Bored Ape Yacht Club-the mega hype around the NFT gang

When it comes to digitization of art and new revenue potential of digital designers and artists, NFTS still master the headlines. Recently controversial discussed and with ups and downs in the value developments, it is above all the bored comic monkeys that are seen more and more.

One of the most prominent NFT collections has created the Bored Ape Yacht Club (BayC) . The hyped monkeys were bought by superstars such as the pop icon Madonna, Eminem, Justin Bieber, Paris Hilton, Neymar, Stephen Curry, Jimmy Fallon and Post Malone.

What is NFTS and the BayC about?

In the art world, no arm length was felt last year without encountering NFT It is the future of digital art, nothing less than a revolution on the art market, some say that it is a climate -damaging bladder, the others stick to it.

We already reported in detail about the NFF trend .

The BORED APE YACHT Club, or often colloquially called Bored Apes or Bored Ape, is a non-fungal token collection that is built on the Ethereum blockchain. The collection contains profile images of cartoon monkeys that are procedurally generated by an algorithm.

The wave of success has rinsed the makers behind the digital works through the Ethereum cryptocurrency billions of billions. In the meantime, however, the suspicion will be louder, the expensive pictures could be part of a right troll scheme.

Keith Martin - Prominent example of a successful Bored Ape NFT Investment

NFT collector Keith Martin, who has now often cited as a success example, reported in an interview with Business Insider how he got his first monkey and has now multiplied his invested sum.

In May last year, Martin bought his first non-fungable Bored Ape Yacht Club Token and paid less than $ 500 and was almost certain of a profitable business. After all, the market began to boom at the time. In fact, things turned out differently - and Martin had to accept a bitter loss.

Martin, who calls himself on Twitter Illusiveape , did not make the shotgun so easily into the grain and shortly afterwards acquired another NFT for about $ 1,700 or 0.64 eth (ether), this time with the firm intention to keep it. He firmly believe in the future of digital assets and wanted to be on board in future developments as APE owners.

At that time, an ether $ 2,700 was worth. After an interim crash of cryptocurrency, Martin's valuable BORED-APES-NFT is now worth around $ 111,000 at current market prices. Martin's NFT transaction documents were viewed by Business Insider.

Since then, Keith Martin has not only been a proud BORED-APE NFT and Cryptopunk-NFT art collector , but also through its marketing company Web3 pioneer . The so-called Web3 is an innovative concept for a new World Wide Web that brings blockchain, smart contracts and decentralized applications together and is based on token economy.

NFT explains: is digital art just a hype?

The bear market - how is cryptocurrencies and NFTs continue

NFTS had a record year 2021 and almost crazy out of nowhere at dizzying heights. According to Nonfungible.com, sales have decreased by more than 80 percent by the age of 2022 since the maximum of 2022. The gold digging mood is over.

In the meantime, the market capitalization for cryptocurrencies has also fallen below the brand of one Billion dollar after climbing over three trillion dollars last year.

But even in the middle of the current bear market, Martin and many other clever minds of computer science, IT and art believe in the further rise of cryptocurrencies and the emerging NFT ecosystem . They consider the current slump to be a short -term market correction and want to stay on course with the collecting of NFTs.

Buy token - that's how it works

As already reported in our articles from last year, the then almost incredible sale of the digital collage of the NFT artist Beeple the popular market of the NFTs for over 69 million euros, as we know it a year later.

The hype around NFTS initially caught crypto geeks and IT nerds, but then spread out like a surface fire in all sections of the population. Even big names from television, sport and music mix today. Tom Brady, Neymar, Mila Kunis and the musician John Legend are only a few of many.

Would you also like to have a break from the cake on board and part of the cake?

Thanks to simple marketplaces, NFT are also available for the general mass. The advisors of Langguth Consulting explain, for example, where you can buy it, or how to have your own cryptocurrency created. At the same time, the experts from the consulting company also offer support in creating a crypto wallet or even in external financing through cryptocurrencies .

If you do not want to work through our detailed article on the subject of NFTS, we would be happy to provide you with a brief introduction to the topic at this point:

How do NFTS work?

NFT (pronounced: non -fungle token) are clear drawing lines (code) on the technology blockchain that are unique and cannot be copied. This makes it unequivocally sign a digitally created work and link it to ownership.

The tokens currently in the hype are primarily linked to JPG or GIF images. But an NFT token is much more than just a picture. Behind the projects is often a company that offers so -called benefits such as invitations, merchandising and much more through the acquisition of a NFT.

The currently most famous NFTs are the Bored Ape Yacht Club, Cryptopunks and the sports supplier Adidas.

