In some ways, Bored Ape Yacht Club (BAYC) paved the way for the crossover between crypto and pop culture. The non-fungible tokens (NFTs) , which are pictures of cartoon apes with unique features, have attracted investments from the likes of NBA star Stephen Curry to billionaire Mark Cuban. This hype has driven the prices to extremely high levels. However, many wonder if there is room for even more growth for the NFT project.
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Contents What is Bored Ape Yacht Club (BAYC)?
BAYC is an NFT project of 10,000 unique photos. Each is a headshot of an ape, but each NFT has defining characteristics that make it unique and define its rarity. Each ape’s clothes, background and eyes, among features, determine its overall rarity. The rarer the ape, the more it sells for. This is a common practice among NFT projects, giving each holder a distinctly unique NFT.
While each ape is unique, some have characteristics that raise the rarity and price. Some of the most sought-after characteristics are laser eyes, solid gold fur and a king’s crown. There are far fewer NFTs with these traits than others. For example, out of the 10,000 NFTs in existence, only 46 boast solid gold fur. The cheapest ape with gold fur goes for more than $3.3 million, while cheaper apes sell for around $300,000. While all BAYC NFTs are extremely expensive, some have rare features that make them even more expensive. BAYC Prices
While it is impossible to determine an exact market capitalization for an NFT project, estimates place the total value of all the NFTs in the project between 1,000,000 ETH and 1,500,000 ETH. This amount equates to $2.8 billion to $4.1 billion. However, these are estimates that are based on transaction history.
All time, over 540,000 ETH — around $1.5 billion — has been spent on BAYC NFTs. In the past 30 days, the average selling price has been just below 140 ETH ($390,000), and 442 NFTs have sold. Bull Case for BAYC
A best-case scenario for BAYC NFTs would be a huge increase in the floor price. For this to happen, BAYC creators Yuga Labs would have to make some pretty huge announcements regarding plans for the future. For example, when ApeCoin, the token that powers the ecosystem, launched, the floor price shot up around 40% almost overnight. Many were hoping to secure the airdropped tokens from the release.
Yuga Labs has hinted at attempting to enter the gaming and metaverse spaces, as well as plans for interoperability with other large NFT projects. If it is able to create real use cases in the metaverse or gaming world, then the market could see the price spike again. Bear Case for BAYC
A worst-case scenario for BAYC would be a complete crash in the floor price. This could happen in multiple scenarios. First, if Yuga Labs cannot continue to create new projects and becomes stagnant in terms of growth, then BAYC could suffer. Many BAYC holders are holding in hopes of future uses and rewards, so a lack of these could result in a massive sell off.
Additionally, BAYC is housed on the Ethereum chain. If the Ethereum Merge does not go well and many begin to shift towards other blockchains , then a BAYC sell off would lower the floor price. Where to Buy BAYC
BAYC NFTs cannot be bought on a centralized exchange. Instead, they are transacted on NFT marketplaces, typically built on Ethereum, but also on other smart contract blockchains. The most popular marketplaces to buy Bored Apes are OpenSea and Looksrare. To buy your own Ape, head over to OpenSea and connect your wallet to the exchange. You can then use Ethereum to bid on or purchase an NFT. How Long will it Take for BAYC to Reach a $500,000 Floor Price?
An NFT project’s floor price is the asking price out of all the NFTs from the project on the market.
As of right now, BAYC has a floor price of just over $300,000 or around 115 ETH. For it to reach a $500,000 floor price, the floor price would have to increase by over 50%. In terms of past movements, this is not very much; the floor price has appreciated over 500% since the project was initially released. However, it is much more difficult for the floor price to increase now, as it is much more expensive than when it was first released.
Additionally, the floor price spiked to around $420,000 during the release […]
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