Bored Ape Yacht Club – One Of The Most Famous NFTs On The World
20 April 2022
The Bored Ape Yacht Club (BAYC) is unquestionably the world’s most influential NFT initiative. For over a year, it trailed CryptoPunks as the world’s most successful collection. However, as 2022 approached, the price of BAYC NFTs skyrocketed. If you sold all of the NFTs in the collection today, you would earn billions of dollars (they sell for around $200k a piece with the floor price being 30ETH for 1 Bored Ape NFT).
BAYC exemplifies how quickly things may alter with only a few moves. Indeed, if not for one particular NFT collector, BAYC may not exist at all. However, more on this later.
bePAY’ll take a deeper look at the BAYC collection in this editorial, including why it’s so popular, which Ape is the most costly on the market, and which celebrities have endorsed it so far.
- What Is Bored Ape Yacht Club
- To Its Community What Does Bored Ape Yacht Club Do?
- Why Are Bored Apes Worth So Much?
- Bored Ape Yacht Club Opensea – The Marketplace To Buy BAYC
- FAQs About Bored Ape Yacht Club
- Wrapping Up
What Is Bored Ape Yacht Club?
The Bored Ape Yacht Club ̣(BAYC), developed by Yuga Labs, is a collection of 10,000 profile images issued as non-fungible tokens on the Ethereum network. A non-fungible token, or NFT, functions as a deed of ownership for a digital asset, enabling purchasers to demonstrate that they acquire the one-and-only form of that picture.
In this example, purchasers get a depiction of an uninterested ape with randomly produced qualities and accessories. No two photos are identical.
The Bored Ape Yacht Club isn’t alone in regard; many NFT profile picture (PFP) collections have recently sprouted up, including World of Women and Cool Cats. However, the Bored Apes have developed a devoted following of collectors, and there are rewards.
What Is Bored Ape Yacht Club?
To Its Community What Does Bored Ape Yacht Club Do?
You’ve probably figured by now that BAYC is about much more than bored apes NFTs. And you are correct. A club is the Bored Ape Yacht Club. At the very least, it is what the creators are attempting to convey. And where does this club congregate? The Ape Discord of Boredom.
At the moment, the only way to join this “exclusive” group is via secondary sales of a Bored Ape. Although registration initially remained low, the ape floor is now often around 100 ETH, or a little short of $300,000.
However, members of the club will not hesitate to tell you that purchasing a Bored Ape NFT at the floor price (the cheapest price you can pay for an NFT) is always worthwhile since the Bored Ape Yacht Club Benefits of membership exceed the loss of ETH. And by “benefits,” we mean monetary gains.
So far in this, the BAYC community has reaped a slew of quite an expensive member Bored Ape Yacht Club Benefits:
- Members own the rights to commercially using their apes. That is, they may create and sell prints, T-shirts, and coffee mugs, among other things.
- BAYC also developed its own apparel, which was available only to owners of the Bored Ape NFT. Prior to making a purchase, users were prompted to check in with their ETH wallet to prove ownership.
- The Bored Ape Kennel Club (BAKC) was established, and the whole supply of NFTs was airdropped solely to Bored Ape owners. 1 ape equals 1 dog. On the secondary market, the floor of BAKC very soon crossed 1 ETH (almost $2,000).
- The Mutant Ape Yacht Club was initially a member-only NFT collection that was later offered to the public after a waiting period.
- Members of BAYC have a voice in how the project’s finances are used. Additionally, these community activities have resulted in millions of dollars being given to different charities.
- Recent roadmap updates promised the addition of more members-only Bored Ape Yacht Club Benefits, including a treasure hunt, BAYC project narrative updates, and games.
Bored Ape Yacht Club Benefits
Apart from the incentives, participants report that the BAYC feels just how the creators planned. This is because exclusivity benefits those who purchased a bored ape NFT and joined the crew.
NFTs in general has enabled people from all walks of life to participate in one of the most recent technological, cultural, and financial developments. And BAYC is a prime example of this.
