Bored Ape Yacht Club – What Is This NFTs Group & Why Is It So Popular?
Million-dollar purchases of digital artifacts only add to the confusion many experience as they try to make sense of new Web 3.0 phenomena like NFTs.
When Bored Ape Yacht Club, a collection of 10,000 digital Ape cartoons, was launched last year, it sparked widespread interest in NFTs. In April 2022, less than a year after its introduction, the minimum cost to purchase one ape NFT had risen to approximately $400,000. Additionally, millions of dollars have been made from selling rare apes from the catalog.
The Bored Ape Yacht Club has sparked a flurry of curiosity, but what exactly is it? So, why is this set so well-liked? Why are people willing to spend so much for these “digitally bored apes.” Let’s investigate these mysteries and the most expensive BAYC pieces ever sold.
What is the Bored Ape Yacht Club?
Over ten thousand Ethereum-based NFTs make up the Bored Ape Yacht Club. The collection’s exclusive memorabilia are “Bored Apes,” computerized depictions of listless apes. While all apes have a general vibe and demeanor, each has its facial expression, wardrobe, and other details.
The “rarity” of a bored ape, the official measure of its uniqueness in the BAYC environment, and the combination of its attributes determine its popularity. Characteristics like the backdrop color, clothing category (such as a tuxedo shirt, an admiral’s coat, a biker vest, or a king’s robe), and even the kind of lips, eyes, and headwear all contribute to the overall rarity. According to the rarity tools, some of the rarest characteristics include full gold fur, a black outfit, a ‘bored dagger” in the mouth, and a blue beam eye.
One of the most intriguing and memorable aspects of Bored Ape NFTs is that their worth is not contingent on who “owns” them. Instead, owners of these cartoon apes are welcomed into the Yacht Club, where they get access to a variety of perks like a collaborative graffiti board, merchandising, live events for members only, and voting rights in the ApeCoin DAO.
A well-known term inspired the core premise behind Bored Apes Yacht Club in the cryptocurrency industry: “aping in,” which is shorthand for blindly investing in a cryptocurrency or networked financial token (NFT) based on speculation rather than due diligence. This conjecture is rooted in the history of Bored Apes, which takes place in the far future of 2031. The protagonists of the made-up narrative “aped in” to the cryptocurrency market years ago and are now so wealthy that they look like the titular “Bored Apes.” Disillusioned with their newfound status and affluence, these apes prowl for new ways to blow their dough. The “Yacht Club” provides the necessary relief, as they can finally relax with the other members of the Bored Apes while continuing down the road to wild anarchy.
Each Bored Ape retailed at 0.8 ETH ($190) upon its release in April 2021. Within 12 hours, the company’s founders sold all 10,000 of its apes, bringing in a whopping $2,000,000. But nobody could have predicted that the apes would become so widely beloved that their value would skyrocket.
Bored Ape Yacht Club supremacy – Who owns the Bored Ape NFTs?
Many famous individuals, including actors, musicians, athletes, and everyday folks, are proud owners of BAYC digital apes, which is a significant stretch on the company’s part. Moreover, the attention of famous people in these cartoons has a trickle-down effect of approval and wonderment among the general public.
Many famous people have been seen with bored apes in the previous few years. Among the many famous people that possess one of these slovenly apes are Justin Bieber (with BAYC #3001), Snoop Dogg (with several bored, mutant, and kernel apes), The Chainsmokers (with BAYC #7691), Madonna (with BAYC #4988), and others like Eminem, Marshmello, and DJ Khaled.
What makes the Bored Ape NFTs valuable? Why are they so expensive?
While there are several possible explanations for this, the most concise explanation is that they have become the symbol of “status.” Bored Apes (along with a few other elite projects like Crypto Punks) is recognized as the best in the NFT industry, just as high-end consumer goods are identified by their designer labels. Like those who wear expensive Swiss watches to flaunt their social position, owners of Bored Apes flaunt their success, riches, and opulent status through these cartoon simians.
Let’s examine what makes the Bored Ape NFTs such a prestigious emblem. Unfortunately, however, there is no objective metric against which this NFT project can be judged. Thus, any assessment will be very subjective.
