The Most Expensive Bored Ape NFT
When one thinks of the non-fungible tokens, Bored Ape Yacht Club is a name that resonates with many. The Bored Ape Yacht Club, also known as BAYC, has many famous followers, such as Jimmy Fallon, Justin Beiber, Paris Hilton, and many more. The hype surrounding this top-selling NFT series makes it one of the most sought-after crypto assets among buyers. Let’s learn the history behind BAYC and what makes it valuable.
Bored Ape Yacht Club: History
Yuga Labs launched the BAYC collection in April 2021 by founders Greg Solano and Wylie Aronow. BAYC has two other co-founders who go by the pseudonyms No Sass and Emperor Tomato Ketchup (their identities are still unknown). The BAYC project is a huge set of 10,000 non-fungible token Apes. The collection was inspired by other NFT projects like CryptoPunks, where every NFT has a distinct look and feel.
The 10,000 apes have unique traits. The Ape NFTs are ERC-721 Ethereum-based tokens. Each NFT is different due to a distinctive mix of attributes such as clothes, fur color, backdrop color, and accessories, but they all have the same indifferent expression. These attributes assign a value to each ape based on how many other apes have the same traits.
All the apes have different style and look. The rare their attributes are, the more expensive the non-fungible token is. The primary characteristics of a Bored Ape NFT are as follows:
The success of the original BAYC has led to the creation of the Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club. These collections share some similarities to the original NFTs, but they were exclusive to owners of the original 10,000 NFTs.
The new NFT collections have helped maintain public interest in the project. BAYC #8817, the most costly Bored Ape, was traded for a stunning $3.4 million in 2021 via Sotheby’s Metaverse. The current floor price for these ape NFTs sits at 82 to 100 ETH as of March 2022.
BAYC is steadily inching away from non-fungible tokens and toward being an “off-chain” brand, i.e., one that exists but outside the blockchain network. The BAYC is assimilating into the fashion world through collaboration with famous fashion houses.
Adidas launched its maiden non-fungible token project, Into The Metaverse, in conjunction with many non-fungible token brands, the most notable of which was BAYC. furthermore, they also brought a BAYC NFT, which is now displayed on its Twitter feed. Additionally, BAYC recently launched a mobile game called “Apes vs. Mutants” on Android and iOS platforms.
The team also announced the launch of its native token ApeCoin ($APE) in October 2021. ApeCoin, an Ethereum token, has a total supply of one billion. It was revealed that 62% of the supply will be allocated to the ApeCoin community,16% to Yuga labs and charity, 15% to original owners of Bored Ape or Mutant Ape, 14% to launch contributors, and 8% to BAYC founders.
10 Most Expensive Bored Ape NFTs
Here is a list of the 10 leading pricey Ape non-fungible tokens sold to date:
- Bored Ape #2087 – USD 2.3 Million (769 ETH)
This colorful NFT with rainbow-colored fur, fierce eyes, and a cigarette is one more token besides #8817 that grossed a high price. It was purchased for a whopping 2.3 million dollars, i.e., 769 ETH. This non-fungible token has been traded twice in four months after its introduction.
- Bored Ape #3749 – USD 2.90 Million (740 ETH)
“The Captain,” a golden ape, has been sold thrice in 2022, whereas its highest last sold value stands at 740 ETH (USD 2.9 million). It is to be noted that the price of this non-fungible token surged sevenfold in 3 months. This NFT is currently owned by a wallet owner simply known as The Sandbox.
- Bored Ape #8585 – USD 2.67 Million (697 ETH)
This crown-wearing ape previously held the title of the most pricey Bored Ape, until others came along. Valued at 697 ETH or USD 2.67, this is currently the 3rd most expensive non-fungible token in this collection.
- Bored Ape #7090 – USD 2.27 Million (600 ETH)
The multi-colored grinning ape got sold at 600 ETH or USD $2.27 million. It has golden fur and multi-colored teeth, making it unique and valuable.
- Bored Ape #8135 – USD 1.91 Million (550 ETH)
The dagger-in-mouth characteristic is an uncommon attribute in the Bored Ape collection that is shared by only 28 apes. However, #8135 is especially unusual because of the unshaven beard in addition to a dagger in the mouth. This ape is valued at 550 WETH or in other words USD 1.91 million.
- Bored Ape #8135 – USD 1.60 Million (500 ETH)
This ape was traded for 500 ETH, i.e., approximately USD 1.6 million. It was a substantial boost from the initial 21 ETH price. Attributes like the halo, bored expression, and clothing set it apart from the other apes.
