Non-fungible tokens (NFTs) are unique art forms that have become a main staple in the crypto space. Used in marking digital ownership, NFTs are no longer a fad. The digital collectible ecosystem has been integrated into the gaming, music, and entertainment sectors.
Bored Ape Yacht Club NFTs – one of the most popular NFT collections
This introductory guide dives into the Bored Ape Yacht Club NFT and why the collection has been so successful.
What Is Bored Ape Yacht Club? An Introduction
You may have come across this NFT on social media platforms like Twitter and wondered, what is a Bored Ape NFT?
Bored Ape Yacht Club, popularly called BAYC NFTs, are a set of 10,000 unique digital collectibles featuring ape-like cartoon characters. The collection was launched in late April 2021 by a US-based blockchain company called Yuga Labs.
Bored Ape consists of a congregation of exclusive art enthusiasts. Although not the original intent, the collection is now purchased by billionaires looking for an invigorating experience while preserving the exclusivity that comes with it.
The plot of BAYC comes from the idea that in the future, these wealthy but bored people join an exclusive club and lounge out in a bar. The numerous personalities and characteristics that you may anticipate from a futuristic crypto club are represented by each ape-themed character in the NFT collection.
How Much Is the Cheapest Bored Ape Yacht Club?
When the BYAC NFTs launched in April 2021, each NFT sold for $200 worth of Ethereum’s Ether. Now, 1 Bored Ape NFT has sold for over $1 million on OpenSea.
However, they are not all expensive. So what is the cheapest Bored Ape?
At press time, the Bored Ape NFT prices at 88 ETH ($143,880), in current ETH valuation of $1,635. This makes this set of Bored Ape Yacht Club one of the cheapest of the lot.
What Is Bored Ape Yacht Club Worth?
Bored Ape Yacht Club has become a form of status symbol, raking in massive funds.
According to popular NFT sales tracking website CryptoSlam, the BAYC collection ia worth over $2.3 billion in sales since its debut. The digital collectible contributed significantly towards the growth of the NFT space. The NFT industry closed 2021 with over $25 billion in total value locked (TVL).
Is Bored Ape Yacht a Good Investment?
Bored Ape NFT launched at a low price of $200, but the collectible is now more of a status symbol. Only deep-pocketed investors can afford to pay for them. However, the collection began to take on a more utilitarian status in the last few months.
Initially, BAYC NFT holders could only access the gated DIscord server or use the collaborative graffiti board in ‘The Bathroom’, but these limited utilities are rapidly changing. The project has launched its long-awaited Otherside Metaverse project, which is expected to push the NFT collection into its next stages of development. In this virtual world, users will be able to interact with one another, attend exclusive events, and explore the virtual landscape. Given the growing buzz around the metaverse ecosystem, Otherside may be a hot ticket for BYAC NFTs holders to tap into the novel sub-sector.
Also, the recent launch of a decentralised autonomous organisation (DAO) has led to the release of a BAYC-focused token called Apecoin. The digital asset, which has no close links with Yuga Labs, will be used for the DAO operations.
Bored Ape Yacht Club is rapidly evolving from a digital collectible to a full-fledged crypto platform and the continued development in the metaverse could help holders make a significant profit from their investments.
What Is the Rarest Bored Ape?
According to Rarity.Tools, the rarest Bored Ape is ape number #7495. The digital asset has not been sold since it was minted in April 2021. It is also the rarest ape with the dagger in its mouth. Only 49 apes in the collection have this trait. The ape also comes with a Cyborg eye, a cross ear-ring, and a wine skin tone.
Why Is Bored Ape Yacht Club so Successful?
Asides CryptoPunks, BAYC is the most successful NFT project to ever be developed. What has been the secret of its success? We explore them below:
- Law of the Few
The BAYC collection has only 10,000 NFTs up for grabs. This means only a maximum of 10,000 wallets would be able to hold a BAYC NFT at a given time. The generic deflationary model makes the project a form of cultural currency.
Also, the BAYC collection has no shortage of admirers. Stars like Eminem, Snoop Dogg, Paris Hilton, and top NBA players and media personnel are holders of the collection. This raises its value due to the number of high-profile names that use the digital avatar. These individuals have since made the BAYC a form of cultural trend of the decade.
- Iconic Design
BAYC has been able to attract such high-profile holders due to its strong design language. The BAYC design features a strong color theme and edgy ape-like characters. Despite their bored looks, these collectibles grab the attention of onlookers with their strong visual appearance.
- Perfect Timing
The BAYC NFT project launched at a time when the NFT space was getting serious media coverage, following the exploits of Beeple in the first three months of 2021. Also, the BAYC team expended most of their media efforts on Twitter building a strong community.
ETH was already seeing a huge price surge as it touched the $3k mark in the same period. The project’s success is also a matter of the right timing.
Who Owns Bored Ape?
The Bored Ape Yacht Club is an NFT project developed by pseudonymous founders Gordon Gorner and Gargamel. However, both have been identified as Greg Solana and Wylie Aronow.
The duo decided to bring in more hands due to their lack of programming experience. This led to the hiring of two developers, known by the alias No Sass and Emperor Tomato Ketchup. Borrowing heavily from Florida’s Everglades swamp club, the BAYC collection became a global sensation.
Now, several popular figures hold the digital asset. A few stars, including Tom Brady, hold Ape #3667. NBA colleague LaMelo Ball holds Ape #598 and #7226. Over 15 sports celebrities and 25 entertainment icons own NFTs in this collection.