What is Bored Ape Yacht Club (BAYC) NFT

Everyone in the Web3 ecosystem has come across the term BAYC. If not, then get ready to dive into the exciting world of digital art and collectibles. BAYC or Bored Ape Yacht Club is one of the reasons why NFTs are still surviving the market devaluation. This unique project has taken the world by storm, capturing the attention of investors and art enthusiasts alike. But what is the Bored Ape Yacht Club exactly? 

BAYC or Bored Ape Yacht Club is a collection of 10,000 unique digital art pieces, or NFTs, each featuring a different bored-looking ape with their own distinctive characteristics. These apes have become highly sought after in the world of cryptocurrency, with some selling for millions of dollars. In this article, we'll take a deep dive into the Bored Ape Yacht Club, exploring what it is, why it's so popular, and what makes it so valuable. 

What is the Bored Ape Yacht Club?

The Bored Ape Yacht Club, created by Yuga Labs, is a collection of 10,000 profile photographs minted as NFTs on the Ethereum blockchain. An NFT, or non-fungible token, functions as a digital item's deed of ownership, allowing buyers to verify that they own the one-and-only form of that image. Buyers in this scenario own an illustration of a bored-looking monkey with randomly produced qualities and accessories. There are no two photographs that are exactly alike.

Each of these NFTs is a one-of-a-kind collectible, with no two being exactly alike. The project was launched in April 2021 by a group of digital artists and has since become one of the most popular and valuable collections of NFTs in the world of cryptocurrency.

What sets the Bored Ape Yacht Club apart from other NFT collections is the community that has formed around it. The creators of the project have built a social club around the collection, with membership granting access to exclusive events and merchandise. The community has become so large and active that owning a Bored Ape NFT has become a status symbol among collectors and investors.

The Bored Ape Yacht Club has also gained attention for its impressive sales records. Some of the rarest and most sought-after NFTs in the collection have sold for millions of dollars, making it one of the most valuable digital art collections in existence. The popularity of the project has also spawned a range of spin-off collections and merchandise, from clothing to physical artwork.

What is so Special About BAYC?

What makes Bored Ape Yacht Club (BAYC) so special is its combination of unique digital art, community-building, and exclusivity. Each Bored Ape NFT is a one-of-a-kind piece of artwork, with no two apes being exactly alike. This rarity and uniqueness have made the Bored Ape collection highly desirable among art collectors and investors, driving up their value to incredible levels.

But it's not just the artwork that makes BAYC special. The creators of the project have built a social club around the collection, with membership granting access to exclusive events and merchandise. This community-building has created a strong sense of belonging and identity among BAYC owners, making it more than just a collection of NFTs, but rather a movement of sorts.

How to Buy Bored Ape Yacht Club (BAYC) NFT?

Buying a Bored Ape Yacht Club (BAYC) NFT can be a bit tricky, but it's not impossible. Here are the general steps to follow:

1. Set up a cryptocurrency wallet: BAYC NFTs are bought using cryptocurrency, so you'll need a wallet that can store and trade cryptocurrencies like Ethereum (ETH). There are many wallet options available, but some popular ones include MetaMask, Coinbase Wallet, and MyEtherWallet.
2. Purchase Ethereum: Once you have a wallet set up, you'll need to purchase Ethereum to use to buy your BAYC NFT. You can do this on a cryptocurrency exchange like Coinbase, Binance, or Kraken.
3. Find a marketplace: There are several marketplaces where you can buy and sell BAYC NFTs, including OpenSea, Nifty Gateway, and Rarible. Each marketplace has its own interface and fee structure, so it's essential to do your research before selecting one.
4. Search for a BAYC NFT: Once you've selected a marketplace, you can search for BAYC NFTs using the search bar or filters. Keep in mind that prices can vary widely depending on the rarity and popularity of the ape.
5. Place a bid or buy outright: Once you've found a BAYC NFT that you want to purchase, you can either place a bid or buy it outright. If you place a bid, you'll need to wait for the auction to end to see if you've won. If you buy it outright, the NFT will be yours immediately.
6. Transfer the NFT to your wallet: Once you've purchased a BAYC NFT, you'll need to transfer it from the marketplace to your cryptocurrency wallet. This ensures that you own the NFT and can sell or trade it in the future.

