These highly sought-after NFTs have captured the public's fascination, with buyers shelling out millions to acquire them. They have even become a status symbol of sorts, attracting the attention of famous personalities like Eminem, Jimmy Fallon, and Paris Hilton, who have joined the Bored Ape Yacht Club by purchasing NFTs from this series.
What is the Bored Ape Yacht Club (BAYC)?
The Bored Ape Yacht Club (BAYC) is a social club of NFT collectors who own Bored Ape NFTs, specifically the 10,000 unique and rare Bored Ape NFTs that were created by the Bored Ape team on the Ethereum blockchain. The BAYC is not only a community of collectors but also a hub for social interaction, events, and exclusive merchandise for Bored Ape owners.
The Bored Ape NFTs were first introduced in April 2021, and since then, they have become one of the most sought-after collections in the NFT space. Each Bored Ape NFT is a unique piece of digital art that features a cartoon ape with a different combination of attributes, such as hats, clothing, and expressions. The rarity of each NFT is determined by the number of attributes it possesses and the level of detail in the artwork.
The BAYC was created by the Bored Ape team as a way to bring together like-minded collectors who share a passion for Bored Ape NFTs. It offers a range of exclusive benefits to its members, including access to a private Discord channel, early access to new releases, and invitations to exclusive events.
The BAYC has quickly become one of the most popular NFT clubs, with its members including celebrities, artists, and entrepreneurs. The club's popularity has led to a surge in the value of Bored Ape NFTs, with some NFTs selling for millions of dollars.
One of the unique features of the BAYC is the ability for members to access exclusive merchandise, such as Bored Ape Yacht Club hats, t-shirts, and other apparel. These items are only available to BAYC members and are highly sought after by collectors.
A History of Success and Celebrity Interest
The Bored Ape Yacht Club NFT was launched during the cryptocurrency bull market peak in 2021 and has thrived alongside other notable NFTs like CryptoKitties and CryptoPunks.
Upon launch, the BAYC NFT was priced at 0.08 Ether (ETH), equivalent to $220 at the time, and sold out within 12 hours. As of mid-October 2022, the NFTs' floor price had soared to 76 ETH, roughly $100,418, with the dollar value influenced by the fluctuating price of Ether. According to the NFT marketplace OpenSea, the BAYC's trading volume on October 14, 2022, was 673,000 ETH.
In September 2021, the BAYC made history when Sotheby's, one of the world's largest auction houses, concluded an online auction for 101 Bored Ape Yacht Club NFTs for $24.4 million.
The BAYC has piqued the interest of several celebrities who purchased the NFTs at inflated prices, including Tonight Show host Jimmy Fallon, who bought Bored Ape #599, NBA champions Steph Curry and Shaquille O'Neal, singers Snoop Dogg, Eminem, and Justin Bieber, and world-class soccer player Neymar Jr.
The Team Behind Bored Ape
Yuga Labs is the mastermind behind the Bored Ape Yacht Club, consisting of four individuals who operated under pseudonyms at the time of its development. The two co-founders, Gordon Goner and Gargamel, as well as their two friends No Sass and Emperor Tomato Ketchup, all operated under their pseudonyms until February 2022, when BuzzFeed revealed the identities of Gordon Goner and Gargamel. Gargamel is Greg Solano, a writer and book critic, while Gordon Goner is 35-year-old Wylie Aronow. Following their revelation, Emperor Tomato Ketchup and Sass both "doxxed" themselves by revealing their identities on social media platforms.
The actual artwork for the Bored Ape Yacht Club was created by a freelance artist named Seneca, who is not affiliated with Yuga Labs.
Decoding the Value of Bored Ape Yacht Club
The worth of the Bored Ape collection has been a topic of debate, with some arguing that its high valuations are based on mere speculation. However, the rarity of its traits and accessories, celebrity endorsements, and unique utilities have all contributed to driving up its value.
Rarity - BAYC's value is measured by the rarity of its unique traits and accessories, with each NFT having an assigned number. The collection has over 160 traits, with each Bored Ape possessing four to seven trait categories, including background, clothes, earrings, eyes, fur, hat, and mouth. The most expensive Bored Ape, BAYC #8817, sold for $3.4 million on Sotheby's Metaverse marketplace, featuring the Solid Gold Fur trait, among others.
