Does mutating a Bored Ape make the original ape less valuable?

Mutant Serum

Okay, so there's a question that's been going through my head ever since mutants was announced and I've talked about it with a number of people and I think it's safe to say nobody really knows the answer yet.

Before I go any further let me just say, I love the mutants, I love the whole concept of using serums to create them, and I think the whole team at Yuga Labs are absolute geniuses for coming up with this concept.

Last Saturday when the details behind Mutant Ape Yacht Club were announced, I did what most people did - read all the details, and then read them again to make sure I really understood it all. My first thought was - what a creative and awesome concept, my second thought was, this is going to change the game in so many ways.

While I could write a whole post about Mutants and different thoughts on M1 vs. M2 traits, I'll save that for another time because I think this is really the burning question of the week that I keep seeing come up on Twitter and in Discord.

So let's dive in.

As you know, each ape can have one M1 and one M2 applied to it to create a mutant. You cannot apply an M1 or M2 twice to the same ape. Now I know I'm stating the obvious here but just to make it clear - if you apply an M2 serum to your ape and then someone buys it from you, they cannot apply an M2 serum to that ape.

So, this bring up an interesting situation, which might be very short-lived, or could have long-term consequences. If you apply an M1 or M2 to your ape (or both), someone who buys it has to be okay knowing they cannot mutate it. Of course, plenty of people are fine with that, heck, we've all been buying apes without even thinking about mutations...but some people care.

I've seen more than a few examples on Twitter and Discord now where someone talks about an ape they're selling and someone else responds and says they would have bought it if it hadn't already had serums used on it.

At the core of this new mechanic comes the question of questions - how long until all serums get used, and will there be enough people who hold serum that it continues to be a mechanic for years to come. Right now, Bored Ape Yacht Club hasn't given any indication that you have to use serums by a certain date, if they do that, then everything changes, until then, things are getting interesting.

My thought is, over the next few months a lot of the serum will get used. So most of the OG apes out there will have had at least one serum applied to them. As the serum supply dwindles, the price of serum will go up, and up, and up - supply and demand right?

Now let's fast-forward to a scenario where there's only say 50 M1's and 25 M2's left. This is where things get really interesting. I think it's safe to say the price of those last precious serums will skyrocket, and apes that haven't had one or both applied will probably be in higher demand, especially by anyone holding or buying the serum.

Bringing us back to present day - I think it's really too early to know how mutating an ape impacts its value. For anyone that has mutated I think they don't want to ever think they did something to hurt the value of their original ape so they'll say, "no way, mutating won't impact value at all."

I don't know the answer right now, but I do know it's going to be interesting to see how this unfolds, and if serums stay in circulation for years, the dynamics that could play out will be pretty fascinating to watch. The only thing we can say for sure is that the mechanics of Bored Apes has changed and we'll be learning a lot more about how they've changed over the next few months.

This is a topic I'll continue to follow and write about on here as I find it super interesting personally. And for those wondering, no, I haven't used any of my serum yet...