In 2021, the Non-Fungible Token (NFT) sector experienced extreme growth. This market literally exploded, resulting in NFTs selling for millions of dollars. Moreover, the Metaverse is closer than ever. Although they have been around for some months, there is still a lot of work to be done in the Metaverses such as Sandbox, Decentraland, and Mirandus before they reach their peak. The NFT sector is highly criticized by people who claim that NFTs do not offer anything new to any market. However, the technology behind NFTs says otherwise.
Until today, the leading NFT collection was CryptoPunks. The CryptoPunks collection was one of the first collections of its kind. So, most NFT collections that came after the launch of CryptoPunks in 2017 were inspired by them. The CryptoPunks are the OGs of the NFT space. As a matter of fact, when the CryptoPunks collection joined the market, the ERC-721 token standard was not even coined on the Ethereum network. That shows how old and impactful the CryptoPunks NFT collection is.
However, though, as time passes by, new amazing NFT collections join the market, and competition increases as a result. Although nobody believed that the CryptoPunks could be flipped in terms of entry price/floor price, they recently got flipped. Earlier this year, Bored Ape Yacht Club flipped CryptoPunks over in regards to the floor price.
What is Bored Ape Yacht Club?
The Bored Ape Yacht Club (BAYC) is an NFT collection that was launched in April 2021. Similar to most NFT collections, Bored Ape Yacht Club operates on the Ethereum network. The BAYC collection consists of 10,000 Bored Apes and each Bored Ape is a unique ERC-721 token. That being said, no Bored Ape is alike.
Today, Bored Apes are the most famous NFT collection in the market. Several celebrities such as Future, Lil Baby, Stephen Curry, and Jimmy Fallon have already bought at least one Bored Ape. The value of this collection went up as more influencers began joining in. The community of Bored Ape Yach Club organized a party exclusively for Bored Ape owners. Now, imagine meeting up with all the celebrities that currently own a Bored Ape because you also own a Bored Ape that you bought back in 2021 for $400. That is just crazy.
After a Bored Ape is sold, the ownership and commercial usage rights are also sold. So, whoever owns a Bored Ape has commercial usage rights… and that is amazing. This is literally what NFTs are all about. You can basically build a brand around your own NFT. Then comes the community of the Bored Ape Yacht Club. This collection is still young and needs more time to mature. However, the Bored Ape Yacht Club has reached a point that will not allow them to fail. So, even if the floor price falls or decreases at some point, it is very likely that it will increase again.
When it first launched, one Bored Ape cost only Ξ0.08 (~$320). At the time of writing, the entry price is Ξ66 (~$231,000). So, the Bored Ape Yacht Club nearly did an x1000 in just 7-8 months.
How Low Can a Bored Ape Sell for in 2022?
New year, new goals… right? The Bored Ape Yacht Club had a crazy year in 2021. Reaching the highest ever floor price in the history of the NFT market is not something to joke about. In December 2021, Bored Ape Yacht Club even surpassed the CryptoPunks when it came to the floor price.
In December, the CryptoPunks had an entry price of around Ξ65 while the Bored Ape Yach Club had an entry price of Ξ68. On a bearish note, the floor price of Bored Ape Yach Club could drop to between Ξ66-Ξ68 by the end of 2022. On a bullish note, however, the floor price of Bored Ape Yacht Club could reach Ξ100.
How High Can a Bored Ape Sell for in 2022?
Currently, the highest sale of a Bored Ape is Ξ769. However, though, the Bored Ape Yacht Club is growing rapidly and it does not plan on stopping soon. Recently, Eminem, one of the biggest rappers of all time, bought Bored Ape #9055 for Ξ123… that’s more than $450,000.
With big names joining in the BAYC community and with a restless team, the Bored Apes community is likely to increase in value even more. On a bearish note, the highest price a Bored Ape can sell during 2022 might be Ξ800. On a bullish note, however, a Bored Ape is likely to sell for more than Ξ2,150.
Crypto Academy Price Prediction 2022
We at Crypto Academy have been following the NFT market closely since early 2021. After months of research and discussions with different communities, we have understood how most things work in this space. Moreover, we can now see which projects have real potential and which projects do not. When it comes to Bored Ape Yacht Club, all we can say is that this collection is and will forever be one of the biggest collections in existence.
