Photographer Who Made $1.4 Million From Bored Ape NFT

NFT . trading

Digital collectibles are still on the rise

With just one NFT sale, the photographer made $1.4 million.

Ever since bored-eyed monkeys were released into cartoon art in April 2021, they’ve been causing quite a stir. Some view the artwork as childish, others are very passionate about it. No matter what you think, the cheapest boring monkey now costs several hundred thousand dollars. But how did this happen and why are NFTs so heavily traded? We’ll get to the bottom of this question and many others below.

What is Bored Ape Yacht Club (BAYC)?

Bored Apes Yacht Club is a collection of 10,000 unique tokens (NFTs). They are digital holdings based on the Ethereum blockchain. About 170 unique features of varying degrees of rarity make the monkeys a one-of-a-kind. The creators combined these different properties to create a limited series of unique NFTs. In order to get to know this topic in depth and make money from trading, you must first learn how to trade cryptocurrencies. In this way, you will slowly learn about the topic and take advantage of the many possibilities.

NFTs get features

Each NFT contains a specific address stored in the owner’s wallet, by which the work can be identified. This is how you can prove that you are the sole owner. NFTs are primarily used today as collectibles or in-game items for video games. BAYC NFT also serves as a virtual yacht club membership card and guarantees access to exclusive benefits.

This gives you many discounts and you benefit from exclusive access. A large community was also formed around this group, which was organized in the largest cities in the world. Famous artists perform at members’ private parties, meanwhile there is a separate weekend of festivals for the owners.

NFTs use rights

NFT usage rights vary by collectible group. At BAYC, the owners own the full rights to market and license the monkeys. So that you can exercise your full rights for it. Creators waive all rights upon sale. New owners can also use the characters for different projects, for example to create new values ​​or content. Some owners have developed backstory about their monkeys, creating entirely new identities.

This made an independent ecosystem possible: Entire clothing lines, music, coffee brands, and other types of merchandise have already been created via BAYC. NFTs create new opportunities across multiple media platforms, including music, games, television, and more. However, individual originals are always preserved, although intellectual property related to monkeys can be constantly developed and transferred.

Emmy-nominated photographer Jon Knopf sells BAYC

Emmy-nominated photographer Jon Knopf sold BAYC NFT on December 13. He got 347 ETH for it, originally paying just 0.08 ETH to the monkey. So the sale would bring him a total profit of $1.39 million.

Million dollar mistake

When buying, there was a big mistake: the monkey was bought for 655 ETH, with 230 ETH sent to the seller in addition to the bid price. The buyer said that in addition to the offer, he had to transfer 230 ETH to another wallet on the phone. However, he did not postpone this, but rather sent the money to Knopf. Then he told him the story and got back 230 ETH, which is about $920,000. Then they both agreed on a purchase price of 347 ETH. These errors are not uncommon when selling ETH, so a mutated monkey was recently sold for $17 instead of 17 ETH. This makes a difference of more than $60,000.

If you are interested in the topic and want to delve deeper into it, then you should first learn how to trade cryptocurrencies. This will give you a basic understanding of this digital subject and you can then design or purchase your own NFTs.

Image source: https://www.pexels.com/de-de/foto/ripple-etehereum-und-bitcoin-sowie-micro-sdhc-card-844124/

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