In previous blog articles, we’ve covered the basics around cryptocurrency, a broad view of NFTs, and how to generate your own NFT collection.
👀 We’re introducing a new series of articles with a spotlight on popular NFT collections. In this article, we’ll take a closer look at the Bored Ape Yacht Club (BAYC) NFT collection, and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
❓ WHAT IS BAYC?
👉The Bored Ape Yacht Club (also known as Bored Apes or BAYC) is a profile picture (PFP) NFT collection of 10,000 unique digital collectible simian avatars native to the Ethereum blockchain. The venture has quickly become an extremely lucrative venture in a fast-growing space.
❓ HOW DOES BAYC WORK?
Within the BAYC NFT collection of 10,000 avatars, there are 170+ randomized traits such as expression, headwear, clothing and other elements that determine the appearance of each Bored Ape. Each Ape may have four to seven traits. As with other collections, NFTs with rarer traits are deemed more valuable.
📜 BAYC HISTORY & THE TEAM BEHIND BAYC 👥
🦍The original BAYC collection was developed by Yuga Labs. The company was founded in February, 2021 by a group of pseudonymous members: Greg Solano or “Gargamel”, Wylie Aronow or “Gordon Goner”, and co-founder engineers Kerem Atalay or “Emperor Tomato Ketchup” and Zeshan Ali or “Sass”. The current CEO of Yuga Labs & BAYC is Nicole Muniz.
Young Asian American artist, Seneca, is the lead artist🎨 responsible for providing the design and algorithm-generated artwork in each piece.
Aronow has clarified that apes🐵 were chosen as a mascot for the NFT collection because of the cryptocurrency phrase aping in, meaning to buy into a new currency or NFT with abandon, risking a significant amount of money.
🌟The BAYC project was launched in April, 2021. The initial BAYC NFT mint price was 0.08 ETH (equivalent to USD$220) and sold out in 12 hours. BAYC generates revenue not only on the initial sale of NFTs it releases but also makes a 2.5% royalty commision on future trades.
BAYC helped drive USD$127 million in revenue in 2021💰. To date, BAYC has generated more than USD$2.7 billion worth of trading volume.
👔The Ape Foundation Board includes Reddit co-founder, Aliexis Ohanian, and Yat Siu of developer and venture capital group, Animoca Brands. The Board’s role is to ensure the implementation of decisions made by the ApeDAO.
⚙️ BAYC’S NFT UTILITY
Essentially, Bored Ape NFT holders are granted a membership allowing access to a private online club as well as exclusive in-person events and intellectual property rights for the avatar image. BAYC membership also allows:
- Access to The Bathroom – a collaborative graffiti board.
- Apecoin (APE) cryptocurrency tokens used for governance of the ApeDAO.
- Exclusive Discord server access.
- Access to additional, secondary “offshoot” NFT collections, such as:
Mutant Ape Yacht Club (MAYC) – a collection of 20,000 mutant apes in similar style to the original BAYC collections. These were originally created by exposing an existing Bored Ape to a free vial of “mutant serum” or by minting a Mutant Ape in the public sale.
Bored Ape Kennel Club (BAKC) – a companion dog NFT for adoption offered to every single BAYC member for free (plus gas fees).
Otherside – Yuga Labs’ metaverse launched in April, 2022 in collaboration with Animoca Brands. NFT holders can purchase and own Otherside land NFTs (or Otherdeeds) priced in Apecoin.
🏆 WHAT MAKES BAYC STAND OUT?
BAYC has become so popular and trendy that owning a Bored Ape NFT gives the holder status and specific recognition. 📸Celebrities such as Paris Hilton, Jimmy Fallon, Eminem, Serena Williams, Stephen Curry, Shaquille O'Neal and Justin Bieber have bought at least one Bored Ape.
BAYC has also engaged in various partnerships such as:
- Licensing deals with footwear giant Adidas👟 and its BAYC NFT character “Indigo Herz, as well as California-based restaurant🍴, Bored & Hungry (and its Bored Ape #6184 NFT).
- Live concert events🎤 with artists such as Chris Rock and the Strokes.
- The “Kingship” virtual rock band by Universal Music Group made up of Bored Apes.
📈 BAYC NFT MARKET STATISTICS
The current floor price for an original BAYC is 71 ETH (roughly equivalent to USD$109,395 at the time of writing). The collection’s market capitalization is currently just under 710,000 ETH (USD$1.09 billion).
👉 EARNING NFTs WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn NFTs and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
🎁 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.
💰 Bloom Coins earned can be redeemed for rewards🎁 within the app, such as NFTs.
🆓 Converting crypto on Bloom is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.