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Wednesday, March 22, 2023

Bored Ape Has Gone Mainstream- But Is Wall Street Ready?

With Bored Ape Yacht Club putting out turnovers of around $1 billion since its inception in 2021, the NY Wall Street would do well to take it seriously. For the uninformed, the BAYC is just a collection of close to 10,000 cartoons of several anthropomorphic apes with disreputable expressions and stylish clothes.

Every single ape is practically an image that should normally be worthless in a sane, tangible world. Nevertheless, they have been moving around the block and fetching some astonishing sums- sometimes even from some of the most renowned celebrities on earth.

Selling Point Of Bored Ape 

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As an example, Jimmy Fallon, one of the most famous hosts on American TV, recently bought an image of a Bored Ape that had on itself a striped T-shirt and heart-shaped shades for a whopping $220,000 in November of 2021. And quite recently, Eminem, the Academy Award-winning rapper, paid around $462,000 to purchase an ape that he thought resembled him.

At the same time, one of the rarest Apes, which had a gold fur trait, went on to fetch close to $3.4 million in an auction that was held online by Sotheby’s in October, which broke the record of another ape that had laser eyes.

The Bored Ape Yacht Club collection mainly fetches its value from digital ownership proofs and NFTs that have been logged onto a public blockchain. While this may remind some of Bitcoin, one also has to consider every coin as indivisible and quite unique in one way or the other. Meanwhile, most of the NFT projects, which include BAYC usually settle through the blockchain of Ethereum- which has been priced as its native token. 

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But, it would be wrong to think that the only reason people have been paying millions of Bored Apes is due to the rarity of the NFTs. Along with being able to boast about owning a unique avatar, most people are also granted admission to an exclusive membership club- which is filled with tokens. 

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