To become a member of the Bored Ape Yacht Club, you must own one of 10,000 Bored Ape NFTs.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is a 10,000 Ethereum-based NFT collection released in 2021. Dubbed “Bored Apes,” these Ape NFT cartoons feature a variety of facial expressions, clothing, and unique items. Wildly popular in both the crypto community and the wider online culture, Bored Apes originally sold for hundreds of USD, now selling in the millions. Bored Apes owners are considered BAYC members and gain access to exclusive benefits such as exclusive online spaces, exclusive products, and members-only live events.
Bored Ape Yacht Club Origins of the NFT Collection
Bored Ape Yacht Club (BAYC), launched by crypto startup Yuga Labs in early 2021, is a 10,000 unique token (BAYC) minted on the Ethereum network. NFT) collection. After gaining widespread fame and visibility, Bored Ape has become emblematic of the spectacular growth of the NFT industry as a whole. NFTs are blockchain-based digital tokens that can be used to prove ownership of an item or asset, from a document to a digital artwork. The industry was enabled with the release of Ethereum’s ERC-721 standard, a token format used to create unique NFT-based assets.
The NFTs that fill the BAYC offer are known as “Bored Apes,” a digital artwork that each depicts a monkey in increasingly creative and creative designs. The creators of the Bored Ape Yacht Club set out amidst the land and seascape of Miami, Florida to incorporate elements from 1980s-90s music scenes such as punk, hardcore and hip hop. They also took particular inspiration from the crypto slang phrase “aping in,” which refers to the act of recklessly investing in an altcoin or NFT project based on excitement rather than research.
Bored Ape Yacht Club’s background takes place in 2031. In this fictional narrative, crypto investors who “entered the game” a decade ago have become immensely rich. Now, these investors, in the form of the Bored Ape, are grappling with the disappointment of success, unsure of how to spend their abundant wealth and free time. Their solution is to roll en masse in the yacht club with the rest of the Bored Apes and turn into a variety of colorful frenzy situations with each NFT advancing. When
launched in April 2021, each Bored Ape NFT was sold for 0.08 Ether (ETH). Each one is hidden until purchased, a buyer experience similar to buying an NFT mystery box. Despite this element of uncertainty, the collection is now sold out. Launch sale, which was around $200 per Bored Ape at the time, netted BAYC’s founders around $2,000,000. While this was seen as a success at the time, the cultural phenomenon that followed increased valuations exponentially.
How to Buy Bored Ape NFT?
Once the launch collection was sold out, most Bored Ape NFT sales since then have occurred on the secondary OpenSea NFT market. To buy one you need a compatible crypto wallet and some ETH, these cannot be purchased with USD. But now even the cheapest Bored Ape NFT sells for much more than $200 USD. For example: In early 2022, the most affordable Bored Apes listed were selling for a quarter of a million dollars.
Most Expensive Bored Ape NFT Properties
In the art world and NFT art world, rarity tends to be associated with a higher value. In addition to having a unique supply of 10,000 tokens, Bored Apes has different “features” that make each one unique. Bored Ape with rare features or rarer feature combinations tends to command higher prices. Features include different clothing, hats, accessories and fur colors. In early 2022, the most expensive Bored Apes sell for over $2,000,000; That’s more than the entire $10,000 collection cost when the Bored Ape Yacht Club was first launched. The most expensive Bored Ape NFT (as of Q2 2021) was sold for 740 ETH, worth approximately $2.91 million at the time. This Bored Ape (#3749) featured a sea captain hat, laser eyes, and solid gold fur.
In parallel with the remarkable growth of the NFT market globally, owning and displaying a Bored Ape has become a status symbol. Popular as an online avatar, Twitter now offers NFT verification for Bored Ape profile pictures. Many musicians, actors, athletes and celebrities have purchased Bored Ape NFTs. Some of these owners used an NFT concierge service that caters to celebrities looking to purchase Bored Apes and other high-profile NFTs.
Bored Ape NFT Benefits, Benefits and Ownership
Owning a Bored Ape, in addition to owning a historic NFT art and substantial ETH value comes with other distinctive advantages, some of which are outlined in the BAYC roadmap. These benefits include:
- Online members-only areas
- Limited edition items for BAYC members
- Real world events for Bored Ape owners
- Free NFTs
from both the Bored Ape Kennel Club and the Mutant Ape Yacht Club, however, what some consider the most notable benefit is that once you own a Bored Ape you get all the commercial rights and benefits from it. you have it all, including the ability to make money. This differs from most other NFT collectibles where collectors and investors are prohibited from commercially marketing the NFTs they purchase. For example, NBA Top Shot’s NFTs come with terms of service; if you violate them, they can delete your account and confiscate your NFT. Bored Ape Yacht Club creator Yuga Labs argues that Ethereum-based Bored Ape NFTs are irreversible, immutable and indestructible, all of which are aligned with the mission of decentralization and empowerment that drives the blockchain and Web3.
On March 17, 2022, the BAYC expo launched ApeCoin (APE), an ERC-20 governance token that can be claimed by Bored Apes and Mutant Apes holders. Other tokens are dedicated to Yuga Labs, BAYC founders, project contributors, and a monkey-inspired charity. These tokens will be used to power the APE ecosystem and serve as a currency, a governance mechanism and a way to allow their holders to access exclusive events, games and services.
The Bored Ape Yacht Club Sailing
Bored Ape Yacht in a little over a year Club has become a cultural trend, where Bored Apes adorn craft beer labels, skateboard decks, soft drink cans, and a variety of other items. A well-known record label even created a group of four Bored Apes. As owners of intellectual property rights, the proceeds from these lucrative business endeavors go directly to their owners.
The Bored Ape Yacht Club team has announced a collaboration that will feature a BAYC-inspired, blockchain-based video game play-to-win (P2E) mechanisms to further develop the burgeoning Bored Ape economy. Considered the most sought-after NFT collection to launch in 2021 and a pioneer in community engagement and ownership models, Bored Ape Yacht Club remains a landmark in the art of NFT.
