Monday, November 28, 2022

BAYC Celebrates First Anniversary As One Of The Best NFT Investments

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BAYC celebrates its first anniversary as one of the best NFT investments and the most popular one in the past 12 months so let’s read more in today’s latest cryptocurrency news.

Five years ago, non-fungible tokens were a strange concept leveraged by a few crypto supporters but this all changed in 2021 when the NFTs made it to the mainstream and since then, the niche has disrupted a lot of industries like the gaming markets and art. While there are hundreds of different NFT projects out there today, each one is trying to outperform the other and a few of them like the popular bored ape Yacht Club changed the lives of some investors in a short period of time. BAYC celebrated its first anniversary recently and some avid holders like Web3 supporters Christ Jourdan and Captain Zwingli looked back to the early days of the projects and how it helped push the web3 space forward.

In April 2021, Yuga Labs launched the bored Ape Yacht Club as a collection of 10,000 Bored ape NFTs but unlike other projects that utilized bonding curve offerings, the users that took part in the BAYC public minting paid a flat price of 0.08 ETH for each ape, worth around $190. according to Zwingli, BAYC’s founders’ decision to adopt a flat price distribution for the collection contributed a lot to the project’s success. Before the public launch, the BAYC deployer contract minted the first 30 apes and distributed them to the founders and other members of the web3 ecosystem and the remaining 9,970 apes were available to the users for public minting on April 23.

At some point, the floor price of the collection dropped by 40% from the minting price and the least expensive one was around 0.03 ETH worth around $70. All of the 10,000 Apes were minted a week into the public event after one of them traded for 0.16 ETH in secondary sales which was when the BAYC collection started gaining interest from crypto investors and the prices surged through the roof in the next few months.

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Not that long after, the mainstream investors like popular celebrities and large corporations started joining the BAYC party and pushed the popularity and the floor price of the NFT. The currency floor price of the BAYC collection is 139 ETH or about $403,000 and represented an ROI of more than 173,600% but outside of the floor price, the most expensive BAYC NFT traded for $3.4 million while other notable APES were sold for $2.3 million.

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