HomeTech NewsBored Ape: What is BAYC and why are they so Popular?

Bored Ape: What is BAYC and why are they so Popular?

Cryptocurrencies, especially NFTs, have become popular since 2021 as a new form of digital business, which is gaining more territory and acceptance in several countries. Thanks to having a programming system similar to that of Bitcoin or Ethereum, it did not have many problems to make itself known; In addition, it has an important difference that they are “non-fungible”, that is, they can be exchanged with each other infinite times.

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To the surprise of many, this digital currency has already been launched even in technological products and also in video games, but hardly anyone saw the possibility of introducing them into works of art. It turns out that in recent months some drawings of monkeys have gone viral, which despite looking strange, can be worth millions of dollars.

They are the Bored Apes, illustrated arts of different primates that serve as a virtual heritage to be able to put them up for international sale at a price that one estimates according to the value of their representation or some particular detail. In this note, we will review a little about this new trend and how celebrities are already part of it.

What is the term Bored Apes?

The Bored Apes were born specifically with the Bored Ape Yacht Club (BAYC), an art collection of 10,000 NFT Apes, which, in a nutshell, are personalized monkeys with exclusive and completely unique features, which buyers can have as digital heritage in value of NFTs, so you can decide what to do with them in the future.

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According to the official BAYC channel, buying an Ape gives you several benefits, such as having exclusive access to future collections and other advantages such as having the Mutant Arcade game, being able to participate in charity events, having discounts on certain events, and more activities that not even the highest offices in the world could enter.

How much is your approximate price?

Each Ape avatar is an NFT on the Ethereum blockchain, meaning it is unique and not tradable with any other cryptocurrency or token. Currently, the price of each of them is, at least, a total of 170,000 dollars, although the price may vary depending on the shape of the monkey or the value that each user gives it.

Since most people interested in this section prefer to spend an infinitely larger amount so that its price continues to rise, the approximate millionaire figure that is being given for a Bored Ape in good condition is 1.3 million dollars. From the data of the NFT CryptoSlam portal, more than 750 million dollars in trading volume have already been generated and it is estimated that the collection will double by the middle of 2022.

Which celebrities have joined the Bored Apes club?

Due to the high price of this particular type of NFT, few people can access these tokens, so for now, only public figures have been seen buying this digital currency. For example, the Canadian singer Justin Bieber fully entered this movement, buying his first Bored Ape figure for a value of 500 ETH, in other words, a sum that reaches approximately 1.3 million dollars. Among other music celebrities, we can find famous singers like Post Malone, Madonna, Snoop Dogg, Steve Aoki, and more.

For their part, footballers have also welcomed this type of investment in the future and, in recent weeks, the stars of the French club Paris Saint Germain, Neymar, Leandro Paredes and Marco Veratti, have made known through their networks that were going to be introduced to this new society, through an investment that between the three of them averaged more than a billion dollars for the purchases of BAYC #6633 and #5269.

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Curiosities and controversial cases

At the end of last month, a controversy was generated by the tremendous turn that was given to the price of an NFT, as a cryptocurrency collector who bought a Bored Ape Yatch avatar for $1,170, managed to resell it for more than $180,000. This fact was recorded within the OpenSea market. The one-way transaction only consisted of 0.77 Ethereum (ETH) and, just 20 minutes later, the user offered it for 84.2 ETH.

In another quite controversial case, we can find the error of a user who sold an Ape valued at 300,000 dollars for only 3,000 US coins, 100 times less than the official price of this piece of art, which was called “Bored Ape #3,547 ″. According to the protagonist of this story, it was all a typing error with which several thousand disappeared from his account, but when he realized after the movement, he could do nothing.

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George Philip
George Philiphttps://betechwise.com
George Philip is a seasoned tech professional with a deep-rooted passion for all things tech-related. His mission is to demystify complex tech topics and provide you with the insights and knowledge you need to navigate the ever-changing world of technology. With a keen eye for detail and a talent for making the intricate seem simple, George crafts engaging content that explores how technology impacts your daily life, your workplace, and the broader global landscape. Whether you're eager to stay updated on the latest gadgets, intrigued by emerging tech trends, or simply looking to understand how digital innovations shape our world, George's writing is your trusted source for clarity and expertise. Feel free to reach out to George via email at [email protected] for inquiries, collaboration opportunities, or to engage in thought-provoking discussions about the fast-paced world of tech. Stay informed, stay connected, and let George be your guide in the tech-savvy universe.


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