One of the first major NFT (non-fungible token) projects, the Bored Ape Yacht Club (BAYC), has exceeded $1 billion in traded volume on OpenSea as of January 2022. OpenSea proclaims itself as the globe’s first and biggest NFT marketplace. If you’re not familiar with it, consider it the eBay of digital collectables.
Alex Atallah and Devin Finzer founded OpenSea in NYC in 2017, and quickly the business entered the Y Combinator startup accelerator. Cryptocurrency token trading proved to be a profitable venture, and it’s currently experiencing quite an increase in popularity. Around the world, people trade digital currency and tokens 24 hours a day, seven days a week. The era of digital ownership is here, and the major proof of is the Bored Ape Yacht Club’s record-breaking sales.
BAYC consists of 10,000 pieces, and their cumulative sales are estimated at about $1.03 billion. In January of 2022 alone, the NFT project made roughly $55 million.
The Buzz Behind Bored Ape
BAYC is a collection of NFT art pieces depicting apes in various uninterested states. Joining the Club through purchasing one of the NFTs has become the latest status symbol for many wealthy individuals. It’s popular among celebrities, especially rappers, and truly took off at the end of 2021.
Four friends created BAYC, and according to their website, “set out to make some dope apes, test our skills, and try to build something (ridiculous)”. BAYC has gained roughly 11,000 owners since it launched in the spring of 2021. Typically, an ape sells for an average of 84 ETH or around $344,000 (as of January 2022).
A-Listers are “apeing in”, with famous holders including Post Malone, Stephen Curry, Snoop Dog, DJ Khaled, even Jimmy Fallon. Eminem was the latest to join the Club, and he spent around $462,000 on an image of a gold-jacketed ape.
Companies have even joined the Bored Ape Yacht Club. In September 2021, Adidas purchased an NFT for roughly $156,000. In December, the floor price outshone even CryptoPunks for the first time.
Personal Shopping in NFTs
Businesses are also seeing value in providing NFT purchasing services as a type of concierge program for high-net-worth individuals. MoonPay, a crypto payments firm, helped both Jimmy Fallon and Post Malone to buy their BAYC NFTs. A spokesperson said that they are offering a “white glove service for high-net-worth individuals who want to purchase NFTs […] without all the hassle of setting up a wallet, buying crypto, using that crypto to purchase an NFT, and then taking custody of it.”
MoonPay can invoice its clients for the NFTs and anything else purchased as a single transaction. Concierge services and NFT collecting by major companies and well-known celebrities are on the rise. We’re sure to see it continue to grow and gain popularity until it becomes a staple in the average household.
