If you've not heard someone mention NFTs or Web 3.0 in the past few weeks, you're probably an investment banking analyst staffed on multiple live deals or living under a rock. NFTs have exploded in popularity this year and Bored Ape Yacht Club (BAYC) is the internet’s hottest NFT project.
Launched in April by four anonomyous 30 year olds – Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass – through their company Yuga Labs, BAYC is a collection of 10,000 unique digital head-and-shoulders drawings with a variety of traits, some quite rare (and thus more valuable).
The floor price of a BAYC NFT, which initially went on sale for about $250 each, was $218,116 at the time of writing. One rare ape sold at Sotheby’s recently for more than $3.4 million.
The BAYC NFT holders call themselves "apes." It’s also more than just owning an NFT, it’s a strong community if not a cult. The BAYC members eat bananas (lmao) and wear black sweatshirts that cost about $800. Steph Curry, Lil Baby, Jimmy Fallon and Post Malone are all ape-holders.
Earlier this month, the apes came out of their internet personas and met in real life for the first time at a weeklong Ape Fest 2021, which ended with a Brooklyn warehouse party featuring Lil Baby, the Strokes, Questlove, Beck, Chris Rock, and Aziz Ansari.
Short Squeez Takeaway: An ape holder, who started off with $1,150 worth of Dogecoin that his cousin gave him, turned it into about ~$10 million investing in some apes. Now he gets to hang out with celebrities on a yacht. It's not hard to see why these NFT rags to riches (& cults) stories are generating extreme FOMO in the population and everyone seems to be apeing into the JPEG world.