The Bored Ape Yacht Club is one of the most exclusive inside the land of collectible NFTs on the Ethereum network.
And thanks to metaverse company RedFOX Labs, they can now cross over to the WAX blockchain and bring lots of benefits with them. The perks are many, and the RFOX Games team just proved how earning an income is possible.
The first benefit of making money from your Ape NFT came last week. The KOGs Mint Lab is where BAYC NFT holders can go to create new digital assets for themselves.
Different NFT collections will be available in the future, but for now, you must own an Ape if you want to use the platform. If you have a BAYC NFT, you can use the Mint Lab to mint 5 new NFTs every month. It costs 0.1 ETH to mint a batch of 5 assets.
You may think that is expensive but just wait until you hear about the returns. After Bored Ape #5503 came out of the Mint Lab, it was sporting a KOGs border resembling a banana peel. The design of an ETH NFT got utilized for use on a different blockchain!
Those NFTs are suitable for trading, selling, and using inside the Play-to-Earn KOGs: SLAM! mobile blockchain game. They also act as lottery tickets for future NFT drops so you can get on the whitelist. Now there is way more utility for BAYC holders!
The first set of 5 went straight to auction on AtomicHub, the WAX blockchain’s most popular NFT marketplace. The team owns the proceeds for this one, but they will put it to good use. Next time it will be a BAYC member.
Those 5 Ape KOGs, they call him “Minty”, sold for about 18.000 USD in $WAXP. That was the equivalent of 3.63 ETH at the time the auction was over. Put 0.1 ETH in, and then get 3.63 out will make you wish you owned more Ape NFTs!
RFOX Games will take about 9.000 USD and use it to buy the cheapest 2nd and 3rd edition KOGs they can find on AtomicHub. Then they will burn them! The floor price will go up from there.
Let’s look into the future when even more of the BAYC holders participate every month. The floor price for KOGs just keeps rising while 2E & 3E KOGs get rarer.
I can tell you a secret today. 3E KOGs will be for sale inside the KOGs: SLAM! game. Their supply will continue to increase but will be offset by the Mint Lab’s burns.
But 2E isn’t for sale anymore. How high will the price floor get?
