Just a few months after its launch in April 2021, the Bored Ape Yacht Club has turned into one of the main reasons why Wall Street should dabble in NFTs. Another reason for the stock exchange to take the market of NFT seriously is because NAYC had a recent sales turnover of around $1 billion.
The Allure of Bored Ape Yacht Club
For those who are uninformed, the Bored Ape Yacht Club is a collection of 10,000 cartoons of apes who have been anthropomorphized with stylish clothes and disreputable expressions. Every single ape is just an image file that should ideally be worthless. But, now they have been selling at astonishing sums, sometimes from some of the world’s most renowned celebrities. As an example. Jimmy Fallon, one of the biggest stars of Late Night TV, bought the image of a Bored Ape that was dressed in a striped T-shirt and heart-shaped shades for around $220,000 in November last year.
The Bored Ape Yacht Club collection fetches most of its value from NFTs, with digital ownership proofs logged on a majorly public blockchain. One could think of Bitcoin, but every single coin was indivisible and quite unique in its own way. At the same time, most of the NFT projects, which include BAYC, have been settling through the blockchain of Ethereum, which has been priced in its native token Ether.
But, one would be wrong to assume that rarity is the only reason why people have been paying millions of dollars for Bored Apes. Along with owning quite a unique avatar, people are also admitted to an exclusive membership club- which is imposed with tokens.
The Bored Ape Yacht Club also allows its owners to get through private messaging boards on Discord, and gain privileged access to other NFTs.