Simply Explained: Bored Apes (BAYC)
Developed by Yuga Labs, the Bored Ape Yacht Club (BAYC) is a series of NFT profile pictures depicting disinterested-looking apes with randomly generated traits. The collection of 10,000 NFTs was launched in April. They are minted on the Ethereum blockchain and individual Bored Apes have sold for millions apiece. But what explains the rise of the BAYC?
What is an NFT?
As you probably already know, an NFT, or non-fungible token, acts as proof of ownership for a digital item, proving that the buyer owns the only version of that item.What makes the Bored Ape NFTs special?
A BAYC ape is made up of 7 possible traits (background, mouth, hat, fur, eyes, ears, and clothes). Some traits are rarer than others, so collectors place more value on them.As its name suggests, the Bored Ape Yacht Club is an exclusive society. Owning a Bored Ape NFT unlocks membership and access to an exclusive Discord server, where owners (including celebrities) chat and socialise. Holders also get access to a collaborative digital graffiti board called THE BATHROOM.
NFT Collectables
Owners can also access other NFT collectables like Mutant Apes and Bored Ape Kennel Club dogs, which can be resold for extremely high prices.The Mutant Ape Yacht Club is similar to the original BAYC but with a mutant theme. Holders of the original BAYC NFTs randomly received an airdrop of a mutant serum vial. The Bored Ape Kennel Club is another collection where wallets containing a Bored Ape could mint a Club Dog NFT. Any secondary sales came with a 2.5% royalty fee for a limited time, which was donated to animal charities.
Part of BAYC’s success is based on its focus on creating an exclusive club behind the NFT collection. Through games like the Mutant Arcade, club benefits, and charitable acts, BAYC has kept the hype alive.
The NFT project has recently received backing from major names in the pop world. In November, Rolling Stone magazine partnered with BAYC to release a collection of 2,500 limited edition paper zines, with Bored Apes on the cover. Soon after, Universal Music Group, the world’s biggest record label, announced that it would be creating a Gorrillaz-style metaverse group called Kingship. The group’s avatars will be based on BAYC NFTs.
Bored Ape celebrity owners
The BAYC has a growing number of celebrity owners including- The Tonight Show Host Jimmy Fallon
- Billionaire investor Mark Cuban,
- NBA champions Stephen Curry & Shaquille O’Neal
- Rappers Post Malone & Lil Baby
- DJ Marshmello
- Music producers Timbaland & The Chainsmokers
- Social influencers Logan Paul & KSI
Rapper Post Malone also recently changed his Twitter profile picture to a Bored Ape.
How to buy Bored Apes
Bored Ape Yacht Club NFTs are available to purchase on secondary markets like OpenSea. Some may be listed for sale at a fixed price, while others may be listed for auction. Right now, the cheapest Bored Ape on OpenSea will set you back 49.8 ETH or $193250.39!
Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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