In 2021, non-fungible tokens were the hottest trend. In and out of the bitcoin business, they experienced global recognition, mainstream adoption, and overall acceptance.
The meteoric rise in popularity of non-fungible tokens (NFTs) resulted in a tremendous demand (and even greater supply) for a variety of collections, each with its own set of complexities and benefits.
The Bored Ape Yacht Club is without a doubt one of the most popular NFT collections, and it has even become the most expensive in terms of floor price (BAYC).
We’ll take a closer look at the BAYC series in this post, including who invented them, the benefits of owning Bored Ape NFTs, the worth of Bored Ape NFTs, how to buy Bored Ape NFTs and the future of the NFTs.
What Is The Bored Ape Yatch Club?
The Bored Ape Yacht Club is a one-of-a-kind club. It’s a virtual lounge for members only, and there will never be more than 10,000 of them.
What is the significance of 10,000? You might ask.
BAYC is a collection of 10,000 Bored Ape NFTs in essence. These are one-of-a-kind digital collectibles based on Ethereum’s blockchain. Each Bored Ape also provides its owner membership in the club, as well as access to certain privileges reserved for a select few.
The Bored Ape Yacht Club isn’t alone in this regard; various NFT profile pic (PFP) collections, such as World of Women and Cool Cats, have recently sprung up. The Bored Apes, on the other hand, have a devoted following of collectors, and there are advantages.
Who Invented Bored Ape Yatch Club?
The Bored Ape Yacht Club was founded by Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass, four unknown developers. Yuga Labs is another firm that assumed responsibility for the creation of BAYC.
BAYC’s narrative is actually extremely fascinating. Gordon Goner, one of the project’s creators, announced the pre-sale launch on Discord on April 23rd. There were essentially no reactions to the news itself.
During the week, there were just a few hundred apes, and it’s worth remembering that their owners hadn’t yet seen their NFTs and how they appeared. The reveal took place on April 30th, and once people saw the painting, word traveled quickly, and all of the apes were sold a day later for 0.08ETH each. 30 apes were set aside for team members, promotions, and prizes.
How Much Is A Bored Ape NFT Worth?
Bored Apes is likely to be one of the NFTs that gave early investors the most excessive returns. They were issued in April 2021 at a price of 0.08 ETH each, as previously stated.
The floor price on OpenSea is currently 77.99 ETH, representing an almost 100,000% return as of this writing (January 2022).
While numerous apes went for six and even seven figures, Bored Ape #3749 appears to be the most costly. It was purchased for 740 ETH, which was valued roughly $2.9 million at the time.
Others worth noting include Bored Ape #2087, which sold for $2.3 million, Bored Ape $8585, which sold for $2.67 million, Bored Ape #7090, which sold for $2.27 million, and so on.
Benefits Of Owning A Bored Ape NFTs
The Bored Ape Yacht Club is marketed as an exclusive society or social organization, and holding one of the coveted NFTs grants you access to it. It gives customers access to a private Discord server, for example, where other owners, including celebrities, may hang out and chat. Apes also seem to congregate on social media, where the more recognizable avatars have formed a virtual fraternity.
More significantly, possessing a Bored Ape NFT grants you access to more NFT items, which you can then resell for potentially large sums of money.
Yuga Labs first gave away free Bored Ape Kennel Club dog NFTs to Bored Ape owners, and then later gave them free “mutant serum” NFTs with a Mutant Ape Yacht Club image. It’s almost like paying a one-time charge for an ongoing NFT and perks subscription plan.
Also Read: Why Should I Buy An Apecoin?
How To Buy Bored Ape NFTs
As previously stated, Bored Ape NFTs were first sold for 0.08 ETH each, but this pricing was only available for a limited time following the project’s introduction. The only way to get them now is through secondary markets, the most prominent of which being OpenSea.
To purchase a Bored Ape NFT, go to OpenSea and sign up with your MetaMask wallet. Once you’ve arrived, look for the Bored Ape Yacht Club collection in the search box and begin browsing. Here’s a screenshot of the dashboard:
After you’ve chosen the ape you want to purchase, click on the image to be sent to a new window where you may submit your bid:
The NFT will be sent to your address if the vendor accepts your bid.
Make sure to connect your MetaMask to a hardware wallet like a Trezor or Ledger for added security. NFTs for bored apes are extremely costly, at least at the time of this writing, and there have been numerous examples of owners being duped and having their apes stolen. To ensure that your crypto is correctly saved, you should also follow some fundamental security precautions.
Celebrities And Brands That Bought Bored Ape NFTs
Bored Ape Yacht Club NFTs have gradually become the social media avatars of a growing number of notable people. Stephen Curry, a three-time NBA champion, purchased one in August 2021 for $180,000 in Ethereum, joining a list of athletes that includes NBA stars Josh Hart and Tyrese Haliburton, as well as NFL players Dez Bryant and Von Miller. Apes is also owned by musicians such as Eminem, Steve Aoki, and Timbaland.
Brands have followed suit; Arizona Iced Tea purchased a Bored Ape Yacht Club NFT in August 2021 and utilized it in marketing materials. Yuga Labs, on the other hand, told Decrypt that while the drink company can use the image of the NFT it owns, it was “wrong” to utilize the official Bored Apes branding.
Adidas purchased a bored ape in December 2021 as part of a larger metaverse play that included the release of a comic starring the character. More such agreements are in the works; Yuga Labs, the inventors of Bored, signed a contract with renowned music manager Guy Oseary in October 2021 to expand the brand into other entertainment mediums.
Universal Music Group launched Kingship, a Gorillaz-inspired “virtual band” comprised of Bored Apes, a month later.
The Future Of Bored Ape NFTs
Although a big portion of the project’s roadmap has already been achieved, the continual team effort to find new pathways is one of the reasons BAYC has become so popular.
The play-to-earn phenomena developed in 2021 as an extremely popular trend that grabbed the industry by storm.
In order to develop a play-to-earn blockchain-based game, the Bored Ape Yacht Club has teamed up with Animoca Brands, one of the leading entities in the field of P2E.
Overall, the project appears to be evolving at a steady pace as the community grows. Ape owners own the commercial rights to their NFTs, so it’s in their best interests to keep moving forward.