The Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. We explore the question: what is Bored Ape NFT? We will summarize the history and value behind the exclusive club of cartoon ape NFTs that has taken the crypto world by storm. Read on as we cover all things Bored Ape Yacht Club.
Summary
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs on the Ethereum blockchain. The apes have various attributes like clothing, facial expressions, and accessories, making them provably rare. Since its launch in 2021, BAYC has become one of the most prestigious NFT projects. BAYC NFTs have sold for millions at top auction houses and attracted celebrity owners. Owning a Bored Ape provides access to an exclusive community with membership benefits and utilities.
What is Bored Ape NFT?
Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique Bored Ape NFTs created by Yuga Labs. Each Bored Ape is a profile picture NFT depicting a cartoon image of an anthropomorphic ape with various attributes. No two apes are alike thanks to various traits like clothing, facial expressions, and accessories. This provable scarcity has helped fuel BAYC’s popularity and value.
When Bored Ape Yacht Club launched in April 2021, the NFTs cost around 0.08 ETH each. By October 2022, the floor price had skyrocketed to 76 ETH. High-profile sales like BAYC #8817, selling for $3.4 million at Sotheby’s in October 2021 have drawn global attention. Celebrities like Jimmy Fallon and Snoop Dogg have bought apes, adding to the hype.
Team Behind Bored Ape NFT
Bored Ape Yacht Club was created by four pseudonymous founders: Gargamel, Gordon Goner, No Sass, and Emperor Tomato Ketchup. Together they formed the company Yuga Labs to launch the project. In March 2022, Yuga Labs acquired intellectual property rights to other top NFT projects CryptoPunks and Meebits. This cemented their status as a power player in the NFT space.
Yuga Labs has gone on to launch spin-off projects like the Mutant Ape Yacht Club, capitalizing on the BAYC brand’s popularity. In March 2022, they also released ApeCoin, an ERC-20 token used for transactions and governance of the ApeCoin DAO. Yuga Labs raised $450 million in a funding round in March 2022, valuing the company at $4 billion.
What Makes Bored Ape NFT Valuable
Several key factors make Bored Ape Yacht Club one of the most valuable NFT collections ever created:
Rarity – Each Bored Ape has a unique combination of attributes, some considerably rarer than others. Owning apes with attributes like gold fur increases prestige and value. Monitoring attribute rarity helps collectors identify particularly scarce and coveted apes.
Community – Owning a Bored Ape grants membership access to an exclusive club full of networking opportunities. Holders can chat in private Discord channels and gain elite status both online and in real life. Celebrities enjoy flexing their apes and connecting with other high-profile owners.
Utility – The BAYC ecosystem continues to expand with new token releases like ApeCoin and additional benefits like exclusive metaverse land access. Owning a Bored Ape means gaining capabilities beyond just a profile picture.
Status – The exclusivity and constantly-growing network have turned Bored Apes into one of the ultimate status symbols on the blockchain. Owning one signals a degree of influence and power across digital and physical realms.
Why Buy Bored Ape Yacht Club?
There are a few key reasons one may want to buy a Bored Ape NFT:
- Gain access to an elite members-only community with networking opportunities
- Flex rare attributes and provable scarcity add value and social clout
- Enjoy membership benefits like exclusive token airdrops and Metaverse land access
- Participate in growing the BAYC ecosystem through ApeCoin and other releases
- Resell for profit down the line or enjoy as a high-status art collectible
In short, people are drawn to owning Bored Apes for both the financial and social upside. The art makes for flex, and the access makes for excellent connections.
How Can I Buy a Bored Ape NFT?
To buy a Bored Ape NFT, follow these steps:
- Acquire some ETH, as BAYC uses the Ethereum blockchain
- Connect an Ethereum wallet like MetaMask to OpenSea
- Browse Bored Apes and select one that aligns with your budget
- Place bid or purchase at list price if available
- Ape ownership transfers upon a successful transaction
Be sure to factor in additional fees like gas. Use tracking tools to identify rare and valuable trait combinations. Join the club by completing purchases via peer-to-peer transactions.
For more background on blockchain ecosystems, check out our articles on:
Conclusion
Bored Ape Yacht Club has become arguably the most prestigious NFT collection thanks to its combination of art, community, and utility. No two apes look alike, thanks to algorithmically generated artwork. Ownership unlocks access to an elite club flush with celebrities and benefits. As the BAYC ecosystem expands, more reasons emerge to join the exclusive membership by buying your own Bored Ape NFT.
FAQs
Who created Bored Ape Yacht Club?
Bored Ape Yacht Club was created in 2021 by four pseudonymous founders Gargamel, Gordon Goner, No Sass, and Emperor Tomato Ketchup. Together they formed the company Yuga Labs to launch BAYC.
Why are Bored Apes so expensive?
Trait rarity, exclusive community access for holders, celebrity hype, and expanding utilities like ApeCoin and metaverse land access make these NFTs highly coveted and valuable. Their scarcity and social clout drive up prices.
How many Bored Apes are there?
There is a fixed supply of 10,000 Bored Ape NFTs. Owning one means joining an elite club of just 9999 other holders.
What blockchain is Bored Ape Yacht Club on?
A: Bored Ape Yacht Club uses the Ethereum blockchain. All BAYC NFT transactions occur over Ethereum, requiring ETH and compatible wallet access.
