It's no secret that Bored Ape Yacht Club has set a high bar when it comes to launching a game-changing NFT project. What started as a bunch of cartoon apes and a membership to a swamp club that didn't even exist, has turned into a community, and some might even say a movement, that is taking the NFT world by storm.
I can still remember when I bought my first ape and out came the haters - "what's the point of this? There's no utility?!?!"
Ah "utility," the buzzword people use to slam NFT projects they don't understand. The reality is, apes had utility right out of the gate, and now the project has taken a new turn with the Bored Ape Kennel Club, yet another perk for ape owners and a FOMO-creator extraordinaire for those who passed on apes.
While it's been mind boggling to watch the floor price for apes shoot up like a rocket ship, what's happening now is a paradigm shift and one that I think many other projects will imitate with varying levels of success.
In case you've been living under a rock or just didn't pay attention to the NFT world over the last week, let me explain what the Bored Ape Kennel Club is, or, let me let them explain:
Since it was announced, Bored Apes around the world have been minting their dogs. Now, many of us have our dogs, well, a black outline that represents our dog, and we're waiting for the big reveal this Friday.
What's so incredible to me is that even before we all know what we got, the offers are coming in, and they're real. Today I've had offers of 0.9145 on each of my dogs - if I were to sell now, at current ETH prices that would be $3,437. That's free money just for being a part of BAYC.
This makes me, and likely all of my fellow apes wonder, what kind of offers am I going to get after the big reveal? The reality is, plenty of people could end up with over $10,000 in value just for aping in when they did - that's wild, and many people are predicting this is only the beginning.
The aftermarket for dogs is probably going to be pretty interesting to watch and given how successful this idea is, I'd be surprised if BAYC didn't decide to announce more free NFTs for members.
Doing the math, for those of us who bought in early, back when an ape was around 0.35ETH (or less if you minted!) we're now seeing our core initial investment 10x in value and suddenly getting new NFTs that are likely going to follow a similar trajectory.
I'm guessing that Gutter Cat Gang and other NFT projects that have followed in BAYCs footsteps will likely follow another path - I mean, a cat could use a kitten right?
What this says to me is that these really are still the early days of NFTs and what BAYC is doing now will likely be looked at ten years from now as the beginning of a new model not just for launching an NFT project, but building a community and creating real utility out of something that most people thought of as ridiculous, until it wasn't.
If we're already seeing offers in the 1ETH range for our dogs before we know what they are, what happens once the big reveal happens? It's definitely going to make for an interesting Friday, and there's no doubt in my mind, this is history in the making.
Congrats to the BAYC for continuing to innovate and drive value and congrats to all my fellow apes, I think we're all going to remember this Friday for years to come 🚀