Since NFTs cannot be copied or changed, they are suitable for the ownership of non -replicable property, such as: B. to pursue the rights in an image. This technology is used for the acquisition of digital art, music and sporting events.

Where can you buy NFTS?

A prerequisite for the purchase of token is the possession of a crypto wallet . This can be seen as a kind of depot, as is known for shares. It is possible to transfer NFTs directly from wallet to wallet, ie to act directly with owners. However, the sale has proven itself through marketplaces that have created the ideal framework conditions for this.

This enables every user to take part in the cryptom market with an internet access and with little IT skills. In addition to the dominant top dog Openea, there are numerous smaller marketplaces, such as Mintable, NBA Top Shot, Crypto.com, Binance, NIFTY, RARILE and SUPERRARE .

However, since there are also a lot of black sheep in this area, there is a little caution among less well -known bidders and operators. In any case, a short research over the Internet is worthwhile and helps not to become a victim of fraud stitches.

How does the purchase process work?

As already mentioned, a wallet is the first requirement. This can be set up relatively quickly with a smartphone.

Most non-fungable tokens are from the Ethereum network cryptocurrency ETH . This currency can be traded on all large marketplaces. It can therefore be acquired on Coinbase, Binance, Kraken, FTX and many more in exchange for a Fiat currency. If you have the ETH in your wallet, you can then buy the NFTs on the marketplaces. Bitcoins are also used for the purchase of NFTs , but are less popular than ETH.

How can you buy a bored ape nft?

The year 2021 will undoubtedly be remembered as the year of the non-fungable tokens (NFTS). One of the best known projects is the already mentioned BORED APE. Part of the secret of success is probably due to the fact that the project skillfully combines aspects of the community, exclusivity and social capital. How can you buy such a bored ape nft.

Step 1: Ethereum

Also when buying a bored apes, everything begins with the acquisition of the Ethereum , because the Bored Ape NFTS are created on the Ethereum Blockchain.

For this purpose you need an account with a crypto exchange such as Binance , Coinbase or Gemini . Alternatively, there is also the possibility to buy Ethereum from a Web3 wallet directly. As soon as you have set up an account on one of these platforms, you can add credit and buy ETH directly afterwards.

Step 2: Wallet

In the second step, a so -called wallet is required. Metamask is the most frequently used software wallet to buy NFT . Because the software wallet can easily be set up as a chrome extension and connected to OpenSea.

Once you have bought ETH on a trading platform, you have to transfer it to the Metamask Wallet. To do this, you first have to find the Metamask Wallet address. This is a string of 64 letters and numbers that are displayed in the wallet. The ETH purchased at Binance or Coinbase can be sent to this address.

Always keep an eye on the gas fees . Any transmission of cryptocurrency costs a network fee that should not be swept under the table.

Step 3: On to OpenSea

With credit in the Metamask Wallet, you are now able to buy an NFT. To do this, create an account with OpenSea . The wallet acts as a user name when connecting directly.

Now nothing stands in the way of buying a Bored Ape NFTS, because all Bored Ape NFTS can be found on OpenSea. If no immediate price is displayed, it is an auction.

If you have managed to purchase the NFT, it will be saved directly in the wallet after buying. By linking the wallet with OpenSea, the NFT can also be seen directly in its account overview.

Have your own cryptocurrency created

It is a slightly different league if you want to have your own cryptocurrency created in order to then bring it to the market. But what are the motives for such a step and for whom is your own cryptocurrency suitable at all?

In principle, companies, start-ups or soloPreneurs have a cryptocurrency created if they have an innovative idea with high potential that is not supported by conventional financing methods. Companies that have a cryptocurrency created want to have the idea behind the cryptocurrency financed by investors - through a so -called ICO . The concept of crowdfunding resonates.

ICO is the abbreviation of initial coin offering . In some cases, IPCO is used - initially public coin offering. Token sale is also used as a synonym.

All of these methods are common that this is a financing method that is blockchain -based and resembles crowdfunding. In some cases, ICO is compared to the IPO (see IPO). The output of the coins is similar to the submission of shares when companies go to the stock exchange.

A reliable and experienced partner is an almost mandatory prerequisite for this complex process. The question of whether a company should have a cryptocurrency created cannot be answered in a general way. An extensive analysis of the business model and the successful forecasts is required.

Langguth Consulting is also available to advise you on this topic until the introduction of your own cryptocurrency.

Create your own NFT

We come to the last section around business models and revenue potential based on blockchain technology.

Are you creative - for example as an artist, designer, musician or athlete and now want to have your own NFT created or even create yourself?

In order to create a NFT, of course, artistic and/or creative skills are required. If you want to exhaust the economic potential, it is also advisable to choose a topic that is currently trendy and that can generate increased attention to your NFT.

