There is no doubt that NFTs have taken over the crypto world. Yet there’s a difference between NFTs as well. Some of them, such as Beeple’s, are pure art. But others break the barrier of art and become a status symbol instead. One prime example is the Bored Ape NFT collection, otherwise known as BAYC. Celebrities including Neymar Jr., Serena Williams, Eminem, Jimmy Fallon, and Snoop Dogg own at least one of these digital Apes. They went as far as putting them on their Twitter profiles.
As noted, there are either one-off NFTs, which serve as an isolated art or a collection built upon a project template. BAYC is the second type – it is a collection of 10,000 unique NFTs. These digital tokens reside on the Ethereum blockchain. Hence, each Bored Ape NFT is based on an ERC-721 token, proving its uniqueness and rarity. The creators of this crypto art project are four developers, and we only know them by their pseudonyms: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.
BAYC was launched in April 2021. But the surprising thing about this collection is that all 10,000 Apes were sold out in 12 hours. Last year, you could buy one of them for 0.08 ETH (around $190). Since then, this floor price has increased to 71 ETH (around $267K). However, the price of each Bored Ape NFT varies depending on its rarity. More on this later.
The cool thing about this Ethereum-based project is that it acts as an avatar and community pass. As for the avatar, the owners can put it on their Twitter profile just as Eminem did. Secondly, it allows owners exclusive access in the member-only Bored Ape holders community. It comes with its own set of perks and benefits. If you are one of the lucky people who an ape, sign in your cryptocurrency wallet, MetaMask, to access the Bored Ape Yacht Club.
In total, there are 170 traits divided among all the Apes. Some are rarer, some more common. For instance, Solid Gold is the rarest one with a floor price of 888 ETH. The traits include facial expressions, headwear, accessories, clothing, and many more cool ones. Certain traits are only present in a few NFTs. The Solid Gold is only found in 46 tokens, making it the most coveted one.
In Oct 2021, Bored Ape NFT #2087 sold for 2.7 million dollars. There are a bunch of other apes as well going for millions of dollars. As you can imagine, it is one of the biggest NFT collections, second only to CryptoPunks.
The cryptocurrency was created nearly a decade ago. If you look back, you will see that during this time, it has completely revolutionized the web. Blockchain-based tech, such as Ethereum, OpenSea, MetaMask, and NFTs have opened so many doors for the digital community. One such door is of crypto art. In essence, all NFTs are art. And as they say, the price of art can only be measured by the eye of the beholder. The same maxim is true for NFTs, including Bored Ape Yacht Club. Consequently, the floor price is determined by the owners.
Apart from the art perspective, there are other factors as well. When famous people, such as music-industry legends, buy a Bored Ape NFT, the interest hikes up, and the sales increase. This has been particularly true for BAYC. Not only the music industry but Hollywood as well has been captivated by these digital crypto apes.
Also, the utility factor is a big one in determining the market cap and sales of a particular collection. You would not want to spend a million dollars on an internet ape that can do nothing. Therefore, the company behind BAYC keeps throwing in freebies to the community. Kennel Club and Mutant Ape NFT are two prime examples.
For a limited time, the developers allowed the owners to mint an exclusive yet free companion NFT for their ape. It is exactly what it sounds like. If you owned a Bored Ape NFT, you could mint a pup to accompany your ape for free. This increased the worth of original NFTs and created a new hype in the market.
Similarly, lucky Bored Ape holders received mutant serum vials in their crypto wallets. If the ape was exposed to the serum, it turned into a Mutant Ape NFT. Sound pretty cool, right? Unlike the Kennel Club, newcomers could directly mint a Mutant Ape without pre-owning a Bored Ape NFT.
This year starting with January has already been good for this club. A lot of celebrities became proud owners of Apes. All three of the projects, Bored Ape NFT, Kennel Club, and Mutant Ape, now hold top positions in the market cap of NFT collections.
Cryptocurrency and the related tech based on it is still under a lot of speculation. It is volatile, but you cannot dismiss the huge market it has created. For instance, the Bored Ape Yacht Club has grown from an NFT collection to a physical business. The company is now partnering with Adidas. Not only that, it has partnered with a game company to create a play-to-earn game this year.
Much more is yet to come, so stay tuned!