The Bored Monkey Yacht Club NFT: How high can it reach?

In a way, Yuga Labs’ bored monkey yacht club paved the way for the intersection between crypto and pop culture. NFTs, which feature cartoon monkeys with unique traits, have attracted investment from NBA star Stephen Curry to billionaire Dallas Mavericks owner Mark Cuban. Each monkey’s clothing, background, and eyes, among other characteristics, determine the general rarity of each NFT of the bored monkey. The rarer the monkey, the more it sold. This is a common practice in NFT projects, giving each owner a unique NFT.

Although each monkey is unique, certain characteristics increase its rarity and price. Among the most coveted features are laser eyes, solid gold fur, and a royal crown. There are far fewer NFTs with these characteristics than others. For example, of the 10,000 existing NFTs, only 46 of them have pure gold skin. The cheapest gold-plated boring monkey retails for more than $3.3 million, while the cheapest boring monkeys sell for around $300,000. While all Bored Ape Yacht Club NFTs charge very high prices, some have rare features that make them more expensive.

Bullish scenario?

Although it is impossible to determine the exact market value of the NFT project, the total value of all NFTs in the project is estimated to be between 1,000,000 and 1,500,000 Ethereum. This amount corresponds to the amount of 2.8 to 4.1 billion US dollars. However, these are estimates based on transaction history. Over the entire period, more than 540,000 Ethereum – nearly $1.5 billion – has been spent on Bored Ape Yacht Club NFTs. In the past 30 days, the average selling price was just under 140 Ethereum and 442 NFTs sold.

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The optimal NFT scenario for the boring monkey would be a significant increase in the reserve price. For that to happen, the designers of Bored Ape Yacht Club, Yuga Labs, will have to make some pretty big announcements in terms of future plans. For example, when ApeCoin entered the market, the minimum price rose by almost 40% overnight. Many hope to secure the coins that were dropped from the issue. Yuga Labs has indicated that it will try to get into Games and the Metaverse, and that it has plans to interoperate with other large NFT projects. If the group is able to create real use cases in the game world or the game world, the market may see a price increase again.

worst case scenario

The absolute worst-case scenario for the Bored Ape Yacht Club would be a complete landslide. This can happen in several scenarios. For example, if Yuga Labs becomes unable to develop new projects and stagnates in terms of growth, the monkeys may suffer from boredom. Some owners of boring monkeys keep their NFTs in the hope of future uses and rewards, so a shortage of these could lead to large-scale selling. Furthermore, the Bored Ape Yacht Club is located on the Ethereum blockchain. If Ethereum does not integrate well and many start migrating to other blockchains, selling on Bored Apes should lower the reserve price.

Although boring monkey NFTs are among the most common NFTs, they are still a source of speculative investment. NFT uses for the bored monkey are limited and the price can drop at any moment. However, there is an opportunity to increase its value. If investors are willing to take on the high risk and size of the investment, this may be a viable option.

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