- Bored Ape #9361 – USD 1.56 Million (500 ETH)
This colorful ape sold for 500 ETH at USD 1.56 million. This NFT has appreciated a whopping 160% since its previous sale. It was purchased by prolific NFT collector Formosa. The psychedelic, cyborg-like appearance makes it a unique token. Moreover, the unshaven bubbles characteristic of the ape is especially peculiar in this collection since only 0.65% of the collection possesses it.
- Bored Ape #8877 – USD 1.30 Million (425 ETH)
This unshaven and bored ape was traded for 425 ETH, or $1.3 million USD. The ape has the somewhat common dark brown fur characteristic, shared by only 1352 tokens in the collection, and an unshaven mouth attribute. The piece was bought by a buyer named MadCam.
- Bored Ape #5199 – USD 1.30 Million (425 ETH)
This discontented cyborg ape was auctioned for 425 ETH, or USD 1.3 million. This futuristic-looking asset was purchased by famed NFT collector MachiBigBrother, who owns a dynamic collection of 3000 non-fungible tokens.
- Bored Ape #1734 – USD 1.39 Million (420 ETH)
This smoking golden ape was sold for 420 ETH, or USD 1.39 million. Jason Falovitch, famous crypto and NFT entrepreneur, purchased the token. The ape has shiny golden fur, a bored expression, and a cigarette in his mouth.
Why is the Bored Ape Yacht Club So Expensive?
What makes the BAYC collection valuable is a matter of opinion. A significant contributing factor has been influencer and celebrity participation. When notable individuals with millions of social media followers own an NFT, it inspires others to do the same. Find out more about how NFT creates value.
As it happens, BAYC is massively popular among A-list celebrities and influencers. This popularity and hype have been a driving factor for high demand and higher selling prices. Besides that, the tokens’ extravagant price can be accredited to 3 components:
The Bored Apes Collection is a limited-edition collectible set of 10,000 digital avatars. While each Ape is unique, some are more uncommon than others. In fact, some characteristics, like golden fur and laser eyes, are so unusual that they are found in fewer than 1% of all Apes. This, in turn, raises the base price of these Bored Ape NFTs.
The entire Bored Ape NFT collection was first advertised for 0.8 ETH. Within 24 hours, the collection was sold out as NFT investors rushed to buy their very own BAYC token. High demand became a driving factor for the exponential growth of this collection resulting in sky-high floor prices.
Access to unique content is another benefit of Bored Ape NFTs. The website of Bored Ape contains a roadmap that establishes what they want to achieve and what happens when they meet their respective sales objectives. The collection “Caged Apes” was airdropped as a unique bonus to Ape NFT owners.
The developers of Yuga Labs have continually innovated with the NFT project to create new collections for their members. They have generated 20,000 Mutant Apes as part of their Mutant ape Yacht Club Collection, 10,000 of which have been saved solely for the Bored Ape owners, while the rest are open to the general public.
To generate Mutant Apes tokens, current Bored Ape holders only need to mix their Ape NFTs with a serum NFT. Various serums like M1, M2, and M3 have been airdropped to different Ape holders, each of which can produce a distinct Mutant Ape. For instance, the M3 serum is known to produce the most distorted Mutant Apes. Therefore, holders can create unique NFTs by combining serums with their existing tokens.
- Membership benefits:
Every Bored Ape NFT comes with a yacht club membership. The membership enables Ape NFT holders to attend community activities. Just recently, the Bored Ape Yacht Club organized exclusive gatherings in multiple locations including New York and California, the United Kingdom, and Hong Kong.
The community members also get access to a secret Discord server as well as a private digital space known as “The Bathroom,” which serves as a graffiti board. This digital bathroom has evolved into a digital space for all members to interact and converse. Furthermore, owners get commercial usage rights for their NFTs. This means that they may resell, stake, or yield the NFT as they see fit and sell any type of derivative product based on the NFT they possess.
The Bored Ape Yacht Club has maintained its momentum and relevance due to constant innovation. It’s one of the few successful NFT projects with high desirability among investors. Secondary and tertiary sales of Bored Ape NFTs have consistently sold for millions of dollars.
The BAYC’s amalgamation of exclusivity, community engagement, and philanthropy has attracted many well-known names to their doorstep. It has become a status symbol among NFT snobs and enthusiasts.
The rarity of these NFTs will continue to keep floor prices high. Today, Bored Ape NFTs are available on the secondary market, but they are costly. There are thousands of collectors queueing up for a chance to own one of these famed NFTs.
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