Why Have Bored Ape NFTs Become So Popular?

The NFTs eco-space has vastly evolved, with about $25 billion spending in 2021 alone. Among all the NFTs being bought, sold, and exhibited, there is one NFT specific that everyone has seen. Yep, you know what I’m talking about; it is the bored ape NFT. While many are still skeptical of NFTs being the real deal or just a fad, this specific collection of NFTs has gained immense popularity. I’m sure you’ve seen one, but don’t recognize them as expensive. The bored ape NFT was listed for .08 ETH in April of 2021, and now they’re trading for thousands of dollars each. You need to read ahead to understand what BAYC is and why they are so popular. What is the Bored Ape Yacht Club (BAYC)? As the name suggests, it is a club of members that own a bored ape NFT. The BAYC cannot have members exceeding 10,000 because the collection has 10,000 such bored ape NFTs in different styles and appearances. Hence, it is understood that to be a member of this club, you should own at least one of these ape NFTs. These 10,000 NFTs represent a unique collectible built on the Ethereum blockchain. Each of these NFTs in the collection is identified by their unique trait stored as an ERC-721 token. These traits could be clothing, headwear, facial expressions, etc. Fun Fact: Marshall Mathers, aka Eminem, dropped a whopping $462,000 on a BAYC NFT, which appears to be equipped with a green cap, a golden jacket, and a golden chain. Why is BAYC Gaining So Much ...