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HomeTop NFT CollectionWhat Is Bored Ape NFT? Is It A Good Investment? – Forbes...

What Is Bored Ape NFT? Is It A Good Investment? – Forbes Advisor INDIA

A non-fungible token (NFTs) has taken the cryptocurrency market by storm in the last few years.

Crypto enthusiasts claim that NFTs have a myriad of possible use cases, but the most popular and valuable application of this rare cryptocurrency is a work of art that exists only in cryptocurrencies. blockchain.

By most metrics, Bored Ape Yacht Club (BAYC) is the most successful NFT art collection. According to CoinGecko, BAYC’s current market capitalization is valued at around Rs 750 billion.

There have even been talks of Bored Apes being stolen by hackers in recent months. Bizarre Phishing Scheme Actor and producer Seth Green is involved.

“Well (friends) it happened to me. I got phished and had 4 NFTs stolen,” Greene tweeted in May.

Stealing a blockchain art monkey may seem a bit abstract, but it’s easy to understand given the huge valuation behind Bored Apes. In April 2022, the entry level price reached around INR 33,546,300.

So what happens to these weirdly named NFTs? Here’s a guide to everything Bored Apes: history, meteor rise, recent controversies, stratospheric pricing, and more.

What is Boad Ape Yacht Club?

of Boad Ape Yacht Club NFT collection created by Yuga Labs. ethereum (ETH) blockchain. Individual NFTs are called Ape.

These digital artworks depict, well, boring monkeys. They all share a common look and feel, but each ape features a unique combination of facial expressions, accessories, and outfits, so no two are alike.

This combination of features, or the relative rarity of each combo, may be what makes Bored Apes so popular. In the BAYC community, “rarity” is a formal measure of each ape’s uniqueness.

There is a website dedicated to rating the rarity of apes. According to the rarity tool, Boring monkey No.8135 Recently held the highest “Custom Rarity Score”. Bored Ape No. 8135’s notable features include a dagger in his mouth, a “wacky captain’s hat”, and silver studs on his earrings.

Aside from its rarity, the work itself has no ostensible characteristics. What sets BAYC apart from the crowd is that BAYC has become a cultural phenomenon.

For NFT connoisseurs, owning a Bored Ape is not only about owning a digital cartoon monkey, but also access to an exclusive membership club with perks such as merchandise, parties and ApeCoins (APE) for owners. A ticket that allows

How many Bored Ape NFTs are there?

Only 10,000 Bored Ape NFTs will be distributed by the algorithm.

As mentioned above, each monkey is unique. He may share one or more functions with other apes, but no two are the same. This promotes non-fungibility of BAYC, which is key for NFT evaluation.

Rarity also means that BAYC NFTs are very high. illiquidThe largest NFT marketplace, OpenSea, has previously taken steps to freeze the listing of certain Ape’s if they are reported stolen.

This action is considered controversial in some regions because the intervening central entity goes against one of the core pillars of crypto: decentralization. On the one hand, it helps prevent perpetrators from exchanging stolen apes for withdrawable cryptocurrencies.

Who owns Boring Monkey?

Celebrities, influencers and ordinary people own Bored Apes. Some BAYC owners use monkeys as their social media profile pictures.

Famous celebrities love Bored Apes. Madonna owns her BAYC No. 4988, Justin Bieber owns her BAYC No. 3001 and Tom Brady owns her BAYC No. 3667.

“The public hears stories of celebrities paying for BAYC NFTs, which creates a validated and perceived value for the project itself,” said Orange Comet, which has launched several NFT collections. CEO Dave Broome said.

boring monkey price

Bored Apes was first released in April 2021 with an original mint price of 0.08 ETH, equivalent to around INR 15,335 at the time.

The lowest price of Apes, the cheapest NFT in the collection, fluctuates wildly.

It peaked in April 2022 at around INR 3,35,46,300 for almost a year until the day the collection was released. However, BAYC’s floor price has fallen. crypto recession— Currently at 72 ETH, almost INR 87,85,935. That’s a drop of over 70% in five months.

For the rarer apes, prices often run into the millions of rupees. For example, BAYC No. 5383 was sold on his August 18th for 777 ETH, approximately INR 112 million. The rare gold fur attribute is mainly responsible for its high price.

The most expensive Ape ever sold also owns BAYC No. 8817, a gold fur sold for INR 271 million at Sotheby’s ‘Natively Digital 1.2: The Collectors’ in October 2021 doing.

It is also important to remember that BAYC and most of the other largest NFT collections are Ethereum denominated. volatility Changes in the price of ETH relative to the US dollar and other fiat currencies, as well as changes in the price floor itself.

BendDAO and The Bored Ape Yacht Club

More moves are likely as multiple borrowers of BendDAO are at risk of liquidation. This NFT lending platform allows BAYC NFTs to be set up as collateral for loans.

A lot of Bored Apes was pledged as collateral a few months ago when floor prices were significantly higher, so the loan could be liquidated if the market drops further.

If this scenario materializes, it could affect the impact of the NFT market and BAYC.

Ethereum and Boring Monkey remain highly volatile going forward as the macro environment continues to be volatile. BAYC remains a very risky investment with significant downside and upside potential.

Boring monkey theft

Bored Monkey has been the subject of several thefts. Many are wondering how this is possible given that these apes do not exist in the “real world” and were digitally created.

However, if a hacker gains access to someone’s private key, they can transfer cryptocurrencies or NFTs containing Apes. Incidents involving Bored Apes receive special attention due to their high value compared to the rest of her NFT collection.

Several phishing scams target Bored Ape owners by accessing Bored Ape Discord servers and then sharing phishing links in an attempt to sever ties with stolen Ape. using.

What are Mutant Ape NFTs?

Yuga Labs continues to expand the BAYC ecosystem and the demand for these digital creatures is growing. This includes the launch of a sister collection, Mutant Ape Yacht Club (MAYC).

On August 28, 2021, 20,000 Mutant Apes were released. It resembles a mutated version of Boring Ape’s cousin. In its creation, each bored monkey was exposed to a “vial of mutant serum.”

BAYC owners had the option to combine their own NFTs with mutant sera, so they created Mutant Ape in addition to the Bored Ape they already had.

Half of MAYC was created this way. The rest were sold to the public through Dutch auctions and within an hour he had a sale of INR 7 billion.

Mutant Ape is another way Yuga Labs turned BAYC into a cultural juggernaut.

But as the pandemic-era bull market has cooled significantly this year, prices for all kinds of apes have plummeted, leaving even high-profile celebrity owners with bags.

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