Bored Ape Yacht Club Price Prediction 2022 Q1
The BAYC collection has achieved extreme attention in 2021. As mentioned before, celebrities such as Lil Baby, Steph Curry, Eminem, and Future have bought at least one Bored Ape and joined the community. The year 2022 is likely to be an even better year for this collection. The 1st quarter of 2022 might not be anything special for the BAYC. However, though, their floor price could reach Ξ71 by March 2022.
Bored Ape Yacht Club Price Prediction 2022 Q2
The 2nd quarter of 2022 is likely to be very fruitful for the whole market. This all depends on how the governments deal with the process of adoption, however. Although it is likely that most governments will work towards implementing blockchain technology, we cannot know that for sure. If that happens as it is expected to, the markets will see huge growths. When it comes to BAYC, we believe that their floor price might reach a new high of Ξ82 by June 2022.
Bored Ape Yacht Club Price Prediction 2022 Q3
As for the 3rd quarter of 2022, our forecast shows us interesting movement. Every year, the 3rd quarter is not as good as the other quarters when it comes to the cryptocurrency market. However, though, the NFT market is not totally dependent on the cryptocurrency market. In the 3rd quarter of 2022, the NFT market set new records, with OpenSea reaching a trading volume of $3 billion in just a month. By the end of September 2022, BAYC could have a floor price of Ξ92.
Bored Ape Yacht Club Price Prediction 2022 Q4
As we move towards the end of the year, the level of uncertainty increases. Each year, people either get extremely bullish or bearish during the 4th quarter of the year… there is no in-between. During the 4th quarter of 2021, the market continuously gave us mixed signals as to whether it will continue being bullish or go full bear mode. For this year, however, we believe that the market is likely to choose a side earlier on. If the market is bullish during the 4th quarter of 2022, BAYC could reach a floor price between Ξ100-Ξ102.
Frequently Asked Questions (FAQ)
How many Bored Ape NFTs are there?
10,000. The initial and maximum supply of the Bored Ape Yacht Club is 10,000 NFTs. This means that only 10,000 Bored Apes will ever exist. This makes Bored Apes scarce, and scarcity is very appraised in the NFT space. Moreover, the Bored Ape Yacht Club is made up of several celebrities and influencers. This plus the scarcity of Bored Apes makes BAYC a project with a bright future.
Who owns a Bored Ape?
Celebrities such as Eminem, Steph Curry, Lil Baby, and Future currently own at least one Bored Ape. In total, there are around 6,100 owners of Bored Apes, with some owning several Bored Apes. The NFT market is yet to be recognized by the majority of the global population. Just imagine all the craze around this collection when more people join the market. If 300 million people join the NFT market, for example, only 0.003% of them can own a Bored Ape.
Who created the Bored Ape NFT?
Yuga Labs. The Bored Ape Yacht Club collection was launched by Yuga Labs in April 2021. After the project blew up, the team organized parties and events designated for Bored Ape owners. This means that only people who owned Bored Apes could participate in them. Moreover, this also meant that ordinary people got to spend time with their idols since several influencers and celebrities that own a Bored Ape were present. In the end, this is what the idea of building a strong community is about.
How much does a Bored Ape cost?
Different Bored Apes have different prices. Currently, the cheapest Bored Ape is listed at Ξ66. This also defines the floor price/entry price of the collection. However, the highest last sale of a Bored Ape is Ξ769. The most expensive Bored Ape is currently listed at Ξ100,000,000,000,000. Although it is impossible to sell a Bored Ape – or anything really – for such a price, the owner of this Bored Ape tried his luck and listed it with that price.
Takeaways
- The non-fungible token sector has gotten way too much attention in 2021. Billions of dollars got in the market.
- CryptoPunks collection is known as an OG of the NFT market since they were the first-ever collection of its kind.
- Recently, the Bored Ape Yacht Club surpassed the CryptoPunks in regards to the floor price.
- The most expensive Bored Ape ever sold is worth Ξ769. The cheapest listed Bored Ape at the moment is worth Ξ66.
- By the end of 2022, a Bored Ape might sell for more than Ξ800, setting a new record for the collection.
- The Bored Ape Yacht Club is hinting towards a new Play-to-Earn (P2E) game specifically for Bored Ape holders.
- All in all, the Bored Ape Yacht Club project is solid and has taken the market by storm. With a restless team and a huge community behind them, the Bored Ape Yacht Club is here to stay.