In January this year, for the first time ever, the Bored Ape Yacht Club hit a 100 ETH floor price, which equals almost $260,000.

In a tweet by the electronic music artist and the co-founder of the Royal, 3LAU the status of the final Bored Ape was revealed.

He shared, “I grabbed THE LAST BORED APE at 99 ETH!”, further continuing, “First time BAYC floor is 100 ETH ? BAYC FAM UNITE”.

The Bored Ape Yacht Club is one of the most successful NFT projects in the non-fungible token ecosystem. What started as a series of collectibles from four developer friends in late April last year, has become the benchmark of a successful NFT project. The value of a Bored Apes collectible is determined by the attributes and the traits of the Ape- with laser eyes, crowns, furs being some of them.

Let us understand what makes the Bored Ape Yacht Club one of the hottest NFT properties out there, and what does their future look like in 2022. Moreover, what is an NFT floor price and how does it matter.

What is an NFT Floor Price?

Before we dive deeper into The Bored Ape Yacht Club’s record-breaking floor price, let us understand the term floor price itself first.

If you are someone who frequents NFT articles, updates and news, the term floor price might have come across your eyes quite a few times. The term that originates from economics to indicate the lowest price at which a commodity can be charged, has made its way amongst the NFT fans.

The floor price is basically the lowest sale price for an NFT from a specific collection. The floor price is usually set by the individual who owns the NFT in a particular project and has listed it for sale at a price lower than all the other sellers of the same project.

Let’s take the BAYC as an example. For instance, if the floor price for the collection has reached 100 ETH, it simply implies that for a person to get into the project, they need to do so at a minimum option of 100 ETH.

NFTs when bought at floor price carries the benefits and utilities of being an owner of the collectible.

Reason Behind The Bored App Yacht Club’s Success

Since their inception, BYAC, MYAC (Mutant Yacht Ape Club) and other collections from the same project have attained a clout-like status amongst NFTs.

One of the major reasons behind the phenomenal rise of BYAC is the ‘flex culture’ that is prevalent amongst Gen Zs and millennials. Due to their high price tag, the collectables are seen as a status symbol rather than a utility.

With the buyer list of the NFT collection including Snoop Dogg, Jimmy Fallon, Stephen Curry, Martin Garrix and counting, the value of the NFTs has already risen for many. The unprecedented backing by celebrities is going to ensure that the collectibles are going to have an exciting 2022 ahead.

Apart from being seen as a status symbol, the NFT project is seen as a prudent investment asset. Bored Ape Yacht owners have received 1,400x returns on their investment, since the project’s inception, in case they held to it till now.

The Road in 2022: NFTs & BAYC

The Bored Ape Yacht Club ended 2021 on a high and continued the trend as they entered into 2022. As the NFT project reached 100 ETH floor price, there already were speculations for the project to reach 150 ETH floor price next.

One of the major reasons why The Bored Ape Yacht Club’s prices skyrocketed was the rapper, Eminem. The hip-hop legend revealed that he had bought a BYAC NFT. He had picked up Bored Ape #9055 for 123.45 Ether (ETH), which equalled $425,000 at the time of settlement.

This led to a steep rise in the prices of the Mutant Ape Yacht Club and the Bored Ape Yacht Club collectibles.

Further down the line in 2022, the NFT project owners are planning to launch their personal Ethereum based crypto-token. The official BAYC Twitter account tweeted about the development- “Good evening, apes. Been hearing a question around the club a lot: WEN TOKEN? Wen token indeed… First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes.”

Moreover, the team at BYAC has already delivered the Mobile Game “Apes vs Mutants”. Furthermore, the animated series, Bored Ape avatars is already under wraps, ready to be launched soon.

The fact that the Bored Ape Yacht Club has been able to maintain its six-figure floor price during a bearish market is a testament in itself. In a recent development, US venture capital firm Andreesen Horowitz is in talks around financing with the Bored Ape Yacht Club creators.

Adding to the news is the fact that, according to The Art Newspaper, Yuga Labs might be looking at selling a multi-million dollar stake in the project, valuing BYAC between $ 4 billion and $5 billion. In case, this takes place, it would be the first NFT project to have an institutional investor onboard.

Conclusion

The Bored Ape Yacht Club is a collection of 10,000 unique collectibles. Bored Ape NFTs have started 2022 with a bang. It broke its own record on the 2nd of January and recorded a 70 ETH floor price. With what’s lined up in 2022, the roadmap seems even more quite exciting.

But, if you are someone who wants to enter into NFTS, going for a Bored Ape might not be the best choice. With an initial investment going into hundreds of thousands of dollars, we wouldn’t recommend going all in.

So, getting into NFTs isn’t a task but a strategic move if done rightly. At Crypto.com, you can get your hands on an NFT starting from as low as $1 through an auction on the platform. Visit the website today and sign up to never miss an NFT drop.

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By: Eric Dunne
Title: BAYC Floor Price Reaches 100 ETH – What is an NFT Floor price?
Sourced From: insidebitcoins.com/news/what-is-nft-floor-price-bayc
Published Date: Wed, 23 Feb 2022 15:57:19 +0000