Bored Apes in the Collection. Bored Apes were used as an avatar or a display picture in social media accounts much like CryptoPunks.
Metaverse is advancing rapidly particularly in gaming such as Roblox, Minecraft and Fortnite. Thus, the need to create a virtual identity is becoming second nature to the more tech-savvy crowd. This is same group that populates the crypto and NFT Space. As such, it’s not surprising that NFT owners use their Bored Ape, Meebit, CryptoPunk or Hashmask as Avatars.
Can Bored Ape NFTs go beyond being a Collectible?
The Ape Avatars is just half of the formula; building an engaged community is equally important. This part came quite naturally for the Bored Ape Yacht Club.
The first utility it introduced is the graffiti wall. The concept is very straightforward and it matches the vibe of the series. Basically, if you own an Ape in your crypto wallet, you can gain access to a private “bathroom” that allows you to put graffiti on the wall. Profanities and NSFW doodles aside, this perk allowed the community to collaborate in a cool way.
Another unique utility of Bored Apes is that owners gain commercial rights over their NFTs. Hence, The NFT holders can recreate and distribute their Bored Apes for monetary gain. In fact, there are already tribute collections such as the Picasso Bored Apes. This is uncommon because NFTs only represent a transfer of ownership and excludes commercial rights.
Bored Ape NFT holders are already speculating what the next utility would be. The project’s roadmap now lists ‘Mutant App Arcade’ as part of the milestones. Thus, owners can soon start breeding their Bored Apes much like the game, Axie Infinity.
NFT Collectibles Ushers New age of Digital Art
MetaKovan, the buyer of Beeple’s $69.3 Art Work, was asked why he is willing to pay such price for a digital art. He responded that it is not just about the art and the price. More than the acquisition, it’s about what it represents.
Metakovan said he was willing to bid higher because it will go down in history as the starting point of a new age of digital art. This is the kind of mentality that’s driving the art collectibles market. Every purchase signifies support to the NFT Space. By owning a Bored Ape Avatar, you’re making a testament that you are part of the community. This ripple effect has transformed the NFT space from being a niche market into a commercial success.
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All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is an educational material.
As always, make your own research prior to making any kind of investments
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
