Are Bored Ape NFTs A Good Investment? (2022)

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Non-fungible tokens (NFTs) have taken the crypto market by storm over recent years.

While crypto enthusiasts insist there are myriad possible use cases for NFTs, the most popular—and valuable—application of this unusual crypto technology has been works of art that exist solely on the blockchain.

By most metrics, Bored Ape Yacht Club (BAYC) is the most successful NFT art collection. BAYC’S current market capitalization is valued at around $1.1 billion, according to CoinGecko.

In recent months, there have even been stories of Bored Apes being stolen by hackers, including a bizarre phishing scheme involving the actor and producer Seth Green.

“Well (friends), it happened to me. Got phished and had four NFTs stolen,” Green tweeted in May.

While stealing blockchain art monkeys might seem somewhat abstract, it’s easier to understand given the titanic valuations behind the Bored Apes. In April 2022, entry-level prices reached nearly $420,000—that’s expensive art, making them fat targets for heists.

So what’s the deal with these curiously named NFTs? Here’s a guide to all things Bored Apes, including a look at its history, meteoric rise, recent controversies and stratospheric pricing.

What Is the Bored Ape Yacht Club?

The Bored Ape Yacht Club is an NFT collection created by Yuga Labs on the Ethereum (ETH) blockchain. Each individual NFT is referred to as an Ape.

(Video) Why I Bought a Bored Ape!? | Is BAYC A Good Investment in 2022? | $APE Coin?

These digital artworks portray, well, bored simians. They all share a common look and feel, yet each Ape features a unique combination of facial expressions, accessories and outfits, so no two are the same.

It’s this combination of features—or the relative rarity of each combo—that may be the very thing that underpins the popularity of the Bored Apes. In the BAYC community, “rarity” is a formal measure of the uniqueness of each Ape.

There are dedicated websites that score Apes for their rarity. According to Rarity Tools, Bored Ape No. 8135 recently held the highest “custom rarity score.” Notable features for Bored Ape No. 8135 include a dagger in its mouth, a “trippy captain’s hat,” and a silver stud earring.

Other than rarity, there’s nothing ostensibly unique about the artworks themselves—they’re just pictures of monkeys, after all. What separates BAYC from the crowd is that it has become a cultural phenomenon.

For the NFT cognoscenti, owning a Bored Ape means more than just possessing a digital cartoon monkey—it’s a ticket granting the holder access to an exclusive membership club with perks like merchandise, parties and ApeCoins (APE), among other things.

How Many Bored Ape NFTs Are There?

Created via an algorithm, there will only ever be 10,000 Bored Ape NFTs in circulation.

As noted above, each Ape is unique. While it may share a feature, or several features, with other Apes, no two are identical. This drives BAYC’s non-fungible nature, which is the key to NFT valuations.

Scarcity also means BAYC NFTs are highly illiquid. OpenSea, the biggest NFT marketplace, has previously taken the action of freezing the listing of certain Apes if they are reported as stolen.

This action is considered controversial in some quarters, as a central entity intervening goes against one of the core pillars of crypto: decentralization. On the other hand, it helps prevent perpetrators from selling the stolen Apes for crypto they can withdraw.

(Video) What Is the Bored Ape Yacht Club (BAYC) NFT Project? Is It a Good Investment?

Who Owns Bored Apes?

Celebrities, influencers and regular folks own Bored Apes. Some BAYC owners use their Apes as their social media profile images.

Well-known celebrities love their Bored Apes. Madonna owns BAYC No. 4988, Justin Bieber has BAYC No. 3001 and Tom Brady owns BAYC No. 3667, to name just a few.

I finally entered the MetaVerse…,……….. My very own Ape! 🦧 Thanks @moonpay 🪄 We all need protection from Evil Eye. 🧿 pic.twitter.com/We5p9iy4hS

— Madonna (@Madonna) March 25, 2022

“The general public hears about a celebrity paying money for a BAYC NFT, which in turn creates validation and a perceived value in the project itself,” says Dave Broome, CEO of Orange Comet, which has launched several NFT collections.

Bored Ape Prices

Bored Apes were first released in April 2021, with an original mint price of 0.08 ETH, equivalent to about $192 at the time.

Apes’ floor price, the price for the cheapest NFT within a collection, has fluctuated wildly.

