Welcome to NFTs Insider – FREE Edition. We use Moneyball tactics to discover undervalued, mispriced, and hidden gems in Fractional Investing.
Today is a deep dive into Bored Ape Yacht Club:
- Bored Ape 601 IPO’ing on Rally
Insiders you get one dedicated email for each asset with more analysis, comps, and full valuations. We also give the AA Verdict for each card: a straight up Yes or No. Free members only get a weekly roundup.
Last week, I made a couple bone-headed copy-paste mistakes due to tiredness and haste. The valuations and verdicts weren’t affected, but it was sloppy, and you deserve better. Apologies.
Table of Contents
Bored Ape 601
About the asset
This is Bored Ape #601; one out of 10,000 Bored Apes from the Bored Ape Yacht Club (BAYC) NFT collection. According to rarity.tools, Ape #601 has a rarity rank of 7,522 with its most rare trait being the “Rage Mouth,” which a total of 266 Apes have. Ape #601 also has a purple background, eyes closed, cream colored fur, and its second most rare trait – a sailor’s hat. This is the first Bored Ape offering on Rally, following two successful IPOs of CryptoPunks. Ape #601 is being offered for $165,000 after Rally acquired the NFT on September 9 for 42 ETH, or what was approximately $146,000.
Rally will be IPOing the Ape on a rolling basis, emailing collectors throughout the week with a link to the investment portal. Collectors started receiving the links on Tuesday, Sept. 8.
About the drop
This asset will drop on Rally 28th Sept and will remain open until 1 Oct. It has a market cap of $165k and no retained equity.
About Bored Apes Yacht Club
Yuga Labs released the collection of 10,000 Bored Apes in April for approximately $200 each at a cost of 0.08 ETH. Fast forward five months later and one Ape has sold for $2.9 million dollars, providing the owner an astounding 14,499% return on investment. Five more have sold for more than $1 million.
Bored Apes range in price, some selling for the aforementioned $2.9 million while on the other end some selling in the low $100,000 range (not bad considering the initial $200 investment). Much of the price depends on the rarity of the Ape traits, with laser eyes and solid gold fur commanding a premium.
BAYC has quickly become one of the blue-chip NFT projects in the space, joining CryptoPunks and Cool Cats as the most popular and widely recognized profile picture (PFP) projects in the world. Bored Ape holders have also received offshoots of the original NFT including “Mutant Apes” and “Bored Ape Kennel Club,” that have become successful in their own right.
Recent sales history and Valuation
DAPPRadar values it at around $125k.
