Through the course of this article, we will understand all about the Bored Ape Yacht Club and its unique benefits to its owners.
Given the popularity that Non-Fungible Tokens have gained through time and their engagement with the blockchain sector, there are numerous NFTs in the open marketplace today.
Everyone aware of this type of digital asset, from celebrities to other financial titans to ordinary people, wants to possess a piece of some digital asset on the market, resulting in increased use of the platform by blockchain investors.
The Bored Ape Yacht Club is a top profile picture NFT project which has amassed significant success since its launch in the NFT marketplace.
According to data from the top aggregator of NFTs CryptoSlam, Bored Ape NFTs have now yielded over $750 million in trading volume, including the following variant sets. Many athletes, musicians, and others increasingly use them as their Twitter NFT avatar of choice. Purchasing a Bored Ape Yacht Club NFT gives you entry to the eponymous “club,” which has its own set of privileges.
Considering buying one to “fit in”? What you need to know about the BAYCand how to purchase them is outlined below.
What is Bored Ape Yacht NFT?
Yuga Labs established the Bored Ape Yacht Club, a collection of 10,000 profile images minted as NFTs on the Ethereum blockchain. An NFT, or non-fungible token, serves as a statement of ownership for a digital item, allowing buyers to confirm that they own the unique form of that image. In this case, buyers will receive an illustration of a bored-looking ape with randomly generated attributes and accessories, and there are no identical images.
The Bored Ape Yacht Club isn’t alone in this; NFT profile pic (PFP) collections like World of Women and Cool Cats have lately appeared. On the other hand, the Bored Apes have a loyal collector base and several advantages.
What is the significance of BAYC? To begin, the entry cost is 94 ether, which is approximately $288,000. To be sure, there are only 10,000 of them. The fixed supply is perceived as becoming more valuable as more well-known people invest.
If you spend time online, especially on the social platform Twitter, you’ve almost certainly seen a Bored Ape Yacht Club NFT. Steph Curry, Eminem, and Adidas have utilized bored ape NFTs as profile images. They function as both avatars and membership cards for an online social network.
The current record selling price for a single Bored Ape NFT in September 2021 is 740 ETH or slightly more than $2.9 million. It was purchased by the Sandbox developer, an upcoming Ethereum game.
What Makes Them So Unique?
The Bored Ape Yacht Club is capped as an exclusive society or social organization, and you can join it if you have one of the valuable NFTs. It gives users access to join a secret Discord server, where different owners, including celebrities, may hang around and interact. Apes appear to have formed a virtual frat on social media, where the more identifiable avatars have formed an online brotherhood.
More importantly, owning a Bored Ape NFT gives you access to more NFT products, which you can resell for potentially substantial sums of money. Yuga Labs gave free Bored Ape Kennel Club dog NFTs to Bored Ape owners first, then free “mutant serum” NFTs with a Mutant Ape Yacht Club image later. It’s almost as if you’re paying a one-time fee for a monthly NFT and benefits subscription.
Bored Ape Yacht Club meetups have been held in New York, California, Hong Kong, and the United Kingdom. Owners were treated to a weekend of celebrations in New York in November, including an actual boat party and a concert featuring Chris Rock, Aziz Ansari, and The Strokes.
There is a business side to community development. Art, in whatever form, is only as valuable as the money people are willing to pay for it. In an NFT collection, the floor price is always roughly the same as the least-invested members’ willingness to sell. People who believe they own a community token are less likely to sell their monkeys. Not only does selling your ape go with an NFT, but it also goes with the community pass.
When a collection achieves a certain level of value, it also becomes a symbol of status. You can download an image of a bored ape, and in the same way, you can wear a $10 Cartier fake. People will, however, be aware of both scenarios.
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How to Buy Bored Ape Yacht Club NFT
On secondary markets like OpenSea, NFTs from the Bored Ape Yacht Club are available. Go to the project page for each and browse the entire collection to purchase an NFT from the Bored Ape Yacht Club, Bored Ape Kennel Club, or Mutant Ape Yacht Club.
Some things will be offered fixed, while others will be auctioned. You’ll need an Ethereum wallet such as MetaMask, as well as ETH, to cover both the purchase price and the Ethereum gas transaction fee to buy an NFT on the website.
Golden-furred apes are rare and so command a premium price. In January, one was sold for $1.3 million, and another sold for $3 million and featured gold fur and laser eyes, two traits found in less than 1% of the collection.
The largest NFT project of its kind, BAYC, recently overtook CryptoPunks. This is a top collection of 10,000 8-bit avatars released in 2017 that is notable for being the first NFT collection. Other prominent collections include CyberKongz, Doodles, and Cool Cats.
Who Is The Founder Of Bored Ape Yacht Club?
Yuga Labs created the Bored Ape Yacht Club. At the time, Yuga Labs consisted of four persons who utilized pseudonyms. Gordon Goner and Gargamel are co-founders, No Sass and Emperor Tomato Ketchup, two friends who helped with development.
Until BuzzFeed published the identities of Gordon Goner and Gargamel in February 2022, all four went by their pseudonyms. Gargamel is represented by Greg Solano, a writer and book critic, while Wylie Aronow, 35, represents Gordon Goner. They then shared images of themselves with their Bored Apes on Twitter. Emperor Tomato Ketchup and Sass both “doxxed” themselves after disclosing their genuine names in the process.
The challenge for Bored Apes will be to remain ahead of the competition; in December 2021, Yuga Labs announced a partnership with Animoca Brands to develop a play-to-earn crypto game, capitalizing on the current crypto-mania.
However, with new PFP series arriving daily and trends emerging according to the whims of fashion, Bored Ape Yacht Club’s reputation as the celebrity NFT of choice could be threatened. Bored Apes are at the top of the PFP pack for the time being.