What is Bored Ape Yacht Club? Is it just a bunch of cool-looking digital ape drawings? And why have they seemingly taken over social media websites?
Let’s take a deep dive into the NFT project that’s seen over $1 billion in sales and has seemingly taken over the celebrity Twitterverse.
Bored Ape Yacht Club: What You Need To Know About the NFT Collection
Simply put, Bored Ape Yacht Club is a collection of 10,000 unique non-fungible tokens that reside on the Ethereum Blockchain.
Each of these tokens comes in the form of a digital piece of art made to look like cartoon apes. The artwork is similar to the late 90’s virtual rock band Gorillaz.
Each of the 10,000 apes has been made to look different with various colors, fashion styles, accessories, and other differences.
Brief History of Bored Ape Yacht Club
BAYC was launched in April of 2021 by Yuga Labs. The complete collection was made available for 0.08 Ethereum, which at the time equated to around $200.
Until early 2022, almost a year after the NFT artwork’s launch, the creators’ identity wasn’t even known. That changed in February of 2022 when a writer for BuzzFeed doxxed two of the founders against their will.
Before being doxxed, it was known that four individuals were a part of the creation of the Bored Ape Yacht Club NFT. These individuals simply went by the pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup, and Sass.
After being released, the Bored Ape Yacht Club apes sold out in just under 12 hours, bringing in a total of close to $2 million. Since then, the NFT has become popular with everyone, from celebrities to major brands like Ralph Lauren and Adidas.
What makes Bored Ape Yacht Club valuable?
What makes BAYC valuable is the scarcity, uniqueness, and celebrity buzz that the project has generated. It’s also essential to understand precisely what a non-fungible token is and the value of owning one.
NFTs are tokens that can’t be copied, duplicated, and are entirely unique. This means that you own one of one for that specific token, similar to owning an original of a piece of art.
You can think of it as owning an original copy of a treasured painting with the certificate of authenticity being similar to the token. Something people are willing to pay a lot of money for them (think Banksy).
Owning a Bored Ape gives you ownership of a non-fungible token that is expected to increase in value as the level of popularity and exclusivity increases.
Why Bored Ape Avatars Are Taking Over Twitter
As discussed above, the Bored Ape Yacht Club NFT collection has generated a lot of celebrity buzz.
In a short time, it became one of the most sought-after collections in the crypto world, along with Cryptopunks, Cool Cats, and a few other collections.
Everyone from actors to high-level influencers to sports celebrities was using a Bored Ape as their Twitter avatar and on other social media platforms.
Between the celebrity buzz, the exclusivity of the tokens, the benefits such as Discord servers and private events, all of this created a fear of missing out in people.
This fear of missing out, combined with the massive publicity being generated on sites like Twitter, created a sort of feedback loop, making the tokens more popular and leading to a run on the tokens, driving up value.
How To Buy BAYC Tokens
The only way to buy a Bored Ape NFT is through a secondary marketplace. OpenSea is one of the most popular of these NFT marketplace platforms, including:
- NFT Art
- Domain Names
- Sports NFTs
- Trading Card NFTs
- Virtual World NFTs
To purchase one of these tokens and become a Bored Ape owner, you will need a funded crypto wallet to connect to OpenSea.
The OpenSea platform primarily operates using Ethereum and accepts USDC, DAI, and over 150 other payment tokens.
It is not possible to use traditional currencies such as USD or EURO to purchase NFTs from OpenSea, so you need to understand the basics of cryptocurrencies to buy a Bored Ape.
Perks of Holding Bored Ape Yacht Club Tokens
Along with the token and the potential resale value, there are numerous other benefits provided to owners of the tokens, including:
- Private Discord server
- Access to community events such as Ape Fest
- Access to a private graffiti board
- Commercial rights to their apes
- Access to exclusive content
On the surface, these may not seem like valuable benefits. However, you are paying in to be a part of an exclusive community.
Many celebrities such as Jimmy Fallon, Justin Bieber, Paris Hilton, Steph Curry, and more are owners of Bored Apes. This means they have access to the same events and community rooms as other members.
So, by owning one, you could find yourself attending parties and events exclusively for Bored Ape owners where some of the biggest celebrities around are attending.
Is it Worth Getting a Bored Ape Yacht Club Token?
The value of owning a Bored Ape will be different for everyone. While there is a market for these tokens and high demand at the moment, that could change.
Bored Apes are still a bit too volatile and not yet proven as a solid long-term investment.
For many people, the value in owning a Bored Ape is exclusivity. Part of that exclusivity is the high price, so it stands to reason that the prices will keep going up, but there is no guarantee.
Exclusivity also isn’t something that will be valuable to all people. So, if you are comfortable spending tens of thousands to be a part of an exclusive club, then it may be worth getting a Bored Ape Yacht Club token. But it’s best to buy one knowing the token may not increase in value.
Common Questions About Bored Ape Yacht Club
Here are answers to some of the most common questions when asking “what is Bored Ape Yacht Club?” to help you better understand what the tokens are.
How much do bored apes cost?
Bored Apes cost anywhere from tens of thousands to hundreds of thousands of dollars. The prices of these tokens are continually going up.
Some tokens have even sold for multiple millions of dollars, though this is not the norm. You can expect to pay a few hundred thousand dollars in most cases.
Why is Bored Ape Yacht Club so expensive?
Bored Ape Yacht Club tokens are so expensive because of their non-fungible nature and celebrity appeal. Many top celebrities have purchased bored apes, which has also helped significantly drive up the value.
What was the Bored Ape Yacht Club mint price?
The Bored Ape Yacht Club mint price was 0.08 Ethereum. When the Bored Apes were released in April 2021, this equaled about $200.
Mint price refers to the energy costs to create an NFT and register it to the blockchain. The original purchaser of the NFT is the person who pays this fee.
How many bored apes have been sold?
There have been 10,000 Bored Apes sold, the total number produced. These original 10,000 Bored Ape Yacht Club NFT tokens were sold in less than 12 hours after the initial release.
Since April 2021, when the apes were released, they have been resold numerous times with over eleven thousand unique owners.
What does Bored Ape Yacht Club do?
Bored Ape Yacht Club gives you numerous perks, including access to a private Discord server frequented by celebrities like Gwyneth Paltrow and Kevin Hart. These tokens also provide you with access to exclusive in-person events.
You also have the commercial rights to your Bored Ape, a benefit utilized by companies like Adidas and Ralph Lauren.
Who is behind Bored Ape Yacht Club?
The company Yuga Labs is behind the Bored Ape Yacht Club. All of the founders of the Bored Ape NFTs go by pseudonyms, with two of them recently being doxxed by BuzzFeed.
While there were multiple artists behind the design of the original five apes, the lead artist is the popular Asian American painter All Seeing Seneca.
Wrapping Up: Our Thoughts On Bored Ape Yacht Club
Whether just a fad or a new artistic phenomenon, the answer to what is Bored Ape Yacht Club remains to be seen.
Web 3.0 enthusiasts will say that the Bored Apes and other NFT collections represent a new frontier in intellectual property ownership through the use of smart contracts.
Opponents to the NFT phenomenon, on the other hand, will say that they represent excess and are simply a new way for wealthy individuals to flaunt their money.
Whichever it is, one thing is for sure, and that is the Bored Ape Yacht Club has paved the way for artists to make money on their creativity while cutting out the traditional gatekeepers.
While it remains to be seen if this trend will continue, it’s something to keep an eye on if you have any interest in new investment opportunities or the future of web 3.0.