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What Is Bored Ape Yacht Club NFT (BAYC)? Should You Buy It?

Guides Sep 24 2022
What Is Bored Ape Yacht Club (BAYC)

On April 30, 2021, all 10,000 NFTs in the Bored Ape Yacht Club (BAYC) collection was sold out in 12 hours for 0.08 ETH/NFT. At that time, those who invested in these colorful apes might not have known that the collection has since skyrocketed, now ranking as one of the most well-known and successful in the blockchain world.       

By the time this article was published in September 2022, the total sales volume of BAYC had accounted for $2.3 billion.

Sounds incredible, right? It’s reasonable for any NFT newcomers to wonder about questions like, “What Is Bored Ape Yacht Club NFTs?” and whether I should buy it or not. The article will highlight a brief introduction of BAYC NFTs and how they have gained such enormous popularity worldwide.

What Is Bored Ape Yacht Club?

Bored Ape Yacht Club is credited as the first “PFP” NFT collection which is designed to be displayed as a profile picture on social media channels, showing absolute class and coolness.

Like Bitcoin to the crypto market, BAYC is recognized as the trailblazer for the entire NFT industry. Yes, you didn’t read it wrong. The collection sparks the longing and envy of NFT collectors as well as the skepticism and confusion of the heathens.

After almost a year and a half since the mint date, the average value of Bored Ape NFTs has increased thousands of times. Plus, their price floor has never dropped below 60 ETH/Bored Ape throughout 2022. This places Bored Ape Yacht Club among the blue-chip NFTs recognized for their price hold, stable value, and long-term investment potential.

Since mid-July 2022, the transaction volume of Bored Ape Yacht Club has cooled down compared to the previous time. However, the mean value of the NFTs remained stable. Most recently, on September 1, 2022, 2 Bored Apes were traded for an average price of $440,505/NFT.

How Bored Ape Yacht Club Works?

The Bored Ape NFTs are deployed as ERC-721 tokens and are hosted on the InterPlanetary File System (IPFS), which is a decentralized protocol for storing and sharing files, applications, websites, and data.

BAYC works based on the process of creating art based on a probabilistic algorithm (generative art):

  • Each Bored Ape is generated by the algorithm from a random combination of 170 traits
  • These traits are divided into 6 groups including Clothes (44 traits), Earring (7 traits), Eyes (23 traits), Fur (19 traits), Hat (36 traits), Mouth (33 traits), and Background (8 traits).

No two Bored Ape NFTs look exactly alike and each Bored Ape is unique. However, the rarity of the trait is not the same. Having a Bored Ape NFT in possession of one or even a combination of several rare traits makes it particularly high value.

How Bored Ape Yacht Club Works?

Who Created the Bored Ape Yacht Club?

After nearly a year of keeping their identities hidden, in December 2022, 4 members of Yuga Labs, which is the founding team behind the success of BAYC, got doxxed one by one and revealed their real-life identities and images. There’s Greg Solano (Gargamel), Wylie Aronow (“Gordon Goner”), Zeshan Ali (“No Sass”), and Kerem Atalay (“Emperor Tomato Ketchup”).

In a recent interview with Input, Gordon Goner, a.k.a Wylie Aronow, and Gargamel, a.k.a. Greg Solano revealed how they first met and what inspired them to create the Bored Ape Yacht Club.

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Why Are Bored Ape NFTs So Expensive?

For most people, the success of the Bored Ape Yacht Club is crazy and unthinkable. Who would spend millions of dollars to buy a digital image?

But when we analyze this from a different perspective, we are seeing millionaires, entrepreneurs, actors, singers, and powerful celebrities among those who are “aping” in the controversial club. What makes the collection so attractive and costly to these people?

Utilities For Members

To determine the value of BAYC, we cannot deny the wide range of utilities the Bored Ape NFTs serve for their owners.    

Most people take on membership in the Bored Ape Yacht Club as part of their personal identity. They even use Bored Ape as their profile picture on social media. 

