You may be wondering why a picture of cartoon monkey that is so-called NFT can be worth almost half a million dollars in value. What is it and why is it so expensive? How much is a monkey NFT? Let's see.
What is monkey NFTs?
That cartoon monkey NFTs are called Bored Ape Yacht Club NFT(BAYC). It is a collection of 10,000 ape NFT's on the Ethereum blockchain. Each Bored Ape has unique traits, with some traits being rarer than others. Each Bored Ape is made up of seven possible traits including background color, clothes, earrings, eyes, fur, hat, and mouth.
Why are they high in value?
One of the causes of the increment in their prices is because many celebrities like Eminem, Serena Williams, Post Malone, Snoop Dogg, Stephen Curry, and Justin Bieber bought at least one of these NFTs. That's why having a BAYC gives you status and people like that specific recognition. Nonetheless, the real value is the membership access to the Bored Ape Yacht Club.
"Some careers require a person to be relevant, so what better way to do that than owning the most well-known NFT in the world," said Yehudah Petscher, a strategist at NFT data aggregator CryptoSlam
Other benefits of having a monkey NFT-
- Access to additional NFT airdrops
- Real-life events with celebrity guests and performers
- Access to The Bathroom, a collaborative art piece
- Access to the Apes vs Mutants Mobile Game.
- Each NFT has great resale value.
- Owners of each BAYC NFT receive commercial usage rights
Top 10 most expensive monkey (BAYC) NFTs
Here is the list of the most expensive monkey (BAYC) NFTs that has ever sold in the market-
1. Bored Ape #2087 – 769 ETH ~ $2.3 Million USD
2. Bored Ape #3749 – 740 ETH ~ $2.9 Million USD
3. Bored Ape #8585 – 697 ETH ~ $2.67 Million USD
4. Bored Ape #7090 – 600 ETH ~ $2.27 Million USD
5. Bored Ape #8135 – 550 ETH ~ $1.91 Million USD
6. Bored Ape #8135 – 500 ETH ~ $1.6 Million USD
7. Bored Ape #9361 – 500 ETH ~ $1.56 Million USD
8. Bored Ape #8877 – 425 ETH ~ $1.3 Million USD
9. Bored Ape #5199 – 425 ETH ~ $1.3 Million USD
10. Bored Ape #1734 – 420 ETH ~ $1.39 Million USD
As you can see, the prices of these NFTs are so high for most people.
So, how much is a monkey NFT?
Bored Apes had been first launched in April 2021, with an original mint rate of 0.08 ETH, equal to about $192 at the time. Apes' floor price, the rate for the cheapest NFT inside a collection, has fluctuated wildly.
At the time of writing(Sep 2022), the floor price for it is 83.5 ETH. It means, if you want to buy a BYAC NFT right now, it'll cost over 105000$ for at least.
