What you Need to Know About the NFT Bored Ape Yacht Club (BAYC) collection

What you Need to Know About the NFT Bored Ape Yacht Club (BAYC) collection

In this article, we will take a closer look at the BAYC collection. Why is this collection so loved, what is the most expensive Ape species on the market, and which celebrities have backed it so far.

What you need to know about the Bored Ape Yacht Club (BAYC .) NFT collection

NFTs (non-fungible tokens) have become the hottest trend in 2021. They have gained global recognition, mainstream adoption, and overall acceptance both inside and outside the crypto industry. chemical.

The rise in popularity of non-fungible tokens (NFTs) has led to massive demand (and even higher supply) for various collectibles. Each collection has its own perks.

And without a doubt, the Bored Ape Yacht Club (BAYC) NFT collection is one of the most popular NFT collections, even becoming the most expensive in terms of floor prices as early as 2022.

In this article, we will take a closer look at the BAYC collection. Why is this collection so loved, what is the most expensive Ape species on the market, and which celebrities have backed it so far.

What is the Bored Ape Yacht Club?

In essence, BAYC is a collection of 10,000 NFT Bored Ape. These represent unique digital collections built on the Ethereum blockchain. Each Bored Ape offers owners a club membership and grants access to a number of benefits that are exclusive to a select few.

Here’s what some of the NFTs look like in the collection:

Each NFT has its own characteristics such as clothing, headgear, expressions, etc. Like other NFTs on Ethereum, they are stored as ERC-721 tokens.

To date, they have grown to be the most popular profile picture (PFP) NFT project and many celebrities have purchased and used them for a variety of purposes.

Why do people buy Bored Ape?

One of the perks of owning a Bored Ape NFT is access to so-called bathrooms. Essentially a virtual hangout with a canvas that is only accessible to wallets containing at least one Ape. This is where owners can draw, write Explletives or do whatever they see fit. Each Ape holder is allowed to draw one pixel on the bathroom wall every fifteen minutes.

In addition, owning an NFT will make the owner appreciated and recognized in a community, just like when you buy a valuable painting. And remember – each Bored Ape NFT is completely unique and there will never be a second like it.

Last but not least, some users buy these NFTs as an investment. The supply of these NFTs is limited in the market. It can therefore become increasingly expensive and become a worthwhile investment.

Who created BAYC?

Bored Ape Yacht Club was founded by anonymous developers under the pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass. There is also an organization responsible for the creation of BAYC called Yuga Labs.

The story of BAYC is actually quite interesting. On April 23, 2021, Gordon Goner – one of the creators of the project, announced the pre-sale on Discord, but the announcement did not generate much traction.

Only a few hundred Apes were sold during the week and it is remarkable that the owners of these Apes have yet to see what this NFT looks like. On April 30, one person saw the artwork and the collection went viral. A few days later, all Apes were sold for 0.08 ETH each. 30 Ape has been saved for team members, as gifts and promotions.

What does Bored Ape NFT look like?

As mentioned above, each Ape species is unique, scarce, and non-replicable. This is part of their inherent value.

Here are a few examples of the Apes in the collection:

What makes BAYC such a unique and revolutionary NFT collection?

Besides the provable and verifiable uniqueness of each NFT, BAYC is indeed an interesting project because of a few other properties.

Attributes important to Ape species also managed to make them perfect for online avatars and evolved to become the largest PFP project.

In addition, the owner gets the right to use commercial Apes – this is very important for the future development of the project. There is already a very strong community focused on BAYC, and it grows every day.

Which celebrity bought Bored Ape NFT?

The most famous person to have purchased Bored Ape NFT and used it for their Twitter profile picture (PFP) is Marshall Mathers, better known by the stage name Eminem.

The rap star bought his Ape for a whopping US$462,000.

Other celebrities known to own Bored Ape NFTs include Snoop Dogg, NBA Superstar Stephen Curry, Jimmy Fallon…

What is the ROI of BAYC and the price of a boring ape today?

Bored Ape is likely to be among the NFTs that bring huge returns to the original holders. As mentioned above, they were minted for 0.08 ETH per NFT in April 2021.

