The Bored Ape Yacht Club is one of the hottest NFT wherein users can buy or invest in their own ape character from the website. It draws inspiration from Thorstein Veblen. Veblen used the phrase "conspicuous consumption" to describe wasteful displays of wealth in his 1899 book The Theory of the Leisure Class.
Bored Apes Yacht Club NFT Price
For all the metaverse froth, the Bored Ape Yacht Club NFT has proven multiple times its position and strength in the NFT market. The apes, which include one with gold fur that sold for $3.4 million in October at Sotheby's, are more than just toys for the wealthy; they are anticipating what is to come on the digital world.
The 8-bit-style graphics that became the first NFT collectibles in 2017, CryptoPunks, was the main inspiration and driving force in the creation of the Bored Ape Yacht Club. As a decision to move forward with the idea, the apes were created by a group of hipster creatives who were inspired by the mania.
With that, they created a series of 10,000 animations featuring anthropomorphic apes dressed in shabby clothes and smirking.
According to Financial Times, the developers of BAYC experimented with the concept of digital scarcity. NFTs are valuable because they are not identical (or fungible) like bitcoins. They make use of blockchain technology similar to cryptocurrencies, except each NFT is recognized by a unique code string. Numerous NFT art collectibles are valued in ether and settle on the Ethereum blockchain.
According to The Block Crypto, Bored Ape Yacht Club price is currently at 53.9 ETH ($215,350), while a CryptoPunk NFT price has a floor value of 52.69 ETH ($210,515).
How Mutations Works For The Mutant Ape Yacht Club
The Mutant Ape Yacht Club is a collection of up to 20,000 Mutant Apes generated by subjecting an existing Bored Ape to a vial of MUTANT SERUM or minting a Mutant Ape in the public auction.
As announced by the Bored Ape Yacht Club, the MAYC is a method to reward Bored Ape Yacht Club owners with a brand new NFT, a "mutant" version of their ape, while also allowing newbies to join the BAYC ecosystem at a lower tier. Every BAYC NFT art holder will receive 10,000 Mutant Serums as an airdrop.
In a public Dutch Auction, 10,000 Mutant Apes will be eligible to mint. The cost of minting a Mutant will begin at 3 ETH and steadily decrease over the course of 9 hours to .01 ETH. This will allow the community to determine a reasonable beginning price, possibly avoiding a gas war.
Mutant Apes will be unknown at the time of minting. Following the conclusion of the public sale, a randomized beginning index will be established, and all Mutant Apes will be disclosed. This is to prevent anyone from knowing which mutant will be minted during the transaction, including the founders.
BAYC members will be able to start mutating their apes with serums here on the site after the starting index is set and the mutants are revealed.
Related Article: Bored Apes vs. CryptoPunks: Which Is the Better NFT Investment?
