Non-fungible tokens have been the hottest trend in 2021. They have seen global recognition, widespread adoption, and global acceptance in and out of the cryptocurrency industry.
The astronomical rise in popularity of non-fungible tokens (NFTs) has resulted in massive demand (and even higher supply) for various collections, each with their intricacies and benefits.
Without a doubt, one of the most popular NFT collections, which has even become the most expensive in terms of floor price at the time of this writing in January 2022, is the Bored Ape Yacht Club (BAYC).
In this editorial, we’ll take a closer look at the BAYC collection, why it’s so popular, what’s the most expensive Ape on the market, and which celebrities have endorsed it so far.
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club is a club like no other. It’s a virtual lounge for members only, and there will never be more than 10,000.
Why 10,000? You might ask.
Well, in essence, BAYC is a collection of 10,000 Bored Ape NFTs. These represent unique digital collectibles built on top of the Ethereum blockchain. Each Bored Ape also gives its owner membership in the club and provides access to certain perks that are dedicated to a select few.
Here’s what some of the NFTs look like:
Each NFT has its unique characteristics such as clothes, headgear, expression, etc. Just like other NFTs on Ethereum, these are stored as ERC-721 tokens.
As of this writing, they have become the most popular profile picture NFT project (PFP), and several celebrities have already purchased and used them for this very purpose, but more on that later.
Why do people buy Bored Apes?
One of the benefits of owning a Bored Ape NFT is access to the so-called bathroom which is essentially a virtual hangout with a canvas accessible only to wallets containing at least one monkey. This is where owners can draw, write swear words, or do whatever they see fit. Each monkey holder is allowed to paint a pixel on the bathroom wall every fifteen minutes. Essentially, purchasing an NFT Monkey makes the owner a member of an exclusive club that has a membership cap.
Moreover, owning an NFT that is highly prized and recognized within a community is a bit like buying a chart of value. Its value derives from the subjective value of what it means to the owner himself. And remember – every Bored Ape NFT is completely unique, and there will never be a second like this.
Finally, some of the users who buy these NFTs see them as an investment. There is a limited supply of these in the market, and as they might continue to grow, they might also become more expensive, becoming a worthwhile investment. So far, as of this writing in January 2022, that has proven to be the case.
Who created BAYC?
The Bored Ape Yacht Club was started by anonymous developers who go by the aliases of Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. There is also an entity that took responsibility for the creation of BAYC called Yuga Labs.
The history of BAYC is actually quite interesting. On April 23, Gordon Goner – one of the creators of the project, announced the launch of the presale on Discord. The ad itself met with almost no reaction.
Only about a few hundred monkeys over the week and, it should be noted that their owners had yet to see their NFTs and what they looked like. On April 30, the reveal happened, and once people saw the art, the collection spread like wildfire, and all the monkeys were sold a day later for 0, 08 ETH each. 30 monkeys were registered for team members, gifts and promotions.
What do Bored Ape’s NFTs look like?
As mentioned above, each monkey is unique, rare and impossible to reproduce. It is part of their inherent value to be non-fungible tokens.
One can imagine that there are a variety of perspectives, so here is a brief example of some:
What makes BAYC a unique and revolutionary NFT collection?
Besides the provable and verifiable uniqueness of each NFT, the Bored Ape Yacht Club, as a project, is also interesting due to a few other attributes.
Right from the start, the project was launched with a detailed roadmap right from the start. The relatable attributes of the Bored Apes also managed to make them perfect for online avatars and became the biggest PFP project.
The number of unique owners is also sufficient for a relatively strong NFT community. In addition, the owners obtain the right to use the Bored Apes for commercial purposes, which is essential for the future development of the project.
There is already a very strong community centered around BAYC, and it is growing every day. It’s also because a massive number of celebrities have jumped on board, which brings us to the next point.
Which Celebrities Have Bought Bored Ape NFTs?
