This year, Bored Ape Yacht Club has been NFT’s best-selling series. In 2022, it has been all over the news lately, for both positive and negative reasons. However, for those unfamiliar with NFTs, BAYC may appear to be a complicated endeavor.
Therefore, this article serves as a comprehensive BAYC reference from Yuga Labs.
What is the Bored Ape Yacht Club?
Ten thousand NFTs have banded together to form the Bored Ape Yacht Club, or BAYC for short. This is a collection from a limited edition, which means it is not a one-of-a-kind and was instead produced using computer software. Designers start with a base version and then make tweaks by rearranging the order of various characteristics. When it comes to BAYC, an ape illustration serves as the model.
Characters in BAYC can have a wide variety of fur styles, expressions, wardrobes, accessories, etc. Of the Bored Apes, only 49 wear daggers in their mouths, 108 have cyborg eyes, and 115 sport cross earrings.
Yuga Labs developed Bored Ape Yacht Club. Four people established the company initially. Seneca, or “All Seeing Seneca,” is a woman and the main creative force behind BAYC’s original collection.
Why are BAYC NFTs so expensive?
The cards in the BAYC set are like trading cards. One-of-a-kindness is conferred by the 1/1 encoding of each NFT, limiting the total supply to a finite number. Hip-hop icon Eminem and late-night host Jimmy Fallon are just two of the stars who have purchased items from the NFT collection.
In addition, the value of an NFT can come from a wide variety of sources, including entry to a future event, the purchase of merchandise, or any combination of these. Because of their limited availability and celebrity endorsement, BAYC quickly became a status symbol, driving up their price.
At its height, interest in BAYC was comparable to that in Pokémon trading cards. The right collector can fetch thousands or even millions of dollars for a single card. The typical BAYC earns somewhere in the region of $60,000 per year. In August, the price floor dropped to 66 ETH, or $84,876.00.
A BAYC NFT is more than just a “flex” for holders despite the high right. Plus, they’re a good way to put your money to work.
- The apes owned by each member are protected by the member’s right to commercial use. This opens up a lot of opportunities for them to sell prints, T-shirts, coffee mugs, etc.
- In addition to the Bored Ape NFT, BAYC released their own line of merch.
- A new project called the Bored Ape Kennel Club (BAKC) was launched, and the entire supply of NFTs was airdropped exclusively to Bored Ape owners. 1 Ape = 1 Dog. The floor of BAKC almost immediately surpassed 1 ETH (over $2,000) on the secondary sales market, adding extra profit to BAYC holders’ pockets.
- After an initial membership-only phase, the general public was granted access to the NFT collection that features the Mutant Ape Yacht Club.
- There is a democratic process in place where BAYC members can vote on how project funds are allocated. Because of these communal efforts, millions have been given to many causes.
- A scavenger hunt, narrative updates to the BAYC project, games, and more have all been announced as upcoming members-only utilities in recent roadmap updates.
Overall, BAYC is a hotly debated and widely used NFT. Although opinions on the NFT world are divided, no one can deny its rapid expansion and rising popularity.
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