That is not to say that there are no drawbacks or problems (for example, their acquisition of rivals and appointment of venture capitalists to their Board of Directors), but it does imply that the Yuga Labs team has adhered to their strategy.
Why Are Bored Apes Worth So Much?
To the most important of all questions: why are Bored Apes so expensive? Even the most elite clubs in the United States do not cost $368,000. What’s the big deal? Let us examine.
Not only is bored Ape art significant as a means of establishing a digital identity—it is also lucrative due to the related economic use rights. Not only may Bored Ape owners benefit by reselling the bored ape NFT, but they can also profit from spin-off goods based on the art.
One owner of a Bored Ape created a Twitter account for his ape, constructing an elaborate tale in which the ape is Jenkins, a Yacht Club valet. Jenkins is approachable, crypto-savvy, and a storyteller—the ideal combination for a successful Twitter account.
Jenkins’ narrative is all the more appealing since he was the collection’s cheapest ape, which shaped his demeanour as a valet. On a fundamental level, people are attracted to the traditional “underdog narrative.”
BAYC Is So Famous
Jenkins was signed to a real-world agency in September 2021 to pursue publishing possibilities in a variety of genres, including novels, podcasts, films, and television. He’ll also have his own biography, which will be authored in part by Neil Strauss, a New York Times bestselling novelist.
Jenkins’ owners are establishing a type of sub-BAYC community by enabling users to purchase NFTs that act as voting rights for the creative direction of Jenkins’ first book. It’s basically a large communal effort, except that participants get compensated.
The possibility of such chances increases the value of a Bored Ape. Brands have also ‘aped in,’ with Arizona Iced Tea acquiring a Bored Ape Yacht Club NFT and using it in marketing materials in August 2021. Adidas also acquired a BAYC NFT with the intention of creating a character and storyline.
Some fundamental economics here: with just 10,000 Bored Apes, the supply of NFT paintings is rather restricted. When combined with the brand’s tremendous popularity, we get a high-demand/low-supply dynamic that inexorably pushes prices higher.
Additionally, certain Bored Ape avatars are more uncommon than others within the same collection. Each Ape is a unique, randomly generated mix of 170 characteristics, including background colour, earrings, expression, hat, and attire. This resulting scarcity also adds to certain Bored Apes’ high costs.
Content That Is Unique
BAYC provides Bored Ape owners with special content perks, which are explained in the extensive roadmap available on the Bored Ape Yacht Club website. The roadmap serves as a type of to-do list for the founders, which they want to cross off when they achieve their goal sales percentages.
In line with the tenth goalpost of discovering “new ways to ape with our friends,” the BAYC has become increasingly more inventive with its community-building strategies.
For instance, in June 2021, any Bored Ape holder was permitted to ‘adopt’ a canine companion NFT for free (with the exception of ‘gas,’ the charge associated with executing transactions on the Ethereum network. This is how the Bored Ape Kennel Club came to be. The group raised $1 million for animal shelters via secondary sales of these canine friends.
Why Is It So Expensive To Buy Bored Apes?
While these pups were first offered for free to BAYC holders, the current minimum purchase for a Bored Ape Kennel Club dog is 7.60 ETH or about $17,000 at current ETH pricing.
BAYC generated 20,000 mutant Apes in August 2021. They sold 10,000 to the public for three ETH in order to recruit new members. It worked—the whole collection sold out in less than an hour, netting $96 million.
However, all owners of Bored Apes received a free airdrop of 10,000 digital vials of mutant serums, which they could use to create new mutant apes from their current Bored Apes. Additionally, they might profitably sell the new NFT on the secondary market.
Mutant Apes on OpenSea
And in March 2022, the BAYC issued its own cryptocurrency, the APE coin, and distributed $ape tokens to all holders of BAYC and MAYC. Owners of BAYC NFTs will be entitled to around 10,000 ApeCoins, which equates to approximately $100,000 per bearer.
The APE coins have already proven useful inside the BAYC community, with Snoop Dogg and Wiz Khalifa releasing an eight-track NFT mixtape exclusively for $APE holders.
