Why the Metaverse and NFTs will be the next big thing
The Bored Ape Yacht Club is an NFT collection available on Opensea which was minted in April 2021 for 0,08ETH and now has a floor price of 107ETH. The popularity of the NFTs is the endless possibilities offered within smart contracts. This collection started adding extra benefits such as an exclusive membership club and thanks to their good community management the demand has taken off.
Apecoin is an ERC-20 token
There are plans to create a new BAYC metaverse and the newly launched Ape coin will be the crypto used there. This could be one of many big things to come out of the NFT and Metaverse space as the imagination of the communities develop and create more interesting products to link creators and consumers. Apecoin is a decentralised token with a fixed quantity of 1 billion. If it is successful, then other Metaverse groups could also adopt and use Apecoin, therefore providing further utility and benefits to BAYC/Apecoin holders.
The Bored Ape Yacht Club is an exclusive hang-out
The BAYC has a turnover so far of 473kETH (1.3bn€) which has not yet eclipsed the Crypto Punks with 873kETH (2.47bn€), but it looks set to overtake it and become the next big thing. NFTs are looking to create exclusive clubs where only owners of certain NFTs can hang out in their part of the Metaverse. This seems to be taking a step closer to the Metaverse where people will abandon social media and instead create an identity in the Metaverse.
In the film, Ready Player One, we can see how this will play out with people wanting to get new Avatars and upgrades. This will be provided using NFTs and as we can already see with BAYC, once certain Avatars or NFTs become popular, they can cost more than the hardware to get online.
The Avatar from our hero in Ready Player One
People will want to try and get in early on collections as there will be lots of money to be made trading popular NFTs and the demand for popular NFTs will drive up the price. The flexibility of NFTs to provide the buyers with lots more exclusive content will also increase demand. Being in a club and getting contact with your favourite celebrity which before was not so easy. Therefore we will also see lots more creativity and development of NFT products which will drive consumer demand.
It reminds me of signing up to Facebook all those years ago, only far more exciting!
Thanks for reading.
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