The Bored Ape Kennel Club NFT collection has hit a new ATH floor price of over 12 ETH on Opensea.
That means the cheapest one can be bought for is now over $36,000 USD, a huge rise considering they were first given away for free as part of a charity adoption drive.
Each of the 10,000 NFTs in the Bored Ape Yacht Club, which have also set a new high, were paired up with one dog per BAYC to adopt back in June 2021.
So BAYC owners were able to mint one Club Dog NFT at random by only paying gas fees, for each BAYC they owned. According to the BAYC website any unclaimed dogs would be ‘released into the swamp, never to be seen again‘.
Surprisingly 400 BAYC owners didn’t claim one for adoption, explaining the total supply of BAKC dogs being 9.6k. They may now be regretting that decision to avoid the gas fees given their value today.
For the first six weeks a 2.5% royalty fee was applied for trading Bored Ape Kennel Club NFTs on secondary NFT marketplace Opensea, which Yuga Labs donated to no-kill animal shelter charities, such as Wright-Way Rescue.
Rare Bored Ape Kennel Club #6371
This week a rare BAKC dog was bought for $104,000. Its solid gold fur is a trait only 1% of Bored Ape Kennel Club dogs possess. Also only 18% have closed eyes. Some BAYC owners were lucky enough to receive club dogs with high rarity in the randomized minting.
Each dog in the club is unique and stored as an ERC-721 token on the Ethereum blockchain. They have over 170 possible traits, some with higher rarity than others.
The reason Yuga Labs gave for the Club Dog drop was ‘to give our members something fun and unexpected while we work on the treasure hunt and mutant-breeding. Plus, we just love dogs‘.
No future Club Dog drops are planned, making them limited edition. Yuga Labs has continued its charitable donations however, giving 10 million ApeCoin tokens to charity this year.
When ApeCoin was first airdropped to BAYC holders, also owning a BAKC NFT boosted the amount of APE tokens received, although so far they have had little other utility or use case other than being a popular digital collectible. That may change with the launch of the upcoming Otherside metaverse.
According to NFTpricefloor.com the previous all time high was 11.9 ETH hit on February 1st, 2022.
The floor price has increased over 6% in the past 24 hours, and almost 100% in the past 7 days, with the highest sale in the last week being for 35 ETH.
New Bored Ape Kennel Club all time high
All Yuga Labs NFTs have been increasing in valuation in the run-up to the April 30th launch of Otherside.
BAYC have hit a 139 ETH floor on Opensea, and MAYC now have a 39 ETH floor.
APE is currently trading over $17 having hit a weekly high of $18.4. If that governance token of the Bored Ape metaverse will be used to buy and sell virtual land plots in Otherside, it could continue to increase in value.
Cryptoassets are a highly volatile unregulated investment product.