It peaked in April 2022 at around $420,000 almost a year to the day when the collection was released. But the BAYC floor price has fallen amid the crypto downturn— now at 72 ETH, nearly $110,000. That’s a drop of more than 70% in five months.

For rarer Apes, the price has frequently been into the millions of dollars. For example, BAYC No. 5383 sold on Aug. 18 for 777 ETH, roughly $1.4 million. The rare gold fur attribute primarily drives its high price.

(Video) Bored Ape Yacht Club NFT Madness - A Crazy Fad or Good Investment?

The most expensive Ape ever sold also possesses gold fur, BAYC No. 8817, sold at Sotheby’s “Natively Digital 1.2: The Collectors” in October 2021 for $3.4 million.

#AuctionUpdate #BAYC #8817 sells for a RECORD $3,408,000 USD! This is the first time it has been made available since it was minted. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth #NativelyDigital pic.twitter.com/HfFTpEOIUh

— Sotheby’s Metaverse (@Sothebysverse) October 26, 2021

It is also important to remember that BAYC and most of the other largest NFT collections are denominated in Ethereum, meaning not only is BAYC subject to the volatility of the floor price itself, but also the fluctuation of ETH’s price against U.S. dollars and other fiat currencies.

BendDAO and the Bored Ape Yacht Club

Potentially causing further movement ahead is the danger of liquidation for several borrowers at BendDAO. This NFT lending platform allows BAYC NFTs to be put up as collateral on loans.

With a lot of Bored Apes pledged as collateral months ago when the floor price was significantly higher, loans could be liquidated if the market sees further downside.

If this scenario were to materialize, there could be implications for the NFT market and the influence of BAYC.

With a persistent turbulent macro environment, Ethereum and Bored Apes will remain highly volatile going forward. BAYC remains an extremely risky investment, with a significant potential for downside and upside.

Bored Ape Thefts

Bored Apes have been the subject of several thefts. Many wonder how this is even possible, given these Apes don’t exist in the “real world” and are digital creations.

(Video) The TRUTH About BAYC NFTs (Bored Ape Yacht Club NFT)

But if a hacker gains access to someone’s private key, they can transfer out any cryptocurrency or NFTs, including Apes. Incidents involving Bored Apes have gained extra attention given their high value compared with other NFTs collections.

Several phishing scams have targeted Bored Ape owners, using methods such as gaining access to the Bored Ape Discord server before sharing phishing links to try to make off with some stolen Apes.

Our Discord servers were briefly exploited today. The team caught and addressed it quickly. About 200 ETH worth of NFTs appear to have been impacted. We are still investigating, but if you were impacted, email us at discord@yugalabs.io.

— Bored Ape Yacht Club (@BoredApeYC) June 4, 2022

What Is a Mutant Ape NFT?

Yuga Labs has continuously expanded the BAYC ecosystem, driving more demand for these digital creatures. This includes the launch of its sister collection, Mutant Ape Yacht Club (MAYC).

On Aug. 28, 2021, 20,000 Mutant Apes were released, resembling mutated versions of their Bored Ape cousins. In its creation, each Bored Ape was exposed to a “vial of Mutant Serum.”

BAYC holders had an option to pair their unique NFT with the Mutant Serum, hence creating a Mutant Ape in addition to the Bored Ape they already held.

Half of MAYCs were created this way. The remainder were sold to the public via a Dutch auction, with $96 million in sales in less than one hour.

When I APE in I APE all the way in!! pic.twitter.com/3XB3Jo5Fb6

(Video) Is Bored Ape Yacht Club The Best Investment In History?!

— Snoop Dogg (@SnoopDogg) December 21, 2021


Mutant Apes are just another way that Yuga Labs has turned BAYC into a cultural juggernaut.

But with the pandemic-era bull market cooling drastically this year, Apes of all varieties have cratered in price, leaving even their famous celebrity owners holding the bag.

FAQs

Are NFTs good for investment? ›

Asset ownership that is tokenized into an NFT can more easily and efficiently be transferred among people anywhere in the world. NFT ownership is secured by a blockchain. Using blockchain technology to digitally signify ownership can make an investor's ownership of an asset more secure.

Is Bored Ape Yacht Club worth buying? ›

Bored Ape Yacht Club definitely isn't a good investment, and it's also not even a realistic investment for most people. The prohibitive cost puts these NFTs out of reach for the average investor.

