Bored Ape Yacht Club collection is the second-highest traded NFT just eight months after release. Many celebrities have spent hundreds of thousands of dollars on these digital artworks and adorned their social platform avatar with them.
Like the famous NFT collection CryptoPunk, the Bored Ape Yacht Club (BAYC) is a collection of NFTs stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS consisting of 10,000 images of Bored Ape. The BAYC was created by Yuga Labs, composed of four core members and real-life friends. The collection launched on 30th April 2021. As being an NFT – a non-fungible token, purchasers of these digital images are guaranteed proof of owning a one-and-only version of that image.
No two apes exactly resemble each Bored Ape is randomly generated from over 170 possible traits consisting of expression, headwear, clothing, and more. The core seven features include:
1.Background colour
2. Style of clothing
3. Earring
4. Eyes
5. Fur
6. Hat
7. Mouth
Some traits are rarer and the rarer the trait, the higher the value.
According to a message stated in the BAYC’s main website, purchasing a Bored Apes stops at owning an avatar or a provably-rare piece of art and gaining access to the Yacht Club where member-only will receive benefits from the club. Benefits and offerings will increase as new goals are achieved along the road map outlined on the website.
Bored Ape Kennel Club (BAKC) is a collection of 10,00 unique NFT dogs created and launched in June 2021 by Yuga Labs. According to Yuga Labs, BAKC dogs were designed to provide companionship to every Ape in the Bored Ape Yacht Club. As a result, an associated dog was generated for every Bored Ape Yacht Club holder. Only a minting fee needed to be paid. Once minted, an owner was free to sell or transfer the BAKC Dog however they saw fit.
Following the success of BATC and BAKC, in August 2021, Yuga Labs released 10,000 NFTs with so-called “mutant serums”. The mutant serum comes in three tiers: M1, M2 and M3 (Mega Mutant), each generating a specific type of mutation. The tier indicates the rarity level, ranging from 1 (common) to 3 (unique), in value.
The serums were airdropped randomly to wallets holding the BAYC. The holder of Bored Ape then can mix the serum with a Bored Ape to create a new NFT of Bored Ape in mutant theme.
The result of an M1 and M2 mutant serum shares some traits with its original; meanwhile, the M3 serum can create a brand-new mutant Ape that is unrelated to the original that could be even rarer. Each original BAYC NFT can only be mutated once.
Mutant Ape Yacht Club (MAYC) is a collection of 20,000 NFTs of Mutant Apes in which 10,000 of them are generated from the mutation of 10,000 original Bored Apes, and the rest were sold at auction.
Yuga Labs claims that MAYC is the “final tier of membership” for Ape holders. The team will focus on adding more utility and benefits to BAYC members.
The Bathroom is another member benefit where Ape holders can paint one pixel every fifteen minutes on a virtual bathroom wallet. The Bathroom doesn’t offer anything else other than a community drawing board. However, just like the other club benefits, it helps keep collectors interested in the project and its universe.
BAYC creators attempt to attract potential members and fascinate existing members by creating a thematic universe surrounding the NFTs. The Mutant Arcade and Merch are small examples of that.
It’s the community that’s built around the collection. The Bored Ape Yacht has created several meetings and festivities to spread the hype and connect people.
Bored Ape Yacht Club are pretty successful in expanding from the original NFT. Through the creation of BAKC, MAYC, the Bathroom, etc. Yuga Labs has maintained the interest of existing members and attracted potential members. As the hype keeps spreading around, the Mutant Ape collection’s price has started to take off since November 2021.
The effect and hype are from famous people owning the NFT. With the likes of Jimmy Fallon, Steph Curry, Snoop Dog and recently joined Eminem. Some even used their Bored Ape as their profile picture for their social platforms, with millions and millions of followers.
Twelve hours after release, all 10,000 NFT of Bored Apes were sold out at the price of 0.08 Ethereum, or around $190. The price has skyrocketed as at the beginning of 2022. The highest last sale was the Bored Ape #2087 for 769 Ethereum on 30th September 2021 and the minimum cost of entry is around 71 Ethereum. The 90 Day Average Price and 30 Day Average Prices are 56.32 and 71.35 Ethereum showing the high potential of the project and enthusiasm from the community.
Many news and videos speak about this collection, attracting hundreds of thousands of views. Here is an exciting video from the Youtube channel Matt Borchert with over 100,000 followers explaining about the Bored Apes that received around 120,000 views.
The NFTs adorn many famous people and celebrities’ social platforms such as Jimmy Fallon, Gary Vee, Steph Curry, Snoop Dog, Shaq, Future, LaMelo Ball and recently joined Eminem. It also stars in multiple famous digital news’ headlines for its skyrocketing price. The community are very enthusiastic and showing great interest in the project. Many join meetings held in New York, Hong Kong and especially the party in a yacht for the BAYC and MAYC NFT’s holders.
A strong Twitter community with 459.4K followers.
BAYC has built the biggest community in social media with 383K followers on Instagram.
The Bored Ape Yacht Club collection has only been released since the second quarter of 2021 but has gained great success and attention from NFT enthusiasts. The collection has become the second-highest traded NFT after the CryptoPunk in less than a year. The Bored Apes creators still have many exciting plans and expansions to achieve. Keep track of this incredible collection to await the excitement the NFT world brings.
Find more information about Bored Ape Yacht Club:
Website: https://boredapeyachtclub.com
Twitter: https://twitter.com/BoredApeYC
Discord: https://t.co/2Z7jqjX0z1?amp=1
Instagram: https://www.instagram.com/boredapeyachtclub/
Youtube: https://www.youtube.com/watch?v=Yqga_WgX58k
Opensea:
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Thomas. N
Coincu Ventures
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