Ape NFT Price Skyrockets as Bored Ape Yacht Club Attracts Celebrities and Collectors
Ape NFT Price: What You Need to Know About the Hottest NFT Trend
Non-fungible tokens (NFTs) are unique digital assets that represent various forms of art, collectibles, and media. They have taken the world by storm in 2021, with record-breaking sales and widespread adoption. Among the most popular and valuable types of NFTs are ape NFTs, which feature cartoon-like images of apes with different traits and attributes. In this article, we will explain what ape NFTs are, why they are so popular, how to buy and sell them, and what are the risks and challenges involved.
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What are ape NFTs and why are they popular?
Ape NFTs are digital artworks featuring apes with different traits and attributes
Ape NFTs are a subset of crypto art, which is a form of digital art that is created, distributed, and verified using blockchain technology. Ape NFTs are typically generated by an algorithm that combines various elements such as fur color, facial expression, clothing, accessories, and background. Each ape NFT is unique and has its own characteristics and personality. Some examples of ape NFT projects are Bored Ape Yacht Club, The Ape Project, Mutant Ape Yacht Club, Cool Cats, and CryptoPunks.
Ape NFTs offer exclusive benefits and rights to their owners
One of the main attractions of ape NFTs is that they provide their owners with more than just a digital image. They also grant them access to exclusive benefits and rights, such as:
Membership to online communities and clubs where they can interact with other ape owners, share ideas, and participate in events.
Intellectual property rights to use their ape image for commercial purposes, such as merchandising, licensing, or creating derivative works.
Voting power to influence the direction and development of the ape project, such as deciding on new features, updates, or collaborations.
Airdrops of additional tokens or rewards from the ape project or its partners.
Ape NFTs have attracted celebrities, investors, and collectors
Ape NFTs have also gained popularity among celebrities, investors, and collectors who see them as a way to express their identity, support creativity, or make profits. Some of the famous personalities who own ape NFTs include Justin Bieber, Snoop Dogg, Gwyneth Paltrow, Jimmy Fallon, Steph Curry, Post Malone, Paris Hilton, Steve Aoki, and The Weeknd. Some of the investors and collectors who have bought ape NFTs include Mark Cuban, Gary Vaynerchuk, Tim Draper, and Chamath Palihapatiya. Ape NFTs have also been featured in mainstream media outlets such as Forbes, CNN, The New York Times, and The Wall Street Journal.
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How to buy and sell ape NFTs?
Ape NFTs are traded on online marketplaces using cryptocurrencies
To buy or sell an ape NFT, you need to have a digital wallet that supports cryptocurrencies and NFTs, such as MetaMask, Trust Wallet, or Coinbase Wallet. You also need to have some cryptocurrency, such as Ethereum (ETH), to pay for the transaction fees and the price of the ape NFT. Then, you can browse through various online marketplaces that list ape NFTs for sale or auction, such as OpenSea, Rarible, or Nifty Gateway. You can filter the ape NFTs by project, price, rarity, or popularity. Once you find an ape NFT that you like, you can place a bid or make an offer. If the seller accepts your offer or you win the auction, you can complete the transaction by sending the cryptocurrency to the seller's wallet and receiving the ape NFT in your wallet.
Ape NFTs have different prices depending on their rarity, demand, and quality
The price of an ape NFT is determined by various factors, such as its rarity, demand, and quality. Rarity refers to how scarce or unique an ape NFT is based on its traits and attributes. For example, an ape NFT with a gold fur color or a laser eye is more rare than an ape NFT with a brown fur color or a normal eye. Demand refers to how popular or desirable an ape NFT is based on its project, community, or benefits. For example, an ape NFT from Bored Ape Yacht Club is more in demand than an ape NFT from a lesser-known project. Quality refers to how well-made or aesthetically pleasing an ape NFT is based on its design, style, or originality. For example, an ape NFT with a high-resolution image or a creative concept is more quality than an ape NFT with a low-resolution image or a generic concept.
Ape NFTs have experienced significant price fluctuations and trends
The price of an ape NFT is also influenced by the market conditions and trends of the NFT industry. Ape NFTs have experienced significant price fluctuations and trends since their inception. For example, in May 2021, Bored Ape Yacht Club launched its first collection of 10,000 ape NFTs for 0.08 ETH each (about $200 at the time). By September 2021, the floor price (the lowest price) of a Bored Ape Yacht Club ape NFT reached 40 ETH (about $140,000 at the time). That's a 500x increase in four months! However, in October 2021, the floor price of a Bored Ape Yacht Club ape NFT dropped to 28 ETH (about $100,000 at the time). That's a 30% decrease in one month! These price fluctuations and trends are driven by various factors such as supply and demand, hype and FOMO (fear of missing out), innovation and competition, and regulation and sentiment.
What are the risks and challenges of ape NFTs?
Ape NFTs are subject to hacking, theft, and fraud
One of the major risks of ape NFTs is that they are vulnerable to hacking, theft, and fraud. Since ape NFTs are stored on digital wallets that are connected to the internet, they can be hacked or stolen by malicious actors who can access the private keys or passwords of the wallet owners. For example, in August 2021, a hacker stole 101 Bored Ape Yacht Club ape NFTs worth over $2 million from a collector's wallet and tried to sell them on OpenSea. The hacker was eventually caught and the ape NFTs were returned, but not without causing panic and distress to the victim and the community. Another risk of ape NFTs is that they can be subject to fraud or scams by dishonest sellers or buyers who can create fake or duplicate ape NFTs, use phishing or spoofing techniques, or manipulate the prices or bids of ape NFTs. For example, in September 2021, a scammer created a fake website that looked like the official website of Bored Ape Yacht Club and tricked unsuspecting users into buying fake ape NFTs for ETH. The scammer managed to steal over $1 million worth of ETH before the website was taken down.
Ape NFTs are not regulated or standardized by any authority
Another challenge of ape NFTs is that they are not regulated or standardized by any authority or organization. This means that there is no clear or consistent legal framework or guidance for the creation, distribution, ownership, and use of ape NFTs. This also means that there is no guarantee or protection for the rights and interests of the ape NFT owners, creators, sellers, and buyers. For example, there is no clear answer to questions such as: Who owns the intellectual property rights of an ape NFT? What are the tax implications of buying or selling an ape NFT? How can an ape NFT owner prove their ownership in case of a dispute? How can an ape NFT buyer seek recourse in case of a fraud or a breach of contract? These questions and issues are likely to arise as ape NFTs become more mainstream and complex.
Ape NFTs have environmental and ethical implications
A final challenge of ape NFTs is that they have environmental and ethical implications that need to be considered and addressed. One of the environmental implications of ape NFTs is that they consume a lot of energy and resources to create, store, and trade. Most ape NFTs are based on the Ethereum blockchain, which uses a proof-of-work (PoW) consensus mechanism that requires a large amount of computing power and electricity to validate transactions and generate new blocks. According to some estimates, the Ethereum network consumes more energy than some countries, such as Ireland or Switzerland. This raises concerns about the carbon footprint and environmental impact of ape NFTs and other NFTs. One of the ethical implications of ape NFTs is that they may exploit or harm the real apes that they are inspired by. Some critics argue that ape NFTs are insensitive or disrespectful to the plight and dignity of apes, who are endangered species that face threats such as