Whether you’ve been part of the NFT world since the beginning or you’re just dipping in your toes, you must’ve heard about Bored Ape Yacht Club NFTs. Bored Ape NFT prices have been going through the roof since their release! This leaves us wondering how much BAYC owners are making money? Let’s see.
What Exactly Is the Bored Ape Yacht Club (BAYC)?
The Bored Ape Yacht Club is a collection of NFTs established on the Ethereum (ETH) blockchain by Yuga Labs. These digital works of art show bored simians. They all look and feel the same, yet each Ape has a unique combination of facial expressions, accessories, and attire, so no two are the same.
Aside from their rarity, the artworks aren’t noteworthy—they’re simply photos of monkeys, after all.
BAYC stands out from the rest since it has become a cultural phenomenon. Here’s everything you need to know about Bored Ape Yacht Club (BAYC) NFT.
Owning a Bored Ape is more than simply owning a digital cartoon monkey—it’s a ticket that grants the user entrance to an exclusive membership club with privileges like products, parties, and coins among other things. But these NFTs sell for insane prices!
Average Price of Bored Ape NFTs
Bored Apes was initially issued in April 2021, with a mint price of 0.08 ETH, around $192. The floor price of Apes has significantly changed since then.
It peaked in April 2022, nearly a year after the collection was released, at about $420,000. However, because of the crypto collapse, the BAYC floor price has decreased to 72 ETH, or almost $110,000.
The price of rarer Apes has regularly reached millions of dollars. On August 18, for example, BAYC No. 5383 sold for 777 ETH, or almost $1.4 million. The high price is largely due to the uncommon gold fur characteristic.
The most expensive Ape ever sold also had gold fur, BAYC No. 8817, which sold for $3.4 million at Sotheby’s “Natively Digital 1.2: The Collectors” auction in October 2021.
It is also important to remember that BAYC and the majority of the other largest NFT collections are denominating in Ethereum, which means that BAYC is subject to not only the volatility of the floor price but also the fluctuation of the price of ETH about US dollars and other fiat currencies.
Moreover, the below shows an overview of the most expensive BAYC NFT.
Having said that, how much do BAYC owners make from these non-fungibles?
How Much Bored Ape NFT Owners Make From Airdrops?
After its introduction, the NFT project Bored Ape Yacht Club (BAYC) brought in a sizeable profit for a number of investors. However, it’s yet uncertain how much money BAYC owners can actually make from airdrops.
An example is Nathan Head who sold all the 10,950 tokens he received after claiming his ApeCoin airdrop on March 18, 2022, for $75,000. ApeCoin was trading at about $6.80 per token at the time.
The 25-year-old described it as “money that changed your life.” “At first, I didn’t believe it. I waited for the transaction to be approved as I sat there. When it was completed, and I looked at my Ethereum balance, it was a surreal moment”.
Is there a way for a newbie to benefit from them?
Bored Apes (BAYC) and other NFT projects have received a lot of attention recently because of the outrageous amounts they’ve been selling for. Is it simple to generate money with the Bored Ape Yacht Club as a beginner?
Yes! A newbie can easily, maybe not that easily, generate money from BAYC.
Buy and Flip An Ape
The most apparent method to benefit from Bored Ape Yacht Club is to purchase an ape and flip it. The issue is that you’ll need to have at least $200,000 to get going. The floor price is currently 78 ETH.
But, if you have enough people who believe you and are wealthy enough to pay for a little amount of an ape, you may perhaps pool your money with them. Moreover, if your Ape’s price rises, remember to account for ETH gas costs and taxes when calculating profit.
Sell BAYC Products
If you can buy a Bored Ape, you might want to start selling bespoke stuff using your ape’s image. Interestingly, BAYC allows this. According to Yuga Labs, you can only to use your own ape’s image for commercial purposes. Yuga retains ownership of the intellectual property associated with the Bored Ape Yacht Club.
Begin a BAYC NFT Resource
Despite the fact that the BAYC brand is registered and protected by copyright, there is still business potential in the “community” component. For example, there are YouTube channels dedicated to modifying and functioning on Mac OS, for instance, despite the fact that channels are not owned by Apple.
Conclusion
The universe of Bored Ape NFTs continues to grow, with new releases, coins and auctions happening every day. If you’re looking to get your hands on one of these coveted items, prepare to spend big. But, you can also generate money if you join this project.
If you’re looking to profit from NFTS, check the top most profitable NFTs with the highest cashback.