Bored Ape Yacht Club has experienced a remarkable increase in its popularity due to their overwhelming acceptance and subsequent purchases of collections they had owned over the preceding year. Famous figures like Eminem and Gunna have their own collections of BAYC NFTs. If the record-breaking sales trend continues, BAYC could surpass CryptoPunks’ total volume of sales this year. The club’s collections are not cheap and have seen a steady increase in their prices throughout the years. At the moment, entry to the club costs 71 dollars or $267,000 in dollar. The club membership is now impossible to obtain for the general population due to this increase.

The theft of NFTs from the Bored Ape Yacht Club is a problem despite its popularity. The theft of NFTs belonging to the Bored Ape Yacht Club has increased in recent months. These thefts usually occur when hackers scam bored ape collection owners via email Phishing to gain access their crypto wallets.

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According to ARTNews reports, Todd Kramer was the victim of a fraud. The owner of an art gallery located in New York lost 15 NFTS, valued at $2.2million. Four of those NFTS were Bored Apes the 30th of December. The fraudster has since proceeded to resell Mr. Kramer’s NFTs. However, with the assistance of OpenSea’s crew and other concerned buyers, some of the stolen NFTs have been tracked and returned to Kramer.

The current trend raises concerns about the regulation of NFTs to prevent thefts and other vices in the area. In an ironic move considering that NFTs were created to provide viable alternatives to central financial institutions, NFT owners and supporters have turned to centralized entities to assist them.

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