$1 Million Worth of Bored Ape NFTs To Be Given Away by DeFi App

The demand for NFTs does not seem to be coming to an end as these unique non-fungible tokens have become the preferred medium for social engagement, promotions, and collaborations.

The same tactic is being utilized by a rather lesser-known DeFi application but in a historic way.

The 25 NFTs…

In an effort to get more attention and users onto their platform decentralized finance application FODL has announced the biggest ever recorded NFT giveaway in the history of crypto. The dApp has planned on giving away 24 Bored Ape Kennel Club (BAKC) and 1 Bored Ape NFT. 

While the floor price of a BAKC is currently set at $28,000 (9 ETH), the price of the latter Bored Ape NFT is presently at $309,000 (100 ETH). The combined value of these NFTs is close to $1 million.

FODL aims to milk the most out of this opportunity by stretching the giveaway to two and a half months giving away 1 NFT every 3 days.

But the catch here is that in order to be a part of this giveaway, participants must stake at least 1000 FODL where 1 FODL is worth about $0.198. Put simply every participant must invest close to $200 to be valid for winning an Ape. 

Why Bored Ape?

The Bored Ape Kennel NFT series has been one of the most successful NFT series in the lower price zone.

Compared to some of the other major NFTs such as the Mutant Ape or Degenerate Ape NFTs BAKC has managed to capture the traders’ attention by selling over 5,400 of its NFTs garnering over $193 million in overall sales.

The other major NFT series of the Bored Ape Yacht Club (BAYC) has sold well over 63% of its 10,000 NFTs fetching over $1.2 billion in sales.

Besides, it’s not just about the Bored Ape series. NFT collaborations have actually become relatively common nowadays with major artists and companies producing some of the other collections of pop-culture or trend-relevant NFTs.

Just yesterday Binance and South Korean entertainment corporation YG joined hands to produce K-Pop NFTs with artists like BlackPink, iKon, etc.

Furthermore, Bundesliga league football club TSG Hoffenheim announced their NFT partnership with Dogecoin inspired – Baby Doge Coin.

All these developments will continue to propel NFTs into the mainstream of crypto.