If you’ve scrolled through social media over the past few months and seen an awful lot of bored cartoon apes and felt quite confused, you aren’t alone. This may seem like a silly cartoon for many but for some these drawings are worth millions. So, what exactly are these cartoon apes and will we see more of them in the future?

These apes are non-fungible tokens (NFT’s) – a unique digital asset that portrays a form of media like music, art, a gif and much more (if you’re not too sure about NFT’s click here for more info). They come from a website called Bored Ape Yacht Club, which launched on the 30th April this year and hosts 10,000 different cartoon apes for sale at varying prices.

The cartoon apes come in a variety of styles. Some have hats, some are smoking a cigar, some have a halo floating above their head, some have laser vision, or the red eyes of a stoner, some have a big cheesy smile on their face, however most have their signature look of boredom.

The baseline price for a Bored Ape Yacht Club NFT is $268,512.73  AUD or 41.9 Ethereum, the second highest valued cryptocurrency, and it only goes up from there. The highest valued NFT on the site is priced at one hundred trillion Ethereum ($640,336,585,500,000,000 AUD) which seems a touch too expensive.

So why would people bother with this? Why spend hundreds of thousands of dollars on what could simply be perceived as a cartoon primate?

For some, the apes are a status symbol, a representation of wealth and a signifier of an elite club that only they belong too. For others the apes are a new trend to cash in on, a large banner that tells everyone they are ahead of the curve and invested in the future. The fear of missing out drives other Bored Ape owners while some just think that they look cool.

One buyer in particular recently spent $3.4 million USD ($4,629,661 AUD) on Bored Ape #8817, a unique cartoon ape with a propeller hat, a turtleneck, a party horn hanging from its mouth, and gold fur – a super rare trait found in less than one per cent of Bored Apes.

#AuctionUpdate #BAYC #8817 sells for a RECORD $3,408,000 USD! This is the first time it has been made available since it was minted. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth #NativelyDigital pic.twitter.com/HfFTpEOIUh

— Sotheby's Metaverse (@Sothebysverse) October 26, 2021

The purchaser, Brandon Buchanan, recently told HYPEBEAST: “I had been looking for a gold Ape for the last couple of months, and there are not a lot for sale – only 46.

“And the ones that are listed typically sell for 1,000 ETH plus, and so give or take, wherever the price of ETH is at a given moment, you’re already talking $3 million plus ($4,084,995 AUD).

“It’s an investable asset. It’s like being able to own a rare Babe Ruth card or a Michael Jordan rookie card,” Buchanan said.

The apes are catching on within pop culture as well with celebrities like Jimmy Fallon, KSI, Lil Baby, and so many more purchasing a Bored Ape.

Permission to come a bored? @BoredApeYC #NewProfilePic pic.twitter.com/1pbBt2gB1V

— jimmy fallon (@jimmyfallon) November 12, 2021

I mutated my ape ! Shoutout @MoonPayHQ @BoredApeYC pic.twitter.com/Gf8a1wEFrw

— Lil Baby (@lilbaby4PF) November 4, 2021

My Bored Ape is now worth over $100,000. Stop sleeping on NFTs pic.twitter.com/HQW6l8F4Sz

— KSICRYPTO (@ksicrypto) August 25, 2021

In fact, even Rolling Stone are amassing a whole collection of Bored Apes.

Rolling Stone's NFT collection, in partnership w/ @boredapeyc, features art from the Bored Ape community.

The apes below are available now on @SuperRare.

🍌 @dario_desiena https://t.co/qTXshxSrsj
🍌 @cryptogeisha https://t.co/OVgbhd9Wxh
🍌 @jenevaNFT https://t.co/m4mv3q0M8G pic.twitter.com/vjGPG0cXrH

— Rolling Stone (@RollingStone) November 10, 2021

The auction of Rolling Stone's first-ever NFTs, in partnership with @boredapeyc, is coming to a close.

Don't miss your chance to be a part of history– bid now on @SuperRare. https://t.co/5qQ6QDD5Um pic.twitter.com/QEeTIl2flR

— Rolling Stone (@RollingStone) November 16, 2021

The auction of Rolling Stone's first-ever NFTs, in partnership with @boredapeyc, is coming to a close.

Don't miss your chance to be a part of history– bid now on @SuperRare. https://t.co/DTy9yef4pW pic.twitter.com/CMq5sLvlUa

— Rolling Stone (@RollingStone) November 16, 2021

Now for those of you still thinking that people spending exorbitant amounts of money on these NFT’s are crazy maybe this could change your mind.

10:22pm, a next-gen Web3 label, owned by Universal Music Group has created a new virtual supergroup, KINGSHIP (featured image), with all of the members being Bored Ape Yacht Club NFT’s. Described as the first of its kind, the supergroup has been made specifically for Zuckerberg’s new Metaverse.

Celine Joshua, founder of both 10:22pm and KINGSHIP, engineered the first-ever, exclusive agreement to create a Metaverse group. The group plan on making and releasing new music, NFTs, community-based products, activations and experiences in the metaverse. They believe that they will kick off a new generation of artists, fans and community engagement.

Joshua said: “Creating KINGSHIP has been incredibly fun and imaginative.

“I started 10:22PM to push the boundaries of innovation in the music industry and with KINGSHIP, we’re literally inventing what’s possible in real time. Just as we would with any artist or creator, my team and I will work with KINGSHIP to sharpen their vision and develop their unique sound.

“Each member of the group has their own story and personality that influences and contributes to KINGSHIP’s overall narrative. Through music and events across the metaverse, we will bring the Apes in KINGSHIP to life by building communities and utility, and entertaining audiences around the world.”

NFT collector Jimmy McNeils (aka j1mmy.eth) is providing the apes for the project, consisting of a mutant ape and three Bored Apes, including a golden fur ape and a bluebeam ape.

It’s pretty clear that NFT’s from the Bored Ape Yacht Club are a valuable asset, and not just for the usual crowd of crypto and NFT diehards. But whether they have the same level of value in the future and more is the real mystery that we will have to wait and find out.