Bored Apes and Crypto Punks NFTs are innovative collectibles on the Ethereum blockchain and are dominating the NFT Collectible space.
Crypto Punks Are the OG Ethereum NFT
Crypto Punks are the OG NFT. It’s a mouthful, but it’s true. Crypto Punks was the first NFT Collection to be released on Ethereum and has been around for over 5 years now. As such, it’s the most popular and well-known blockchain collectible.
The Larva Labs firm, Matt Hall and John Watkinson, debuted the project in June 2017. The experimental project was inspired by the punk scenes in London, the cyberpunk movement, and the electronic music duo Daft Punk.
The crypto art blockchain project inspired the ERC-721 standard for NFTs and the current crypto art movement, both of which have since become a part of the cryptocurrency and decentralized finance ecosystems on numerous blockchains.
Both the Version 1 and Version 2 contracts include 10,000 Crypto Punk NFTs. Because of their scarcity and exclusivity, they command greater prices on the open market.
Crypto Punks were first distributed for free, and anybody with an Ethereum wallet could claim them. During its original release, the sole charges to claim a Crypto Punk were Ethereum gas fees.
Bored Apes, The New King of the Jungle
Bored Apes are a new breed of NFT, and they’re here to take over. Sales of the Bored Ape Yacht Club NFTs have surpassed $1 billion in 2022.
The NFT collection includes cartoon ape profile images generated by an algorithm. The collection is available on the Ethereum blockchain and includes 10,000 unique NFTs drawn from 172 distinct assets.
The NFTs can serve as a Yacht Club membership card where owners of a Bored Ape NFTs have admission to special online clubs and exclusive in-person events.
According to Bored Ape Yacht Club, “whoever owns a Bored Ape may spin it into any film, music, TV, book, or media project they want.”
The NFTs were initially sold for $190 each, or 0.08 ether, when they launched in April of 2021 and their current floor price today is 85 Ether.
Bored Ape has surpassed Crypto Punks as the most expensive NFT Collectible. Bored Apes, like other character-based NFTs, has become a status symbol for their owners. Many Bored Ape NFT owners acknowledged to buying their Apes because of the potential marketing and branding ventures that can be undertaken by owning a Bored Ape NFT.
Unlike stocks or property, crypto art is already in a boom phase, with the potential for massive value creation if the market can continue to expand.
NFTs are digital assets that can be traded, sold, or transferred. They are similar to traditional stocks or property in that they represent a form of ownership in an asset.
NFTs have been around for years but have recently been attracting attention from collectors and investors alike due to their unique characteristics:
1) NFTs are scarce, meaning there is a limited supply of each item available for purchase. This scarcity means that an individual NFT may be worth significantly more than its face value at any given time.
2) NFTs are highly liquid; unlike traditional stocks or real estate, an individual does not need to wait until they sell their investment before they receive any return on their investment (ROI). In fact, it is possible to sell one’s NFTs without ever having held them directly in one’s possession.
Digital assets can be exchanged seamlessly
With the growth of these NFTs Collectibles, there is an opportunity for blockchain technology to become something more than just a way to send money or keep track of who owns what.
Artists can use this new medium to create unique works of art and consumers can own them.
These digital assets can be exchanged seamlessly on the blockchain with no middlemen involved making them perfect for artists who want complete control over their creations.