was wondering what this type of thing is exactly and how it can produce millions. Stuff like this has me very interested in crypto banking.
https://boredapeyachtclub.com/#/home
The 'Bored Ape Yacht Club' is one example of many in a new genre of cryptocurrencies known as NFTs (non-fungible tokens).
Fungibility refers to the interchangability of a specific kind of good. A "fungible" good is one that can be interchanged with another of the same kind and not lose any value. For example, $1 bills are fungible. You and I can trade our $1 bills, and the new bill you receive will have the same value and function in the same way.
"Non-fungible" goods are unique, and no two can be exchanged and be expected to have the same value. For example, houses are a non-fungible asset. Even houses that are built in the same neighborhood, with the same footprint, design, and construction will not be worth the same value. Diamonds and trading cards are other examples of a non-fungible asset. In other words, a non-fungible asset is unique and one-of-a-kind.
In the world of cryptocurrency, NFTs are being used to address a multitude of facets in the economy, including: art, music, real estate, and video games. This list will certainly grow in time as new applications are developed.
Rather than keep these NFT collectibles in your house or a safe, as you would with traditional assets, you are storing them in your digital wallet instead.
The 'Bored Ape Yacht Club' is a type of NFT artwork. From the description, there is a limited collection of 10,000 digital apes that can be collected. This NFT platform funtions on the Ethereum network, meaning you will need to have an Ethereum wallet address to store these NFTs, and you will most likely purchase them with Ethereum.
Here we see the project listed, including some of the NFTs that recently sold, and at what price:
https://www.coingecko.com/en/nft/bored-ape-yacht-club
Collecting these types of assets is similar to purchasing art, collectibles, or sports memorabilia: you are making an investment with the hope that due to an increase in interest coupled with a limited supply, the value of your NFT will increase over time.
I think the reason we are seeing an NFT craze with such high prices is simply because this is a brand new technology, and these are the first players to the table. I think we will be seeing a lot of NFTs coming into existence with the new generation of VR video games. In-game virtual assets will become a real-world commodity that people buy, sell, and trade.
If you are interested in learning more about NFTs and following their development in the world of crypto, I strongly recommend you watch and follow Ellio Trades Crypto. His YouTube videos are very informative, and he is deeply involved in NFT development. He is passionate about the topic, and goes into a lot of detail regarding digital art and video game NFTs.
Other active NFT projects are listed on Coingecko:
https://www.coingecko.com/en/categories/non-fungible-tokens-nft
"Illigitime non carborundum"
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A guide, on finding a man who has lost his way, brings him back to the right path—he does not mock and jeer at him and then take himself off. You also must show the unlearned man the truth, and you will see that he will follow. But so long as you do not show it to him, you should not mock, but rather feel your own incapacity.
Epictetus
Do not rely on following the degree of understanding that you have discovered, but simply think, “This is not enough”.
Tsunetomo Yamamoto