We found out why Bored Ape Yacht Club NFTs are so expensive. You can too by reading this blog.
Bored Ape Yacht Club NFTs have given rise to a subculture of their own, largely due to what they represent. Bored Ape NFTs are edgy and ambitious.
They are a collection of 10,000 NFTs whose creators are unapologetic about the quirky and in-your-face design of each Bored Ape. Design or otherwise, the BAYC NFTs have become much sought after.
In fact, the most expensive BAYC NFT is worth 769 ETH ($2.3 million). The Bored Ape Yacht Club phenomenon is fascinating. Subcultures have come and gone.
But none have managed to generate the intrigue and revenue like Bored Ape NFTs have in a short period of time. Let’s figure out why Bored Apes are so expensive and what makes them special.
Goods and services are known to operate on a demand and supply basis. Low demand & high supply = low prices; low supply & high demand = high prices. BAYC NFTs are bound to the same principles.
There can only ever be 10,000 Bored Ape Yacht Club NFTs. This means that there will always be a scarcity or a lack of supply of fresh Bored Apes hitting the market.
But Bored Apes aren’t just rare collectables - even their designs are unique. The creators have used a combination of 170 unique traits like golden fur or cyborg eye to model each Bored Ape NFT.
If you’re wondering why Bored Apes are so expensive, rarity and uniqueness are just one of the many reasons why. The next factor includes exclusivity.
Think of Bored Ape NFTs as a gated community. Only those who own it can access the multiple benefits that come with Yacht Club membership. This includes:
These events, servers, and rooms could also give you the opportunity to rub shoulders with celebrities like Mark Cuban, Eminem, Justin Bieber, and others who are also Bored Ape NFT owners. More on that later.
The exclusive benefits of Bored Ape NFTs don’t just stop there. A BAYC NFT owner can access opportunities like airdrops, minting a canine companion for their apes, creating mutant apes, and more.
In fact, these opportunities have given rise to official offshoots like the Bored Ape Kennel Club which raised as much as $1 million for animal shelters through the sale of canine NFTs.
The most lucrative benefit of owning a Bored Ape NFT is the commercial usage rights. It can fetch you healthy returns if you choose to rent it out to an NFT museum or explore other commercial avenues.
How do you know if something’s popular? Celebrities want a piece of it too. That’s true for Bored Ape Yacht Club NFTs who are owned by famous investors, actors, musicians, and more like:
The elite and exclusive prestige of owning these Bored Ape NFTs have a part to play in driving up the price. In fact, this might be one of the most influential factors in why Bored Ape NFTs are so expensive.
Gucci is Gucci not because of quality but because owning a Gucci product is a sign of prestige which comes at a cost. That’s why experts believe Bored Ape NFTs can be classified as luxury goods.
Bored Ape NFTs are only rivalled in terms of popularity and price by Cryptopunks. Both Bored Apes and CryptoPunks are a set of 10,000 NFT collectables but the finer details make the rivalry interesting.
For example, CryptoPunks came first. They were launched in 2017 while Bored Apes were launched in 2021. That said, there’s a raging copyright vs no copyright debate amongst NFT enthusiasts.
CryptoPunks don’t grant Intellectual Property rights to NFT owners whereas IP rights are one of the biggest advantages of owning Bored Ape Yacht Club NFTs.
But this debate may be a thing of the past. Yuga Labs, the creator of BAYC NFTs, recently announced that it has acquired the Cryptopunks NFT collection.
Right from a new range of Canine NFTs to Mutant Apes, the creators of the Bored Ape Yacht Club NFTs keep on innovating. BAYC even launched its own native token with the moniker ApeCoin in March 2022.
At the time of writing this blog, ApeCoin is trading at $11.19 with a market cap of $3.05 Billion. That’s not all. ApeCoin will be used as a part of Benji Bananas, a play-to-earn video game.
These innovations have been useful in many business and community-focused aspects. On one hand, existing users have something or the other to look forward to.
On the other hand, new investors may be interested in spending a cool million or two on a Bored Ape. Either way, it’s clear that the reasons why Bored Ape NFTs are so expensive include innovation and exclusivity.
Bored Ape NFTs are expensive because they’re rare. Each Bored APE has a unique design, some of which can be customized using mutations! Owning a Bored Ape NFT unlocks exclusive benefits like access to discord and community events that even rich celebrities attend. Last but not least, the Bored Ape creators keep the community interested through innovation like the introduction of the Ape Coin.
The Bored Ape NFT collection consists of 10,000 digital art collectables. The cost of each Bored Ape varies based on the design and other characteristics. The costliest Bored APE is worth 769 ETH ($2.3 million) while the cheapest costs 99.99 ETH ($313,175) as per various reports.
The Bored Ape Yacht Club NFT collection is real - it was created by Yuga Labs who rolled out 10,000 Bored Apes each with its own unique characteristics. The Bored Ape Yacht Club NFT collection has become really popular as some NFTs are owned by celebrities and the ultra-rich.
Note: Facts & figures are true as of 07-04-2022. None of the information shared here is to be construed as investment advice. Exercise caution when investing in unregulated assets like cryptocurrency.
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