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All you need to know about Bored Ape NFT

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Although NFT has been around for years it didn’t gain a lot of public awareness until 2018 and exploded into the mainstream in 2021. Since then the space has grown exponentially with lots of digital artists, content creators, and celebrities coming into the space due to its promising future. Right now, there are many NFTs available in the market, and more are still being created.

However, not all of these NFTs are making waves. There are several successful NFTs in the market, but for this article, we will be focusing on one of the most prominent and valuable NFT in the NFT market right now. The Bored Ape NFT.

You may not have heard of them before, or you may but you are curious as to what the whole hype is about.

What is Bored Ape NFT?

These are collections of 10,000 uniquely generated pieces of artworks existing on the Etherum Blockchain. There are a finite number of Bored Apes that will ever exist which adds to their rarity. Each of the Apes has unique identifiable traits like unique background, cloth, hat, eyes, etc. This means no Ape can look like the other.

The Bored Ape NFT collections are like an expensive painting with a rarity that only a person can own unless he/she sells it to someone else. A lot of holders which including celebrities like Jimmy Falcon, Stephen Cury, Post Malone, and recently Eminem have bought these NFTs and even used them as their profiles on Twitter.

No doubt these Ape are cool avatars to use as your profile pics.

How did it start?

On April 17th, 2021, the boring app launched its discord group, the next day, on April 18th they released their first twit, and the same month, April 23rd they launched their first pre-sale, selling at just 0.8 Eth. After which the price and community members have grown tremendously.

Who is the creator of Bored Ape NFT?

This project was launched by several anonymous developers that go by the name Emperor Tomato Ketchup, Gordon Goner, Gargamel, and No Sass, but the project creator has been claimed by a person known as Yuga Labs.

Current Price

Ever since it launched the price of the Bored Ape collections has gone up drastically. Right now it is worth 65 Eth and is predicted to reach 68 Eth by the end of 2022. Each Bored Ape price is determined by its attributes. That is how rare it is, and the flooring price of the least Bored Ape goes for 39 Eth

What is the Bore Ape Yacht Club (BAYC) about?

This is an exclusive digital club or community for holders of the Bored Ape collections. These privileged members enjoy certain benefits like access to a bathroom virtual lounge where holders can paint graffiti, write expletives, or whatever they wish on the bathroom wall every fifteen minutes.

They also enjoy an exclusive party thrown by its creator Yuga Lab, with a free private performance.

You’re probably wondering “This is ridiculous” but hold up.

Why are people paying so much for it?

There are several reasons why people are buying this. They include;

  1. A sense of belonging: People they say are the most valuable asset one can ever have and Bored Ape has proven this with its large number of community members, who are showing love to one another and working together to see the success of the project. Bored Ape Club is considered one of the largest NFT communities and its fast success can attest to that.
  2. The Artwork: This resonates with a lot of people both in the NFT/Crypto space and outside the space. A lot of people can see themselves having any of these Ape collections customized on their clothes and other possession. They are really cool artworks.
  3. An investment: Most holders of the NFT see it as a great investment. Ever since its inception, it has proven to be worth having. It has continued to increase in price from its initial starting price of 0.8 Eth to now Worthing 65 Eth and is still predicted to increase to 68 Eth. Those who bought it earlier on and even later sold it for double their initial buying price.

  1. A great utility: One of the perks of buying an NFT is to buy one with a substantial utility and Bored Ape isn’t lacking in that aspect. They have shown appreciation to their loyal members by giving out the Kennel Ape as an airdrop to them and giving back a certain percent of the total money generated from it to the animal shelter. This is rare in the NFT space with many Scammers and NFT artists’ just wanting to fill their pockets.

Future of Bored Ape NFT

With the current happening in the community. The Bored Ape NFT is predicted to grow even more. They have been able to complete their roadmap beyond expectations and are adding more to it. It is believed that they will end up collaborating with big brands and become one themselves, adding even more to its utility. There are more key societal courses we hope they’ll be involved in as they expand like Poverty alleviation

Conclusion

And there you have it, all you need to know about the Bored Ape NFT. It is worth the hype and the sky is just a stepping stone for the Bored Ape NFT and community. There is a lot that the Bored Ape Yacht Club can achieve. If you want to ape in, you can buy from Opensea. A legit NFT marketplace where you can find them. Also if you find this article enlightening. Kindly, share it with friends and family who might be interested in Bored Ape NFT.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.