Everyone remembers the hype surrounding Apecoin when the tokens first got airdropped to Bored Ape Yacht Club NFT holders. Holders of the BAYC NFTs made tens of thousands of dollars overnight as the tokens were placed in their wallet addresses and the APE tokens’ value skyrocketed.
What makes the Bored Ape Yacht Club collection so unique? What makes Apecoin so valuable? What are other NFT collections like Big Eyes Coin doing to try and reclaim some market share? This article will look at all of these questions and more!
What is the Bored Ape Yacht Club (BAYC)?
The BAYC is an exclusive club that only holders of the Bored Ape Yacht Club NFTs (Non-Fungible Tokens) have access to. There are only 10,000 NFTs (styled as apes), as typical with most collections, which gives them an immediate scarcity.
Not one Ape has the same characteristics as the next and certain traits are rarer than others. This means that NFTs with rarer characteristics are more scarce than others giving some a more intrinsic value.
Numerous celebrities are proud owners of the Ape NFTs including Snoop Dogg, Tom, Brady, Madonna, Justin Bieber, Jimmy Fallon… The list goes on. This only serves to increase ther value of the BAYC NFTs, and gives rise to its exclusivity.
The Bored Ape NFTs have become the blue-chip NFT collection not only on the Ethereum blockchain but in the wider NFT industry. The cheapest Ape NFT currently sells for 75 ETH – Ethereum is trading around the 1300 level at the moment which gives it a value of $97,500.
Let that sink in…
Nearly $100,000 for the cheapest Bored Ape NFT and this is during a cryptocurrency bear market. What’s more, the NFTs were originally minted in April 2021 for 0.08 ETH – at the time around $200.
This, easily, makes the Bored Ape Yacht Club NFTs the best investment of 2021; and stands as a testament to the values and return on investments available in the NFT market.
This is something that the Big Eyes project is looking to tap into. Big Eyes, in many ways, has certain parallels with the Apecoin ecosystem. The key difference is that NFT holders were airdropped Apecoin directly making the whole APE universe rather exclusive and very difficult to enter.
Big Eyes heralds itself as the ultimate community token. Firstly, unlike Apecoin, the Big Eyes token can be bought in a presale by anyone. You don’t need to own a $100,000+ NFT to be able to get your hands on the tokens early!
The Big Eyes NFT collection details are still ambiguous but they are likely to start off being very accessible. What is obvious, is that the Big Eyes development team are looking to make Big Eyes a roaring success and one of the ways they are looking to do this is by creating a host of merchandise synonymous with Big Eyes.
What gives Apecoin its value?
The APE token will be the native currency of all gaming and metaverse applications that are created in the Bored Ape Yacht Club ecosystem. The Ape website states that ‘the economy here runs on APE’.
The BAYC project is looking to build exactly that, an economy that is interwoven through events, games, metaverse and much more. Apecoin and the Bored Ape Yacht Club lead the metaverse, web3 and cryptocurrency integration.
How does this compare to Big Eyes Coin?
Big Eyes’ trajectory is very similar to the path Apecoin has taken. The Bored Ape Yacht Club art and imagery have become more than just an NFT collection. There have been talks of Gucci collaborations as well as Gucci accepting payments in Apecoin on their website. Could this happen with the Big Eyes token?
It is certainly possible. Apecoin and Big Eyes are both ERC-20 tokens and as such, there are no limitations regarding the technology behind the Big Eyes Coin itself becoming a medium for institutional transaction.
Of course, this would require a huge amount of adoption of the Big Eyes Coin itself. A lot will ride on the success of the NFT collection and its ‘NFT Sushi Club’. However, what has become clear from the success of APE, is that the token value becomes correlated to the value of the NFT collection.
Should Big Eyes Coin see its community continue to grow as well as it has these last few weeks it has a real chance to excel in the next cryptocurrency bull market. Big Eyes is certainly a token to get involved with early on. If you’re interested in buying Big Eyes Coin in its stage 2 presale, check the links below:
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
