Non-fungible tokens, commonly known as NFTs, have seen massive growth in popularity across the world. Statistics from the market tracker, DappRada,r shows NFTs accumulated a total sales of $25 billion in the first half of the year alone. Among these, Bored Ape NFTs have been immensely popular.
NFTs act as a cryptographic asset stored commonly on a blockchain (To find out more about NFTS, their risks, and the best platforms to invest in them click here). From art to music, almost anything can be an NFT including a collection of apes infamously known as the Bored Ape Yacht club.
What is a Bored Ape NFT?
These NFTs are a collection of 10,000 unique illustrations of the infamous ‘bored ape’ launched on a website known as the Bored Ape Yacht Club in April 2021. Upon launch, the NFTs sold at a price of $200 in Ethereum cryptocurrency. And within the day of release, all 10,000 of the NFTs were sold out.
This, however, was just the beginning for the Bored Ape NFT and within three days of launch, a single NFT retailed at a price of nearly $17,000 and now at $300,000. The hype surrounding Bored Ape increased when famous celebrities endorsed the NFT. In 2022, famous rapper Eminem joined the Bored Ape Yacht club for a reported $450,000 along with others such as Mark Cuban, Post Malone, and Shaquille O’Neil.
Where to Buy Them
The first and most important step to buying Bored Ape NFTs is the Ethereum cryptocurrency. The next step involves securing a safe site to purchase the NFT, the main platform OpenSea. This acts as the only safe and reputed platform that houses the Bored Ape Yacht Collection.
Try to avoid unheard-of NFT platforms selling Bored Ape NFTs for unrealistic prices. Similar to most things online, NFTs too have false versions. These scams trick you into spending obscene amounts to purchase a fake NFT.
Steps on how to purchase the Bored Ape NFT include:
- Open an online account on a trading platform to purchase the Ethereum coin required for the transaction.
- Purchase a secure crypto wallet. When storing an NFT of this value it becomes important to invest in a good crypto wallet preferably a cold wallet. To store the Ethereum coin for the purchase you will require a hot wallet. (Find out more on hot and cold crypto wallets here).
- Send your Ethereum coin to your trading platform or hot wallet and make your purchase. Once the trade has been completed, store your NFT safely in a hardware (cold) wallet of your choice.
