NFTs have been around for five years, but it wasn’t until 2021 that the non-fungible token boom really started. It almost perfectly coincided with the launch of the Bored Ape Yacht Club (BAYC), his NFT’s collection of 10,000 cartoon monkeys that embody an entire industry. BAYC this year made him an NFT leader. Just as Bitcoin plays an important role in the entire cryptocurrency market.
In April, when the NFT was at its peak, the entry price for the Bored Ape Yacht Club NFT was $400,000. After Crypto Crash,, it dropped to nearly $150,000. It’s far from an all-time high, but it’s insane considering these NFTs sold for about $200 apiece last April.
Even if you don’t realize you’re looking at BAYC, you’ve probably seen BAYC.
Bored Ape owners who currently use NFTs as their Twitter profile picture include Timbaland (1.6 million followers), Eminem (22.6 million followers) and footballer Neyman Jr. (55 million followers). ) It is included. Jimmy Fallon and Paris Hilton are also BAYC owners, discussing apes in their (creepy) Tonight Show segment.Justin Bieber said in February that he bought his Bored Ape Yacht Club NFT for $1.29 million. and became a hot topic.
Yuga Labs, the company behind the NFT collection, has already expanded its ecosystem to include a cryptocurrency (Ape Coin). More importantly, we are developing a “metaverse” MMORPG game called “Otherside”. Bored Ape’s NFT holders are betting that the brand will completely breakthrough and go mainstream. It has already collaborated with brands like Adidas and Gucci, and last year Bored Ape graced the cover of Rolling Stone magazine.
Like everything else with NFTs, the Bored Ape Yacht Club is controversial. Apes cause jealousy among those who own and trade NFT art, but confusion and suspicion among those who do not. Their value is essentially the second largest cryptocurrency Tied to the ether. This means that NFTs like BAYC are likely to lose their luster if cryptocurrencies collapse.
Here’s what you need to know about collections:
Why 10,000 Boring Monkeys?
Broadly speaking, there are two types of NFT art. First, there are his one-off visuals sold as irreplaceable tokens, just like the actual paintings.thinkIt sold for $69 million at Christie’s. Then there are his NFT collections like the Bored Ape Yacht Club. It is primarily designed to be used as a social media profile picture. The latter has become the dominant style in which most money is spent.
Pioneered by CryptoPunks in 2017, the NFT collection is a bit like Pokemon cards. There are fixed amounts (usually between 5,000 and 10,000) and they all have the same template, but each has different attributes that make them unique. For BAYC, there are 10,000 apes, each with different fur types, facial expressions, clothing, accessories, and more. Each attribute has a rarity factor, some of which are much more valuable than others.
These properties will appear on OpenSea, the leading platform where NFTs are traded. A particular NFT’s page lists that property and the percentage of NFTs in the collection that share that property. Anything less than 1% is generally considered rare. For example, only 46 out of 10,000 apes have pure gold fur, so these are especially valuable.
As mentioned earlier, the project’s “minimum price” (the amount you pay for apes with common traits) is currently around $150,000 (85 Ether). Apes with golden fur features are rare, so they sell for much higher prices. One he sold in January for $1.3 million. Another of his two less than 1% properties with golden fur and laser eyes sold for $3 million.
BAYC is the largest NFT project of its kind, recently surpassing CryptoPunks as the first recognized “pfp” (profile picture) collection.Other Featured Sets.
What is Bored Ape Yacht Club worth?
This is a complicated question. The short answer is, and like all status symbols, its value stems from perception and branding, not utility. People show success with the Bored Ape Yacht Club NFT. Their argument is that NFTs are better status symbols than physical items. Because if you use it as your profile picture, your NFT can be seen by millions of people on Twitter and Instagram.
Let’s start from the beginning. The Bored Ape Yacht Club was launched last April. At a price of $190 (0.08 Ether) it took him 12 hours to sell out all 10,000 pieces. Prices for Bored Ape NFTs rose steadily until July, when they skyrocketed dramatically and the collection turned out to be a good set.
What makes an NFT collection successful is highly subjective. Broadly speaking, it combines four factors: influencer or celebrity involvement, mainstream potential, member utility, and community appeal.
The first and second are obvious. When a celebrity owns an NFT, others want to own it. When celebrities like Jimmy Fallon and Justin Bieber bought Bored Ape, it sparked a surge in sales and hype — and hype is what the NFT market is all about. Those who buy BAYC for the price are likely to think the brand will one day be able to grace more than celebrity social media accounts, with Netflix shows, popular games and Hollywood movies a target.