It is widely agreed that bored apes have “utility,” which means their purpose extends beyond mere exhibition. Instead, the owners of Bored Ape NFTs are free to use whatever method they see fit to make a profit from their investments. In addition to making money off the sale of their ape, they may also use it as a springboard for other “spin-off” ventures or as a promotional tool for their endeavors. As part of their comprehensive metaverse strategy, numerous well-known companies like Adidas have “aped in” on this trend.
Considering their skyrocketing popularity and strong demand, it’s easy to see why there are only 10,000 boreal apes, and they’re deemed “scarce.” However, this NFT set is valuable because of its capped maximum supply; at the present exchange rate, 74.6 ETH is worth close to $100,000. Additionally, because of the extreme scarcity of some apes, their costs skyrocket compared to the rest of the equation.
Celebrity support, as noted before, celebrity support has catapulted the Bored Ape Yacht Club to new heights. Sales and pricing of the BAYC increased when celebrities such as Justin Bieber and Snoop Dogg purchased Bored Apes. The “public” stars are the best at bringing glitz and glamour to NFTs.
Thanks to the creators’ dedication to bringing novel and exciting features to the BAYC, the community has remained devoted to the terrain. The company introduced the “Bored Ape Kernel Club” in June 2021, and as part of it, all Bored Ape holders were given the option to “adopt” a puppy NFT that shared many characteristics with their Apes at no cost. The current minimum price of a Kernel Club Dog is 5.97 ETH; however, as a benefit of membership in the Bored Ape YC, the owners of those dogs were given away for free. In August 2021, the developers unveiled the Mutant Ape Yacht Club, a venture that would achieve phenomenal success and draw many new investors. The only way to make a MAYC, or a group of up to 20,000 mutant apes, is to inject an existing bore with a bottle of mutant serum. Existing Bored Ape holders benefitted as well, as they were given free digital serum vials and were granted permission to offer their new Mutant NFTs on the market.
In addition, the BAYC group unveiled its very own cryptocurrency in March 2022; it’s called APE Coin. Each Bored & Mutant Yacht Club member received the tokens in an “airdrop.”
The benefits and advantages offered by the Bored Apes Yacht Club’s community make it difficult to leave. BASIC has already organized several in-person events, including “Ape Fest” and New York and California meetings. Ape Fest, held over four days in June, has become an annual event at the Yacht Club, with performances by such notables as Eminem and Snoop Dogg. In addition, ape-avatar owners may join an exclusive club of crypto-rich investors in private online communities (like Discord).
Who is behind the BAYC?
In 2021, four designers working under Yuga Labs’ aegis built the Bored Ape Yacht Club. Gordon Goner and Gargamel (the two co-founders) and No Sass and Emperor Tomato Ketchup (both developers) are fascinating pseudonyms (the two who helped on the development side). When BuzzFeed exposed Gordon Goner and Gargamel in February 2022, the four founders publicly posted photos of themselves and their Bored Apes on Twitter.
Some of the most expensive Bored Apes sold to date
Finally, let’s take a peek at some of the most expensively-priced bored apes.
3. Bored Ape No. 2087—$2.3 million
The Bored Ape No. 2087, a barefoot, bare-faced ape with no hat or other headwear, comes in at number three on our price list. The Ape with the Angry Eyes is a trippy-looking creature with a cigarette in its purple-hued lips.
In September 2021, just five months after selling for 0.8 ETH, it fetched a stunning $2.3 million (769 ETH). This transaction set a record for BAYC NFT prices at the time.
2. Bored Ape No. 8585 – $2.7 Million
At No. 8585 on the list is the Bored Ape, a king-crowned, heart-framed-glasses-wearing primate with a distinct sense of style. Its outlandish appearance is accentuated by its psychedelic fur and jutting fangs.
This ape, which looks ridiculous, was sold for $1.2 million in August 2021 and then sold again in October 2021 to an unknown buyer for $2.7 million. Due to the two transactions, its trading volume increased to $3.9 million.
1. Bored Ape No. 8817 – $3.4 Million
Ape 8817, a bored ape, is the most costly ape ever sold and the sixteenth rarest. The ape is decorated with a tricolor hat and a silver earring, and its golden fur stands out against the orange backdrop.
For $3.4 million, an unnamed buyer named “Rhincodon” acquired the party horn-wielding ape from Jimmy, who was subsequently revealed to be “Brandon Buchanan,” a crypto investor, in an interview.
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