The Bored Ape Yacht Club is easily one of the most successful non-fungible token, or NFT, projects that ever hit the tape. Several enthusiasts that jumped on the opportunity to mint these collectibles in the beginning have gone from enthusiasts to serious investors with millions of dollars in digital assets in their virtual wallets.
As if the growth in the value of these collectible cartoon apes wasn’t already exciting, growth over the weekend was like someone attached rocket boosters to these assets and tried to launch them to the moon.
Over the weekend, there was a 900% spike in sales of Bored Ape Yacht Club NFTs while Mutant Ape Yacht Club tokens saw a 1,100% increase in sales. That’s some serious demand, and as the law of supply and demand suggests, when demand spiked, so too did prices.
But why is demand for these cartoon apes housed as digital tokens flying so high? There are a few reasons:
The Crypto Community Is Growing Rapidly
In the beginning days of cryptocurrency, there were plenty of naysayers. The hype wasn’t worth diving into; that is, until it was. Bitcoin, Ethereum, Dogecoin, and other coins became too valuable to ignore, not just for consumers but for investors, bankers, and even countries. As people dig further and further into the cryptocurrency community, it’s only natural that they will find, and see tremendous value in, popular NFT projects.
And when I say the crypto community is growing, I mean it’s growing rapidly.
On Saturday, more than $105 million worth of Ethereum traded on OpenSea. That was a single day jump from $48 million, meaning that in a single day, demand for Ethereum climbed by more than 100%.
Bored Apes Are Taking the Spotlight
Bored apes have been a hot topic of discussion in recent weeks. First, there was Ape Fest, where Bored Ape Yacht Club enthusiasts took over various venues in New York City, one of them being a Yacht that housed 1,000 party participants!
Not to mention, these cartoon Apes have been featured on billboards in Time Square, on busses around the country, and as parts of advertisements for major brands, making them a go-to collection to check out for those who are just diving into the crypto and digital asset industry.
However, the biggest news that likely brought a massive audience into the community happened last week when Universal Music Group signed KINGSHIP, a group the company believes will be a supergroup.
KINGSHIP’s like nothing else in music today. There are no human singers, drummers, guitarists, or musicians of any kind in this music group. Instead, the characters of the band are four Bored Ape NFTs, each of which has been given its own personality and backstory.
That’s right, you may hear KINGSHIP, a complete NFT musical group, on the radio at some point in the near future.
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When new investors get involved in an industry, they tend to look for players in that industry that have proven success. Think of it like investments in the stock market. As a new investor, you’re more likely to invest in a blue chip company that has a proven track record of generating profits and growth than you are to invest in a penny stock that operates at a loss.
The NFT industry works the same way.
While these digital assets are becoming overwhelmingly popular, there have been plenty of projects that have hit the tape and been duds. So, newcomers to the industry, especially those with relatively deep pockets, will be looking for projects like Bored Ape Yacht Club and Mutant Ape Yacht Club because they know that these projects have seen an astronomical rise in value.
Finally, one of the most important aspects of the NFT industry is the community that’s behind it. There’s never been anything like it in the past. In general, when it comes to investing, art, entertainment, or any of the industries that are included in the frenzy, you’re talking about dog-eat-dog worlds where those that have made it have little-to-no time for those who haven’t.
The NFT industry is a very different beast. Some of the world’s most successful investors, artists, and enthusiasts love being part of the community and providing a helping hand to bring new comers over the learning curve.
One of the most enthusiastic and helpful communities in the industry at the moment is the Bored Apes community. Many of the investors in the community got in when Bored Apes first launched. They were average Joes hoping for a big win, and the big win is exactly what they got. Now, being enthralled with the way these digital assets have changed their lives, many are working their rear ends off to do nothing more than teach others how their lives can be changed as well.
The Bottom Line
The bottom line here is simple. Bored Apes have become overwhelmingly valuable for several reasons, and as the crypto community continues to grow, these assets are likely to continue on the same path.
Are you a Bored Ape enthusiast? Have you considered owning one of these digital assets? Join the discussion in the comments below!