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How High can Bored Ape Yacht Club go?

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How High can Bored Ape Yacht Club go?

In some ways, Bored Ape Yacht Club (BAYC) paved the way for the crossover between crypto and pop culture. The non-fungible tokens (NFTs), which are pictures of cartoon apes with unique features, have attracted investments from the likes of NBA star Stephen Curry to billionaire Mark Cuban. This hype has driven the prices to extremely high levels. However, many wonder if there is room for even more growth for the NFT project. 

What is Bored Ape Yacht Club (BAYC)?

BAYC is an NFT project of 10,000 unique photos. Each is a headshot of an ape, but each NFT has defining characteristics that make it unique and define its rarity. Each ape’s clothes, background and eyes, among features, determine its overall rarity. The rarer the ape, the more it sells for. This is a common practice among NFT projects, giving each holder a distinctly unique NFT.

While each ape is unique, some have characteristics that raise the rarity and price. Some of the most sought-after characteristics are laser eyes, solid gold fur and a king’s crown. There are far fewer NFTs with these traits than others. For example, out of the 10,000 NFTs in existence, only 46 boast solid gold fur. The cheapest ape with gold fur goes for more than $3.3 million, while cheaper apes sell for around $300,000. While all BAYC NFTs are extremely expensive, some have rare features that make them even more expensive. 

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BAYC Prices

While it is impossible to determine an exact market capitalization for an NFT project, estimates place the total value of all the NFTs in the project between 1,000,000 ETH and 1,500,000 ETH. This amount equates to $2.8 billion to $4.1 billion. However, these are estimates that are based on transaction history.

All time, over 540,000 ETH — around $1.5 billion — has been spent on BAYC NFTs. In the past 30 days, the average selling price has been just below 140 ETH ($390,000), and 442 NFTs have sold. 

Bull Case for BAYC

A best-case scenario for BAYC NFTs would be a huge increase in the floor price. For this to happen, BAYC creators Yuga Labs would have to make some pretty huge announcements regarding plans for the future. For example, when ApeCoin, the token that powers the ecosystem, launched, the floor price shot up around 40% almost overnight. Many were hoping to secure the airdropped tokens from the release.

Yuga Labs has hinted at attempting to enter the gaming and metaverse spaces, as well as plans for interoperability with other large NFT projects. If it is able to create real use cases in the metaverse or gaming world, then the market could see the price spike again. 

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Bear Case for BAYC

A worst-case scenario for BAYC would be a complete crash in the floor price. This could happen in multiple scenarios. First, if Yuga Labs cannot continue to create new projects and becomes stagnant in terms of growth, then BAYC could suffer. Many BAYC holders are holding in hopes of future uses and rewards, so a lack of these could result in a massive sell off.

Additionally, BAYC is housed on the Ethereum chain. If the Ethereum Merge does not go well and many begin to shift towards other blockchains, then a BAYC sell off would lower the floor price. 

Where to Buy BAYC

BAYC NFTs cannot be bought on a centralized exchange. Instead, they are transacted on NFT marketplaces, typically built on Ethereum, but also on other smart contract blockchains. The most popular marketplaces to buy Bored Apes are OpenSea and Looksrare. To buy your own Ape, head over to OpenSea and connect your wallet to the exchange. You can then use Ethereum to bid on or purchase an NFT.

How Long will it Take for BAYC to Reach a $500,000 Floor Price?

An NFT project’s floor price is the asking price out of all the NFTs from the project on the market. 

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As of right now, BAYC has a floor price of just over $300,000 or around 115 ETH. For it to reach a $500,000 floor price, the floor price would have to increase by over 50%. In terms of past movements, this is not very much; the floor price has appreciated over 500% since the project was initially released. However, it is much more difficult for the floor price to increase now, as it is much more expensive than when it was first released. 

Additionally, the floor price spiked to around $420,000 during the release of ApeCoin, as many were hoping to receive tokens from the airdrop. If Yuga Labs holds more airdrops or creates more projects that reward BAYC holders, then the price could spike again. 

Overall, a $500,000 floor price is certainly not out of the question, but it would require some major announcements from Yuga Labs for it to happen. It’s also important to consider that early holders have received more than $500,000 of value from investing in a Bored Ape –– they received over $150,000 in ApeCoin, a Mutant Ape worth around $90,000 and metaverse land worth around $30,000 all for owning their Bored Ape NFT.

Where to Store BAYC Safely

A wallet essentially allows users to access decentralized finance (DeFi) applications on the blockchain. NFTs fall under this classification, so a wallet is needed to purchase and hold an NFT. When holding high-value NFTs, it’s crucial to hold these assets in a hardware wallet to avoid getting hacked. 

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Best Hardware Wallet: Ledger

buy now securely through Ledger Hardware Wallet’s website

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1 Minute Review

Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

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Best For

  • ERC-20 tokens
  • All experience levels

Pros

  • Easy to set up and use
  • Supports more than 1,500 different digital assets
  • Tamper proof
  • Portable
  • Long-lasting battery
  • Bluetooth connectivity features
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Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.

Ledger is a brand of hardware wallet that supports all Ethereum-based NFTs. It offers Nano S and Nano X models. The Nano S offers rudimentary features while the Nano X supports ease of use with Bluetooth connectivity and a larger screen. However, you need to pair your Ledger hardware wallet with a software wallet to trade NFTs. 

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Best Software Wallet: MetaMask

Software wallets store private keys online. While this is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.

MetaMask encrypts all information on its servers. Information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your trades efficient and safe.

Bonus Section: Keep an eye out for new projects from Yuga Labs, which can increase the demand for Bored Ape NFTs and impact the price. 

