Why in the world would you ever pay so much money for a BAYC?
Seriously, why would anyone pay for a BAYC?
For the uninitiated, BAYC — Bored Ape Yacht Club, one of the more exclusive NFT collections out there.
Plucking some notable transactions that made the headlines:
Justin Bieber paid $1.29m for a BAYC.
GaryVee owns a collection of Crypto Punks worth over $15m.
Metakovan paid $69m for Beeple’s NFT.
NFT artist Pak, sold his NFT titled “The Merge” for $91.8m to a group of 28,983 collectors.
Yes, thanks to the beauty and technology of blockchain and fractional ownership.
Seems like everyone can’t get enough of the NFT hype nowadays.
Every crypto ape, mainstream news, YouTuber and social media influencer worth their salt have entered the game.
But really, what is the true utility behind a jpeg file you bought?
You probably don’t even own the actual jpeg file, just the address on which it resides on the blockchain.
And frankly, in some cases, you don’t even own that!
You simply own an url that points to that address on which the jpeg resides.
The jpeg can be swapped out, the url redirected and boom, you suddenly own… nothing?!
I really tried to understand what is the REAL utility of owning an NFT like a BAYC.
Of course, NFTs (non-fungible tokens) is simply a term given to something in the digital world that is stored on a blockchain, it is unique and cannot be replaced by anything else.
Think digital assets that are not interchangeable and no two are the same.
And believe me, it has nothing to do with mushrooms.
Now besides brightly colored pictures of mutated chimpanzees, NFTs do have some practical use cases.
You can use it to verify and authenticate real-life documents like birth certificates, house deeds, car ownership .etc.
That means you can track who owns it over time and trace it back to the original owners if needed.
See even medical records would be awesome to have on a blockchain and any hospital or doctor can pull it out to check on your medical history, which of course is unique to you.
Real estate, intellectual property, academic qualifications, ticketing and anything that requires authentication and veracity could be a good use of NFTs.
Next, I will dive into the real utility of a BAYC.
I did the digging, research, hunting and discovery so you don’t have to.
Do you have friends who own NFTs?
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