This week, Crypto Twitter went crazy about a new NFT collectible project, and it quickly became a popular avatar for collectors – Bored Ape Yacht Club. In just a couple of hours of people finding out about it, they sold out on the primary market and it’s hardly surprising considering the quality of artwork that has gone into creating each Ape.
From a numbers perspective, the most interesting part is that they sold $7.3M (around 2,300 ETH) in less than 7 days, almost as much as the first week of the MoonCats launch. Hopefully, trading sustains compared to MoonCats and doesn’t die a short lived death. Let’s learn more about these cheeky monkeys.
What is the Bored Ape Yacht Club Collection?
According to their website, “BAYC is a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain,” but what’s interesting is that people “aped” into the project even when the NFT markets are in a bit of a pullback.
The team claims to have an interesting roadmap on the website, where some parts of it will be activated depending on the sales and the community.
A healthy trend that I see in interesting NFT collectibles like Hashmasks is the full commercial rights; a good use case for this is that you can get money from it if you have a valuable collectible.
For example, DANNY recently licensed Hashmask #9939 ‘Sex’ to TerraVirtuaHQ for their ‘TheHashmasks’ select promo and netted him $4000+ in licensing fees. So why are we mentioning this? Well, the Apes made the right call, and they gave full commercial rights to the NFT owners, but that’s not all the reasons I think this is an interesting collectible project. It’s also:
- Fair Launch, fair distribution: All apes cost 0.08 ETH,
- Ownership and commercial usage rights are given to the consumer over their NFT,
- You can gain additional benefits through roadmap activations,
- It gives you access to The Bathroom: A member’s-only graffiti board.
What’s the Bathroom?
The BAYC Bathroom contains a canvas accessible only to wallets containing at least one ape. It is the place to draw, scrawl, or write expletives. Ape-holders will be able to paint a pixel on the bathroom wall every fifteen minutes. They say that it is a collaborative art experiment for the crypto sphere.
A Data Rundown
As the old saying goes in all crypto universe, “Never FOMO In”; there have already been big sales that go from 4 ETH to 20 ETH per Ape, so the markets are going a little bit crazy a little too quickly, considering that they recently launched at 0.08 ETH.
First 7 Days of Sales
- In its first week, Apes did $7.3M in volume.
- Apes were priced on average at 0.5 ETH, which at the time of writing equals $1,500.
- There were multiples sales per day, as you can see.
- You can clearly see on this image that some of the Apes are being sold almost 5x the initial purchased price.
- There have been some big sales already.
If you can learn something from this article, fair launches and cheap collectibles are the way to go, and collectibles with a roadmap meaning “future news and events” are really appealing to NFT investors.
Image credit: via Bored Ape Yacht Club
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Entrepreneur. Software Engineer. NFTs enthusiast. #NFT