Current Crypto Prices

The first quarter of 2022 has been one of the worst quarters in the history of crypto. Major tokens are down over 50% in the last 30 days alone. Many are wondering if the market has reached a bottom or if prices will continue to slide.

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Regardless of where the markets move next, it is important to stay informed on crypto prices. To do so, make sure to check out Benzinga’s up-to-date cryptocurrency price table. 

Is BAYC a Good Investment?

While Bored Apes are some of the most sought-after NFTs in the space, they are still a fairly speculative investment. They have limited use cases, and the price could crash at any moment. With that said, there is still a chance of them appreciating. If you are willing to take on the high risk and the size of the investment, then it may be a viable option.

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analysis group

Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

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Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

A new report indicates that the metaverse might be a significant factor in the growth of economies in Latam and the world in the coming decade. The study, issued by Analysis Group, estimates that Latam might benefit from a surge of $320 billion or an approximate 5% of its GDP, in the next 10 years. This is the biggest percentage share of GDP of the regions in the study’s projection.

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Analysis Group’s Metaverse Report

The metaverse is becoming a subject of intense focus in crypto and business at large, and many companies are already projecting the impact that it might have in several countries and areas in the future. In a recent report titled “The Potential Global Economic Impact of the Metaverse” issued by international economic consulting firm Analysis Group, the opportunities that the emergence of the metaverse could open in the next ten years are examined, assuming “adoption begins in 2022.”.

In the document, the researchers compare the rise of the metaverse with mobile technologies and examine the growth as if this new technology were to evolve in a similar way. This industry was selected “because of similarities to the metaverse in the way it combined existing and nascent innovations to fundamentally alter global technological and economic landscapes.”

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Major Latam Growth and GDP Estimates

According to the report, the metaverse and its related activities have the potential of representing 5% of the GDP of Latam in the tenth year after adoption begins (2022), contributing $320 billion to the economies of the area. The report also projects that the growth in Latam will be the biggest percentage-wise, while the APAC region would have the biggest growth volume-wise, representing more than $1 trillion of its GDP.

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Globally, the study estimates that the metaverse will generate $3.01 trillion, becoming more than 2% of the GDP of the world ten years from now. Per the report, this growth will only happen if the sector reaches its expected potential, having “far-reaching applications, with the potential to transform a wide range of economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.”

Other companies have also predicted the possible impact of this new activity and the economic opportunity it will present for different industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimated that the metaverse might become a $1 trillion business opportunity in the future. Goldman Sachs also predicts the metaverse will be an $8 trillion opportunity. JPMorgan has stated that this $1 trillion market “will likely infiltrate every sector.”

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What do you think about Analysis Group’s metaverse report? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ariva

Ariva Celebrates 1st Year Anniversary With Impressive Achievements In The Blockchain Industry

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Ariva Celebrates 1st Year Anniversary With Impressive Achievements In The Blockchain Industry

press release

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PRESS RELEASE. Ariva, a next-generation tourism & travel blockchain protocol, celebrated the first anniversary of its launch on May 25, 2022. This development marks an impressive milestone for the blockchain project that has taken the tourism sector by storm in recent months.

Ariva launches reward program to celebrate 1st anniversary

Ariva has announced a giveaway campaign to celebrate the first birthday that will reward users with different prizes. This includes a limited collection of its Arivaman NFT to 6 winners, $30 million ARV tokens to 30 participants and $6k BUSD to six winners.

Ariva has further revealed that participants will have to complete a series of events, including following Ariva on different social networks, voting on Coinmarketcap and filling out a reward form with their BSC address.

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Undoubtedly, one of Ariva’s most important birthday week events will be the launch of the alpha test of the Ariva Wonderland Metaverse project. In a surprise, the team announced that the test will be conducted in an open alpha test format and that a limited number of gamers from the committee will be selected for this unique experience.

Major achievements accomplished in 12 months

Ariva has achieved some noteworthy achievements since its launch due to its impressive concept and innovative products. It has an active community of more than 200,000 members on social media and is featured in 100+ tabloids globally.

Ariva has also enjoyed significant adoption of its token ARV with more than 220,000 holders. ARV has also been listed on 32+ exchanges and 10+ wallets showing the rapid growth of the utility token.

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Ariva has also hosted several events to foster the development and adoption of blockchain technology in the tourism industry. In recent months, it has also embarked on high profile partnerships with the World Tourism Forum Institute and Global Tourism Forum.

Ariva’s partner, the president of WTFi Bulut Bagci was also a keynote speaker at the FIS Dubai event in May 2022. Furthermore, Ariva has been able to embark on policy building with members of the European Parliament on how it can revolutionize the travel and tourism industry with blockchain technology.

A complete blockchain-based tourism ecosystem

As promised, the team also launched the Ariva.World crypto travel portal and Ariva.Finance payment gateway before his birthday. They also stated that the distribution of Ariva Pos Machines to hotels and travel agencies will begin in a short time.

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Merchants can also deploy Ariva.finance APIs on their stores to integrate crypto payment systems. Furthermore Ariva.Finance has been deployed into the first batch of Ariva POS machines that hotels and tourist centres have adopted. Ariva.World is a decentralized hub that enables tourists to connect with local and global tourism service providers.

Ariva recently launched Ariva Wonderland, a metaverse project that aims to introduce tourists to a world with limitless travel experiences.

More developments expected in the future

The Ariva team is not resting on their laurels and has partnered with Global Tourism Forum ahead of its leader’s summit set to take place in Washington DC on 24th June. It has also revealed plans to extend more features for the Ariva Wonderland metaverse and list ARV on more exchanges in the coming months.

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To learn by visiting the website https://ariva.digital/


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.

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Buenbit Announces Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.

Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:

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Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.

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Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.

Expansion Plans Halted

This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.

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The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”

Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.

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What do you think about the layoffs announced by Buenbit? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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