Yes, so I became an ape. Why? Because the metaverse is the future and this NFT collection (Bored Ape Yacht Club) is here to stay, which got me hooked.
If you’ve been looking for information to understand what this is all about, you may have read many comments on social media platforms like Reddit. Some NFT sceptics say it makes no sense to spend as much as $3,000 to acquire what seems like a JPEG of an ape. When you say it like that, yes it does sound crazy to spend so much on just some JPEG images of apes. I would like to say that defaming the NFT-based art so callously with such comments or opinions is complete shortsightedness. If you also think so, you have missed the point: this technology has a lot more to offer. It is not just an image going viral in the metaverse.
Yes, 99.9% of the NFTs in the market may become worthless soon. However, brands like CryptoPunks, BAYC, and Hashmasks are here to stay. I have good reasons for this belief and I would like to break them down to you:
First-Mover Advantage
Those who are the first to collect the most sought-after NFT collections have the advantage of having more of the collection, as more and more people rush to collect. Not every NFT collection grows into such huge successes like BAYC, CryptoPunk, and Hashmasks.
Forefront Benefits of NFT Art
The top NFT collections will have the most advantage. Soon, there will be more viable ways to create digital art and ways to make them more physical. It is undeniable and inevitable. This will lead to three improvements in the physical art system:
- Better preservation of the assets (NFTs are not damageable)
- Improved liquidity (they are easy to sell)
- Better store value (you can sell them at the cost price or even make profits)
Let me explain these to support my reasons for becoming an ape.
Better Preservation of the Assets
Upkeep of physical assets may require additional spending, if neglected, they can deteriorate. NFTs require no upkeep or ongoing spending and are damage-proof. They do not fade away even if you leave them in the sun or rain.
Improved Liquidity
I can display NFT art on my wall and accept bids for it simultaneously. If I get bored of the art, I can sell it off. If I like an offer, someone makes for my NFT I can sell, no shipping required, no escrow (optional), and little to no additional costs. This is a drastic improvement for art collectors and makers.
Better Store Value
When you own a popular NFT, it is similar to being the owner of expensive art. The value can go up or down, or stay the same. You can enjoy the advantages of having trending or famous NFT collections. Such collections hold their market value similar to physical art, and you can sell them to a global audience without hassle.
Membership and Networking Benefits
I joined the BAYC, which allows me to join and explore some amazing online communities and groups to network and make new connections. So far, it has been a good experience talking to different people. As a member, I look forward to other benefits like the chance to be connected with projects which will eventually hit the NFT market. One immediate utility was the free Arabian Camel (NFT Collection) which was received just for being a member of the Bored Ape Yacht Club.
Constant Supply
Scarcity drives demand and interest. There will be a limited but fixed supply of BAYCs, CryptoPunks, and Hashmasks. There will only be 10,000 BAYCs in the market.
Rare Variety of Traits
The Bored Ape’s NFT collection has all kinds of traits. They have all kinds of accessories, different hair colours, personalities, and backgrounds. People find them to be a reflection of their personalities or moods. Moreover, they are rare because the 10k collection all sold.
I Find Them Interesting
My reason for joining the Bored Ape Yacht Club and becoming an Ape is simple – I find them interesting. I like having a piece of art that is wrapped up in history. Also, the utility of being a part of a great creative community is priceless.
If you are interested in more updates on BAYC and NFT’s, follow me.
Ape’s make sure you say “Hi” and… “Stay Bored”
