Naturally, you probably have a lot of questions. What on earth is the Bored Ape Yacht Club? Why is a cartoon so expensive? What is the cheapest Bored Ape? Let's dig in.
What Is the Bored Ape Yacht Club?
Bored Apes are a collection of 10,000 unique NFTs based on the Ethereum blockchain. The Bored Apes are grungy simian avatars with a variety of traits, some of which are more uncommon than others. For instance, only 3% of Bored Apes have a biker vest , and only 5% have red fur. A Bored Ape is likely to cost more money if its features are rarer.
Why Do Bored Apes Cost So Much?
The biggest question of them all is: why does Bored Apes cost so much? Even memberships to the most elite clubs in the US don't cost $368,000. Why do Bored Ape cost so much? The following details explain why they are so pricey.
Utility
Bored Ape art is not only valuable because it serves as a digital identity—but also because of the accompanying commercial usage rights. Not only can Bored Ape owners re-sell the NFT for a profit, but they can also sell spinoff products based on the art.
Scarcity
Some basic economics here: because there are only 10,000 Bored Apes, the supply of the NFT art is pretty limited. We have a high-demand/low-supply dynamic, which when combined with the enormous interest in the brand, inevitably raises costs.
Additionally, different Bored Ape avatars from the same collection have different rarities. A unique, 170-trait combination, including backdrop colour, earrings, facial expression, headgear, attire, etc., is used to create each individual ape. Some Bored Apes are expensive because of this derived scarcity.
Celebrity Support
Bored Apes is jointly owned by Jimmy Fallon, Post Malone, Mark Cuban, Paris Hilton, Snoop Dogg, Stephen Curry, Eminem, and Shaquille O'Neal. Additionally, it is common knowledge that engaging celebrities in anything can increase interest—and costs. Because of the significant celeb involvement, Bored Apes have become a status symbol — like a digital Veblen good — the more expensive they are, the more people want to have one.
What is the cheapest bored ape?
At the time of writing, the cheapest price for a Bored Ape NFT is 78.90Eth, which is almost 104130$ currently.