How much is a Bored Ape NFT when it first came out? ›

Bored Apes were first released in April 2021, with an original mint price of 0.08 ETH, equivalent to about $192 USD at the time. Apes' floor price, the price for the cheapest NFT within a collection, has fluctuated wildly.

What makes a Bored Ape NFT valuable? ›

Why Is The Bored Ape So Expensive? Bored Ape NFTs are expensive because they're rare. Each Bored APE has a unique design, some of which can be customized using mutations! Owning a Bored Ape NFT unlocks exclusive benefits like access to discord and community events that even rich celebrities attend.

Can I get rich making NFTs? ›

The direct and effective method of making money with NFTs is to create and sell them. Yes, you can create and sell anything digital such as arts, images, videos, memes, properties, etc., as NFTs. If you have a notch to creativity, you can monetize all your creations by selling them as NFT.

Can making NFTs make you rich? ›

NFTs can make you rich in several ways. You can become rich by creating your own NFTs, buying and flipping existing NFTs, investing in NFTs for long-term profit (building wealth), or by creating your own business and incorporating NFTs into your brand.

Are Bored Apes losing value? ›

One report suggested the NFT market could reach a $230 billion valuation by 2030 — more than 20 times greater than its value in 2021. There is no denying that nonfungible tokens (NFTs) have taken a hit in recent months.

Why is ape coin dropping? ›

The crypto token attached to Bored Ape Yacht Club experienced a drop after tech entrepreneur Jeff Huang put his Bored Apes and Mutant Apes up for sale. The ApeCoin crypto token's price slipped a bit this week after one of Bored Ape Yacht Club's biggest followers began liquidating his holdings within the project.

Why is Bored Ape successful? ›

Stickiness. The Bored Apes designs are iconic. While each Ape has its unique traits that set them apart, they follow a core set of shapes that define their look as a Bored Ape. The variations also create neverending discoverability that feeds the curious minds and engages them.

What is the most rare Bored Ape? ›

Bored Ape Yacht Club Rarity Rankings
RankFur
17678Cheetah 4.06%
2208Pink 5.11%
37253Cream 6.36%
42794Robot 2.65%
21 more rows

What is the cheapest Bored Ape NFT right now? ›

The current price floor of Bored Ape Yacht Club is 79 ETH and the 24 hour trading volume is 783.00 ETH with 9 sales. In the last 24 hours, the price floor of Bored Ape Yacht Club is up 0.25%. The 7D average sale price is 85.977 ETH, the 7D highest sale price is 169.00 ETH and the 7D lowest sale price is 65.00 ETH.

Does ape NFT have value? ›

The live APENFT price today is $5.00e-7 USD with a 24-hour trading volume of $24,853,848 USD. We update our NFT to USD price in real-time. APENFT is down 0.17% in the last 24 hours. The current CoinMarketCap ranking is #158, with a live market cap of $138,648,959 USD.

Why People Buy Bored Ape Yacht Club? ›

Buying one Bored Ape Yacht Club NFT gets you to access to a whole NFT world and crypto-assets. "This is what makes BAYC so strong," said Yehudah Petscher. "They capture a moment in time where NFTs were starting to become relevant in a mainstream way, and owning one is owning a piece of that moment."

Who is buying Bored Apes? ›

BAYC #961. Singer and song writer Post Malone recently acquired 2 Bored Ape Yacht Club NFTs for over $700,000.

How long did Bored Ape Yacht Club take to sell out? ›

The NFTs were originally sold for 0.08 ether each, around $190 at the time of their April 2021 launch and were sold out in 12 hours.

How do you flip NFTs for profit? ›

The best way to make money by flipping NFTs is to purchase all of the NFTs available when they're cheap. The NFTs will be cheap because there are a lot of NFTs available. If you purchase all of the NFTs available when they're cheap, you'll be able to sell them for a lot of money.

What kind of NFTs sell best? ›

1. Art. Art is the most popular form of NFT out there. Because of that, art is also the kind of NFT that sells the best.

How do I convert NFT to cash? ›

Just transfer the NFT to the marketplace where you want to sell it (if it currently isn't already there, or if you are storing your NFTs only in your personal crypto wallet and don't have them available to be viewed on a marketplace). Then click on the "Sell" button from within the page of the NFT you want to sell.

