If you had owned a single Bored Ape NFT, yesterday you would have been airdropped over 10,000 Ape Coins (APE).
Ape Coin is a brand new cryptocurrency released by the team behind The Bored Ape Yacht Club collection and airdropped to all members holding a Bored Ape NFT.
At the time of writing, the current market price of an Ape Coin token is about $14. This airdrop for a single BAYC NFT would have amounted to around $140,000 - just for holding a single NFT.
Journey Crypto, which owns a number of Bored Ape NFTs, made over $17 million dollars on yesterday's drop simply for holding a bunch of these NFTs.
If you haven't yet given the attention necessary to understanding NFTs, this is your reminder. People are literally making millions of dollars from owning, trading and flipping NFTs.
To put into perspective how successful this NFT collection has been, when it was first issued, back in April 2021 (less than one year ago) a Bored Ape could have been minted at a price of 0.08 ETH (about $400).
Today, the floor price for a Bored Ape is over 92 ETH (+$270,000).
This works out to over a 67,000% increase in price in less than a year.
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While the majority of NFTs are cute images without any tangible benefit, in the near future, NFTs will become part of our everyday lives.
At its core, NFTs are a visual representation of a smart contract and it's likely we will see NFTs replace existing QR codes and be used as a pictorial identifier for many different types of purchases, such as concert tickets, homes, memberships and even music purchases.
We are just at the beginning of the NFT trend and The Bored Ape Yacht Club has demonstrated to the world the potential of what is possible.
Sometimes it's necessary to sit on the sidelines.
Over the last few months, we haven't provided our members any Altcoin picks as the market has been bearish and 99% of all projects have decreased in value.
I stand firm in my belief the best opportunities in crypto are buying in while the market is near the bottom and selling near the top. With over 99% of projects currently down (many by significant margins), there are many projects now which are highly undervalued and some amazing opportunities are presenting themselves. It's these opportunities we would like to share with our members.
Don't miss the next one
If you missed out on The Bored Ape Yacht Club NFT, don't worry - there will be many more within the NFT space.
We see a massive market shift in the cryptocurrency marketplace coming soon and with many excellent projects significantly undervalued, there are a lot of opportunities to now pick up solid cryptocurrencies at highly discounted prices. We again will be sending out member-only reports to our members for both our monthly altcoin picks and upcoming NFT projects we are looking at.
If you would like to become a member and receive our member-only reports, signup here.
Have a great weekend everyone!
Richard
