Why Are The Bored Ape Yacht Club NFTs So Expensive – Talking about NFTs, it’s known that the Bored Ape Yacht Club is one of the most prestigious NFT collections in the world. This NFT has a collection of a mind-boggling 10,000 NFT. In the collection, each NFT depicts a different ape with different traits and visual attributes. Celebrities such as Jimmy Fallon, Steph Curry, and Post Malone are high-profile celebrities amongst many others who are the so-called owners of the NFTs. Right now the price of entry for the NFT is 52 ether, or around $210,000.
There’s news that earlier in January an owner of a Bored Ape NFT number 3547 made a disastrous error. Maxnaut, the owner of the NFT had made an error by listing the NFT at the wrong price to sell. The NFT was listed for 0.75 ETH instead of 75 ETH, which was the amount that Maxnaut want to sell. By doing this, Maxnaut lost a whopping $250,000. Buyers would then soon enough pick up immediately, making Maxnaut experience a huge loss.
The error that Maxnaut’s experienced got him quite some media attention. With many news sites reporting on his devastating blunder.
But even before the striking news NFT news like Maxnaut, Bored Ape NFTs were already popular. The NFT project was first launched in April 2021. And just within 12 hours, they manage to sold out the entire collection of NFTs. With the most expensive Bored Ape (Bored Ape #8817) being sold for $3.4 million. The only NFT collection that would rival the Bored Ape value and popularity is Cryptopunks. Cryptopunks had some of the most expensive NFTs ever sold.
But the question arises, why are these NFTs so expensive? Why are the Bored Ape Yacht Club NFTs so expensive? And on this post, we’ll take a look at the reason why.
Why are the Bored Ape Yacht Club NFTs so expensive?
What is the Bored Ape Yacht Club NFT
First of all, before we answer the question, we need to know some basic knowledge. The Bored Ape Yacht Club NFT is a collection of 10,000 art on the Ethereum blockchain. If you don’t know what an NFT is you should check out this post.
But basically, an NFT or non-fungible token acts as proof of ownership for a digital item. This ownership will allow the buyers to have a one-and-only version of that art/image/item. And in the case of the Bored Ape Yacht Club, it’s just like the name. The NFT is an illustration of a “bored” looking ape with random traits and accessories. There are no images that are exactly alike.
Each ape is unique art from a combination of 170 characteristics. This characteristic includes expressions, headwear, clothing, etc. Although each individual Ape is different from one another, there’s an ape that’s rarer than others. Some will have traits that have golden fur, and laser eyes. These traits are so rare that only less than one percent of Apes have them.
What’s so special about this NFT?
This scarcity would make the price of the Apes so high. Originally, the NFTs were up for sale for 0,8 ETH. Amazingly within 12 hours of being listed, it was quickly sold out. Today, the price multiplies so much and makes it expensive.
Another exclusive perk that the Ape comes with is a yacht club membership. Yes, I am not kidding you, a real yacht membership club. Hence the name Bored Ape Yacht Club. Members will also get access to a special Discord server. This membership will put you in a club with high-profile celebrities. Celebrities such as Jimmy Fallon, Mark Cuban, Shaquille O’Neal, and others alike. In Late 2021, they even organized an offline party on an actual yacht off the coast of Manhattan.
If you hold a Bored Ape NFT, you also get commercial usage rights. What this means is that you can re-sell the NFT anytime you want at a higher price point. Besides that, you can also send any kind of spinoff created that uses your NFT as a base.
Besides all of these exclusive membership perks, developers are not stopping. Developers are still consistently innovating with the NFT project. All of their efforts are to keep the project relevant with time. Devs created 20,000 mutant Apes, with 10,000 preserved for existing members. The rest of the mutant Apes is an attempt to bring new members in.
To create the new Mutant Apes, there’s a fun way to do it. The Bored Ape holders need to combine their Ape NFTs with a serum NFT. Serums such as M1, M2, M3 can create different mutant Apes. The M3 serum is the strongest serum to create the most exaggerated Apes.
In conclusion, it’s safe to say that Bored Ape has the presence of active community and exclusiveness. Which eventually contributes to the popularity and high price of the Bored Apes. With every perk that the members will have, no wonder why everyone wants a piece of a Bored Ape NFT.