Five years ago, non-fungible tokens (NFTs) were an esoteric concept leveraged by a few crypto fanatics, but that changed in 2021 when NFTs made it to the mainstream. Since then, the niche has disrupted many industries, especially the art and gaming markets.
Although there are hundreds of different NFT projects today, each trying to outdo the other, some of them, like the popular Bored Ape Yacht Club (BAYC), have changed the lives of some investors in a short time. weather.
Happy Birthday, Bored Ape Yacht Club
Saturday, April 23, 2022, marked BAYC’s first anniversary, and some avid Ape holders like web3 enthusiast Chris Jourdan, AKA Captain Zwingli, looked back to the early days of the NFT project and how it helped pushed “the web3 space forward” and became “a cultural phenomenon.”
In April 2021, Yuga Labs launched the Bored Ape Yacht Club as a collection of 10,000 Bored Ape NFTs. But unlike other NFT projects that used the Bond Curve Offering (BCO), users who participated in the BAYC public mint paid a flat fee of 0.08 ETH (around $190) for each Ape.
According to Captain Zwingli, BAYC’s founders’ decision to adopt a fair, flat price distribution for the collection contributed greatly to the project’s success in its early stage.
But before the public launch, the BAYC deployment contract struck the first 30 monkeys and distributed them to founders and other active members of the Web3 ecosystem. The remaining 9,970 monkeys were available to users for a public minting on April 23, 2021.
Interestingly, at some point, the floor price of the collection dropped about 40% from the minting price, and the least expensive Bored Ape traded around 0.03 ETH ($70).
BAYC increases 173 times in one year
The 10,000 monkeys were hit around a week into the public event after one traded for around 0.16 ETH in secondary sales. This is when the BAYC collection began to attract interest from crypto investors and prices skyrocketed in the months that followed.
Not that long after, mainstream investors, including popular celebrities and large corporations, started joining the BAYC bandwagon, further pushing the popularity and floor price of the NFTs.
The current floor price of the BAYC collection is 139 ETH or approximately $403,000, which represents an ROI of over 173,600%. But apart from the floor price, the most expensive BAYC NFT, Bored monkey #8817traded at a record $3.4 million, while other rare and notable monkeys sold for as much as $2.3 million.
