Are you interested in the world of NFTs? If so, you may want to learn more about the Bored Ape Yacht Club (BAYC). This fascinating collection is made up of an impressive 10,000 Ethereum-based non-fungible tokens (NFTs) that were launched in 2021. Each of these NFTs is affectionately known as a “Bored Ape” and is characterized by unique features such as facial expressions, clothing, and other distinctive elements. Each Bored Ape is truly one-of-a-kind, and owning one is a great way to show off your appreciation for the art and culture of NFTs. Whether you’re a seasoned NFT collector or just starting out, the Bored Ape Yacht Club is definitely worth checking out. So what are you waiting for? Come and join the club today and discover the world of Bored Apes!
Origins of the Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, a collection of 10,000 digital art non-fungible tokens (NFTs) minted on the Ethereum network, was launched early in 2021 by crypto startup Yuga Labs. The Bored Ape has become emblematic of the spectacular growth of the NFT industry as a whole, receiving widespread notoriety and visibility. NFTs are blockchain-based digital tokens that can be used to prove ownership of an item or asset – from a document to a piece of digital art – enabled by Ethereum’s ERC-721 standard, a token format used for creating unique NFT-based assets.
The NFTs in the BAYC collection are known as “Bored Apes”, each featuring a unique design of an ape with elements from 1980-90s era music scenes like punk, hardcore, and hip hop, in the land-and-seascape of Miami, Florida, and inspired by the crypto slang phrase “aping in.” The backstory for the Bored Ape Yacht Club is set in 2031, where crypto investors who “aped in” a decade ago have grown wealthy and spend their time at the yacht club devolving into various states of colorful madness with each proceeding NFT.
Each Bored Ape NFT sold for 0.08 ether (ETH) during the launch sale in April 2021. The collection sold out despite being hidden until purchased, a buyer experience like purchasing an NFT mystery box. The launch sale netted BAYC’s founders approximately USD 2,000,000 at the time, considered a success. However, the cultural phenomenon that followed drove valuations up exponentially, with each Bored Ape token valued much higher than the initial sale.
The Bored Ape Yacht Club, which is a popular collection of 10,000 digital art non-fungible tokens (NFTs), was introduced earlier this year by Yuga Labs – a crypto start-up firm. These NFTs are blockchain-based tokens that are utilized to demonstrate ownership of an asset, be it a document or a piece of digital art. The Bored Ape has now come to epitomize the remarkable advancement of the NFT industry at large, gaining worldwide recognition and prominence among crypto enthusiasts. The Bored Ape NFTs, which form part of the BAYC collection, are specially designed to feature an ape with elements from the 1980-90s era, centered in the seascape of Miami, Florida. Inspired by the term “aping in” used in the crypto world, the NFTs are incredibly unique, each with its design. The Bored Ape Yacht Club story is set in 2031, where crypto investors who “aped in” a decade ago have gotten wealthy and spend their time at the yacht club devolving into various states of colorful madness with each proceeding NFT. The Bored Ape NFTs were initially sold for 0.08 ether (ETH) each during the launch sale in April 2021 and sold out promptly, raking in approximately USD 2,000,000 for the founders. The collection’s popularity exponentially drove up the valuations, making each Bored Ape token worth much more than the initial purchase.
Why are there 10,000 Bored Apes?
When it comes to NFT art, there are a variety of types available to choose from. Arguably the most popular styles are the one-off visuals, which are sold as non-fungible tokens and are comparable to paintings in real life. You may have heard about the Beeple NFTs that were auctioned off at Christie’s for an insane $69 million. On the opposite end of the spectrum, we have NFT collections such as the Bored Ape Yacht Club, which are designed primarily for use as profile pictures on social media platforms. These NFT collections got their start with CryptoPunks back in 2017, and they are somewhat similar to Pokemon cards. Typically, there are a limited number of identical templates among these collections, usually between 5,000 and 10,000. However, each one has its own special set of attributes that makes it unique. In the case of the BAYC, there are 10,000 apes, each with varying facial expressions, clothing, accessories, and fur types. Each attribute is further differentiated by rarity, with some being more valuable than others. You can see these attributes displayed in OpenSea, the most common platform for trading NFTs. On the BAYC page, for example, you’ll see a complete listing of each ape’s attributes, along with the percent of the collection that shares that same trait. Any attribute that appears in less than 1% of the total collection is typically considered to be particularly rare. For instance, only 46 out of 10,000 apes have solid gold fur, making them highly valuable commodities in the NFT market.
As you may have already heard, the highly sought-after NFT project consisting of digital apes has garnered immense popularity in recent times. The project establishes a “floor price” for each ape traded within the platform, with the least expensive being currently valued at $150,000. This equates to roughly 85 ether, a cryptocurrency used for payments within the platform. Interestingly, apes possessing the coveted golden fur trait are considered to be quite rare, thus commanding exorbitant prices in the digital market. As evidence of this, one such rare ape was sold for a staggering $1.3 million back in January. Meanwhile, another ape boasting both lasers for eyes and golden fur–traits possessed by less than one percent of apes–was traded for an astounding $3 million. Clearly, this project has attracted considerable attention and investment from collectors around the globe.
What are NFTs again?
Recently, NFTs have been gaining tremendous popularity within the blockchain world and beyond, and it’s not difficult to understand why. These unique tokens, known as non-fungible tokens (NFTs), act as a mode of validation for ownership on the blockchain. Essentially, NFTs are a digital certificate of authenticity that function similarly to how a deed or title validates ownership of a physical asset, such as a house or a fancy watch. With these NFTs, one can confirm that the digital asset, such as a cartoon image of an ape, is authentic, and it also acknowledges the ownership of the asset on the network for all to see.
Despite some concerns and criticisms around NFTs that seem to imply that they may be pointless since digital images can be easily duplicated with a simple right-click, the significance of NFTs lies in their ability to bring visibility to the unique asset owner. Consider the example of the Mona Lisa – while anyone can buy a print, there exists only one original that only one person or institution can claim ownership of. Similarly, while many people may have downloaded a digital image of the Bored Ape Yacht Club, only one person can lay claim to owning the NFT that gives exclusive ownership rights.