Are people losing money on NFTs? ›

"The average artist is actually losing money on their NFTs," says software developer Stephen Diehl, a vocal critic of cryptocurrencies. He says the small players who make single editions of an original artwork generally pay out any profit in fees and costs -- and that is the lucky few who sell anything at all.

Is NFT easy to sell? ›

Yes, selling NFTs is easy. You can either sell them through an online marketplace or directly to a buyer. There are a few things to keep in mind when selling NFTs, such as setting the right price and ensuring that the transaction is secure.

How much money do you need to start buying NFTs? ›

The cost to mint (aka generate) and list an NFT for sale is around $85, according to NFT's Street. And you'll also owe the exchange a portion of your selling price. Prices can vary wildly depending on your chosen platform, the value of ETH that day, etc.

Do Bored Apes make money? ›

Yuga Labs has dropped two different sets of apes so far. The first release netted them around $2 million while the second drop, issued in late August 2021, netted the team a whopping $96 million. The studio also generates revenue whenever a secondary sale, for example on Rarible or OpenSea, occurs.

How high can ape coin get? ›

According to the technical analysis of ApeCoin prices expected in 2022, the minimum cost of ApeCoin will be $5.86941. The maximum level that the APE price can reach is $6.64934. The average trading price is expected around $6.13939.

Does ape coin have future? ›

It is a token of the Bored Ape Yacht Club NFT collection, but the parent company of the NFT collection, Yugo Labs, is not created. It has even distanced from this token so far. The fact that the first tokens are sold at a breakneck pace is not enough to promise a good long-term future.

How much will ape coin be worth in 2030? ›

ApeCoin price prediction June 2030: ApeCoin's price for June 2030 according to our analysis should range between $81.45 to $93.71 and the average price of APE should be around $87.58.

How much did Justin Bieber pay Bored Ape? ›

Justin Bieber purchased a Bored Ape Yacht Club (BAYC) NFT for $1.29 million, paying a reported 300 percent more than its valued market price.

Does Snoop Dogg own a Bored Ape? ›

It's official, Snoop Dogg joined the apes. The rap superstar and all-around businessman made a substantial NFT investment and is now showing a Bored Ape as his avatar on Twitter. Not only that, Snoop Dogg bought a full set; a Bored Ape, an M1 and an M2 Mutant, and their correspondent Bored Ape Kennel Club.

What is the cheapest Bored Ape for sale? ›

The floor price for a Bored Ape Yacht Club NFT—that is, the cheapest available item listed on a secondary marketplace—currently sits at $96,469, or 80 ETH, according to NFT Price Floor.

Are Bored Apes limited? ›

Only 10,000 Bored Apes exist, making them extremely scarce. Besides being rare and cool-looking, each Bored Ape NFT token doubles as membership to an exclusive online hangout called the swamp club.

How much is a gorilla NFT worth? ›

The average price of one Gorilla Nemesis NFT was $18.6. There are 1,283 Gorilla Nemesis owners, owning a total supply of 5,000 tokens.

How much is the average Bored Ape? ›

In the last 30 days, the cheapest Bored Ape Yacht Club NFT sales were below $101k, and the highest sales were for over $168k. The median price for a Bored Ape Yacht Club NFT was $123k in the last 30 days.

How much do NFT apes go for? ›

Bored Ape Yacht Club NFTs cost $190 at launch last April. Now they go for over $400,000. NFTs have been around for five years, but the nonfungible token boom only truly began in 2021.

How much are angry apes NFT worth? ›

Bored Ape NFT sells for $2.7 million, making it the most expensive in Yacht Club collection. Bored Ape #8585 just sold on OpenSea for $2.7 million. This is the third non-fungible token (NFT) from the Bored Ape Yacht Club (BAYC) to sell for more than $1 million in the last 30 days.

What can I use ape NFT for? ›

An NFT is a blockchain token that can represent ownership in an item. In the case of the Bored Ape Yacht Club, each NFT represents one of 10,000 unique avatars, plus holders can use their owned images to create commercial projects.

How much were Bored Apes minted for? ›

Here's a look at how much an original investment in Bored Ape Yacht Club is worth now. Investing $1,000 in Bored Ape NFTs: Based on a mint cost of 0.08 ETH and a cost of around $236, an investor could have purchased four Bored Apes for around $1,000 based on the mint cost and associated gas fees.

