The collection of 10,000 digital images of apes has sold millions of dollars in 2021. Sold as a non-fungible token (NFT), Bored App NFT is actually part of a larger NFT buying trend. The Mint explains this new investment trend.
What are Bored Apps NFTs?
The 10,000 digital images of apes are basically avatars that you can use online. There are 10,000 different images in all, each apes dressed in different clothes, different expressions and so on. They come from a website called Bored Ape Yacht Club (BAYC) and are developed by a company called Yug Labs. Buying one of these NFTs gives the buyer access to this club, which includes access to “The Bathroom”, a digital graffiti board similar to a dive bar bathroom. The collection was launched on April 30 and has garnered over $600 million in sales so far. For Dappradar, a decentralized apps tracker.
Who created Bored Ape Yacht Club?
Like the founders of Bitcoin, the creators of Bored Apps and Era Labs also opted to hide their true identities behind pseudonyms – Gordon Goner, Gargamel, No Sass and Emperor Tomato Ketchup. According to interviews with various publications, Gordon Goner is the “major ape” in this business. Her website says her first goal was to “pay our mothers”, which may be an indicator of her age. The NFT universe is no stranger to younger audiences. For example, 13-year-old Indian artist Laya Mathiraksha has sold NFTs worth lakhs of rupees on the WazirX NFT platform.
How did the bored ape become popular?
Shortly after making its first NFTs, a collection of 101 Bored App NFTs was picked up by auction house Sotheby’s and sold for $24.4 million. Christie’s sold another batch in September for $12 million. Publication Rolling Stone partnered with Era Labs for a 20-page limited edition magazine with BAYC artwork earlier this week.
Why do people buy bored apes?
Basketball superstar Stephen Curry bought one of these apes in August and used it as his Twitter profile picture. Buying a BAYC NFT gives owners access to the company’s Discord servers, which are basically a chat platform featuring celebrities like Curry. For many people, having a monkey as their profile picture is like a status symbol, indicating their membership in this somewhat exclusive digital club. At least two other famous basketball players have also bought these NFTs.
Is BAYC a one of its kind project?
No, selling digital avatars is a practice that started a long time ago. A project called Cryptopunks has raised billions since it started in 2017. It contains 10,000 uniquely generated digital characters and is run by a company called Larva Labs. Digital avatars are expected to be an essential source of commerce in the metaverse of the future, envisioned by technologists such as Mark Zuckerberg. NFTs represent ownership of a digital item, and a person’s virtual avatar will be tagged in their accounts using this medium.
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