History of Bored Ape Yacht Club

The BAYC project was launched by a group of anonymous developers in April 2021, and quickly gained popularity among the crypto community.

BAYC was created by Yuga Labs, a group of anonymous developers who had previously launched a similar NFT project called Bored Ape Kennel Club. Yuga Labs sought to create a community-focused project that would not only offer unique, high-quality NFTs, but also exclusive benefits and events for its members.

The initial price of BAYC apes was 0.08 ETH, or roughly $150 at the time of launch. However, as the project gained popularity, the price of individual apes skyrocketed, with some selling for millions of dollars. BAYC has faced competition from other NFT projects, such as CryptoPunks and Meebits, but has remained one of the most popular and valuable collections.

One major breakthrough sale in BAYC history occurred in August 2021, when a rare BAYC ape known as "Bored Ape #3744" sold for 740 ETH, or over $1.5 million at the time of sale. This sale set a new record for the highest price ever paid for a BAYC ape, and further cemented the project's status as a leading player in the NFT market.

Sotheby's, one of the world's top auction houses, closed an online sale for 101 Bored Ape Yacht Club NFTs in September 2021 for a staggering $24.4 million.

What Makes Bored Ape Yacht Club Valuable

It has been highly questioned if the Bored Ape collection is genuinely worth millions of dollars. Some believe the high prices are purely speculative. Nonetheless, rarity, celebrity endorsements, and utilities and bonuses have increased the collection's worth.

Rarity	BAYC is a limited-edition collection of 10,000 unique, algorithmically generated apes, which makes each one rare and highly sought after.
Unique Design	Each BAYC ape is designed to be distinct from the others, with its own set of attributes and characteristics. This uniqueness adds to the overall value of the collection.
Community	BAYC has a strong and active community of owners who participate in exclusive events and receive other benefits. This sense of community adds to the overall value of the project.
Brand Recognition	BAYC has become a well-known brand in the NFT space, with its apes appearing in mainstream media and becoming popular among celebrities and influencers. This brand recognition adds to the overall value of the collection.
Investment Potential	BAYC apes have proven to be a good investment, with some selling for millions of dollars. In addition, BAYC owners can earn royalties from secondary sales on various marketplaces, adding to the long-term value of the project.

Bored Ape Yacht Club Cryptocurrency: ApeCoin

ApeCoin Improvement Proposal-1 (AIP-1) was presented by the co-founder of Cartan Group LLC, a consulting firm based in the Cayman Islands, and developed the ApeDAO and creative direction for APE.

Under the direction of the ApeDAO, the APE token was released in March 2022 and given to NFT holders, the ApeDAO treasury, and other stakeholders such as Yuga Laboratories, the Cartan Group, and the APE Foundation and its board members.

Among those on the Ape Foundation Board are Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital firm Animoca Brands, and FTX investor Amy Wu. Their purpose is to ensure that decisions made by the ApeDAO, which is governed by APE token holders, are carried out.

While Yuga Labs, the originator of BAYC, does not own ApeCoin, its founders did get a considerable share of the total supply of APE, and the firm is identified as a contributor to the project.

Bored Ape Yacht Club Founders

The Bored Ape Yacht Club was developed by Yuga Labs. Yuga Laboratories was made up of four people at the time, all of whom used pseudonyms. There are two co-founders, Gordon Goner and Gargamel, as well as two pals who assisted with development, No Sass and Emperor Tomato Ketchup.

Until February, when BuzzFeed revealed the identities of Gordon Goner and Gargamel, all four went by pseudonyms. Gargamel is played by Greg Solano, a writer and book critic, while Gordon Goner is played by Wylie Aronow, 35. Both went on to tweet images of themselves with their Bored Apes. Following that, Emperor Tomato Ketchup and Sass "doxxed" themselves (i.e. revealed their identities) by doing the same. Seneca, a freelance artist who is not affiliated with Yuga Labs, created the real artwork.

