Regardless of whether you are a Web3 and NFT enthusiast or not, it’s highly likely that you’ve heard of the Bored Ape Yacht Club (BAYC). The BAYC has become so much more than just an NFT collection, it has evolved and grown into a full blown mainstream brand. Now, the BAYC has its own clothing range, it has featured in a song by Snoop Dogg and Eminem and it has crossed the 1 million follower mark on Twitter. Knowing all of this, you’re probably eager to learn about how people make money with the BAYC NFTs?
#1 Buying And Flipping Apes
The most obvious way that people are making money with BAYC NFTs is by simply buying and flipping them. Of course it’s not as easy and simple as it sounds. Traders must be sure to conduct fundamental and technical analysis to know when to buy and when to sell. Ultimately, the goal of trading is to buy low and sell high. If done correctly, the BAYC can provide very profitable flips. The only issue is, to get started today, you are going to need 73.7 ETH (more than $100,000) to get your first BAYC NFT.
#2 Creating Bored Ape Branded Goods and Services
Those who are lucky enough to own a BAYC NFT can sell the image of their ape. The BAYC allows people to do this, unlike other ‘blue chip’ projects such as CryptoPunks. The creators of the BAYC, Yuga Labs, grants holders permission to use the image of their apes for profit.
One example of this is Happy Dad. Happy Dad is a Californian-based Hard Seltzer producer and it has used BAYC #8928 to release a limited edition banana flavored carbonated drink. The new packaging features the popular non-fungible token (NFT) from the Bored Ape Yacht Club (BAYC) collection. Another example is how Old Navy (GAP) have used BAYC #7285 to release a gender neutral t-shirt for adults.
#3 Hold an Ape For Airdrops
Earlier this year, ape holders were airdropped a generous amount of ApeCoin. ApeCoin is the BAYC’s governance token and it is used for decision making within the ecosystem. ApeCoin is also listed on exchanges, meaning that holders can swap it for FIAT currency. When ape holders were airdropped ApeCoin, it essentially was the BAYC gifting free money to its community. Given the caliber of the BAYC, I wouldn’t be surprised to see something similar in the future.
There are many ways that people can make money with BAYC NFTs, but some are more creative and less obvious. The three mentioned above are proven methods that have generated profit for token holders time and time again.
