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Bored Ape Yacht Club NFTs pass $1 billion in total sales – Morning Brew

Bored Ape Yacht Club
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The Bored Ape Yacht Club (BAYC), a collection of 10,000 ape avatars that individually act as tickets to an online social club, has become one of the most prominent brands in the NFT space. And now, the NFTs have generated more than $1 billion in total sales.
You’ve likely seen a Bored Ape—like the botched restoration of the Jesus Christ fresco, they’re somewhat…unforgettable to look at. They’re also highly sought after: Eminem bought one for ~$462,000 on Dec. 31, joining the ranks of other celebrity buyers like Jimmy Fallon and Steph Curry.
But if you’re as bored of looking at the apes as they are of existing, you aren’t alone. Critics have called the BAYC project cynical, accusing it of being more about showcasing wealth than art. The current minimum cost for a BAYC NFT is about 70 ether, or around $266,000.
And then there’s the crime aspect: The NFT space has faced ridicule for its security issues, and the BAYC has had some notable recent thefts. One collector fell prey to a phishing scam and lost his collection, including many BAYC NFTs, worth $2.28 million. In a now-iconic tweet, he wrote, “I been hacked. All my apes gone.”
OpenSea, the largest NFT marketplace, has reportedly “frozen” the stolen NFTs, raising even more questions from the crypto community about how a decentralized platform can freeze assets in the first place.—MK
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An Open Source activist, who pursues his passion for tech blogging. In early years of his life, he worked as market analyst for a number of companies. Martin has been writing reviews and articles for a local magazine for last five years.