A collection of 10,000 digital images of apes has amassed sales worth millions of dollars in 2021. Sold as non-fungible tokens (NFTs), the Bored Ape NFTs are actually part of a bigger NFT buying trend. Mint explains this new investment trend.
What are Bored Ape NFTs?
The 10,000 digital images of the apes are basically avatars that you can use online. All 10,000 are different images, with each ape being dressed differently, having different expressions and so on. They come from a website called Bored Ape Yacht Club (BAYC) and are developed by a company called Yuga Labs. Buying one of these NFTs gives the buyer access to this club, including access to “The Bathroom”, a digital graffiti board akin to a dive bar bathroom. The collection launched on 30 April and has amassed over $600 million in sales till date, according to Dappradar, a decentralized apps tracker.
Who created the Bored Ape Yacht Club?
Like the founder of Bitcoin, the creators of Bored Apes and Yuga Labs also chose to hide their real identities behind pseudonyms — Gordon Goner, Gargamel, No Sass, and Emperor Tomato Ketchup. According to interviews with various publications, Gordon Goner is the “chief Ape” in this business. Their website says that one of their first goals was to “pay back our moms”, which could be an indicator of their age. The NFT universe is no stranger to younger audiences. For instance, 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 minting their first NFTs, a collection of 101 Bored Ape NFTs was picked up by auction house Sotheby’s and sold for a whopping $24.4 million. Christie’s sold another batch for $12 million in September. Publication Rolling Stone partnered with Yuga Labs earlier this week for a 20-page limited edition magazine with BAYC artwork.
Why do people buy Bored Ape?
Basketball superstar Stephen Curry bought one of these apes in August and used it as his Twitter profile picture. Buying a BAYC NFT also gives owners access to the company’s Discord server, which is basically a chat platform that includes celebrities like Curry. For many, putting up an ape as their profile picture is sort of a status symbol, signifying their membership in this somewhat exclusive digital club. At least two other well known basketball players have bought these NFTs too.
Is BAYC a one-of-a-kind project?
No, selling digital avatars is a practice that started long ago. A project called CryptoPunks has amassed billions since it began 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 future metaverse envisioned by technologists like Mark Zuckerberg. NFTs represent ownership of a digital item, and virtual avatars of a person will be tagged to their accounts using this medium.