Basically, every visual (JPG, PNG, GIF, etc.), audio (MP3 etc.) or 3D file (GLB etc.) is suitable as the basis for a NFT. Let us go briefly through the 6 steps to your first sales capable :

Step 1: Select an NFT marketplace

This is the very first step to create your NFT artwork. There are two categories of these peer-to-peer marketplaces from which you can choose:

Curated platforms : This NFT marketplace category only allows authorized artists to shape or create digital art token. They mainly focus on high -quality digital art brands, not on simple and inferior collectibles.

Platforms such as superrare are curated NFT marketplaces. You have higher transaction fees and lower flexibility in the royalties percentages that you can program into your graphics.

Self-Service platforms : This category of the peer-to-peer marketplace enables everyone to create their nft with what they want. So you can create yours either with a photo, a video or an audio file. You can also set the percentage of the license fees that you would like to calculate for every token sale.

Platforms such as OpenSea and rarible fall into this category.

After you have selected the marketplace you want to use and opened an account there, it is time for the next step.

Step 2: Set up digital wallet

The next step is to create a digital wallet (so -called wallet) in order to store both your cryptocurrencies and your NFTs. Yes, cryptocurrencies, more precisely ether, are required in the NFT creation process.

OpenSea usually recommends using the Google Chrome extension of the metamask cryptocurrency wallet, buying your ETH and preparing yourself to shape NFTs.

Suppose you already have another cryptocurrency wallet with ETH in it. In this case you can create a metamask wallet and transfer the ETH from your original wallet to the Metamask Wallet.

It costs ETH worth around £ 10 to 200 to pay the gas fees while an NFT is created. So if your money is ready, continue with the next step.

Below we will explain to the sake of simplicity for the sake of simplicity at the OpenSea marketplace how you can proceed.

Step 3: Create your first collection (collection)

At this point you do not create a digital art token. On the user interface of your OpenSea account you can see the menu item "My collections" . Click on it. It serves as a memory or gallery of your digital art.

Now you have to adapt your collection by entering a name for it, writing the description and uploading a display. This creates the basis for showing your works of art when you have created them.

Step 4: Create digital arts token

As soon as you have successfully completed your collection, it is time to get into the primary process of creating your NFT. Click on new element, and you will be given the opportunity to upload metadata that contain visual (JPG, PNG, GIF, etc.), audio (MP3 etc.) and 3D files (GLB etc.). Here you can also give your token a name.

You can shape an unlimited number of tokens. Also note how many editions of the same token you want to create.

Independent tokens : This means that you can only create a copy of this specific digital art token, which makes it even more valuable.

The Edition tokens: Here you create as many copies of the same token as possible. You just have to add the edition number to distinguish between the individual replicas.

Next, you may add properties, levels and statistics, as these enable buyers who explore their collection to filter their works of art. Properties can be something like the date on which you have created the token.

As soon as you have added all the necessary details, including social links, updated image, description and name, click on "Create" to add your NFT to the blockchain. Gas fees are due for this.

Next you can choose the payment stands you want to accept for your digital art. You can also select the percentage of license fees that you would like to receive for the second sale of your work of art.

Step 5: List of your works of art for sale

After you have created your NFTs, you will have to offer them for sale next. You can either choose a fixed price offer or auction and set your price.

When you first create and sell an NFT, you have to pay a gas fee before you adjust your work of art.

Step 6: Advertise for your work on social media

In order to enable better sales opportunities for your digital works, you should build a considerable fan base on social media. Then you should share your direct link with potential buyers and advertise your works of art for fans on social media so that you can discover it - and ideally also buy.

Can you create NFT art without programming knowledge?

The good news for all non-INTER: You can create your NFT art without having to write code.

The step-by-step instructions provided above is a typical example of the creation of a digital art token without coding. It is beginner -friendly and will bring you on the right track to define property rights on your digital art brands and pour into NFTs.

In the meantime, some NFT platforms also offer their own instructions, tutorials and How Tos. You will also find what you are looking for on YouTube if you need help.

However, if you are serious about building up a profitable NFT art collection, you should rely on the advice and support of professionals. The market is now highly competitive and there are some stumbling blocks on the way to success. The experts from Langguth Consulting will be happy to help you with advice and action.

Joachim Rodriguez y Romero

Owner and managing director of Kunstplaza. Publicist, editor and passionate blogger in the field of art, design and creativity since 2011. Successful conclusion in web design as part of a university degree (2008). Further development of creativity techniques through courses in free drawing, expression painting and theatre/acting. Profound knowledge of the art market through many years of journalistic research and numerous collaborations with actors/institutions from art and culture.

www.kunstplaza.de/