The rise in the value and popularity of NFT monkeys over recent years has left many wanting to invest in them. The main reason behind their rapid rise in popularity is that they are fun and adorable to collect. A good number of celebrities have also jumped into Monkey NFTs, taking their popularity to another level. Additionally, NFT monkey artwork can be exchanged for other crypto-based or digital works of art. The Bored Ape Yacht Club (BAYC) NFTs are the most expensive works of NFT art today.
Many consider NFT monkey a smart investment as its value will rise in the future. This has made NFT monkeys go viral. If you have been wondering whether NFT monkey is a worthwhile investment, you’ve come to the right place. In this article, we will be discussing monkey NFTs in depth.
Why are Monkey NFTs Very Expensive?
The Bored Ape Yacht Club is a collection of 10,000 NFTs with an attention-grabbing appearance. The NFTs are in the form of cartoon apes, each different from the others. They are made unique by varying their various attributes. They have become so popular because of their design, and this has driven their demand higher.
At the time of writing, the NFT monkey was leading in terms of floor price. The collection had a floor price of 70.99 ETH according to NFT Price Floor data. The floor price had risen by 2.51% over the past 24 hours. BAYC is ranked at #1 in terms of NFT price floor. The NFTs had been sold 92 times over the past 24 hours, with their trading volume rising to 6,538.6 ETH.
It is amazing to see how the monkey NFTs have taken off. Many subcultures have been created but disappeared with time. However, none of them has been as successful within a short period as the Bored Ape Yacht Club. Many are desiring to jump into the hype surrounding monkey NFTs and become NFT monkey owners.
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What Makes NFT Monkey So Expensive?
The following are the reasons why NFT monkeys are so expensive:
#1: Scarcity
There are only 10,000 monkey NFTs, thus, their supply is limited. There is also a great interest in the art, meaning that there is a high demand/low supply dynamic which drives up the price of the NFT monkey.
Some NFT monkeys are also rarer than others. Each NFT monkey is unique, and they are generated by a random combination of 170 traits such as earrings, background color, headwear, expression, clothing, and others. The derived scarcity also increases the value of the NFT monkey. NFT monkeys with rarer traits tend to have a high demand, which drives their value much higher. Those with common traits tend to have less demand, hence, they are less expensive.
#2: Utility
The NFT monkey art gains value from its accompanying commercial usage rights. NFT monkey holders can resell their NFTs for profit and sell spinoff products based on the art. Thus, you can make a profit by buying and selling NFT monkey.
Brands were attracted when Arizona Iced Tea bought an NFT monkey in August 2021 and used it to market materials. Adidas also bought an NFT Monkey to use for developing a character and backstory. Such opportunities drive up the value of monkey NFTs.
#3: Celebrity Involvement
NFT monkeys have attracted the attention of top celebrities such as Eminem, Jimmy Fallon, Mark Cuban, Post Malone, Paris Hilton, Stephen Curry, Snoop Dogg, and Shaquille O’Neal, all being NFT monkey owners. Anything backed by celebrities can raise interest and prices.
The involvement of celebrities has made monkey NFTs a status symbol. They are expensive, but many people desire to own them. Most of these celebrities use their NFT monkeys as avatars on social media platforms such as Twitter and Instagram.
#4: Market Timing
Although monkey NFTs were not the first NFT collection to be invented, they are among the few that are available today. The BAYC team went ahead to acquire CryptoPunks in March 2022, the first NFT collection ever launched. This helped NFT monkeys to cut competition and establish themselves as the pioneers of the NFT-community movement. Thus, many people view NFT monkey as the first NFT project to be launched.
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#5: Exclusive Benefits
NFT monkey offers exclusive benefits to the holders which have been explained in the roadmap on their official website. The roadmap is a to-do list that the founders intend to check off once they hit their target sales percentages.
NFT monkey has had very creative community-building tactics. In June 2021, for example, every NFT monkey holder was permitted to adopt a canine companion NFT for free. The NFT monkey holders only paid for gas, which is the fee one must pay to process transactions on the Ethereum blockchain. This led to the birth of the Bored Ape Kennel Club (BACK). BAYC raised $1 million for animal shelters from secondary sales of the canine NFTs.
Who Founded NFT Monkeys?
NFT monkeys were founded by four founders in 2021 via their company called Yuga Labs. The founders have cartoonish pseudonyms: Gargamel, Emperor Tomato Ketchup, Gordon Goner, and No Sass. Gordon Goner and Gargamel revealed their identities in February 2022.
It emerged that Gargamel’s real name was Greg Solano, a writer and book critic, while Gordon Goner’s real name was Wylie Aronow. The true identities were revealed on Twitter, even their monkey NFTs. The other two co-founders, Emperor Tomato Ketchup and No Sass, also revealed their true identities later.
The founders also explained that they were inspired by NFT monkeys from NFT projects such as CryptoPunks when creating the NFT monkey project. CryptoPunks is also a collection of 10,000 unique NFT avatars that cost a fortune, just like the NFT monkey project. It is currently ranked #2 in terms of NFT price floor after NFT monkey.
NFT monkey was meant to combine the collectible-art part of NFTs with community membership to give NFT ownership utility beyond just being symbols of crypto cool kids.
What are the Advantages of Buying NFT Monkey?
Being an owner of an NFT monkey comes with many benefits. One of the major benefits is the ability to buy and sell on the Ethereum blockchain. Anybody with an Ethereum wallet can buy and sell NFT monkey.
The uniqueness and exclusivity of NFT monkeys make them valuable to collectors. Since NFT monkeys are scarce, their value is most likely to rise in the future. The expensive price is also an indication of great investment potential. Their prices will rise further when many people start to buy and trade them.
Are you interested in buying an NFT monkey? Read our blog on how to buy NFT.
What are the Risks of Buying an NFT Monkey?
There are chances of losing money in any form of investment. The major concern when it comes to NFT monkey is the loss of value. 2022 was a tough year for the entire cryptocurrency industry. This saw the collapse of many crypto projects, with some NFTs losing more than half of their value. However, 2023 has started in an uptrend, with the NFT sales soaring close to $1 billion in January alone. Bitcoin, the leading crypto coin in terms of market cap, has also shown signs of recovery in 2023, rising from time to time. Other cryptocurrencies such as Polygon (MATIC) are also expected to continue rising in value in 2023, hence, it may be a good year for the entire cryptocurrency market. Thus, buying NFT monkey could be one of the wise decisions to make in 2023.
It’s also worth noting that NFT monkey is a developing field of study. An unexpected event might happen at any time and render the NFT technology useless. This is worth considering before jumping into monkey NFTs.
What is So Special about NFT Monkey?
NFT monkey is an early implementation of the upcoming ERC-721 standard for NFTs (Non-Fungible Tokens). This makes it a very desirable NFT for collectors. Additionally, NFT monkey is one of the first NFT projects created by a big corporation. Thus, its credibility makes it a respectable NFT project compared to many other NFT projects.
NFT monkey also has a physical asset behind it, and this makes it unique. Each NFT monkey represents a minority ownership stake in physical yachts. This makes monkey NFTs unique from other NFTs that are entirely digital and with no corresponding tangible value.
The limited supply of NFT monkeys also makes it attractive. Since it has a maximum supply of 10,000 tokens, they are desirable items to collectors. Anybody who acquires the monkey NFTs may count themselves among the very fortunate.
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