Digital collectibles are still on the rise
With just one NFT sale, a photographer earned $1.4 million.
Ever since the bored-eyed monkeys came out in cartoon art in April 2021, they’ve been causing a stir. Some perceive works of art as childish, others are very enthusiastic about them. Whatever your opinion, the cheapest Bored Ape now costs several hundred thousand dollars. But how did this happen and why are NFTs trading so strongly? We’ll get to the bottom of this question and many more below.
What is the Bored Ape Yacht Club (BAYC)?
The Bored Apes Yacht Club is a collection of 10,000 unique tokens (NFT). They are digital collectibles based on the Ethereum blockchain. Around 170 unique characteristics with varying degrees of rarity make monkeys unique. The creators have combined these different characteristics to create a limited series of unique NFTs. In order to know this topic in depth and earn money from trading, you must first learn how to trade cryptocurrencies. This way you will be slowly introduced to the subject and take advantage of the many possibilities.
NFTs get features
Each NFT has an exact address stored in the holder’s wallet, by which the work can be identified. This is how you can prove that you are the sole owner. NFTs are mostly used today as collectibles or game items for video games. The BAYC NFT also acts as a virtual yacht club membership card and guarantees access to exclusive benefits.
This gives you many discounts and you get privileged access. A large community has also formed around this collection, which is organized in the biggest cities of the world. Well-known artists perform at members’ parties, and in the meantime there’s even a separate festival weekend for owners.
Rights to use NFTs
NFT usage rights vary by collectible. At BAYC, the owners have all rights to market and license the monkeys. You can therefore exercise all of your rights. The creators waive all their rights upon sale. New owners can also use the characters for different projects, for example to create new values or content. Some owners have developed a story around their monkeys, creating entirely new identities.
This has made possible an independent ecosystem: entire lines of clothing, music, coffee brands and other types of merchandise have already been created through BAYC. NFTs are creating new opportunities across multiple media platforms, including music, games, TV, and more. However, the individual originals are still retained, although intellectual property relating to the monkeys may be constantly being developed and passed on.
Emmy-nominated photographer John Knopf sells BAYC
Emmy-nominated photographer John Knopf sold his BAYC NFT on December 13. He received 347 ETH for it, originally he only paid 0.08 ETH for the monkey. The sale will therefore bring him a total profit of 1.39 million dollars.
million dollar mistake
During the purchase, however, there was a big mistake: the monkey was bought for 655 ETH, since 230 ETH was sent to the seller in addition to the offer price. The buyer said that in addition to the offer, he needed to move 230 ETH to another wallet over the phone. However, he did not report this, but sent the money to Knopf. He then tells her the story and gets the 230 ETH back, which is around $920,000. The two then agreed on a purchase price of 347 ETH. These errors are not uncommon when selling ETH, so recently a mutated monkey was sold for 17 US dollars instead of 17 ETH. That makes a difference of over $60,000.
If you are interested in the subject and want to delve deeper into the subject, you must first learn how to trade cryptocurrencies. This will give you a basic understanding of this digital subject and then you can design your own NFTs or purchase them.
Image source: https://www.pexels.com/de-de/foto/ripple-etehereum-und-bitcoin-sowie-micro-sdhc-card-844124/