A collection that started from nothing to being the ultimate in blue chip NFTs
If you know about NFTs, you know about Bored Ape Yacht Club. It’s an exclusive collection of non-fungible tokens that trade hands for hundreds of thousands of dollars. It has a powerful community of influential voices who wear their profile-pictures with pride. But how did these Bored Apes become so valuable? And what’s the point in owning one?
Contents
- What is Bored Ape Yacht Club?
- Who started the Bored Ape Yacht Club?
- Do Bored Ape Yacht Club holders get exclusive NFT drops?
- What other utilities do the Bored Ape Yacht Club NFTs have?
- What is the Otherside?
- Is there a token attached to the project?
- Why are Bored Apes so expensive?
- What does the future look like for Bored Apes?
- Discover more NFTs with DappRadar
- Useful Links
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is an edition of 10,000 NFTs that began life as a simple profile picture (PFP) collection. Each NFT features a Bored Ape, constructed from a combination of around 170 traits . And every Ape, with each one having a different combination of over 170 traits.
The project was created and exists on the Ethereum blockchain and is an example of generative art. Generative art means the work in question has been created with the help of a computer program.
In this case, someone created the outline of a bored-looking ape and then wrote some computer code to apply a combination of various traits to each outline. This makes each Ape unique and also gives each one a different level of rarity.
There are seven main features each Ape has:
- Clothes
- Eyes
- Fur
- Background
- Earring
- Mouth
- Hat
You can use DappRadar’s NFT Explorer to filter the BAYC collection based on these features. Then under these, there are many individual traits. You can also discover loads of alpha, like sales history, floor price, sales volume and more.
Who started the Bored Ape Yacht Club?
Yuga Labs is the studio behind BAYC. Yuga Labs was founded by four blockchain enthusiasts and self-described ‘literary bros’, Gordon Goner, Gargamel, No Sass, and Emperor Ketchup.
The group of four was inspired by the success of the CryptoPunks project. But the guys wanted to make something even more irreverent. And they wanted to create a club, or a community, that was linked through a mindset and ownership of a Bored Ape. Thus, BAYC was born.
The project launched with a pre-sale on April 23rd, 2021. On April 29th, the project received its full launch with a price of 0.08 ETH. The collection sold out in 12 hours but, following this, there wasn’t much interest in the collection.
Legend has it that the project gained momentum when famed NFT collector Pranksy announced his purchase of 250 Apes. You can view Pranksy’s crypto wallet using DappRadar’s Portfolio.
Then In July 2021, Bored Ape trading volumes picked up and prices started to climb rapidly. Since then, BAYC has been a blue chip collection that consistently ranks at the top of DappRadar’s NFT rankings.
Do Bored Ape Yacht Club holders get exclusive NFT drops?
Yes, BAYC has given out plenty of exclusive NFTs as drops to Bored Ape holders.
Mutant Ape Yacht Club
Mutant Ape Yacht Club NFTs were born when Yuga Labs dropped one of three serums to Bored Ape holders. It was either an M1, M2 or Mega Mutant (M3) serum, going up in order of rarity. Yuga Labs launched this BAYC off-shoot in August 2021.
When holders mixed burned the serum and mixed it with their Ape, they minted a fresh Mutant Ape. These secondary NFTs now trade for tens of thousands of dollars. Find out what they’re currently worth with our NFT Explorer.
Bored Ape Kennel Club
These cute little pooches dropped in June 2021, before the Mutant Apes were created. They were given out to Bored Ape holders as a reward for being part of the community. The idea was to give people an Ape’s best friend, and broaden the BAYC ecosystem at the same time.
Although they were created before MAYC, BAKC are worth less on secondary markets.
Sewer Passes NFTs
Owners of BAYC and MAYC NFTs are eligible to claim a complimentary Sewer Pass NFT. This Pass grants access to Yuga Labs’ standalone skill-based game called Dookey Dash. It is an endless runner game that reminds you the gameplay of popular titles like Temple Run.
Additionally, these Sewer Pass holders have the opportunity to delve deeper into Yuga Labs NFT-driven gaming experience. Starting from March 15, 2023, holders could choose to burn their Sewer Passes to summon an Evo 1 Mech, an NFT from the Heavy Metal (HV-MTL) collection.
Once having an Evo 1 Mech, holders unlock the ability to participate in forthcoming minigames.
What other utilities do the Bored Ape Yacht Club NFTs have?
Unlike many NFT projects that have followed in its wake and attempted to emulate its success, BAYC does offer genuine utility for holders. Here are some of the biggest perks people can enjoy when they hold a Bored Ape:
Access to a community
Bored Ape holders are some of the most powerful and influential people in the NFT space. Usually, this is because they hold a Bored Ape, which conveys status. Although this is a bit of a self-fulfilling feedback loop, there’s no doubt that when someone from the BAYC community recommends a project, that project gets attention.
The BAYC Discord server has exclusive channels for Bored Ape holders. This network of influencers and web3 enthusiasts are often the first to know about important drops and they share alpha with each other. So if a potential blue chip project is in the works, these people will be there on whitelists and pre-mints.
Copyright ownership
Bored Ape holders also own all of the rights to the NFT image. This means that as long as it’s in someone’s crypto wallet, that person can do whatever they want with their Ape.
They can use it as their company logo or on skateboard designs. Adidas has designed a range of clothing around the Bored Ape that it holds as a company. One person even made a whole new range of NFTs, based on their own Bored Ape.
Famously, Seth Green has created a TV show based on the Bored Ape he owns. Also, Snoop Dogg and Eminem featured their Apes in a music video for their latest song together.
But this dynamic cultural contribution is not solely propelled by celebrity power. Several non-celebrity BAYC holders have also leveraged the commercial rights accompanying their NFTs to build brands of their own.
