Bored Ape Yacht Club NFT collection surpasses $1 billion in sales on Opensea

BAYC NFT is owned by famous celebrities, such as basketball icon Steph Curry, music artist Post Malone, and even American TV host Jimmy Fallon.

An algorithmically-generated cartoon image of an ape, number 5731 in a set of 10,000 collectible non-fungible tokens (NFTs) called the Bored Ape Yacht Club. (Source: Sotheby's /via Reuters)

The Bored Ape Yacht Club (BAYC), a popular collection of 10,000 unique bored apes created by Yuga Labs has generated more than $1 billion in total sales amid celebrities flocking into the non fungible tokens (NFTs) bandwagon. As per CryptoSlam, the milestone was reached a few days into the new year,

For the uninitiated, an NFT is a digital asset that uses blockchain technology to record who owns a digital object such as an image, video, or in-game item. While anyone can view the asset in question, only the buyer can say they are the “official” owner.

Interestingly, the minimum price of a BAYC NFT starts at 52 Ethereum or approximately $210,000. BAYC NFT is owned by famous celebrities, such as basketball icon Steph Curry, music artist Post Malone, and even American TV host Jimmy Fallon. More recently, rap artist Eminem is the latest to jump into the NFT craze with his first BAYC purchase that cost 123.45 Ether worth $452,000 (Rs 3.36 crore approx.).

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Meanwhile, the NFT space has faced ridicule for its security issues, and the BAYC has had some notable recent thefts. NFT collector Todd Kramer based out of New York said that his collection of sixteen BAYC NFTs worth $2.28 million (Rs 16.94 crore approx.) was “hacked.”

Kramer on Twitter said that the incident was “arguably the worst night” of his life. Narrating his ordeal he tweeted that he had clicked on a link that appeared to be a genuine NFT de-app (decentralised application). But it turned out to be a phishing attack leading to 16 of his NFTs being stolen. “I been hacked,” he wrote. “All my apes gone.”

Earlier, in December, someone mistakenly sold a BAYC NFT worth Rs 2.27 crore for Rs 2.27 lakh.

According to a report by CNET, the NFT sold for $3,000 was supposed to be listed for 75 Ethereum (ETH) about $300,000. However, the owner of the NFT, who goes by the username maxnaut, ended up with a typo error and entered a listing price of 0.75 ETH rather than 75 ETH.

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cryptocurrency