When you think of the most popular NFT collections, what are the first names that come to mind? If you’re like most, one of the first on the list is the Bored Apes Yacht Club. In fact, as of very recently, the collection broke its first billion dollars in trades.
That’s right, consumers, investors, celebrities, and sports stars have spent a billion bucks on these cartoon apes with bored looks on their faces… a billion bucks! So, what’s the driver for all of this demand?
What Are Bored Apes?
If you haven’t heard of Bored Apes until now, you’re dangerously out of the loop when it comes to trending news. Nonetheless, for those that have missed out, Bored Apes are part of an NFT collection of 10,000 digital images of cartoon apes. Each image is unique with characteristics ranging from facial expression to apparel to background color.
However, when you own a Bored Ape, you don’t just own a digital image of a cartoon monkey. The NFT acts as a key into the Bored Ape Yacht Club, which is like the digital version of a country club. Only the people who own an Ape can get in, and there are some pretty neat perks.
In fact, as 2021 came to a close, the Bored Ape Yacht Club took over New York City, hosting event after event and capping things off with a literal yacht party for collectors.
Who’s Getting Into Bored Apes?
That’s a very easy question to answer. Are you ready?
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Consumers across Twitter gladly post their Apes as their profile pics on Twitter and other social media. However, it’s not just the general consumer that’s getting involved. Smash hit recording artists like Post Malone and Eminem have thrown their hats into the Bored Ape Yacht Club Arena.
Not to mention, Bored Apes themselves may become famous. In fact, Universal Music recently signed four Ape NFTs, three of them Bored Apes and the fourth being Mutant Ape, to its label as the next supergroup known as Kingship.
Ultimately, it seems as though anyone who’s anyone has one of these cartoon simians in their collection.
Will Apes Continue to Soar in Value?
That’s the million-dollar question, and to be quite frank, I don’t have a crystal ball that lets me peek into the future to answer this for you. Nonetheless, if you want my opinion, you ain’t seen nothin’ yet!
The simple fact is that big time celebrities and big brands are hopping into the Bored Ape Yacht Club community. That’s likely to drive further demand, and considering the finite supply of only 10,000 apes, the simplistic law of supply and demand tells us that the price must rise.
The Bottom Line
The bottom line here is that the Bored Ape Yacht Club signifies a big change in how we view digital collectibles. In the beginning NFTs were interesting. Now, they’ve been proven to be real assets with real value, and much of that notion is thanks to a few thousand Apes that can’t seem to find anything to do!