NFT is the acronym for Non-fungible Token. In the Web3 universe, a token is a digital representation of an asset, such as money, property or artwork, that is registered on a blockchain. In conjunction, a non-fungible good is a good that cannot be replaced by another – regardless of the characteristics and specificities of the item, even if the item is the same and of the same quality or quantity, it cannot be replaced. That is, the NFT is the representation of an exclusive item, in our case, we will talk about an NFT that was very successful on the internet and brought Web3 to popular knowledge: The NFT of the bored monkey.
If you’re on top of internet trends or are an active Twitter user, chances are you’ve come across, even briefly, the NFT of the bored monkey. This NFT became famous after football player Neymar invested 350 ETH, Ethereum currency, in OpenSea to become the official holder of two BAYC assets, tokens #5269 for the value of 189.69 ETH and #6633 for the value of 159.99 ETH. At the time, in terms of conversion, the assets had a value corresponding to 1.2 million dollars. Today, Neymar has one more item from the same creators in his collection: The Mutant Ape #10953, valued at 160.000 dollars at the time of purchase – it is important to note that the Mutant Ape Yacht Club collection is a separate collection from the Bored Ape Yacht collection Club and has 20,000 exclusive tokens.
After all, what is the NFT monkey?
The Bored Monkey is the protagonist of the Bored Ape Yacht Club (BAYC) collection, a collection created in April 2021 that features 10,000 NFTs of the Bored Monkey, all created through an algorithm. BAYC’s algorithm combines 170 random characteristics of accessories, clothes, expressions and colors and generates unique images. The interesting thing about randomness when generating tokens is that many are created with extremely simple characteristics and have a low market value, while others are distinguished by their eccentric characteristics and become rare, obtaining higher trading values.
The initial batch of the Bored Ape Yacht Club collection was so successful that it brought in over $2 million at launch. Subsequently, there were pieces sold for even greater values, such as piece #8585, sold for 2.7 million dollars and piece #8817, sold for an even higher value at a Sotherby’s auction for a paltry 3.4 million dollars.
The creation of Bored Ape Yacht Club presents an interesting curiosity: its four founders use cartoon pseudonyms to identify themselves. They are: Gordon Goner, Gargamel, No Sass and Emperor Tomato Ketchup.
The bored monkey collection has become very famous for its unique and limited capacity. The concept of exclusivity related to the collection is so strong that owners of a Bored Ape become part of a private club after purchasing the token.
What are the benefits of acquiring the NFT from the monkey?
Bored monkey NFTs have attracted the attention of many people after being popularized among celebrities such as Neymar, singer Madonna, Eminem, Justin Bieber and other relevant names in the pop industry. Among the advantages of obtaining a bored monkey NFT is the possibility of liquidating the equity and obtaining a good return on the initial investment given that the bored monkey is among the most valued NFTs on the market for being exclusive and limited works of digital art with great appreciation capacity – the collection was valued at more than 1 billion dollars.
In addition, the person who owns an NFT art of the bored monkey is guaranteed to participate in an exclusive club, in the company of celebrities such as Neymar, Steve Aoki and Justin Bieber. This club offers a number of benefits, including access to exclusive Bored Ape Yacht Club areas with early access to new NFTs, NFT updates, etc.
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It is also important to emphasize that the existence of an exclusive club collaborates with the social status of the buyers because it generates a sense of belonging, the buyer of a Bored Ape – whether famous or not – has the right to participate in a group with celebrities widely known, who in addition to having a Bored Ape, commonly use their tokens as avatars on social networks such as Twitter or Instagram – hence we can already imagine the feeling of sharing something in common with world-renowned people.
Another advantage of having an NFT of the bored monkey is the fact that whoever buys the work has the right to the intellectual property of the figure, being able to monetize it as they wish. This means that the buyer can profit from the sale of copyrights, for example, or even create new products based on the image.
In summary, the BAYC collection is an interesting investment opportunity, offering the possibility of profit and the chance to become part of a select group of owners of exclusive digital works of art. In addition, the figure’s intellectual property is a valuable right that can be monetized in a variety of ways.
Justin Bieber makes a curious choice and is hit by a millionaire loss
While Neymar was very successful in acquiring NFTs, pop singer Justin Bieber was not so lucky. He bought work #3001 from BAYC for 500 ETH, equivalent to around 1.4 million dollars at the time. Until then, the value for an NFT of the bored monkey collection is understandable as it is exclusive art that offers several benefits on BAYC, such as inclusion in a private group with exclusive offers and news about the collection.
The curious thing about Justin Bieber’s situation is that the singer chose an NFT with extremely simple features, which consisted of a monkey with a sad face, wearing a basic black shirt and blue background – even art experts at the time argued that the true value of the art should be something close to $300,000.
It wasn’t long before Justin Bieber’s NFT was devalued and lost a total of 84% of the amount invested by the singer. The NFT was negotiated for US$69,000, with the singer paying US$1.3 million.
Although the Bored Monkey NFT collection is one of the most popular today, there are several other successful collections on the market, such as the Mutant Ape Yacht Club collection, also created by the same developers. Other popular collections include Cryptopunks, which features 8-bit punk-themed character designs, Azuki, which features anime-style characters, and Milady Maker, which has a neo-chibi aesthetic inspired by street tribes.
Translation by Laura Bonci