How much did bored ape NFT sell for? ›

An NFT holder sold a Bored Ape Yacht Club (BAYC) non-fungible-token (NFT) worth $350,000 for a meager $115. This either appears to be a hack or an honest mistake, but has costed the collector a fortune. For those who don't know, BAYC NFTs are a popular collection of 10,000 unique bored apes created by Yuga Labs.

What was the Mint price of bored ape? ›

About Bored Ape Yacht Club

Launched on April 23, Bored Ape Yacht Club had a mint price of 0.08 ETH and the collection sold out on April 30, 2021. Owning a Bored Ape Yacht Club grants holders exclusive access to the Yacht Club, which provides a variety of member-only benefits.

What is the cheapest bored ape NFT right now? ›

The current price floor of Bored Ape Yacht Club is 79 ETH and the 24 hour trading volume is 783.00 ETH with 9 sales. In the last 24 hours, the price floor of Bored Ape Yacht Club is up 0.25%. The 7D average sale price is 85.977 ETH, the 7D highest sale price is 169.00 ETH and the 7D lowest sale price is 65.00 ETH.

Do Bored Apes make money? ›

Yuga Labs has dropped two different sets of apes so far. The first release netted them around $2 million while the second drop, issued in late August 2021, netted the team a whopping $96 million. The studio also generates revenue whenever a secondary sale, for example on Rarible or OpenSea, occurs.

How much is the rarest bored ape? ›

Bored Ape #6267 was purchased for 155.5552 ETH in November 2021, or approximately $741,000 in fiat currency. With a rarity rank of 983 and a rarity score of 154.45 on Rarity Tools, Bored Ape #6267 is currently up for sale.

What is the most valuable bored ape? ›

Bored Ape #8817

The most expensive Bored Ape Yacht Club NFT ever sold is Bored Ape #8817 in terms of dollar value, it's sold for an incredible $3.41 Million (819 ETH) through the high-end NFT exclusive auction house Sotheby's Metaverse.

Does ape NFT have value? ›

The live APENFT price today is $5.00e-7 USD with a 24-hour trading volume of $24,853,848 USD. We update our NFT to USD price in real-time. APENFT is down 0.17% in the last 24 hours. The current CoinMarketCap ranking is #158, with a live market cap of $138,648,959 USD.

Can you screenshot an NFT? ›

Whether it be art, sports, gaming, and more, they are making their way into practically every business model. Yet, many people still believe that you can screenshot an NFT and gain access to all that the value an NFT holds. You can't screenshot an NFT.

Why do people buy NFT? ›

Thirty-two percent bought an NFT to raise their social status in cyberspace, saying that it felt comparable to “owning an expensive home or designer clothes in real life.” Thirty-six percent of those surveyed said they bought to resell for a profit.

What is the cheapest Bored Ape for sale? ›

The floor price for a Bored Ape Yacht Club NFT—that is, the cheapest available item listed on a secondary marketplace—currently sits at $96,469, or 80 ETH, according to NFT Price Floor.

What does buying a Bored Ape get you? ›

Holding the NFT can give you access to an exclusive Discord server with some celebrity owners, as well as free perks like additional NFTs or tokens from the BAYC ApeCoin launch this week. Bored Ape owners can also show off their NFT as their profile picture on Twitter with a Twitter Blue subscription.

How long did it take Bored Ape to explode? ›

An Expensive Collection. During the summer of 2021, as NFTs exploded into popularity especially profile picture (PFP) NFTs, the BAYC project was launched, which sold out within 12 hours since its minting started.

Who is buying Bored Ape NFT? ›

BAYC #961. Singer and song writer Post Malone recently acquired 2 Bored Ape Yacht Club NFTs for over $700,000. His purchase is featured in his recent music video with The Weeknd. Post Malone currently uses his Bored Ape #961 as his profile picture on Twitter.

How much is a gorilla NFT worth? ›

The average price of one Gorilla Nemesis NFT was $18.6. There are 1,283 Gorilla Nemesis owners, owning a total supply of 5,000 tokens.

Who owns Bored Ape? ›

The parent company of Bored Ape Yacht Club is Yuga Labs. The project launched with a live pre-sale on April 23, 2021 after first being minted on April 20, 2021 Owners of a Bored Ape NFT are granted access to a private online club, exclusive in-person events, and intellectual property rights for the image.

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