BAYC 1st Anniversary: How Boring Monkeys Became One of the Best Investments in the NFT Arena
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Answer BAYC 1st Anniversary: How Boring Monkeys Became One of the Best Investments in the NFT Arena
Five years ago, non-fungible tokens (NFTs) were an esoteric concept.
Only a few crypto people have benefited from it.
But that all changed in 2021 when NFT hit the mainstream.
Since then, this field has transformed many industries, particularly the art and games industry.
While there are hundreds of different NFT projects out there today, each trying to outdo the other, a few, like Bored Ape Yacht Club (BAYC), have changed the lives of some investors within a short period of time.
BAYC celebrates its first birthday:
Saturday, April 23, 2022 is the date of BAYC’s first anniversary.Read:Is Ripple able to change the financial industry around the world?
In April 2021, Yoga Labs launched the Bored Ape Club as a group of 10,000 Bored Ape NFTs.
But unlike other NFT projects that used Offer Curve Correlation (BCO), users who participated in the BAYC public mint paid a fixed price of 0.08 ETH (about $190) per NFT monkey.
According to Twitter user Zwingli, the BAYC founders’ decision to adopt a fair and fixed price distribution for the group contributed significantly to the success of the early stage project.
Starting with the founders’ decision to abolish the popular correlation curve firing model in favor of fair distribution and a fixed price.
This can not be overlooked
1) The magic that happened a week after mint night, wouldn’t have happened on the bonding curve
2) Setting the new standard
– Captain Zwingli (@ChrisJourdan) April 23, 2022
Prior to public launch, BAYC’s first 30 NFTs were minted and distributed to the founders and other active members of the Web3 ecosystem.
The remaining 9,970 monkeys were available to users for public mints on April 23, 2021.Read:The 3 most famous fake bitcoin trading sites… you should beware of them
Interestingly, at one point, the block’s floor price fell by about 40% from the mint price, and traded at a lower price, trading around 0.03 ETH ($70).
BAYC rises 173 times in one year:
All 10,000 monkeys were minted about a week later and one of them got to trade for about 0.16 ETH.Read:Study: One in ten households in the Eurozone owns cryptocurrency
That was when BAYC Group started gaining attention from crypto investors, and prices soared through the roof in the months that followed.
Not long after, major investors, including celebrities and big corporations, started joining the BAYC bandwagon, which increased the popularity and pricing of this NFT.
The current lowest price for the BAYC group is over 139 ETH or around $400,000, which represents an ROI of over 173,600%.
But outside the lowest price, the most expensive BAYC NFT, Bored Ape #8817, traded for a record $3.4 million, while other rare and notable monkeys sold for $2.3 million.
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