Undoubtedly, the most famous person who bought a Bored Ape NFT and used it for his Twitter Profile Picture (PFP) is Marshall Mathers, best known for his stage name – Eminem.
Like CryptoPotato reported, the rap icon bought his monkey for a whopping $462,000.
Other celebrities known to own Bored Ape NFTs include Snoop Dogg, NBA superstar Stephen Curry, Jimmy Fallon, and more.
BAYC’s ROI and how much a bored monkey costs today
Bored Apes is likely to be among the NFTs that brought the most disproportionate returns to early owners. As mentioned above, they were minted at a price of 0.08 ETH each in April 2021.
As of this writing – January 2022, the floor price on OpenSea stands at 77.99 ETH, representing a yield of nearly 100,000%.
While many apes have sold in six or even seven figures, the most expensive seems to be Bored Ape #3749. It sold for 740 ETH, worth around $2.9 million at the time of purchase. This is what it looks like:
There are other notable mentions here including Bored Ape #2087, which sold for $2.3 million, Bored Ape $8585 – sold for $2.67 million, Bored Ape #7090 – sold for $2.27 million, and so on.
How to buy NFT Bored Ape?
As mentioned above, Bored Ape NFTs were first minted at a price of 0.08 ETH each, but this was only available for a short time after the project launched. Now the only way to buy them is on the secondary markets, and the most popular is OpenSea.
To buy a Bored Ape NFT, you need to visit OpenSea and connect your MetaMask wallet. Once there, find the Bored Ape Yacht Club collection in the search bar, and you can start browsing. This is what the dashboard looks like:
Once you have selected the monkey you want to buy, you need to click on the image which will take you to a separate window where you can place your bid:
If the seller accepts your bid, the NFT will be transferred to your address.
Security Tip: Make sure to connect your MetaMask via a hardware wallet like a Trezor or Ledger. Bored Ape NFTs are particularly expensive, at least at the time of this writing in January 2022, and there have been many instances where owners have been scammed and had their apes stolen. You should also follow some general security tips to ensure your crypto is stored properly.
Mutant Apes and the Kennel Club: Exclusive to BAYC Members
In addition to owning an NFT of verifiable rarity, Bored Ape owners are also exposed to other benefits. Specifically, in June 2021, the BAYC team introduced the Bored Ape Kennel Club. Bored Ape NFT owners had the opportunity, for a limited period of one week only, to “adopt” an NFT club dog from the Bored Ape Kennel Club.
At the time claiming the token was free and all members had to do was pay the gas fee. NFT Kennels didn’t go on sale, so the only way to craft one was to own a Bored Ape NFT.
This is what the kennels look like:
At the time of writing this guide, the Bored Ape Kennel Club collection on NFT has a floor price of 6 ETH.
But that’s not all.
Later in August, the team presented another collection of 20,000 mutant apes in the form of the Mutant Ape Yacht Club. The drop happened on August 20 and the community was just thrilled.
Mutant Apes were created in two ways: either exposing a Bored Ape NFT to a special Mutant Serum, or hitting a Mutant Ape directly in the public sale. This is the final tier of BAYC membership and part of the team’s 1.0 roadmap. The Mutant Ape Yacht Club Collection on OpenSea currently has a floor price of 14.75 ETH.
This is what they look like:
The future of the Bored Ape Yacht Club
Much of the project’s roadmap has already been completed, but one of the reasons BAYC has become so popular is the team’s constant effort to discover new avenues.
In 2021, a very popular trend that emerged and took the market by storm was the play-to-earn phenomenon.
The Bored Ape Yacht Club has partnered with one of the leading entities in the P2E space – Animoca Brands, with the aim of developing a blockchain-based game.
Speaking about the partnership, a Yuga Labs spokesperson said:
“We are excited to work with Animoca Brands to expand the BAYC universe and expand the usefulness and benefits available to all Bored Ape NFT holders.”
Overall, the project seems to be seeing steady development as the community grows as great ape owners have the commercial rights to their NFTs, and it is in their interest to constantly move forward.
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