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April 25, 2022

NFT Deep Dive: How did some NFTs become so crazy expensive?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today we look at the reasons that some NFTs have become so crazy expensive, with the example of the Bored Ape Yacht Club.

The Bored Ape Yacht Club is an NFT collection created by four founders going by the synonyms of Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. The collection contains 10,000 NFTs of cartoon apes and is valued at almost $4bn in total.

But how did that even happen? It’s all about the right concept, the right timing, and great marketing. 

The creators realized that the world was suddenly full of people who got rich through early investments in crypto currencies, called “apes” among insiders. And those so-called apes were sitting there, ready to invest in something new. Hence the name “Bored Apes”.

And so the concept was born. Combine that with an exclusive online community for members, and you have the perfect status symbol for the rich. 

But things didn’t take off immediately - first apes sold for less than $200 a piece. But over time, famous people started to buy them, among them Eminem and Jimmy Fallon. And at that point things started exploding, and you can’t get one for under $250,000 anymore. 

And now that you know how some NFTs have become so popular, maybe it’s time to make your own for fun? Next time we’ll walk you through that process, called minting.

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