NFTs have become one of the hottest deals in the crypto space today with patronage from known crypto influencers. Even famous celebrities like Paris Hilton and Justin Beiber have recently joined the bandwagon. With their huge popularity, the prices of leading NFT collections have even skyrocketed. One of these is the CryptoPunks collection which now holds four spots among the most expensive NFTs in the crypto market. The Bored Ape Yacht Club, another expensive collection that was only worth $200 when it was first launched in April 2021 can now be bought on OpenSea with its floor price at $300,000. The CryptoPunks collection has 6,400 owners while the Bored Ape has 3,500 owners in data by OpenSea. Who are the biggest owners of these collections?
Gary Vaynerchuk a.k.a. as Gary Vee owns 59 CryptoPunks and is one of the biggest owners of the NFT collection. Crypto investor Zooko Wilcox O’Hearn holds 263 CryptoPunks in his wallet while NFT collector and innovator @Beaniemaxi has 233 CryptoPunks. And we are just talking about a single collection. Now, let’s take a look at the pricey Bored Ape collection. NFT collector Dingaling now owns 105 Bored Ape and is thus by far the largest holder of the NFT primate. CryptoPunk owners are mostly famous NFT influencers, wealthy NFT collectors, and celebrities just like the owners of Bored Ape. But the owners of the NFT primate collection is a star-studded one. You have celebrities and artists like Justin Bieber, Eminem, Snoop Dogg, Paris Hilton, DJ Steve Aoki, Lil Baby, and Post Malone. Owner of the basketball team Dallas Mavericks Mark Cuban, an NFT collector and NFT influencer also owns a Bored Ape NFT. Stephen Curry, Lamelo Ball, and Shaquille O’Neal were among the famous athletes who own a piece of the expensive collection. Just simply looking at the list of owners without the need to look up their net worths, one can conclude that this collection is definitely for the rich and famous. Needless to say, only those who have so much can afford to buy one given their unbelievably high prices. And if you own one, then you belong to their league. Given the statuses of these owners, are NFTs the newest status symbol for the wealthy and famous? Let’s take a closer look.
NFTs: A Symbol Status For A Chosen Few?
People might be wondering, why do rich people go crazy over NFTs? Is it the pride that comes with owning one that symbolizes wealth and fame? The surge in the prices of NFTs is mainly because of hype and speculation surrounding it. With these owners spending as much as a hundred thousand dollars to millions, they are definitely status items and signify two things: wealth and commitment to the underlying technology behind these digital artworks, blockchain. Hence, they are now viewed as a “must-have” commodity for those who can afford them. But is that all? Here’s an interesting fact that shows there’s actually more to why wealthy people have invested in NFTs.
The Bored Ape NFT collection was only $200 when it was first launched. In just more than a year after its release, the NFT primate collection price has already surged and the cheapest would cost you $300,000 in OpenSea. Its price has tremendously increased by almost 1,500 times. If you were one of the early adopters and were able to hodl, thank yourself for having extraordinary self-control. Does it have a real use case? Owners of Bored Ape are given access to an exclusive Discord server with some celebrity owners, including free perks like additional NFTs or tokens. This gives an opportunity for rich people to become even richer.
On Mar. 16, APE (ApeCoin) token was launched and owners of Bored Apes received the token for free through an airdrop as a reward with each of them receiving 10,094. On Mar. 18, the token was listed on major exchanges like Coinbase and Binance and its price increased to 90% on its second day of trading. Nathan Head, one of the owners of the NFT collection, made $75,000 from an ApeCoin sale with the token’s price at more than $7. But if he could have waited a little longer, he could have sold it at a much higher price. With the price of APE (ApeCoin) at $16.27, his earnings could have been double. In his statement with Fortune, Head commented on his Bored Ape investment.
“I’ve had my ape for nine months, and it is probably the best investment I have ever made in my life. I initially purchased it on a bit of a whim. I honestly don’t know if I would ever sell my Ape, even though it’s worth more money than I have ever had in fiat. It truly feels like being in a very cool club that comes with a lot of very valuable freebies and opportunities.”
While the early adopters of the Bored Ape collection shelled out a minimal amount of money, the CryptoPunks’ first owners got it for free. Had they held on to their NFTs, they could have gotten more when their prices skyrocketed.
For celebrity owners, this could also mean free publicity that may contribute more to their popularity. With the media now giving more attention to NFTs as the newest trend, owning one could give them the attention they needed. This is definitely better than getting involved in scandals, don’t you think? That is excluding the perks they get in owning one. But these collections are already too expensive for new adopters especially if they have very limited funds. No worries, there are NFT collections out there that have relatively low prices. One of these is the Unbanked Bankers NFT, an NFT collection built on the Ethereum network. It’s actually one of the most undervalued NFTs that comes with a real use case. What advantages do you get by owning a “Bankers” NFT?
- The collection is very scarce with only 1,932 Bankers in total circulation in the market. With originally 10,000 Bankers available during the drop, only 1,932 were retained and the rest was burned.
- The artist behind the collection was Antoine Mingo who happens to be the creator of the successful Pudgy Penguins collection.
- As a Banker owner, you get free lifetime access when you lend and borrow the UNBNK protocol.
- With the launching of the Unbanked Yield program, you can get a 20% boost on top of the 50% yield.
- You get a chance for shared IP rights on your Bankers
So, NFTs are not just merely status symbols as they come with an opportunity to earn. NFTs with real use cases offer sustainability and further investment growth just like the Bankers NFT.