Tell me what is the utility of a cartoon ape jpeg?

The BAYC marketing video is quite good!

Let’s talk about utility today.

Tell me what is the utility of a cartoon ape jpeg?

Probably nothing, just some mildly famous people who happens to own some expensive jpegs:

Jimmy Fallon owns Bored Ape #599

Post Malone owns Bored Ape #961 and #9039

Stephen Curry owns Bored Ape #7990

Logan Paul owns Bored Ape #207 and #1442

DJ Marshmallow owns Bored Ape #4808

Steve Aoki owns Bored Ape #3719, #5823 and #8716

Mark Cuban owns Bored Ape #1597

Mike Shinoda owns Bored Ape #2299

Gary Vaynerchuk owns Bored Ape #1452, #7912 and #8106

So again, what is the utility of a BAYC?

Is the art beautiful and valuable?

Well, anyone can copy and paste it, if they enjoy the art.

There are practically no laws against that and it can be done in a second by anyone with an internet connection.

Does the ownership of a BAYC grant you magical powers or a dedicated music video from Snoop Dogg, Steve Aoki or Justin Bieber?

Not quite.

It does allow you to “flex” or flaunt that you belong to the same club as them though.

What club?

That imaginary “club” that which all of the BAYC owners think they are in?

Perhaps there’s a secret discord channel or whatsapp group just for BAYC owners.

Perhaps the jpeg can be scanned and allows you entry into a secret private room at one of Miami’s poshest nightclub?

Perhaps hidden in the codes of the smart contract are the geolocational latitudes and longitudes to Jack Sparrow’s Fountain of Youth?

This “flex” culture is apparent and very, very real.

Any NFT flipper who has made some profit or anyone who has started their own NFT collection on OpenSea will tell you.

But how much is “Flexing” worth?

The floor price for a BAYC is currently 94 ETH or about USD $250k.

That basically means the minimum a BAYC can sell for is a quarter million dollars.

The total volume traded historically is 400k ETH, around 1 billion a dollars.

That means since its inception on 30 April 2021, people have sold, bought and traded BAYC on OpenSea, adding up to $1B.

And that is only what is traded openly on OpenSea, excluding the privately sold ones.

Between the wash trading and fake trades, a billion dollar market just for 1 jpeg collection is simply mind-boggling.

Call it overrated, passing hype, a fad, childish behaviour or whatever.

Tell me you seen something like this before.

Lie to me.

The people who first “ape” into it when it first released nearly a year ago bought it for $220.

That is a stratospheric 100X gain.

No wonder there is a hype.

The FOMO (fear of missing out) is very, very real.

Nothing pushes humans to take action like strong, evocative emotions.

Would you buy a jpeg for a dollar?

Hell naw.

But if I told you that your cousin Tyron bought that same jpeg and flipped it for $100k.

Suddenly, you are thinking real hard about it.

The actual jpeg is worthless, perhaps that is why ApeCoin and its DAO were created.

Let’s see where this goes.

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Itchy to grab an NFT now?

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#startups #business #startupx #growth #success #socialmedia #culture #entrepreneurship #strategy #nft #nftartist #art #community #boredapeyachtclub #BAYC #yugalabs #nftflippers #celebrities #flex #flexculture #bitcoin #eth #fomo

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CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.

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Durwin Ho

Durwin Ho

CEO of StartupX | Web3.0, Crypto, DeFi, NFT Enthusiast |HyperX Sustainability Hackcelerator | Startup Weekend Singapore.

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