Celebrity Endorsement - Several brands and celebrities have invested in the Bored Ape NFT collection, including Adidas, Mark Cuban, Steve Aoki, Post Malone, Mike Shinoda, and Timbaland. Adidas partnered with BAYC to launch "Into the Metaverse," a native digital collectible, and featured Bored Apes wearing Adidas jackets on their social media platforms.
Utilities and Perks - Bored Ape owners have exclusive access to a private Discord group where they can interact with other members, including celebrities who own a Bored Ape. Ape holders also have access to "The Bathroom," where they can make a drawing every 15 minutes on a virtual community board. The BAYC ecosystem has its official currency, ApeCoin, which is used to purchase merchandise and event tickets. The ApeCoin DAO is a decentralized autonomous organization where members govern the treasury and decide on future projects by voting on proposals.
The Bored Ape NFT has become a status symbol for many, driving up its value since its launch. While debates surrounding its worth continue, its rarity, celebrity endorsements, and unique utilities have undoubtedly contributed to its increasing popularity and high valuations.
Can the Value of Bored Apes Be Depreciating?
The value of Bored Apes is closely tied to the condition of the crypto market. During bear markets, where prices of crypto assets steadily decline, it's likely that the value of Bored Apes, like most NFTs, will decrease as well. Conversely, during bullish market conditions, the value of Bored Apes is expected to rise above the current floor price.
How to Buy a Bored Ape Token
Bored Ape Yacht Club (BAYC) has become one of the hottest NFT collections, with prices soaring to millions of dollars for a single token. If you're interested in owning a Bored Ape token, here's what you need to know about the buying process.
Step 1: Choose a Marketplace
To buy a Bored Ape, you first need to choose a marketplace where you can purchase it. The most popular marketplaces for buying and selling NFTs are OpenSea, Rarible, and Nifty Gateway. However, Bored Ape tokens are also sold on other marketplaces, such as Foundation and SuperRare. Each marketplace has its own user interface and payment methods, so be sure to read the instructions carefully.
Step 2: Create a Wallet
Once you've chosen a marketplace, you'll need to create a cryptocurrency wallet to store your Bored Ape token. Most marketplaces support various wallet types, including MetaMask, Coinbase Wallet, and Trust Wallet. Follow the instructions on the marketplace to create and set up your wallet.
Step 3: Connect Your Wallet
After setting up your wallet, you'll need to connect it to the marketplace you chose. Go to your account settings and choose "Connect Wallet." You'll be prompted to enter your wallet's seed phrase or private key to verify your ownership. Once connected, you'll be able to view your wallet's balance and make purchases.
Step 4: Search for Bored Ape Tokens
Now that your wallet is connected, you can search for Bored Ape tokens. Use the search bar on the marketplace to find available Bored Ape tokens. You can filter your search results by traits, rarity, and price. Take your time to browse through the available options and decide which token you want to purchase.
Step 5: Place Your Bid or Buy
Once you've found the Bored Ape token you want to buy, you'll need to place your bid or buy it directly. Most marketplaces allow you to bid on an item or buy it at a set price. If you're bidding, make sure to place a competitive offer to increase your chances of winning. If you're buying directly, simply click on the "Buy" button and follow the instructions to complete the transaction.
Step 6: Transfer Your Token
After purchasing your Bored Ape token, it will be transferred to your cryptocurrency wallet. Check your wallet balance to make sure the token has been deposited. You can now hold onto your token or sell it on a marketplace at a higher price.
In summary, buying a Bored Ape token requires choosing a marketplace, creating a wallet, connecting it to the marketplace, searching for available tokens, placing a bid or buying directly, and transferring the token to your wallet. With some patience and research, you can become the owner of a highly coveted Bored Ape token.
The Bottom Line
The Bored Ape Yacht Club is a collection of unique NFTs that have gained significant attention and value due to their rarity, celebrity endorsements, and exclusive utilities and perks. The collection's popularity has created a strong community of owners, making it a coveted status symbol in the world of digital art and collectibles.
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