Sales Volume of Bored Ape Yacht Club

Bored Ape Yacht Club is the Bitcoin of NFT industry. The BAYC sales volume has been a big topic, as it shows the market worth of these digital assets. BAYC’s trading volume directly affects the total NFT market. A BAYC was sold for a record-breaking 300 ETH (almost $1 million at the time) in August 2021, causing quite a stir in the NFT community. Since then, BAYC sales have increased, with many pieces fetching prices in the tens or hundreds of thousands of dollars.

The below chart shows the overall sales or trading of BAYC over the years. The spikes shows the high sales volume which may or may not be influenced by one of the market factors (Like Celebrity attention, Community engagement, etc.)

 

Source: Statista

What Blockchain is Bored Ape Yacht Club

Bored Ape Yacht Club (BAYC) uses the Ethereum blockchain to mint and trade its non-fungible tokens (NFTs). Ethereum is a popular blockchain platform that allows developers to create decentralized applications (dApps) and smart contracts, as well as issue their own digital assets, such as NFTs.

The use of Ethereum for BAYC's NFTs has several benefits, including its widespread adoption, high level of security, and ability to support complex smart contracts. Additionally, the Ethereum network offers a large and active community of developers and users, which can help to drive adoption and growth for BAYC.

Future of Bored Ape Yacht Club

Yuga Labs has ambitious intentions for its Bored Ape Yacht Club brand, both on and off chain. (That is, on the blockchain as well as in the real world). The future looks exciting as the Bored Ape Yacht Club gave the community a preview of what's to come in the coming months.

As the BAYC's DooKey Dash skill-based mint comes to a conclusion on Wednesday, the club has revealed some fresh details about what will happen next in its Trial of Jimmy the Monkey/ MDVMM plot.

The next segment of the plot following the Summoning is dubbed "Lick The Toad," and it will take place in late February, according to the recently published roadmap.

This is the second time the BAYC has mentioned Gary, the future, and licking toads in their Trial of Jimmy the Monkey/ MDvMM plot.

Recently, CryptoPunks and Bored Ape Yacht Club developers have released their first Bitcoin Ordinals NFT collection.

The collection, titled "TwelveFold," is a "Original and experimental 300-piece generative art collection inscribed onto satoshis that will live on the Bitcoin blockchain," according to a blog post by Yuga Labs.

The sculptures appear to be bubble-like objects generated at random that "explore the link between time, mathematics, and variety."

Bored Ape Yacht Club FAQs

What does BAYC stand for?

BAYC stands for "Bored Ape Yacht Club."

What is Bored Ape Yacht Club (BAYC)?

Bored Ape Yacht Club is a collection of 10,000 unique hand-drawn digital ape NFTs (Non-Fungible Tokens) created by the Bored Ape Club team. Each ape has its own set of distinct features, traits, and accessories.

What is an NFT?

NFT stands for "Non-Fungible Token." It is a unique digital asset that represents ownership of a particular item or piece of content, such as artwork, music, videos, or even tweets.

How do I buy a BAYC NFT?

BAYC NFTs can be purchased on various NFT marketplaces, such as OpenSea, Foundation, and Nifty Gateway. However, the prices of BAYC NFTs are highly volatile and can range from a few thousand dollars to millions of dollars.

What are the benefits of owning a BAYC NFT?

Owning a BAYC NFT provides exclusive access to the Bored Ape Yacht Club community, which offers various perks, such as merchandise discounts, community events, and exclusive content. Additionally, the value of BAYC NFTs can appreciate over time, providing potential financial returns.

What is the Bored Ape Kennel Club (BAKC)?

The Bored Ape Kennel Club is a community-driven project that allows BAYC owners to breed and trade their apes. Breeding two apes together can result in the creation of a new unique BAYC NFT with a blend of its parents' traits.

What is the current value of BAYC NFTs?

The current value of BAYC NFTs varies greatly depending on the ape's rarity, traits, and overall desirability. As of March 2023, the average price of a BAYC NFT is around $500,000, with some rare apes selling for millions of dollars.

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