In what must be one of the more curious crazes sweeping the world, Shanghai is the centre of the Bored Ape community. A lengthy article in PA News of Shanghai explains the intricacies of Bored Ape NFT’s. We learn that collectors can make (or lose) millions of dollars with the right choice of Ape.
What is your monkey?
This is a popular greeting at a party where people who could be described as "explorers," "speculators," or "adventurers" gather to discuss NFT (Non-Fungible Token) technology.
Why are so many people willing to spend hundreds of thousands or even millions of dollars to buy a Bored Ape? What's behind the Bored Ape craze?
In January this year, the first offline event of the Bored Ape Yacht Club was held in Shanghai, China. The focus of the event was the most successful NFT project, the Bored Ape. These have seen their value skyrocket, with early adopters buying one for a few thousand dollars in 2021 and selling them for millions in the following two years.
The event was attended by 50 people in a relaxed atmosphere, with attendees drinking Bored Ape coffee and admiring Bored Ape secondary creations.
People from different backgrounds attended, including a Managing Director of a major Chinese investment house. Unlike most high-risk investments that are male-dominated, Bored Ape attracts a large proportion of women who hold central roles in the community. Two female lawyers and a female engineer who works for a globally renowned tech company in the US Bay Area attended the event.
NFT collectors judge the value and price of Bored Apes based on 170 attributes of varying rarity such as eyes, hat, demeanour, and costume. Bored Apes are the most unusual NFTs and have the highest price tag due to factors such as strong cultural attributes, superior marketing, a meta-universe layout, and an active community. There are 10,000 virtual images of Bored Monkeys stored on the blockchain, with prices ranging from $700,000 to tens of millions of dollars.
The world of NFT is as risky as walking at night in a dark forest, with dangers such as speculation, disk pulling, scams, and hacking. NFT collectors need to be professional and familiar with the latest NFT projects around the world to succeed.
The story behind the Bored Ape project featured initially a group of apes who achieved wealth and freedom through Crypto. They got together to be bored in a wooden house in a swamp. However, Bored Apes have become role models who are busy with multiple businesses and projects.
NFT has not yet gained acceptance in mainstream society and is still a marginal technology and product. NFT needs to prove its usefulness to the economy to gain a normal social image and status. Companies in developed countries such as the US are better at the birth and concept of a technology, while Chinese companies are better at translating technology into applications.
However, the barrier to entry for the average person is relatively high, and a person buying NFT needs to learn about crypto wallets, crypto exchanges, and network configurations. Web3 and Web2 are gradually merging, with more Web2 companies making inroads into Web3.
Overall, the Bored Ape project, NFT, and the meta-universe still have a long way to go before they gain widespread acceptance and popularity.
However, the Bored Ape Yacht Club has reached Wikipedia also. Not only Shanghai has shown interest!
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