Non-fungible tokens are all the rage right now. But what is behind this sudden interest in these unique digital assets? One of the most popular non-fungible tokens is Bored Ape. This token has generated a lot of buzz on social media and in the blockchain community. So why are people so interested in Bored Ape? And what does the future hold for this unique token? In this article, we will take a closer look at Bored Ape and explore its popularity and potential future.
What is Bored Ape?
Bored Ape is a unique non-fungible token created on the Ethereum blockchain. One profile picture sells for thousands of dollars, making it a primary interest of celebrities for purchase thanks to its unique art style and their speculated value behind it. Big names like Justin Bieber, Stephen Curry and Mark Cuban have bought Bored Ape arts for up to $470,000. While the debate on social media keeps going as some see it as generic and ugly, the artists that create such tokens earn more profit than just posting them on Patreon or Ko-Fi for interested clients.
Those who own Bored Ape become members of the Bored Ape Yacht Club: a compilation of Ape NFTs with various traits and designs. Currently, 10,000 ape NFTs reside in the club, each with their corresponding owners. To become a member, you need to purchase a Bored Ape NFT – the cheapest costing 94 ETH or $288,000.
Since only 10,000 Bored Apes exist, the cost gets higher as the supplies go lesser.
The popularity of Bored Ape is due to its inspiration from the CryptoPunks project. CryptoPunks are a set of thousands of images minted as ETH-backed NFTs. Uniquely, a CryptoPunk is generated from a base design of an 8-bit human. The project then allows the AI to randomly create various styles for this 8-bit person: one with glasses, another with long hair and a particular image that looks just like Jeff Bezos. Larva Labs developed CryptoPunks in hopes to bring the next step for digital artists and for people to earn authority in the images they purchase.
In this case, Bored Ape comes in various outfits and emotions: some apes wear hip-hop, others look gloomy, while some are as simple as smiling without anything else. As of 2022, Bored Ape has flipped and surpassed CryptoPunks based on its overall value.
The Future of Bored Ape
Without a doubt, Bored Ape became the center of the conversation in the fourth quarter of 2021. This was during the time when people started joining in on the trend of purchasing Bored Ape profile pictures that cost thousands of dollars. People buy Bored Ape just because it’s a form of digital fashion trend much like how baggy jeans were a thing in the 90s and mohawk hairstyles in the mid-2010s.
However, will Bored Ape last in the future or will it stop existing after people realize this is nothing more than just a trend? While we are uncertain about what is to come for Bored Ape, we do know that NFTs as an asset work. Other successful projects like Axie Infinity and Audius showed that NFTs come in various forms of entertainment while raking profit for the creators with the need for a middleman.
Even if Bored Ape may look like a straight-up trend in the early 2020s, it works as a foundation that builds the future of creativity. Finally, with NFTs, creators will free themselves from struggling to net massive profits. Arguably, NFTs are the newest modern art.
What are NFTs?
NFTs, or non-fungible tokens, are a type of digital asset that are unique and cannot be replaced by another token of the same kind. They were first popularized by CryptoKitties, a game built on the Ethereum blockchain where users can buy, sell and trade virtual cats.
Since their introduction, NFTs have been used to represent a variety of different assets, from digital art to virtual game items. This versatility has led some people to believe that NFTs could be the future of digital asset ownership.
But are NFTs worth buying? Will they last long in the future? Is an NFT just a trend? How will they change art, gaming and music in the future?
To answer these questions, it’s important to first understand how NFTs work.
How do NFTs work?
NFTs are created by issuing unique tokens on a blockchain. These tokens can represent anything from digital art to virtual game items.
Each token is associated with a specific asset and can be transferred, sold or traded between users. This makes NFTs a powerful tool for digital asset ownership and opens up a range of new opportunities for artists, gamers and musicians.
For example, an artist could create a piece of digital art and issue a token that represents the artwork. This token could then be sold or traded to other users.
Similarly, a gamer could create a new character or weapon for their game and issue a token that represents it. This token could then be used in-game or traded with other players.
And finally, musicians could release their music as an NFT and sell tokens that represent the tracks. This would give fans a new way to access and own their music.
Are NFTs worth buying?
That depends on your perspective. From an investment standpoint, NFTs are still in their early days and there is no guarantee that they will be successful in the long term.
However, if you’re interested in buying NFTs for their utility or to support the artists, gamers and musicians who are using them, then there is a good case to be made.
NFTs offer a new way to own and interact with digital assets. They have the potential to revolutionize art, gaming and music, and they are only going to become more popular in the years ahead.
The Risks of NFTs
NFTs are a new and exciting way to invest in digital art, music, and gaming. However, there are some risks to be aware of before investing in NFTs. Here are a few things to consider:
The value of NFTs is based on speculation. The prices of NFTs can fluctuate rapidly and unpredictably. NFTs are not regulated by any government or financial institution. This means that there is no protection for investors if something goes wrong.
There is a limited supply of NFTs. When the demand for NFTs increases, the prices will likely increase as well. NFTs are still a relatively new technology. There is a chance that they may not survive in the long term.
Despite these risks, NFTs are still an exciting investment opportunity. They could potentially provide huge returns in the future. Just make sure you do your research before investing.
Bored Ape ushered in a new generation of art and profit that showed the capabilities of an NFT to a mainstream crowd. While the concept of NFT still seems alien for many, there are quite a number of people who fully support it. Remember that people do not like change; and with NFTs existing in entertainment, a lot of people do not welcome it yet. Hopefully, as time goes by, more people may find the positive side of non-fungible technology.