Bored Ape Yacht Club is a collection that includes 10,000 NFT Apes with unique traits. Collectors value certain traits more than others, making them more valuable. As a BAYC member, you will also have exclusive access to future collections as well as other perks by purchasing an Ape.
BAYC holders could turn their Apes into Mutant Apes by using a serum that was distributed via airdrop. Mutants were also available in public sales for 3ETH each. Original BAYC Ape holders were also eligible to receive a Club Dog NFT free of charge. A royalty fee was paid by the club for secondary sales that were made to animal charities.
BAYC’s success is due to its unique club and universe behind the NFTs. BAYC has managed to maintain the hype and keep a high floor price with games such as the Mutant Arcade and charitable acts.
What is Bored Ape Yacht Club?
It is difficult to keep up with all the latest NFT releases. There are many projects that fail to succeed. While once-successful strategies are commonplace, some still capture the imagination of investors. The NFT ecosystem has made Bored Ape Yacht Club a huge success. What exactly is it that has made this club so successful? Although the format is well-known, they have managed to break new ground in the NFT industry.
Bored Ape Yacht Club is an assortment of 10,000 Non-Fungible Tokens, (NFTs), that are modeled after Apes made on the Ethereum blockchain. It draws inspiration from CryptoPunks NFT projects, where every NFT is unique. Each Ape’s rarity is determined by its background, what it is doing and what they are wearing.
Yuga Labs’ pseudonymous founders Gargamel Gargol, Gordon Goner and Emperor Tomato Ketchup founded the project. BAYC has developed new NFTs and NFT upgrades since their initial minting. They also have an exclusive club for BAYC owners. This has kept interest high in the project and led to amazing sale prices such as $3.4 million (USD), for the NFT below at Sotheby’s.
How does Bored Ape Yacht Club NFTs operate?
Each Ape avatar represents an ERC-721 NFT in the Ethereum blockchain. Each token is non-fungible. This means that they are unique and cannot be interchangeable with other tokens or cryptocurrencies. The seven traits that make up an Ape are:
There are many styles and looks available for each attribute. Below, for example, an Ape could have solid gold, trippy, and noise fur. Statistics show that each look is restricted to a limited number of Apes, so some are rarer than others.
Rarer traits tend to be more expensive. If you take a look at all of the attributes of an Ape, you can rank them by rarity. An Ape that has a number of rare attributes is more likely to sell than one with the same attributes.
What are the benefits to the Bored Ape yacht club?
Bored Ape owners have access to exclusive areas and clubs of the BAYC. This gives you first access to NFTs and upgrades as well as other perks. BAYC members could participate in both the Mutant Ape Yacht Club and Bored Ape Kennel Club for no cost. The benefits of joining the BAYC can be seen immediately, as both these collections sell for high prices.
What is Mutant Ape Yacht Club, you ask?
MAYC is an Ape collection that looks similar to the original BAYC, but has a zombie-like theme. The original 10,000 BAYC NFT holders were given a vial of mutant serum at random tiers M1, M2, M3, and M4.
These were distributed randomly to NFT-holding wallets. A new mutant Ape could be created if M1 or M2 mutant serum was given to it. M3 serum vials could, however, create a new mutant Ape that is not related to the original. This would give it the chance to be even rarer.
Yuga Labs claims MAYC is the “final level of membership” for Ape owners. The team will now focus on providing more utility and benefits for BAYC members.
What is the Bored Ape Kennel Club and how does it work?
Bored Ape Kennel Club, another NFT collection by Yuga Labs, is exclusively available to Ape owners. Ape wallets could be minted a Club Dog NFT that had various rare and desirable attributes. Except for the gas fee, these dogs were completely free to claim. Secondary sales were subject to a 2.5% royalty charge for a short time, which was donated towards animal charities.
What is the Mutant Arcade?
The NFTs are part of what makes BAYC so attractive. Although CryptoPunks has its own NFTs, BAYC is able to create a thematic universe. The small Mutant Ape Arcade, which was released with the MAYC collection, is an example.
What is the Bored Ape Yacht Club Bathroom like?
Another member benefit is the Bathroom. Ape holders have one pixel per fifteen minutes to paint on a virtual wallet. The bathroom is a communal drawing board. It does, however, help keep collectors interested in this project and its universe, just as the other benefits.
Where can I purchase a Bored Ape Yacht Club (NFT)?
Due to their popularity, BAYC and the other collections are now quite expensive. Because there are no mint slots left, they are only available on the secondary marketplace. You can buy them on OpenSea or Rarible if you have the money.
You will need enough Ethereum (ETH) in your wallet to purchase an Ape. A wallet that connects to DApps such as Metamask and Binance Chain Wallet is also required.
Bored Ape Yacht Club successfully took a well-known NFT model and created new ways to invent. Yuga Labs adds excitement to the CryptoPunks format by combining upgrades and ethical charity donations. Like the rest of NFT, the new focus is on utility and not just collectability.