Here we will look at a set of tokens representing 10,000 distinct and different monkeys that were launched in 2021 and were quickly completely purchased in just 12 hours. Now it is expected that any of these monkeys will cost starting from 200 thousand dollars, while the prices of some of them reach even millions. But what is special about these monkeys in the first place and why do they have value?
What are the codes for Bored Ape Yacht Club
It began as an art project that involved creating 10,000 identical designs of monkeys drawn in a nearly uniform artistic style with nearly constant facial expressions. When put into circulation, each monkey cost 0.08 Ether, or about $190 at the time of sale. But this price gradually rose until last August when it really exploded.
Now these monkeys cost a minimum of more than $200,000. There are also several recorded sales of rare monkeys that cost a few million dollars. What is interesting is that these monkeys have become very widespread among social influencers, social media stars, and even art stars recently.
One of these monkeys is owned by the very famous TV presenter Jimmy Fallon, who has 50 million followers on Twitter, while other monkeys are owned by the musical group The Chainsmokers, several monkeys by the musician Steve Aoki, in addition to DJ Khaled, Eminem, Snoop Dogg, Neymar Jr, and several personalities. Major in the world of social media, music and art.
Recently, there was cooperation between Adidas and this group of symbols as part of a large wave of cooperation with non-fungible symbol groups. Even the official Adidas Originals Twitter account carries an image of the monkey that the company currently owns.
In fact, there are many examples of what owners of sold monkeys have done to their monkeys, with one person creating a Twitter account for his monkey, creating his own life story, and making him a valet parking attendant at the icons' imaginary yacht club. Not long ago, a social media influencer management agency signed a contract to use this imaginary monkey for marketing, and his biography is currently being written by prominent names in the field of writing.
Where do NFT tokens get their value in the first place?
In principle, the value of NFT tokens can be divided into three basic factors that come together. Part of the value comes from the fact that these symbols are distinctive and different and express a specific work of art, or that there are other important owners, which motivates the rest to participate in ownership because they represent an exclusive club in principle.
The second factor is that there is a strong, ongoing and always engaged community behind the set of codes, so that there are new features and different ways to interact with these codes over time. While the third and perhaps most important factor is the existence of a specific benefit or use for these symbols. Some symbols are marketed as fashion for the metaverse, for example, while others claim to offer special features to their owners in a way that makes their lives easier.
In the case of the monkey group, there is actually a combination of all three factors together. The developer community behind this group is very active and has introduced several new features over time. One of these features, for example, was the ability to add a random “mutation” to the monkey owners to produce a new code derived from the original monkey, and these modified monkeys are currently traded for tens of thousands of dollars.
The community of owners of these tokens is also one of the most exclusive in the world, as they appear to be highly sought after in the entertainment world with a large number of artists, musicians, and famous and influential figures owning their own tokens from the group. So owning one of the group's monkeys has become a status statement and a way to show off in the eyes of many in reality.
Finally, a special factor is the exclusive features that these codes unlock, and at the moment this is represented by a real club that brings together the owners of these codes. Several exclusive celebrations were held exclusively for the owners of these symbols, and there are a number of activities that are held periodically to increase communication and cooperation between club members.