Home / Ether / What is the Boring Ape Yacht Club and why is it the most expensive NFT in the world?

What is the Boring Ape Yacht Club and why is it the most expensive NFT in the world?

Bored Ape Yatch Club or “Boring Monkey Pictures” is an NFT collection of 10,000 items, each with different properties. For example, three Bored Ape Yacht Club NFT images are shown below. The image with the captain’s hat in the middle is an NFT image owned by Jimmy Fallon.

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Bored Ape Yacht Club, or BAYC for short, was founded by four developers: Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass and released 10,000 Bored Ape Yacht Club games on the global NFT marketplace OpenSea in April. Starting at 0.08 ETH, or $190, they sold out in just 12 hours, but now in a recent price check from OpenSea, the base price for this boring monkey owner is pretty high. 78 ETH or about 8 million baht

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But what makes BAYC successful? And without seeing the dust as a popular NFT project that surpasses the market value of advanced projects like Cryptopunk, launched in 2017?

First, you need to understand that anything worth collecting BAYC or other NFTs is pure value. 1. Influencer/Celebrity Engagement 2. Community Power and 3. Usability to Members.

The first thing that helps to get a clear picture is that if celebrities have NFTs, people want to own them too. The most recent example is Tonight Show host Jimmy Fallon, who bought BAYC ($145,000) on November 8 and has been using it as his Twitter profile picture for several weeks. Considering his 50 million followers. This led to strong hype and was reflected in trading volume. Includes price increases for the BAYC series.

The second is about utilities, most NFT projects claim to have some. Access to money making games. Alternatively, choose to stake NFTs in exchange for the relevant cryptocurrencies. Another expensive collection, for example, is CyberKongs, which allows two or more NFT owners to breed BabyKong NFTs.

BAYC x MAYC Mobile Contest – 10-day members-only event.
soon. ☠️🦍⛵️ pic.twitter.com/ggfn7whcIi

— Bored Ape Yacht Club (@BoredApeYC) November 16, 2021

Of course, the Boring Ape Yacht Club also has these utilities. First, the project created the Boring Ape Kennel Club, giving BAYC NFT owners the opportunity to “adopt” the collection. NFT dog resembling a boring monkey. BAYC NFT owners will also receive other freebies in August. A bottle of Digital Mutant Serum that allows NFT owners to blend Bored Ape and Serum to create a new Mutant Ape NFT, both the Kennel Club and Mutant Ape NFT sold out immediately, and the Mutant Ape Yacht Club collection was as successful as expected. Reserve price increased from around 4 Eth in November to 15 Eth ($55,000) now.

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Finally, the Bored Ape Yacht Club is a force in the community and has recently hosted conferences in New York and California. There are also boring monkey parties in Hong Kong and the UK. Yacht parties and concerts are held in New York. Actors Chris Rock, Aziz Ansari and The Strokes provided entertainment for the event.

So owning a BAYC is more than just a digital collectible. But it is also like having a “pass” or “privilege” to participate in new project activities.

And when BAYC became a high-end digital collectible in people’s eyes. Therefore, BAYC will inevitably become the face of society. When I saw people’s BAYC monkey avatars on social media, for example, there was no difference. Don’t see them driving luxury cars or wearing famous brand names. And in the eyes of many, the trend of NFTs and boring monkeys will continue to be with us this year. And this could be the beginning of the NFT era.

Source of information: SIAMBLOCKCHAIN ​​​Edit with 0x information. Copyright belongs to author Thongchai. Reproduction is prohibited.

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