At the time of this writing – April 2022, the floor price on OpenSea is 99 ETH, which is more than 100,000% profit.

The most expensive Ape seems to be Bored Ape #3749. It sold for 740 ETH, worth about US$2.9 million at the time of purchase. Here is what they look like:

How to buy BAYC NFT?

As mentioned above, Bored Ape NFT was first minted at the price of 0.08 ETH, but was only available for a short period of time at the launch of the project. Now, the only way to buy them is on the secondary market and the most popular place is Opensea.

To purchase a Bored Ape NFT, you will have to visit Opensea and connect your Metamask wallet. Once there, find the BAYC collection in the search bar and you can start browsing. Here is its dashboard:

Once you select the Ape that you want to buy, you need to click on the image which will take you to a separate window where you can set your price.

If the seller accepts your price, the NFT will be shipped to your address.

Safety Tip: Make sure to connect your MetaMask through a hardware wallet like Trezor or Ledger. Bored Ape NFT is particularly expensive so there have been many cases of owners being scammed and stolen. You should also follow some general security tips to ensure that your cryptocurrency is stored properly.

Mutant Apes and the Kennel Club: Exclusively for BAYC members

In addition to owning a scarce NFT, Bored Ape owners enjoy other benefits. More specifically, back in June 2021, the BAYC team introduced the Bored Ape Kennel Club. Bored Ape NFT owners had the opportunity, for a limited time of just one week, to “adopt” an NFT club dog from the Bored Ape Kennel Club.

At the time, it was all free and all members had to do was pay the gas fee. The NFT Kennel is not for sale, so the only way to buy one is to own an NFT Bored Ape.

And the Kennels look like this:

Then, in August, the team introduced a collection of 20,000 Mutant Apes in the form of Mutant Ape Yacht Club.

Mutant Apes are created in one of two ways: They are created from Mutant Serum or mint a Mutant Ape during the public sale. This is the final tier of BAYC membership and is part of the team’s 1.0 roadmap.

How to purchase a Bored Ape Yacht Club NFT

To purchase a Bored Ape Yacht Club NFT, you’ll need to follow a few simple steps. First, you’ll need to create a digital wallet that can hold Ethereum, which is the cryptocurrency used to purchase BAYC NFTs. Some popular wallets include MetaMask, MyEtherWallet, and Trust Wallet.

Once you have a wallet set up and have purchased Ethereum, you’ll need to find a marketplace where BAYC NFTs are being sold. Some popular marketplaces include OpenSea, Nifty Gateway, and Foundation.

When you’ve found a marketplace, you can search for Bored Ape Yacht Club NFTs and browse through the available options. Each NFT is unique, and they all have different characteristics, such as different backgrounds, hats, and accessories.

When you’ve found an NFT that you like, you can place a bid or buy it outright, depending on the marketplace’s rules. Keep in mind that Bored Ape Yacht Club NFTs can be quite expensive, with some selling for hundreds of thousands or even millions of dollars.

Once you’ve purchased an NFT, it will be transferred to your digital wallet, and you’ll be able to view it there. You can also show it off to other members of the Bored Ape Yacht Club community and participate in various events and activities.

It’s important to note that buying and selling NFTs can be a volatile market, and the value of NFTs can fluctuate greatly. It’s important to do your research and make informed decisions before investing in Bored Ape Yacht Club NFTs or any other NFTs.

The value of Bored Ape Yacht Club NFTs

The value of Bored Ape Yacht Club NFTs has been a topic of much discussion and fascination. The market value of BAYC NFTs has experienced significant growth since the collection’s launch in April 2021.

As of May 2023, the current market value of BAYC NFTs can range anywhere from a few thousand dollars to millions of dollars, depending on the rarity and uniqueness of the NFT. In August 2021, a single Bored Ape Yacht Club NFT sold for a record-breaking $2.5 million, setting a new standard for NFT sales.