Third, utility. Most NFT projects claim to provide some utility. In other words, it does more than act as a profile picture. Be it access to games you earn by playing, or the option to stake NFTs in exchange for related cryptocurrencies.
The Bored Ape Yacht Club has done several things to keep their owners interested. First, we created the Bored Ape Kennel Club, offering owners the opportunity to “adopt” her NFT of dogs that mimic her Bored Ape traits. In August 2021, another giveaway was a digital vial of mutant sera. Owners can mix Bored Ape with Serum to create the Mutant Ape Yacht Club NFT (see below).
The Bored Ape brand really hit home when this second collection came out last August. Considered to be doing something revolutionary with NFT technology, and coinciding with the massive funding that month, the Bored Ape Yacht Club has come to be seen as: of Premier NFT brand.
Both the Kennel Club and Mutant Ape NFTs currently sell for a hefty price. The entry point for the Mutant Ape Yacht Club collection is around $30,000, while the Bored Ape Kennel Clubs sell for about half that. (Remember, these are freedom to the BAYC holder. )
Last but not least, a community built around collections. NFTs also serve as membership cards for holder groups. A worthy member of that community would not want to sell her NFT. The Bored Ape Yacht Club held meetups in New York and California, and there were also her Bored Ape gatherings in Hong Kong and the UK. In her June of this year, the BAYC holder attended Apefest, a festival that included performances from Eminem, Snoop Dogg, LCD Soundsystem, and Amy Schumer.
But “community values” also extend to financial self-interest. The higher the price floor of the collection, the more cryptocurrency holdings traders can expect. These savvy investors exchange information in locked Discord groups, giving each other valuable (sometimes very valuable) tips. Once you sell your NFT, you will not be able to know such hints.
Who is behind the Bored Ape Yacht Club?
Bored Ape Yacht Club is developed by Yuga Labs. At the time, Yuga Labs consisted of four people, all operating under pseudonyms: the two co-founders, Gordon Goner and Gargamel, and his help in development. I have two friends, No Sus and Emperor Tomato Ketchup.
All four went under pseudonyms exclusively until February, when BuzzFeed reported the identities of Gordon Goner and Gargamel. Aronow. Both continued to post pictures of themselves with Bored Apes on his Twitter. Following that, Emperor his tomato ketchup and sass “docked” himself by doing the same. In other words, you have revealed your identity.
The actual art was created by freelance artist Seneca who is not a member of Yuga Labs.
Yuga Labs has big plans for the Bored Ape Yacht Club brand, both on-chain and off-chain. (That is, both in the blockchain and in the real world.)
Let’s start with more blockchain stuff. In March, Yuga Labs released its own cryptocurrency, his Ape Coin. Every Bored Ape owner will have his Ape Coins airdropped at launch with just over 10,000. This equates to approximately $100,000 in value at the time (approximately $70,000 today). Ape Coin will be the primary currency of Otherside..
A metaverse is a large virtual space shared by hundreds or thousands of people at once. Like Second Life and Fortnite, it’s been around for a long time. A blockchain-integrated metaverse is different only in the sense that the land, buildings, and items of the world are owned by the user as his NFT. Yuga Labs has already sold land for the metaverse,.
In the physical world, Bored Apes blends into fashion. Adidas has collaborated with several NFT brands, including the Chief of Bored Ape Yacht Club, to launch his first NFT project, Into The Metaverse. Adidas and his BAYC collaboration is coming soon in both virtual and physical clothing.
The Bored Ape Yacht Club brand has also emerged in other industries. Literally for food: The Los Angeles pop-up restaurant recently became a permanent burger spot, and in January his mobile game Apes vs. Mutants launched on both the App Store and Google Play Store. I was. (Reviews are unfriendly.) Another mobile game is in the works and due in Q2. There will also be a Bored Ape figure made of super plastic.
But what’s even more unusual is what people do to apes. Owning a Bored Ape NFT gives you full commercial rights, which the owner uses in several creative ways.1 Boar Ape owner Setting up an ape Twitter account So he created a backstory that turned him into Jenkins, a valet who works at a yacht club. Jenkins now has a contract with a real agency, Universal Music Group invested by signing a band consisting of three Bored Ape and one Mutant Ape.
You might think NFTs are silly and bad for the environment, but don’t expect Bored Apes to disappear anytime soon.