What Is a Cool Monkey Club?
So, what is a cool monkey club? It is a collection of the most exclusive monkeys around the world which share a passion for fashion as well as a luxurious lifestyle. You should also keep in mind that the cool monkey club is a collection of monkeys wandering around the Ethereum network. It is bringing digital clothing and branded utility into the Metaverse.
This is a digital fashion community looking to lead the Metaverse digital clothing space based on urban street style.
The team behind the cool monkey club of Monkey King, who is an art director, and Bad Monkey, who is a marketing director. Also, Monkey Montana, who is a chief of communications, and Street Monkey, who is a senior programmer.
Nonfungible tokens (NFTs) are a big business, with about $25 billion being spent on NFTs in 2021. But in spite of all that money flying about, NFTs have yet to enter mainstream culture. Millions of people have heard about NFTs, but only a fraction could describe what they actually are – – much less name any.
However, if there is one brand that’s transcended NFT culture, even in minor ways, it is Bored Ape Yacht Club. You have most likely seen one, even if you didn’t realize you were looking at a pricey NFT.
Bored Ape Yacht Club
Yuga Labs, the company behind Bored Ape Yacht Club, has already enlarged the ecosystem. Furthermore, people holding Bored Ape NFTs are betting that Bored Ape Yacht Club will completely breakthrough and go mainstream.
It has already collaborated with brands like Gucci and Adidas, and last year a Bored Ape graced the cover of Rolling Stone magazine.
Like everything else to do with nonfungible tokens, the Bored Ape Yacht Club is controversial. Apes inspire jealousy among people who own and trade NFT art but confusion as well as suspicion among people who don’t. Their value is intrinsically tied to ether, the world’s second-biggest cryptocurrency.
That means NFTs like Bored Ape Yacht Club are likely to lose their attractiveness if crypto collapses – – something opponents have prophesied for years.
Why are there 10,000 Bored Apes?
Generally speaking, there are two types of NFT art. In the case of the first type, you have one-off visuals that are sold as NFTs, just like paintings in real life. Regarding the second type, you have NFT collections like the Bored Ape Yacht Club. The second type has become the dominant style, where most of the money is spent.
Pioneered by CryptoPunks several years ago, NFT collections are a little like Pokemon cards. You have a set amount – – typically between 5,000 and 10,000 – – which all have the same template; however, each has different attributes that make them unique.
In the case of Bore Ape Yacht Club, there are 10,000 apes, each with varying fur types, facial expressions, etc. Each attribute has a rarity component, which makes some much more valuable compared to others.
Interestingly, these properties are displayed on OpenSea, the main platform where nonfungible tokens are listed. On any given NFTs page, its properties will be listed, and the percentage of NFTs in the collection that share the property. Typically, anything under 1% is considered rare.
Bored Ape Yacht Club and main findings
Many people have one question in mind: “What Makes Bored Ape Yacht Club valuable?”. This is a complicated question, to say the least.
The short answer is that they are status symbols, and like all status symbols, their value comes from perception as well as branding rather than utility. As a company executive who may try to communicate business acumen with a Rolex or a luxury suite, people who use nonfungible tokens display their success with a Bored Ape Yacht Club NFT.
They argue that NFTs are better status symbols than real-world items since, when used as profile pictures, they can be seen by tens of thousands of people on Twitter and Instagram.
Bored Ape Yacht Club was launched in April 2021. It is worth mentioning that it took less than 24 hours, more precisely 12 hours, for all 10,000 to sell out at a price of $190 (0.08 ether). We should not forget that the price of Bored Ape NFTs rose continuously until the second month of summer, when they spiked dramatically, and the collection became a blue-chip set.
What makes an NFT collection successful is quite subjective. Broadly, it is a mix of four things: Influencer or celebrity involvement, mainstream potential, utility for members as well as community appeal.
The first and second are apparent. When celebrities own an NFT, it makes others want to own one too. For instance, people buying into Bored Ape Yacht Club today are likely to believe that the brand could one day achieve more than celebrity social media accounts.
Now, let’s move to the third factor: utility. The vast majority of NFT projects claim to offer a utility of some sort, which means it does something other than act as a profile picture.
What Makes Bored Ape Yacht Club so Special?
The Bored Ape Yacht Club has done several things to keep owners interested. First, it created the Bore Ape Kennel Club. The club offers owners the opportunity to “adopt” a dog NFT with traits that mimic those of the Bored Apps.
Moreover, another freebie came in August: Digital vials of mutant serum. Notably, owners could mix their Bored Ape with the serum in order to create a Mutant Ape Yacht Club NFT.
We shouldn’t forget about a community that’s built around a collection. Notably, NFTs double as membership cards to holder groups.
Bored App Yacht Club has organized meetups in New York as well as California. There have been Bore Ape get-togethers in Hong Kong and the UK, too.
Let’s not forget that “community value” also extends to financial self-interest. More importantly, the higher the floor price on a collection, the more crypto-rich traders you can expect to be holders. These investors trade information within locked Discord groups, providing valuable ( sometimes very valuable) tips to one another. Sell your nonfungible token, and you will be longer privy to such tips.
Who created the Bored Ape Yacht Club?
The Bored Ape Yacht Club was created by Yuga Labs. At the time, it consisted of four people, all of whom went by pseudonyms. Co-founders Gordon Goner and Gargamel, and two friends who helped on the development side, Emperor Tomato Ketchup and No Sass.
All of them went exclusively by their pseudonyms until February when BuzzFeed reported the identities of Gordon Goner and Gargamel. BuzzFeed discovered that Gargamel is Greg Salano, a writer and book critic, and Gordon Goner is Wylie Aronow. Both of them went on to post pictures of themselves on Twitter alongside their Bored Apes. Following that, Sass and Emperor Tomato Ketchup both revealed their identity.
Moreover, the actual art was created by freelance artist Seneca, who is not part of Yuga Labs.
