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NFT Winter is Coming! But Why Bored Apes and Other Blue-Chip NFTs Will Drive the Next Wave?

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NFT Winter is Coming! But Why Bored Apes and Other Blue-Chip NFTs Will Drive the Next Wave?

Serial entrepreneur and CEO of ATM Holdings explained in a Decrypt column why he shifted from a traditional investor to NFTs. Using his own Bored Ape as an example, he believes it symbolizes more than just a profile picture and the milestones achieved in recent months indicate the future direction of NFTs.

Andrew Miller

In addition to being the CEO of a holding company, Andrew Miller is also a well-known domain investor, owning domains such as Home.com, Candy.com, and Universal.com.

He started investing in NFTs in August this year and disagrees with Coin Center's Director of Communications Neeraj K. Agrawal's statement that "bored apes cannot hold value."

Bored Ape Yacht Club (BAYC)

He believes that in the metaverse of NFTs, people will be closer to something out of a Marvel movie than in real life. Since August, there have been significant changes in the NFT space, and he hopes that the Bored Ape #818 NFT he bought for $48,000 will be one of his best investments ever.

Furthermore, the Bored Ape and its parent company, Yuga Labs, have continued to grow their brand since August, so he finds Neeraj's tweet to be very off-base. Miller listed the milestones achieved by Bored Apes in the past few months.

  • Since April this year, the minting and trading of Bored Apes and Mutant Apes have exceeded $100 million
  • Secondary market trading volume has exceeded 219,000 ETH, nearly $800 million

From this perspective, the free cash flow generated by BAYC in the first six months is more than that of Airbnb in its first three years.

  • In September, Sotheby's sold 107 Bored Apes for $24 million
  • In September, Christie's sold a single Bored Ape for $1.23 million
  • In October, Christie's sold another single Bored Ape for $3.4 million

In addition to the rising prices, the entertainment industry has also taken notice of Bored Apes.

Bored Apes Going Mainstream

The entertainment industry is collaborating with celebrities who are becoming holders.

  • Collaboration with Guy Oseary, co-founder of the renowned talent agency Maverick
  • Universal Music Group forming the virtual band "Kingship" with Bored Apes
  • Grammy-winning music producer Timbaland establishing Ape-In Productions entertainment company with Bored Apes
  • Rapper Post Malone purchasing Bored Apes
  • Rolling Stone magazine releasing a digital cover NFT featuring Bored Apes
  • NBA star guard Stephen Curry buying Bored Apes
  • Jimmy, host of "Jimmy Kimmel Live," acquiring Bored Apes

NFT Major Correction Signals Next Wave

Andrew Miller points out that there are many skeptics of NFTs. He chose Neeraj because of his large Twitter following, and he finds it hard to understand why anyone would overlook all the positive developments mentioned above.

However, Miller firmly believes that a correction will occur in the NFT market, similar to the tech stocks in 2000, possibly triggered by specific factors in the NFT space or by a broader market correction.

Previously, Coinbase investor and prominent NFT entrepreneur Gary Vaynerchuk also predicted an impending NFT winter. Miller believes this will create market turbulence, causing many hastily launched and money-grabbing collectibles to collapse, but the top performers will return with greater momentum, signaling the next wave in the NFT industry.

You might argue against all this, saying I'm just an investor riding the high prices of Bored Apes. What makes me believe that BAYC will retain its value in five years? Miller asks.

He points out that the power of the community, with hundreds of BAYC members exchanging greetings on Twitter every morning, where CEOs, celebrities, venture capitalists, and regular people are treated equally. The BAYC founders continue to drive the project with the standard of the world's top business professionals.

There are many promises and ongoing developments in the 2.0 roadmap, including DAO, BAYC token issuance, and a physical club in Miami. The team has made it clear that anyone must buy in through the secondary market to become a member, and as the team continues to develop use cases, the value will grow.

Miller concludes that given the achievements and milestones of BAYC mentioned above, he finds it hard to imagine this being the end of the road; Bored Apes are no longer just symbols of avatars but represent the future direction of NFTs.