To be honest, there are many things i will probably never understand about NFTs cos I couldnt understand the inspiration behind its ugliness. I think it was odd how the first generation NFTs, especially this ape club, were ugly as hell. Sure, the whole nft idea was bewildering really, but why was it all so ugly as well?
is there a hidden utility in ugliness or am i missing something?
It is the community that drives the value of it but AFAIK, there's now 80% cost less from what it is used to be. Just like the meme coins, they're driven by the community that builds hype on it and that's why many of the influencers that have bought at the peak are now in total loss. There are some utility on it depending on the NFT that you're going to buy, I've seen some in the sol network that they're giving some dividends and for the BAYC, it's most likely the exclusiveness of its club to the owners of it when they've got events and passes for yacht parties.