Digital collectibles are still on the rise
With just one NFT sale, a photographer earned a whopping $ 1.4 million.
Ever since monkeys with bored eyes in comic book art were released in April 2021, they have attracted quite a bit of attention. Some perceive the works of art as childish, others are very enthusiastic about them. Whatever your opinion, the cheapest Bored Ape now costs hundreds of thousands of dollars. But how did this happen, and why are NFTs trading so high? We get to the bottom of this question and many more below.
What is the Bored Ape Yacht Club (BAYC)?
Bored Apes Yacht Club is a collection of 10,000 unique tokens (NFTs). They are digital collectibles based on the Ethereum blockchain. About 170 unique features with varying degrees of rarity make the monkeys unique pieces. The creators have combined these different properties to create a limited series of unique NFTs. To get to know this topic in depth and make money on trading, you should first learn how to trade cryptocurrencies. That way, you will be slowly introduced to the topic and enjoy the many possibilities.
NFTs get features
Each NFT has an exact address stored in the holder’s wallet, whereby the work can be identified. This is how you can prove that you are the sole owner. NFTs are used primarily today as collectibles or objects in the game for video games. BAYC NFT also serves as a membership card for the virtual yacht club and guarantees access to exclusive benefits.
This gives you many discounts and you enjoy special access. A large community has also been formed around this collection, which is organized in the largest cities in the world. Very well-known artists perform at the members’ own parties, and in the meantime there is even a separate festival weekend for the owners.
User rights for NFTs
User rights to NFT vary by collection object. At BAYC, owners have full rights to market and license the monkeys. So you can exercise your full rights to it. The creators waive all their rights in the sale. The new owners can also use the grades for various projects, for example to create new values or content. Some owners have developed a background story around their monkeys, creating completely new identities.
This made an independent ecosystem possible: BAYC has already created entire clothing lines, music, coffee brands and other types of merchandise. The NFTs are creating new opportunities across multiple media platforms, including music, games, TV and more. However, the individual originals are always preserved, although the intellectual property rights of the apes can be constantly developed and passed on.
Emmy-nominated photographer John Knopf sells BAYC
Emmy-nominated photographer John Knopf sold his BAYC NFT on December 13th. He received 347 ETH for this, initially he paid only 0.08 ETH for the monkey. So the sale will give him a total profit of $ 1.39 million.
million dollars error
When buying, however, there was one major mistake: the monkey was bought for 655 ETH, as 230 ETH was sent to the seller in addition to the offer price. The buyer said that in addition to the offer, he should move 230 ETH to another wallet on the phone. However, he did not postpone this, but sent the money to Knopf. Then he tells him the story and got 230 ETH back, which is about $ 920,000. Both then agreed on a purchase price of 347 ETH. These flaws are not uncommon in the sale of ETH, so recently a mutated monkey was sold for $ 17 instead of 17 ETH. That makes a difference of more than $ 60,000.
If you are interested in the subject and would like to dive further into it, then you should first learn how to trade cryptocurrencies. This will give you a basic understanding of this digital topic and you can then design your own NFTs or purchase them.
Image source: https://www.pexels.com/de-de/foto/ripple-etehereum-und-bitcoin-sowie-micro-sdhc-card-844124/