What is BAYC? Why did Bored Ape NFTs become popular?
Just a few months after its release, Bored Ape Yatch emerged as a trendy phenomenon. BAYC quickly rose to prominence and attracted many celebrities to invest in digital art. So what is BAYC? Why has this phenomenon become so popular?
What is BAYC?
BAYC stands for Bored Ape Yacht Club, also known as yacht club, launched on April 30, 2021. BAYC is a collection of 10,000 unique ape images, built as NFTs on the Ethereum Blockchain platform.
No two monkeys will be identical as each one is randomly generated from over 170 characteristics. Distinguishing features may include expressions, headwear, clothing, etc. The purchaser of this digital image will be guaranteed proof of ownership of the unique version of that digital image.
Who created BAYC?
BAYC was created by developers with the anonymous pseudonyms Gargamel, Gordon Goner, No Sass and Emperor Tomato Ketchup. There is also another organization responsible for the creation of Bored Ape Yacht Club called Yuga Labs.
The story of Bored Ape Yacht Club is quite interesting. On April 23, 2021, Gordon Goner announced a presale on Discord, but the token did not gain much traction. Only a few hundred Apes were sold in the first week.
What is more remarkable is that the owner of the Apes at that time still did not see how valuable this NFT was. By April 30, the first viewers learned about BAYC. The collection then went viral.
Just a few days later, the Apes were sold for 0.08 ETH each. 30 Apes are saved for team members as gifts and promotions.
How do BAYC NFTs work?
Each ape avatar will be an ERC-721 formatted NFT on the Ethereum blockchain platform. These tokens are non-fungible, unique, and non-interchangeable. These NFTs are also not interchangeable with any other cryptocurrency or token.
An ape is made up of seven features including: background, clothes, eyes, earrings, mouth, fur, hat. Each attribute of the gibbon will have many different designs and styles.
When looking at all of the Ape’s attributes, you can rank it by rarity. Normally, an Ape possessing rare attributes will sell for a higher price than one with normal attributes.
What are the benefits of BAYC?
Owners of Bored Apes can join BAYC’s exclusive clubs and zones. This will include access to new NFTs, NFT upgrades along with other perks.
Both Mutant Ape Yacht Club and Bored Ape Kennel Club allow BAYC members to join for free. When looking at what BAYC benefits are, you can easily see that both of these collections can be sold at a high price.
Why did Bored Ape NFTs become popular?
The reason for the popularity of Bored Ape NFT is its widespread promotion, attracting many potential investors. Additionally, the following factors also contributed to Bored Ape NFTs becoming popular in the cryptocurrency community:
Rarity
There are currently only 10,000 Bored Apes. This is a very small number for the world. The world’s population is about 8 billion people. This means that only 0.000125% of people can own a Bored Ape NFT.
Additionally, the collection is also relatively small. Some rare pieces are often worth more. In particular, people are also sympathetic to certain styles of NFT apes such as facial expressions, clothes, and colors.
Interacted with many famous people
Another reason for Bored Ape Yacht Club’s popular appeal is that dozens of celebrities have invested in them. Some people even show off their NFTs on social media. This attracted more fans.
Eminem, Shaquille O’Neal, Jimmy Fallon, Gary Vaynerchuk, Mark Cuban Post Malone and Stephen Curry are among the celebrities who have purchased Bored Apes. With the participation of celebrities as well as the media, the Bored Ape Yacht Club NFT collection is better known and has wider coverage.
Cooperate with big brands
Adidas is BAYC’s most notable partner. The company partnered with Yuga Labs LLC to release its own Bored Ape Yacht Club NFTs. Buyers of Adidas NFTs will receive merchandise featuring Adidas’ Bored Apes NFTs.
Owners of BAYC and Mutant Ape Yacht Club NFTs also have access to a few of the 20,000 total Adidas NFTs. This release brought the company huge profits in just one afternoon.
Another project that is also attracting the community’s attention is the collaboration between Animoca Brands and BAYC. The two sides worked together to launch a joint game.
The companies partner with BAYC with the aim of expanding the usability of Bored Ape NFTs. With the success of Animoca Brands and Yuga Labs’ passion for gaming, many people are attracted to Bored Ape Yacht Club.
Reputation
As mentioned above, the number of Bored Apes in BAYC is limited. Therefore, opportunities to participate are limited. Being in the same club as famous people makes many people excited.
Many events have been organized by Bored Ape Yacht Club for its NFT community. The club’s meeting in NYC took place at Ape Fest 2021. This is where many Ape owners gather. They also dress up as Ape NFTs so other members can recognize each other.
When you own at least one Apes, you will have access to events with DJ Khaled or Jimmy Fallon in attendance. These are all people who have a great influence on the community.
Due to its uniqueness and limited editions, the liquidity of Bored Apes is also very high. You can easily sell this NFT on digital platforms. Since its launch, BAYC has never received any complaints about fraud.
The Bored Ape Ecosystem
The creators of Bored Ape Yacht Club have worked hard to develop their project. This project has created more content and given more privileges to BAYC owners. Through these perks, the founder believes he can continue to attract owners. Currently, the BAYC ecosystem has two related projects: Mutant Apes and Bored Ape Kennel Club.
Bored Ape Kennel Club
This is another NFT project created exclusively for BAYC holders. Every Bored Ape needs a companion, so the Kennel Club was born. Each BAYC owner will be given the opportunity to adopt a “companion puppy” for free minus Ethereum gas fees. This makes it possible for BAYC holders to access a whole new NFT and add them for themselves.
How to buy BAYC NFT?
BAYC NFTs are now available on marketplaces, the most popular being OpenSea. To purchase BAYC NFTs, you need to visit the project website and view the respective collection. For example, with Bored Ape NFT, you need to go to Opensea and connect your Metamask wallet. Then, find the BAYC collection in the search bar.
When choosing the Ape you want to buy, click on the image. The new interface will take you to another window to set prices. If the seller accepts your offer, the NFT will be transferred to your wallet address.
The future of BAYC
Most of the roadmap for the Bored Ape Yacht Club project has been completed. One of the reasons why BAYC is so popular is because of the team’s constant efforts to explore new paths.
In 2021, a popular trend emerging is the phenomenon of Play to earn (play to earn money or also known as P2E). BAYC has also partnered with leading organizations in the P2E sector, Animoca Brands, in an effort to develop blockchain-based games for monetization.
The BAYC project will continue to develop. Going forward, there will be continued community interest in BAYC as Ape owners have the right to trade their own NFTs. Besides, Ape also constantly strives for the benefit of himself and the whole community.
Hopefully through the above article, you have understood what BAYC is? Why it becomes a unique NFT collectible. From there, you can have a more comprehensive view of the project and make the right investment decision for yourself.
