Non-fungible tokens have been the hottest trend in 2021. They were widely recognized and mainstream adopted, as well as general acceptance within and outside of the cryptocurrency industry.
The astronomic rise in popularity of nonfungible tokens ) has led to a huge demand (and even greater supply) for various collections, each with its own intricacies.
Undoubtedly, one of the most popular NFT collections, which even became the most expensive in terms of floor price as of writing this in January 2022, is the Bored Ape Yacht Club (BAYC).
In this editorial, we’ll take a closer look at the BAYC collection. We will discuss why it is so beloved, the most expensive Ape on the market, as well as the celebrities who have endorsed it.
What is the Bored Ape Yacht Club (Bored Ape Yacht Club)?
The Bored Ape Yacht Club club is unique. It’s a virtual lounge reserved only for its members, and there will never be more than 10,000.
Why 10,000? You might ask.
Well, in essence, BAYC is a collection of 10,000 Bored Ape NFTs. These are unique digital collectibles that are built on Ethereum’s blockchain. Every Bored Ape grants its owner club membership and access to a few benefits.
This is what some NFTs look like
Each NFT has its unique traits such as clothing, headwear, expression, and more. Just as other NFTs on Ethereum, these are stored as ERC-721 tokens.
Since writing these lines they have grown to be the most popular profile photo (PFP), NFT project and many celebrities have already purchased and used them. But more later.
Why do people buy Bored Apes?
One of the perks of owning a Bored Ape NFT is access to the so-called bathroom which is essentially a virtual hangout place with a canvas that’s accessible only to wallets that contain at least one ape. Owners can use this area to draw, write, or do anything else they like. Each ape-holder has fifteen minutes to paint a pixel onto the bathroom wall. The owner of an ape NFT is considered a member in good standing of an exclusive club with a membership cap.
Moreover, the act of owning a highly-prized NFT that is recognized in a community is similar to buying a fine painting. The owner’s subjective value determines its value. Remember that each Bored Ape NFT will be unique and there will never again be another one.
Last, but not least: Some users of these NFTs view them as an investment. They are limited in supply and could become more expensive over time. This makes them a worthwhile investment. So far, as of writing this in January 2022, this has proven to be the case.
Who Created BAYC
The Bored Ape Yacht Club was founded by anonymous developers who go by the pseudonyms Gargamel and Gordon Goner. Yuga Labs is another entity that was responsible for creating BAYC.
The story of BAYC’s origins is quite fascinating. On April 23rd, Gordon Goner – one of the project’s creators, announced the pre-sale launch on Discord. The announcement received almost zero reactions.
Only a few hundred apes were seen during the week. It’s also worth noting that their owners hadn’t yet seen their NFTs or how they looked. On April 30th, the reveal happened, and once people saw the art, the collection spread like wildfire, and all apes were sold a day later at a price of 0. 08ETH each. 30 apes were saved for the team members, giveaways, and promotions.
What do bored ape NFTs look like?
As mentioned, each ape’s uniqueness and rarity make them difficult to reproduce. This is part their intrinsic value as non-fungible tokens.
One can see that there are many outlooks. Here is an example:
What Makes the BAYC a Unique and Revolutionary NFT Collection?
Besides the verifiable uniqueness and provability of each NFT the Bored Ape Yacht Club is also interesting for a few other reasons.
The project was launched with a detailed plan from the beginning. These relatable traits made the Bored Apes ideal for online avatars, and they grew to be the largest PFP project.
The number of owners is sufficient to maintain a strong NFT community. Owners also have the right to commercially use the Bored Apes – a critical part of the future development and growth of the project.
There is already a strong community around BAYC and it continues to grow each day. We are now at the next point because of the fact that a lot of celebrities have joined the board.
Which Celebrities Have Bought Bored Apes NFTs?
The most well-known person to have purchased a Bored Ape NFT, and used it to create their Twitter profile picture (PFP), is undoubtedly Marshall Mathers. He is better-known for his stage name, Eminem.
As CryptoPotato reported, the rap icon bought his ape for a whopping $462,000.
Other celebrities who are known to own Bored Ape NFTs include Snoop Dogg, NBA superstar Stephen Curry, Jimmy Fallon, and so forth.
BAYC’s ROI and How Much a Bored Ape Costs Today
Bored Apes are most likely to be among the NFTs that provided the highest disproportionate returns for early owners. They were purchased at 0. 08 ETH each in April 2021.
At the time of this writing – January 2022, the floor price on OpenSea sits at 77. 99 ETH, which is a return of almost 100,000%.
While many apes sold for six and even seven figures, the most expensive one seems to be Bored Ape #3749. It sold for 740 ETH, worth around $2.9 million at the time of the purchase. This is
There are other notable mentions here, including Bored Ape #2087, which sold for $2.3 million, Bored Ape $8585 – sold for $2. 67 million, Bored Ape #7090 – sold for $2. 27 million, and so forth.
How do I buy Bored Ape NFTs
As mentioned, the first Bored Ape NFTs were issued at a cost of 0. 08 ETH each, but that was only available for a short period of time upon the project’s launch. You can only buy them on secondary marketplaces. OpenSea is the most popular.
To purchase a Bored Ape NFT you will need to go to OpenSea and link your MetaMask wallet. Once there, find the Bored Ape Yacht Club collection in the search bar, and you can start browsing. This is
Once the ape has been selected, click on the image to open a new window in which you can place your bid
If the seller accepts your offer, the NFT is transferred to your address.
Safety Tip: Make sure you connect your MetaMask via a hardware wallet such as a Trezor, Ledger. Bored Ape NFTs are particularly expensive, at least at the time of this writing in January 2022, and there have been many cases where owners have been scammed and got their apes stolen. You should also follow some general security tips to make sure that your crypto is stored properly.
Mutant Apes & the Kennel Club: Exclusively for BAYC Members
Bored Ape owners have other benefits than just having a rare NFT. More specifically, back in June 2021, the BAYC team introduced the Bored Ape Kennel Club. Bored Ape NFT owners had the chance to “adopt”, for a short time, a Bored Ape Kennel Club club dog NFT.
At the time, the claim of the token was free. Members only had to pay the gas fees. Kennel NFTs weren’t available for sale so you had to have a Bored Ape NFT to get one.
This’s how Kennels look:
At the time of writing this guide, the Bored Ape Kennel Club collection on NFT has a floor price of 6 ETH.
But that’s not all.
Later on, in August, the team introduced another collection of 20,000 Mutant Apes in the form of the Mutant Ape Yacht Club. The drop took place on August 20th, and the community was nothing short of ecstatic.
Mutant Apes were created in two ways. One, they were exposed to a Bored Ape NFT using a special Mutant Serum. Two, they were mint directly during the public sales. These are the last tier of the BAYC membership