While the NFT craze may be losing some steam, some of the most valuable are likely to become mainstays among collectors and investors.
Launched in spring 2021 on the Ethereum blockchain, the collection of over 10,000 online images of monkeys striking funny poses known as the Bored Ape Yacht Club soon become a hot commodity both for collectors and investors -- the cheapest is now listed for hundreds of thousands while two once sold for over $1 million.
Bored Ape Yacht Club is, more than a year later, what many picture when they think of a successful NFT. The ape images are so popular that both knockoffs and clothing with the apes have started to pop up online.
For Those Who Can't Afford The NFT, There's a Game
The latest place you'll see the bored apes is in a board game. Imagination Gaming, an L.A.-based game producer, created a board game with the ape images.
Dubbed "Ape-Opoly," the tabletop game is a themed version of "Monopoly." Players "make their way around the board" while expanding their NFT collection and navigating the "highs and lows of a crypto millionaire."
These include rug pulls, gas fees, and bankruptcy.
"The Bored Ape community has major mainstream appeal beyond the NFT space, and Ape-Opoly is bringing the brand to an even broader base with a game Bored Ape owners and fans alike can enjoy," Anthony Esposito, president of Imagination Gaming, said in a statement. "Beyond getting in on the Bored Ape hype, the gameplay allows everyone to learn a little bit about the crypto world -- even if you don't fully understand NFT jargon or the cryptocurrency world."
Imagination Gaming
Rug Pulls, Gas Fees, And Bankruptcy
The game is now available for pre-order for $50 -- those who buy now will receive a copy in October.
While the game is not affiliated with the Bored Ape Yacht Club or its developer Yuga Labs, one of the people who buys a game will also receive a real Bored Ape NFT.
The winner will be selected in a draw of those who bought Ape-Opoly and have the token dropped into their cryptowallet in 2023.
"We're looking to continue to build that bridge and seeing how Bored Apes come to life in our game for fans in a tangible, playable way has us so excited for creating more in the space," Jens Drinkwater, head of licensing at Global Merchandising Services, said in a statement.
Is Bored Ape Yacht Club a Flash In The Pan (Or a Mainstay?)
Bored Ape Yacht Club's skyrocketing popularity came at a very specific time in investing culture -- cryptocurrency was peaking and many were seeing boundless potential in anything that was adjacent, including non-fungible tokens built on blockchain.
With the bitcoin value plummeting to ever-bigger lows and key trading platform Binance pausing withdrawals, the crypto industry is currently in the midst of what many call a slow crash.
This will, inevitably, mean that many of the NFTs of everything from C-list celebrities to clothing that have popped up in the last year will go in the same direction.
But while the NFT Index has fallen in general, the Bored Ape Yacht Club is still selling at highs due to its overwhelming popularity and cult following -- one that is likely to continue despite any ebbs and flows in the market.