Moreover, the BAYC founders know how to please their club members through 2 NFT airdrops called Mutant Ape Yacht Club and Bored Ape Kennel Club in 2021. These virtually free NFTs, unsurprisingly, offer great profits to owners. Currently, the cheapest NFT from the Mutant Ape Yacht Club collection on OpenSea costs 13.9 ETH, while the floor price of a Kennel doggie is 6.92 ETH.

Owning Bored Ape NFTs also means you own the right to use these NFTs for commercial purposes. Based on the self-branding of these Bored Apes, talented business minds will have the opportunity to make millions from innovative business models.

Neil Strauss bought Bored Ape #1798 for half an ETH ($1,400 at that time). After naming his ape Jenkins, he gave it an identity as the Head Valet at The Bored Ape Yacht Club. With his creative writing talent, he began writing the memoirs of Jenkins the Valet. By August 2021, Jenkins the Valet had made more than a million dollars.

The Million-Dollar Community

BAYC community is the beating heart of the whole project, laying a foundation for its incredible value. 

Real-life connections, partnerships, and financial opportunities are realized through the club’s community networking activities. The Bored Ape Yacht Club has hosted gatherings in both New York and California, with further gatherings taking place in Hong Kong and the United Kingdom. In June of this year, “Ape Fest” brought Eminem, Snoop Dogg, LCD Soundsystem, and Amy Schumer to perform for BAYC holders.

In private Discord chats, the astute investors provide helpful (and occasionally insanely useful) advice and insights that no money can buy. A BAYC NFT owner can stay among the rich to get richer as a community of the rich offers you valuable financial self-interest. The more expensive the entry point is for a collection, the greater the likelihood that wealthy cryptocurrency traders will be among its holders. 

Celebrity Involvement

With more and more celebrities becoming evangelists for the Bored Apes, investors have faith in the founders’ efforts to push BAYC’s process to the mainstream. That would be a once-in-a-lifetime opportunity for the holders of the Bored Apes to make huge profits.

Timbaland (1.6 million followers), Eminem (22.6 million followers), and Neymar Jr. (football players) are just a few famous Ape owners who are now using their NFTs as their Twitter profile photos. Not only is Madonna a BAYC holder, but so is Snoop Dogg, Mark Cuban, Snoop Baby, and rapper Lil Baby. In February, Justin Bieber made news of spending $1.29 million on a Bored Ape Yacht Club NFT.

Additionally, Rappers Eminem and Snoop Dogg published a music video in June in which they are portrayed by their Bored Apes.

All of the above names are proof of The Bored Ape Yacht Club’s potential to go mainstream, as well as an opportunity for current holders to make a profit.

How To Buy Bored Ape Yacht Club NFTs?

There are no more newly minted Bored Ape NFTs; all existing Apes are instead being traded on OpenSea’s secondary market.

Prepare at least 75 ETH in your wallet and you will afford to buy a Bored Ape. Go shopping here: https://opensea.io/collection/boredapeyachtclub 

The Bottom Line

Since its inception, BAYC has established a new “coolness” in the NFT world. Although the Bored Ape Yacht Club’s upcoming roadmap has not been announced yet, holders can fully expect more retrospective events in the future.

While the long-term financial value of the Bored Ape Yacht Club remains a mystery, there’s no denying the collection’s far-reaching cultural value to the NFT and crypto community.

Frequently Asked Questions

1. What is the cheapest Bored Ape?

Since its release, the floor price of the BAYC collection has fluctuated considerably. Currently, the price of the cheapest Bored Ape NFT being listed on OpenSea sits at 75 ETH.

2. How much does a Bored Ape Yacht Club NFT cost?

The price of each Bored Ape NFT is very different depending on the rarity of the traits that each NFT possesses.

Currently, the price of the cheapest Bored Ape NFT being listed on OpenSea sits at 75 ETH.

Bored Ape #8817 is recorded as the Bored Ape sold for the highest dollar value in history at $3,408,000.

3. How many Bored Ape Yacht Club NFTs are out there today?

There are 10000 unique Bored Ape NFTs in circulation – unique digital collectibles on the Ethereum blockchain.

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