Finally, BAYC has begun hosting club members at offline, real-world events that will become an annual tradition. In November 2021, BAYC hosted its first annual Ape Fest, which included a gallery show, a costume contest, and a party on a genuine 1,000-capacity boat off the shore of Manhattan.
Lil Baby, the Strokes, Questlove, Beck, Chris Rock, and Aziz Ansari all made unexpected cameos at the “warehouse” party in Brooklyn for the grand finale.
Bored Apes is owned by Jimmy Fallon, Post Malone, Mark Cuban, Paris Hilton, Snoop Dogg, Stephen Curry, Eminem, and Shaquille O’Neal. Additionally, it is a well-known truth that engaging celebrities in anything may generate interest—and hence increase pricing.
Eminem Bought BAYC NFT For $452k
Due to the high level of celebrity endorsement, Bored Apes have developed into a status symbol – similar to a digital Veblen item, the more costly they are, the more people desire one.
While Bored Apes is not the first NFT compilation, it is one of the few. To be sure, the novelty does add to the movement’s success. For example, CryptoPunks is noteworthy solely because it is the first NFT collection.
BAYC acquired Cryptopunks in early March 2022—a move that considerably strengthens their status as pioneers of the NFT community. BAYC intends to provide CryptoPunks owners intellectual property and commercialization rights, much as they have done with Bored Ape owners. This will inevitably raise demand, which will result in a price hike.
Bored Ape Yacht Club Opensea – The Marketplace To Buy BAYC NFTs
NFTs of the Bored Ape Yacht Club are now available on secondary marketplaces, most notably OpenSea. To acquire an NFT of the Bored Ape Yacht Club, Bored Ape Kennel Club, or Mutant Ape Yacht Club NFT on Opensea, please visit the project page for each.
Some will be offered at a predetermined price, while others will be offered at an auction. You’ll need an Ethereum wallet like MetaMask to purchase NFTs on the site. as well as enough ETH to pay both the purchase price and the Ethereum gas transaction charge.
Bored Ape Yacht Club Opensea
FAQs About Bored Ape Yacht Club
How Many Bored Ape Yacht Club NFTs Are Out There?
The Bored Ape Yacht Club is an institution unto itself. It’s a virtual lounge exclusive to its subscribers, which will never exceed 10,000.
Ape Coin (APE) – What Is It?
Ape Coin is an ERC-20 token that was created primarily as a utility token and governance token for the BAYC and MAYC APE ecosystems.
Who Established BAYC?
The Bored Ape Yacht Club has been created anonymously under the pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. Additionally, there is a company named Yuga Labs that is responsible for the invention of BAYC.
Bored Ape Yacht Club FAQs
The Bored Ape community remains a vibrant, high-spirited environment — with a strategy focused on delivering ongoing usefulness to its members. Given that time flows at a breakneck rate in the NFT domain, the question on everyone’s lips is “what’s next?”
To begin, several Bored Ape owners have profited from the sale of their apes. And this is money that has the ability to change your life. Ape #8817, the most expensive BAYC NFT ever sold, fetched $3,408,000 at a Sotheby’s Metaverse auction in October 2021. The Ape is dressed in a wool turtleneck, a rainbow spinning hat, and silver hoops. In the next months, we’re sure to see Bored Apes increase their asking price.
Additionally, the firm is profitable. Yuga Labs closed a $450 million investment round in March 2022, led by silicon valley investor Andreessen Horowitz. And they want to spend a good deal of it. According to the team, they want to develop a virtual environment dubbed “Otherside.”
The MMORPG (Massively Multiplayer Online Role-Playing Game) will kick off this venture by selling NFTs representing virtual land. These will be connected to the Otherside metaverse game’s storylines.
Following that, they want to grow into further items, events, and so on. Thus, it seems as if they are well on their way to accomplishing their aim of establishing a media empire focused on NFTs. With Yuga Labs now owning both Meebits and CyrptoPunks, we’re curious to see what’s next. And we really hope they live up to the original examples they established in terms of community engagement.