Non-fungible token assets are one of the fastest-rising digital assets this year, with celebrity endorsements and high-profile personalities venturing into these assets.
NFTs have become one of the most sought-after status symbols of athletes today because aside from being rare, they are also expensive assets.
One of the latest athletes to jump into the NFT craze is NBA star Stephen Curry, who purchased a Bored Ape Yacht Club (BAYC) NFT.
BAYC, which is an Ethereum-based NFT, is one of the most popular NFT collections, and owning just one can be a status symbol of sorts.
Happy Apes
The Bored Ape Yacht Club, whose main selling point is having an exclusive membership group, has currently generated an astounding $397 million in trading volume since launching in April.
Currently, the highest bid for one of its digital apes, the “BORED APE #7”, hit 25.4 ETH, which is equivalent to over $100,000, based on current valuation.
Being a member of the Bored Yacht Club comes with great privileges including free NFTs in the collections Bored Ape Kennel Club and Mutant Ape Yacht Club.
Other athletes have also snapped up popular NFT collections such as CryptoPunks, Koala Intelligence Agency, and World of Women.
The innovative and high-tech digital “stamping” of these NFTs is what makes these digital assets really valuable because these stampings ensure locks in ownership and ensure that they cannot be merely copied by anyone.
Bored, yet extremely rich Apes
Bored Ape Yacht Club is a limited NFT collection where the token itself doubles as your membership to a swamp club for apes.
Each Bored Ape is highly unique and was programmatically generated from over 170 possible traits, including clothing, expression, and headwear. Some are specifically designed to be rarer, which makes them even more expensive.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/nfts-are-the-new-status-symbol-for-athletes/
