Hey friend! Have you heard about those cartoon ape NFTs selling for millions? Let me break down the fascinating world of Bored Apes and why they‘ve become oh-so-popular in 2022…
In Summary…
- Bored Apes are a collection of 10,000 unique digital ape illustrations
- They are blockchain-based NFTs (non-fungible tokens) – a certificates of ownership and authenticity
- The stylized artwork, elite community and social hype created huge demand
- Bored Apes now sell for staggering prices both as artworks and social status symbols
Put simply, these little apes are exclusive digital memberships that double as rare artworks! But how did they capture the zeitgeist so powerfully? Read on to find out…
So What Are These Bored Ape Things Anyway?
In April 2021, a mysterious entity called Yuga Labs released an NFT collection dubbed the Bored Ape Yacht Club. This consisted of 10,000 unique illustrations of stylized cartoon apes with various wacky attributes.
Some key traits that get shuffled in each Bored Ape:
- Fur color
- Facial expression
- Clothing
- Accessories like hats or jewelry
- Background color
So while every Bored Ape shares certain signature features, no two are exactly alike.
Now the cryptocurrency Ethereum enables these illustrations to be minted as NFTs – non-fungible tokens stored on a blockchain ledger. This permanently records each Bored Ape‘s digital ownership data.
So to sum up – Bored Apes are rare digital ape collectibles with some killer artistic design!
Why Have These Silly Apes Become So Coveted?
While Bored Apes first sold for 0.08 ETH ($200) each in April 2021, their prices and popularity have positively exploded since then:
| Sale Date | Sale Price (ETH) | Sale Price (USD) |
|---|---|---|
| 10/21 | 769 | $2.3 million |
| 11/21 | 740 | $2.7 million |
| 12/21 | 349 | $1.3 million |
| 2/22 | 456 | $2.3 million |
Driving this feeding frenzy are several key factors:
Flex Appeal & Clout
Owning a Bored Ape is now akin to being in an exclusive country club for crypto-art enthusiasts and the wealthy. Celebs like Eminem and Steph Curry displaying their apes feeds elite social signaling behavior – this perceived clout further fuels sales.
Electric Artistry
The Bored Apes‘ vibrant artwork and attributes system allows for fun individual customization. Compared to earlier crude NFT avatar projects, this graphic appeal helps them break into mainstream consciousness.
Builder Buddies
Every Bored Ape acts as a Yacht Club membership pass, unlocking member benefits like an online community of fellow owners. Plans for future perks and metaverse integration incentivize long-term holding.
This tight-knit community creates a collaborative, speculative mindset that helps hype and add lore to the Bored Apes.
Moonshot Potential
Like many crypto assets, speculation around potential price growth is a major driver for NFT projects. And boy have Bored Ape prices exploded – making early buyers a fortune.
FOMO (fear of missing out) then feeds this loop…
There are certainly many other artistic NFT projects. But the Bored Apes have secured that tipping point combo of cool visuals, social clout and speculation that every collection seeks.
Now with billions in combined capitalization – they are here to stay!
What Lies in the Bored Apes‘ Future?
Given their runaway success, this likely isn‘t the last we‘ll see of the Bored Apes. They may have an outsized influence across art, crypto and the general online landscape for years.
Some possibilities:
Mainstream corporate brand partnerships
Continued saturation through celebrity connections
Driving adoption for future metaverse worlds
Development into other media like games, shows or movies
So while they aren‘t going too bored these days – these hustling apes may still surprise us!
I hope this little glimpse into the wild world of NFTs was helpful. Let me know if you have any other questions!
