DotBig guide: is Bored Ape Yacht Club worth investing in?
These days, investors discuss the key advantages and disadvantages of NFT investments in 2022. The Bored Ape Yacht Club collection is one of the most frequently discussed NFT investments today.
This collection is a set of 10,000 unique NFT monkeys. They are used as avatar pictures. Those, who buy these digital assets, become members of a special online club.
The collection was launched in April 2021. Over the passing year, it gained popularity and increased in price floor. On November 22, the price floor amounted to 42 ETH, and by June 30, 2022, it increased up to 86.28 ETH (as of 8:00 AM).
Special features of the collection
First of all, every NFT monkey in this collection is completely unique. Every character combines inimitable features, such as attire, facial expression, and so on.
When buying an Ape, investors acquire membership of the special digital club. This membership comes together with additional perks, from which only ape holders can benefit. You can decide how to use these advantages on your own.
For instance, you can use them for commercial purposes. After buying a token and acquiring a club membership, you become an owner of the image. You are free to use it the way you like without being afraid of copyright issues. Often, apes owners use them for marketing campaigns, the creation of posters, printing images on clothing, and so on.
This collection is also unique thanks to special partnership collections with the most popular brands and celebrities, including:
- Shaquille O’Neal;
- Jimmy Fallon, and others.
One more curious benefit is that holders of these tokens can enter different digital spaces. For example, there is The Bathroom platform. Members of the club have unique rights to paint pixels on the digital wall of this space. This is just a fun game people enjoy after buying apes. Except for entertainment, there is a chance to benefit from investing in this digital asset. Is this venture really worth trying?
Is it a good investment?
Despite its unique features and popularity, Bored Ape Yacht Club definitely isn’t the best investment for an average investor. The first reason is that it’s simply too risky. Every token costs thousands of dollars, which makes the collection unapproachable for average investors. Besides, any NFT is a highly speculative asset with great volatility.
Even though celebrities are buying it, experienced investors prefer to take time on analyses. They consider that investing big amounts in one token isn’t a wise decision for a long-term strategy. Its popularity may decrease with the introduction of new assets as it often happens to some hyping cryptocurrencies and meme NFTs.
Nonetheless, there is also a counterargument. The collection includes only 10,000 tokens. The more people will decide to buy one, the fewer assets will be left in the collection. If the Bored Ape Yacht Club remains popular for a while, there is a good chance to sell one token at a higher price due to the increasing scarcity.
How to invest in BAYC?
Whatever your decision is, keep in mind that it will be a very risky deal. If you’re still determined to invest, see our step-by-step instructions on how to do this.
- Create an account on DotBig.
- Buy ETH coins and transfer them to your crypto wallet.
- Access OpenSea or any other NFT marketplace.
- Find the collection and buy a token.
That’s it for now. Follow us for more.