Bored Ape Yacht Club (BAYC) may be the coolest NFT collectible on the scene since the CryptoPunks. Started by four friends, the BAYC’s plan was always to “make some dope apes and try to build something ridiculous”. Fortunately, that something “ridiculous” has been a hit with fans, starting off a whole subculture of avatar NFT collectibles with membership perks.
What Is The Bored Ape Yacht Club (BAYC)?
Bored Ape Yacht Club (BAYC) is an avatar NFT collectible project consisting of 10,000 unique tokens. Hosted on the Ethereum blockchain, each token is a unique piece of art featuring one of many bored apes. This collection is programmed generatively. Thus, each NFT collectible has its own unique expression, outfits and accessories that set it apart from the rest.
BAYC was founded by Four friends; Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass (according to their website). Originally, they saw the BAYC NFT collection as a it of a joke. Mainly, they aimed to have fun together and test their coding skills. However since then, the Bored Ape Yacht Club NFTs have become some of the most desirable collectibles in the NFT scene.
The first sale of the original 10,000 tokens is behind us, but the secondary market for the BAYC avatars is booming. Some collectors just like the generative art style and the relevance to the NFT community. Others, admittedly those with some serious cash flow, are trying to flip them.
At the time of writing, they made almost $2 Million in trading volume, ranking right after the biggest ever NFT Collectibles: the Cryptopunks.
Are Bored Apes The New Crypto Punks?
If you’ve been keeping an eye on the NFT market at all, you’re probably familiar with Larva Labs’ CryptoPunks. These pixelated images are one of the earliest examples of the NFTs and they are currently experiencing a huge boom. While they are still the most expensive on the market, it seems that Bored Apes are just a bit cooler; due to their affordability and membership perks.
Christies – the famous auction house which auctioned Crypto punks NFTs and Beeple’s art work for the first time – have recently announced they will be auctioning Bored Apes in September 2021. Plus, Sotheby’s has also annouced it’s first Bored Ape Sale.
Bored Apes Are Scarce And The Price Is Skyrocketing
Upon release, each Ape sold for 0.08 ETH ( approximately $250 USD). According to the creators, they wanted all of the initial sales to be fair and accessible. Honouring that promise, every Ape was worth an equal amount at launch.
However, the secondary market saw their sales sky rocket. Each of them comes with different traits and attributes, creating a certain degree of rarity among them.
On OpenSea, the rarest Bored Ape Yacht Club NFTs are sold for shocking amounts of money. At the time of writing, Bored Ape #3749 was sold for 400 ETH (approximately $1.29 million USD), and this is no outlier. Current floor prices on Opensea start at approximately 15 ETH. With that hefty price tag, some owners have started to fractionalise their Bored Ape NFTs on platforms like Niftex or Fractional.art.
What does Bored Ape Membership give me?
Alongside the obvious bragging rights that Bored Apes offer, Ape owners have access to a wide range of exclusive benefits. Firstly, access to The Bathroom – a collaborative graffiti board for their community. Bored Ape holders can paint a pixel on this shared canvas every 15 minutes, creating whatever shape they wish. Although the creators admit, there tend to be a lot of dicks.
Yet another benefit to Ape owners is access to a plot of land in The Sandbox – one of the Internet’s most popular metaverses. Their official collaboration began in May 2021 and access to the exclusive map is only accessible to Bored Ape NFT holders.
Additionally, The Bored Ape Yacht club opened their own riverboat casino in Decentraland. This is just the beginning of the many metaverse events and perks the Bored Ape NFT crew plan to announce.
The Bored Ape NFT community love Airdrops!
Firstly, BAYC launched the Bored Ape Kennel Club. Although, they were not available to purchase directly, every Bored Ape holder received a dog-themed NFT airdropped straight to them. Despite the free airdrop, they are flying off the shelves in secondary markets. Some of them are worth about $3000 USD at base, but their exclusive nature and relative rarity means that their markup can easily raise to millions in the coming months.
Secondly, the BAYC NFT team launched the Mutant Ape Yacht club (MAYC). Bored Ape Yacht Club Holders were airdopped one of three NFT serums, which could be “injected” into their Apes to create another Mutant ape! The rarity and characteristics of the mutant apes were dependent on whichever serum you were randomly airdropped out of the three types: M1, M2 or M3.
Although the announcement came only 24hours before the drop, and via twitter, The Mutant Ape Yacht Club was an overnight success! Desite their gratuitous nature, some Mutant serum NFTs were going for as high as 269 ETH ($872,000) on secondary markets. Holders were all dropped one serum per Bored Ape NFT, but each ape can be “injected” with each of the three types of serum once. Thus, the Bored Ape mutant serums are in high demand.
Bored Ape Yacht Club NFTs allow you intellectual property rights
To clarify, buying and selling isn’t the only way to profit from your Bored Apes. In fact, buying a BAYC NFT gives you full intellectual rights to the artwork. What does that mean? Basically, you are within your full legal right to use your design as a logo, make merchandise and much more – All without those pesky legal repercussions.
Some of the Bored Ape Yacht Club members used their avatar to launched craft beers or print t-shirts. Meanwhile, Wiv Technology recently launched the Bored Wine Conpany, offering BAYC holders the opportunity to invest in limited edition wine.
In a similar vein, SOUL launched a set of exclusive customised headphones. However, the only way you could access the auction, was as a BAYC member. SOUL said they were proud to work with a community such as the Bored Ape Yacht Club. Clearly, these top NFT collectibles are opening new avenues for exclusive content.
BAYC Built an Empire From A Community
So what made the Bored Ape Yacht Club NFT collection so successful? There are hoardes of animal-themed avatar themed NFT projects of late, such as Gutter Cats and Untamed Elephants. However, the Bored Ape Yacht Club has captivated the NFT scene in a special way.
Many Ape holders state their first reason to buy a Bored Ape as Community.
According to their fans, lifetime membership to an exclusive club that supports its members is the real prize. The ratio of “unique owners” is the highest out of any of the current active avatar projects – there’s less hoarding avatars and more opportunities for individuals to forge bonds and collaborate on projects. Roughly 5.2K people hold a total of 10,000 Bored Ape Yacht Club NFTs, a ratio just shy of 2:1.
Furthermore, community members have introduced more members into the fold – only adding to their notoriety. Notably, Pranksy – one of the biggest names in NFTs at the moment – gave away copious amounts of Bored Ape NFTs recently. Plus, some celebrities are also buying NFT collectibles from the BAYC NFT collection, such as NBA legend Stephen Curry. Seemingly, everyone wants a piece of this monkey business.
Bored Apes Beyond
The holders of Bored Ape Yacht Club NFTs have bonded together as a community – both digitally and in real life. “Ape Follow Ape” is their little motto, encouraging people to swap their socials and get involved. Clearly, its working- with a hugely dedicated community and full support of the NFT scene. Although their roadmap is nearing its end, we suspect there will be much more in store for the Bored Ape Yacht Club and its community.