The famous collection of non-fungible tokens appeals to exclusivity and fun. Everything you need to know: who created it, the most well-known buyers, and the evolution of the asset.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club is a collection of 10,000 NFTs recognized by the apes appearing in the images and for being the preferred digital asset of many celebrities.
What does “Bored Ape Yacht Club” mean in Spanish? The translation exhibits a mix of humor, irony and exclusivity: “bored ape yacht club”.
Also known by the acronym BAYC, this collection is managed within the Ethereum blockchain, just like most non-fungible tokens.
Before learning more about Bored Ape Yacht Club, we open a brief parenthesis to explain what NFTs are.
Non-fungible tokens are documents that accredit the ownership of an encrypted and registered digital asset on a blockchain. They are usually bought with the cryptocurrency Ether.
While they are not new, the NFT boom began in 2021, with million-dollar token auctions, inaugurating a new era in collecting and a novel investment channel.
One of the most famous collections in this area is, precisely, BAYC. In this case, buyers own a drawing showing an ape, usually with a defiant and disinterested gesture.
Features of Bored Ape Yacht Club NFTs
More information about Bored Ape Yacht Club NFTs to keep in mind.
- BAYC was launched in April 2021.
- In the collection of 10,000 illustrations, none are equal to another.
- The apes have different gestures, attire and accessories.
- BAYC also positions itself as an exclusive club with a space on the Discord platform that can only be accessed by those who have purchased an NFT from this collection.
- At its peak of popularity, BAYC NFT owners were considered a “digital brotherhood”.
- In the world of non-fungible tokens, it is a PFP collection, referring to the fact that they look like profile photos and are often used as avatars on social networks.
- Other PFP collections are Cool Cats and World of Women.
- By owning one of these NFTs, access is gained to other collectibles that can be resold.
- BAYC NFTs are offered on OpenSea, the main platform where non-fungible tokens are traded.
- How is the price determined? In addition to market quotations, exclusivity is a value. For example, of 10,000 apes only 46 have “gold” fur and that makes them valuable.
Who created Bored Ape Yacht Club?
The creators of Bored Ape Yacht Club are members of Yuga Labs, a company that has become a reference in the NFT world. It is based in Miami, United States.
Yuga also distributes the ApeCoin (APE) cryptocurrency, which was distributed to BAYC holders.
“APE is a token that supports what’s next in web3. Yuga Labs is a collaborator of ApeCoin, a member of the ApeCoin DAO community, and will use ApeCoin as the main token in its projects,” according to the company’s official website.
In another section of the site, we find a kind of Yuga manifesto: “We believe that the potential of web3 is realized with imagination, not limitations. No borders, no rulers; just people doing great things, together.”
In addition to BAYC, Yuga has other NFT projects, such as the following:
- The Mutant Ape Yacht Club.
- The Bored Ape Kennels.
- The Bored Ape Chemistry Club.
The company also works on the Otherside game, which joins the metaverse trend.
In October 2011, Yuga Labs was scrutinized by the US Securities and Exchange Commission (SEC) for potential violations of federal laws in that country, according to a Bloomberg report at the time.
Who are the people behind Yuga Labs?
The company is composed of four members, who initially used pseudonyms. “Gordon Goner” and “Gargamel,” the two co-founders, and two developers, “No Sass” and “Emperor Tomato Ketchup.”
Later, their identities were confirmed in a Buzzfeed News article: Gordon Goner is Wylie Aronow, 35 years old, and Gargamel is Greg Solano, who is a writer and book critic.
Why BAYC NFT is popular among celebrities
Bored Ape Yacht Club’s first launch was successful and attracted many celebrities from entertainment, music, and sports.
Celebrities who bought a BAYC NFT include singer Justin Bieber, rappers Snoop Dogg and Eminem, American football player Tom Brady, TV host Jimmy Fallon, model Paris Hilton, Brazilian footballer Neymar Jr., and tennis player Serena Williams.
Why has this collection been so popular among stars? Check the following comment from a Business Insider article.
“Some critics speculate that celebrities bought those assets from Yuga Labs as a symbol of status, a way to flaunt their wealth and exclusive purchases,” noted the source.
What is the value of a Bored Ape NFT?
To know how much a BAYC NFT is worth, it is necessary to observe the evolution of the asset since its launch in April 2021.
When the illustrations of this collection debuted, the initial price was 0.08 Ether per unit, at that time approximately 200 dollars.
The images sold out in less than a week and then began to sell for large amounts.
For example, in January 2022, Justin Bieber paid 500 Ether (1.3 million dollars at that time) for his Bored Ape Yatch Club non-fungible token.
In September 2021, a record sale was recorded in this collection: 740 Ether, equivalent to about 2.9 million dollars, paid by the developers of the game The Sandbox.
According to a report from the Decrypt website published in November 2022, the collection’s prices fell around 80%.
Aside from its ups and downs, why were BAYC monkeys so valuable? Following a review from the CNET site, the popularity of these NFTs transcends the fact that the monkeys look good and are also fun.
The value of BAYC lies in that “they serve as a digital identity, for which their owner receives commercial use rights”.
The source indicates that this implies that investors can sell any type of derived product based on the art, and in addition, these NFTs provide access to exclusive events both in the virtual scene and in the real world.