The current floor price for the Bored Ape Yacht Club NFTs stands at 75.5 ETH with a 24-hour trading volume of 614.75 ETH with 7 sales. The floor price for the Bored Ape Yacht Club NFTs for the last 24 hours is up 0.00%. Its 7D average sale price is 84.575 ETH, with a 7D highest sale price of 190.00 ETH and a 7D lowest sale price of 61.80 ETH.
The BAYC NFT project is currently ranked #1 in NFT Price Floor with a floor cap of 755,000 ETH. It has a listed ratio of 8.26% and a max supply of 10,000.
What are Bored Ape Yacht Club NFTs?
The Bored Ape Yacht Club (BAYC) is a collection of 10,000 cartoon apes that have become the poster child for NFTs. Each cartoon is sold as an NFT. BAYC has become the embodiment of the whole NFT industry, just as Bitcoin is for the cryptocurrency market.
When the NFT hype was at its peak in April 2021, the Bored Ape Yacht Club NFTs cost around $400,000. After the crypto crash, which resulted from the Federal Reserve’s decision to hike interest rates to tackle inflation, the price of the BAYC NFTs has fallen to $150,000. This may seem to be far from an all-time high, but these NFTs were sold for $200 in 2020.
You must have seen a BAYC NFT, though you might not have realized you were looking at one. Some of the Bored Ape Yacht Club NFT owners using their NFTs as Twitter profile pictures include Eminem (with over 22.6 million followers), Timbaland (with over 1.6 million followers), and Neyman Junior (with more than 55 million followers). Paris Hilton and Jimmy Fallon also own Bored Ape Yacht Club NFTs. Justin Bieber made headlines after he purchased a BAYC NFT for $1.29 million.
The Bored Ape Yacht Club NFT project was created by Yuga Labs. The team has expanded the project to include a cryptocurrency named Ape Coin. They are also creating a “metaverse” MMORPG game given the name “Otherside.” The Bored Ape Yacht NFT holders believe that the brand will make it to the mainstream. The NFT project has already entered into collaborations with brands such as Gucci and Adidas.
The Bored Ape Yacht Club has been a contentious NFT project. The Apes stir up jealousy among the owners and traders and suspicion among those who don’t. The value of the Bored Ape NFTs is connected to Ether, the second largest cryptocurrency after Bitcoin. This is an indication the value of the BAYC NFTs may drop if cryptocurrency collapses.
What makes the Bored Ape Yacht Club NFTs valuable?
The Bored Ape Yacht Club NFTs are status symbols. This means that the NFTs get their value from branding and perception rather than utility. The Bored Ape Yacht Club NFT holders believe that NFTs are better status symbols compared to real-world items. When the NFTs are used as profile pictures on social media platforms such as Twitter and Instagram, they can be seen by millions of people. That is why these NFTs have been a hotcake among celebrities.
