Logan Paul, Chris Camillo Buy Bored Ape Yacht Club NFTs, Floor Rises: What Investors Should Know
One of the most popular Non-fungible token series continues to be Bored Ape Yacht Club. The floor of the project is rising over the weekend thanks possibly to two more notable names buying Apes.
“I am long on the thesis that community will drive future value in NFTs and Bored Ape Yacht Club has the best community going right now which made my investment in the project a no brainer,” Camillo told Benzinga.
Camillo’s Bored Ape is ranked #7472 in rarity for its traits. The Ape is one of only 406 to have Cheetah fur. The Ape is one of 4% with cheetah fur, one of 4% with sunglasses and one of 3% with a short mohawk for hair.
“The art matters and Cheetahs are fire,” Camillo added.
Camillo paid 30 Ethereum (CRYPTO: ETH) for the Ape, or around $96,958 based on the Ethereum price at writing.
Logan Paul shared with his 6.1 million Twitter followers that he had purchased two Bored Apes. “I broke,” Paul tweeted.
Paul purchased two Bored Apes that are among the 215 to have DMT fur. Paul paid 34 WETH (Wrapped Ethereum) for Ape #1442 and 33 ETH for Ape #207. Each Ape was purchased for over $105,000 based on the current Ethereum price.
Paul’s apes rank #3954 (Ape #1442) and #5501 (Ape #207) for rarity based on their traits.
Ape Activity Picks Up, Floor Rises: Over the last 24 hours, there were 276 Apes sold and volume of $22.8 million, ranking the project third among NFTs on CryptoSlam. That was an increase of over 200% from the previous day.
Bored Ape had transactions of $40.8 million and $128.1 million over the seven day and 30 day period respectively, as recorded on CryptoSlam.
The floor, or lowest price offered, for the Apes continues to rise. Two past articles showed the floor of 6.8ETH on July 29 and 13.2 ETH on August 11. At the time of writing, the floor price for a Bored Ape was 23.65 ETH, or around $76,413.
Why It’s Important: Both Paul and Camillo are important voices in the investment world. Paul has a large following and is known as a social media influencer. They join a list of Ape owners that includes Gary Vaynerchuk, Dapper Labs CEO Roham Gharegozlu and NBA players Josh Hart, Tyrese Haliburton and LaMelo Ball.
Camillo is a member of DumbMoney, a trio that uses social media and Google Trends to find investment ideas before they are widely known.
While many could think that Bored Apes can not continue to rise in price given their impressive 2021 return, Camillo’s entry may signal otherwise. Camillo typically enters positions before they go up in value and is early to investments with impressive returns to show for it.
Both Paul and Camillo own CryptoPunks, considered the “holy grail” of NFTs by many and one of the most valuable NFT collections out there.
There is an increasing number of NFT projects being launched, which could lead a topping event in terms of valuation.
“Most will fail and that’s ok,” Camillo said. “NFT valuations will fluctuate in the coming years but over the next decade I see top projects appreciating meaningfully from today’s levels as understanding, appreciation and institutionalization of NFT’s as an alternative asset class materializes.”
Bored Apes were launched in April and started off with limited demand but since then have seen an incredible rise. The NFT series has one of the most loyal followings and continues to launch new NFT series exclusively for its members, which could create strong returns for Paul, Camillo and thousands of Apes around the world.
For more on NFTs, be sure to check out Benzinga’s new NFT show “The Roadmap” airing Tuesday and Thursdays at 2 p.m. ET.
Published By : Benzinga.com