The value of BAYC NFTs is influenced by several factors, including the scarcity and demand of the NFT, the rarity of the NFT’s attributes, and the perceived value by the market. Some BAYC NFTs have become highly valuable due to their unique attributes, such as a rare color combination or a specific accessory.

Another factor that influences the value of Bored Ape Yacht Club NFTs is the community that surrounds the collection. The BAYC community is highly engaged and active, with members organizing events, participating in online forums, and building a sense of community around the collection. This community has created a strong sense of value and belonging among BAYC NFT owners, which has in turn increased the perceived value of the NFTs.

While the value of Bored Ape Yacht Club NFTs has experienced significant growth, it’s important to note that the NFT market can be highly volatile and unpredictable. The value of NFTs can fluctuate greatly based on a variety of factors, such as market trends, news events, and changes in technology. As with any investment, it’s important to do your research and make informed decisions before investing in Bored Ape Yacht Club NFTs or any other NFTs.

The Bored Ape Yacht Club community

The Bored Ape Yacht Club community is a vibrant and active group of NFT enthusiasts who share a love for the BAYC collection. The community is made up of individuals from all around the world who have come together to celebrate their shared passion for the collection.

One of the benefits of being a Bored Ape Yacht Club member is the sense of belonging that comes with being a part of the community. Members have access to exclusive events, forums, and social media groups where they can connect with other members, share their collections, and participate in community activities.

Participation in the Bored Ape Yacht Club community can also provide opportunities for collaboration and networking. Members have formed subgroups and collaborations within the community, such as artists who work together to create new NFTs or collectors who exchange NFTs with one another.

In addition to social benefits, being a Bored Ape Yacht Club member can also have financial benefits. The community has created a strong sense of value and demand for BAYC NFTs, which has in turn increased the value of the NFTs.

To join the Bored Ape Yacht Club community, one must be the owner of a BAYC NFT. Once you become a member, you can participate in various events, forums, and activities organized by the community. Members also have access to exclusive merchandise and other benefits.

Criticisms and concerns

Despite its popularity, the Bored Ape Yacht Club collection has faced some criticisms and concerns from the NFT community and beyond.

One of the primary criticisms of the BAYC collection is its high price point. Some critics argue that the high cost of BAYC NFTs is exclusionary and prevents many people from participating in the collection. Additionally, there are concerns that the high value of BAYC NFTs is not sustainable and could lead to a bubble in the NFT market.

Another criticism of Bored Ape Yacht Club is the environmental impact of NFTs. The process of creating and trading NFTs requires a significant amount of energy, which can have a negative impact on the environment. Some critics argue that the environmental cost of NFTs is too high and that the industry needs to find more sustainable solutions.

There have also been concerns about the future of NFTs and the potential for fraud or scams within the market. Some critics argue that the lack of regulation and oversight in the NFT market creates a high risk for fraud and that more safeguards need to be put in place to protect buyers.

Lastly, there have been criticisms of the hype and speculation around NFTs, including the Bored Ape Yacht Club collection. Some critics argue that the focus on NFTs is distracting from more significant issues and that the industry needs to prioritize more meaningful contributions to society.

While there are criticisms and concerns about the Bored Ape Yacht Club collection and NFTs as a whole, it’s essential to recognize that the industry is still in its early stages. As with any new technology or industry, there will be challenges and concerns that need to be addressed. It’s up to the community and industry leaders to work together to address these issues and build a more sustainable and equitable future for NFTs.

The future of BAYC

A large part of the project’s roadmap has already been completed, and one of the reasons BAYC has become so popular is the team’s relentless efforts to explore new avenues.

In 2021, a very popular trend that emerges and dominates the market is the play for money (P2E) phenomenon.

BAYC has partnered with one of the leading organizations in the P2E space – Animoca Brands, in an effort to develop a blockchain-based game that plays for money.

Speaking about the partnership, a Yuga Labs spokesperson said:

“We are excited to partner with Animoca Brands to grow the BAYC universe and expand the utility and benefits offered to all Bored Ape NFT owners.”

Overall, the project seems to be still under development. The community also continues to grow as Ape holders have the trading rights to their NFT and are constantly moving forward in their best interest.

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