Bored Ape NFTs are so expensive for several reasons. The first reason that they are expensive is that people decided to give them value. The second reason is that they are reasonably scarce since only 10,000 of them exist. The third reason is that they can be seen as a new form of futuristic metaverse currency that will only extrapolate in value as the crypto space grows in the global economy. Fourth, famous people make it look cool. Fifth, it’s a way to invest in quality digital art. Previous NFTs were pixelated and not very visually appealing. The artistic style was a large part of their popularity.
Each of these examples reinforces the first reason. They were given value by people. Individually, they are just a pile of monkey drawings. Together, they are greater than the sum of their parts. As a community and as an investment, Bored Ape NFTs seem to only be growing. It inherently creates a private club for the rich, famous, and powerful as the popularity of a purposely scared social resource continues to grow. It will be interesting to see how these super popular NFTs like Bored Ape will affect the metaverse, crypto space, art investing, and securities in general.