These brands, born out of individual creativity, further enrich the BAYC ecosystem. This twitter post provides a comprehensive list of these innovative endeavors by BAYC holders.
It’s a 3D avatar for the metaverse
Because BAYC holders own the rights to the image of their Bored Ape, they can use it as an avatar in other compatible virtual worlds. BAYC isn’t the only project that lets you do this but it’s by no means standard practice for all NFT PFP/avatars. So it’s definitely a perk of the collection.
To transport your Bored Ape NFT to where you want it, you’ll need to find a virtual world that can accommodate different avatar characters.Then you’ll need to get the 3D file and transpose it to the new platform.
It’s not just separate virtual worlds where you can use your Bored Ape. In May, 2022, Yuga Labs sold off nearly 100,000 parcels of digital land in The Otherside. It’s the company’s very own addition to the metaverse.
ApeCoin staking booster
ApeCoin is Yuga Labs’ ecosystem token. It allows holders to earn rewards by committing their tokens to specific staking pools.
Holders of BAYC NFTs have the privilege of accessing the largest staking pool, offering an opportunity to earn substantial rewards in ApeCoin. However, it’s of great importance to note that any Ape holder who decides to sell their committed NFT during the staking period will lose all their staked tokens.
What is the Otherside?
Otherside is Yuga Labs’ very own portion of the digital landscape we call the metaverse. There are 100,000 parcels of land in Otherside, named Otherdeeds. The platform also has its own marketplace, and users will need ApeCoins to purchase items there.
The initial land sale in late April 2022 was so oversubscribed that Ethereum gas fees went as high as $474. Impressively, Yuga Labs sold $600 million worth of Otherside land within a day.
As for the metaverse experience, Yuga Labs introduced “trip-like”, community-driven approach to its development. It assures a dynamic, evolving metaverse that continually enhances the user experience, bringing the vibrant Bored Ape Yacht Club universe to life.
Based on the Otherside trailer video, holders of other selected NFTs can also use them on this platform.
In the Otherside IP universe, there is also Otherside: Legends of the Mara (LOTM). It is an independent 2D gaming experience for Otherdeeds land owners, and it also leverages ApeCoin to facilitate the gameplay.
If you want learn more about the Otherside metaverse, read DappRadar’s detailed article.
Is there a token attached to the project?
ApeCoin is a fungible ERC-20 token on Ethereum. When it was launched, Bored Ape NFT owners were eligible to claim 10,094 these tokens each. Ownership of ApeCoin not only offers a stake in the digital currency but also membership in the ApeDAO, a decentralized autonomous organization.
This membership grants holders the ability to vote on proposals aimed at enhancing the system and governing the community built around the token. Additionally, ApeCoin is designed as a utility token or digital currency in various Web3 projects, including games and metaverse worlds.
One of the recent high-profile use cases is for purchasing an exclusive Gucci pendant in the shape of Koda. This initiative was a result of a collaboration between Yuga Labs and luxury fashion house Gucci.
The ApeCoin price peaked in late April, around $23, just before the Otherside land sale. Currently, the token is trading at $3.47. You can check out the current value of ApeCoin using DappRadar’s Token Explorer.
Why are Bored Apes so expensive?
This is a question without a definitive answer. Some things just capture the zeitgeist, and there isn’t necessarily always a rhyme or reason to it. But there are a few reasons that certainly contributed to the collection’s success:
Timing
BAYC launched at the beginning of the NFT bull run. It helped contribute to it, no doubt, but it was also a beneficiary of worldwide lockdowns and people having spare capital. NFT technology was in the mainstream media and people wanted to get involved.
As cryptocurrency prices increased and people speculated feverishly, the price of the Bored Apes continued to rise. But because the collection launched just before NFTs gained so much attention, they were seen as a credible OG project.
Innovation
BAYC has emerged as a potent cultural influence and innovative force not only inside Web3. BAYC arguably represents the first intellectual property (IP) and brand to attain its success by effectively leveraging the power of community, marking a shift in how brands can be built and fostered.
As an example of this new paradigm, BAYC offers a compelling endorsement of the democratic and collaborative nature of Web3 and the NFT ecosystem.
Celebrity endorsements
The list of celebrities who own a Bored Ape is long. But whereas high-profile celebrities often charge millions of dollars to endorse brands and products, these celebrities paid good money for their Apes. They were the ultimate spokespeople to make the NFTs must-have items.
Here’s a list of some of the famous names with a Bored Ape in their crypto wallets. Click on a name to see what else they’re holding.
Genuine utility and perks
Ownership of a Bored Ape NFT has proven to be more than just a digital asset. The benefits associated with it extend beyond the potential financial gain. It also represents a symbol of social status in the digital world – just like owning a Rolex or a Lamborghini in the physical realm.
What does the future look like for Bored Apes?
The future of BAYC is filled with anticipation and exciting potential. With developments like Otherside and LOTM still underway, the primary focus remains on enriching its growing ecosystem.
Adding to this prospect, Forj, a subsidiary of Animoca Brands, recently received approval from the ApeCoin DAO to launch the Ape Accelerator. This incubation platform, granted through the ApeCoin DAO’s Idea Proposal system (AIP-209), is intended to cultivate and launch projects enhancing the BAYC and ApeCoin ecosystems.
Discover more NFTs with DappRadar
If you’re interested in the world of NFTs, DappRadar is your one-stop platform for discovering top decentralized applications. With its suite of tools, such as Top Games Ranking, NFT Explorer, and Token Explorer, you can research and stay up-to-date with the Web3 industry. Whether you’re a seasoned investor or new to the world of NFTs, DappRadar can help you navigate the exciting world of decentralized applications.
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