With the hype around NFTs rapidly escalating, everyone, from celebrities to teenagers, has “aped” their way into Bored Ape Yacht Club (BAYC). Bored Ape NFTs are considered one of the most popular collections of NFTs by volume, followed by the Mutant Apes and the CryptoPunks. BAYC is arguably one of the most widest NFT collection, in fact they have influenced NFT Foods as well! Arguably the influence of BAYC is felt more vast than CryptoPunks.
If you are in the pursuit of seeking knowledge about everything BAYC, then you are at the correct spot. From here onwards, we will be walking you through the following domains;
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique digital apes, each represented as an NFT. This collection is considered a digital collectable, where each individual ape is a unique and one-of-a-kind digital asset that can be owned and traded. The artist, known as “Bored Ape, ” created the apes” and was first released in October 2020. The BAYC collection has become one of the most popular and valuable NFT collections, with individual apes selling for thousands of dollars.
Want to know how BAYC is changing the social media landscape? Check this blog!
What is Apecoin?
Apecoin is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) project. It is used to power the BAYC platform and ecosystem and to buy and trade NFTs within the BAYC collection.
Apecoin is an ERC-20 token based on the Ethereum blockchain, which means it can be stored in any wallet that supports Ethereum-based tokens and can be bought, sold, and traded on any Ethereum-compatible marketplace or exchange. It can also be used to participate in the platform’s governance, allowing holders to vote on decisions such as new features, partnerships, and collaborations.
Which celebrities use Bored Ape Yacht Club?
Perhaps, BAYC is amongst the first NFT collections that have made such eminent advances in the. Media industry. From an average sale price of $200,000 to costing millions of dollars today, the NFT demand for BAYC is rapidly increasing. Today celebrities like Justin Bieber, Steve Aoki, The chain-smokers, Future, Jimmy Fallon, Eminem, Gunna, Kevin Hart, E11Even, Snoop Dogg, Madonna, Paris Hilton and Post Malone own a BAYC NFT.
With several others in the sports and media industry, the popularity of Bored Ape Yacht Club NFTs is unprecedented. You can find out more about why BAYC are the hype.
What are the perks of BAYC?
Owning an NFT from the Bored Ape Yacht Club (BAYC) NFT collection can have several perks, depending on what the owner is looking for. Some potential perks include:
- Ownership: As with any NFT, bored ape owners get full and exclusive ownership rights to that specific digital asset.
- Scarcity: There are only 10,000 unique apes in the BAYC collection, making each one a rare and valuable asset.
- Community: As a successful NFT project, BAYC has built a dedicated community of collectors, which can provide an avenue for social interaction and connection with other like-minded individuals.
- Value appreciation: If the demand for BAYC NFTs continues to grow, each NFT could potentially increase over time, making it a valuable asset.
- Showcasing: The owner of the ape can show their BAYC NFT on their digital profiles, showing it off to friends and online communities.
- Customizations: According to the creator, BAYC ape holders can customize their apes, which can add uniqueness to the NFT.
- Access to events and merchandise: The BAYC community and the creator have announced events and merchandise for the holders of the apes in the future, which can provide some more perks for the owners.
It’s worth mentioning that owning NFTs is not without risks, just like any other type of investment, and past performance does not indicate future results. As such, it’s important to conduct your own research before buying an NFT and weigh the potential perks with the potential risks.
How does BAYC maintain relevance?
Given the wide array of NFT collections available in the market today, the competition that BAYC faces is huge. Given these challenges, BAYC is bound to take action to maintain relevance. Some key measures that the platform has integrated to maintain relevance are as follows;
- Limited availability: The BAYC collection consists of only 10,000 unique apes, which creates scarcity and makes each NFT valuable and desirable.
- Building community: The creators of BAYC have built a dedicated community of collectors and fans. This community provides a sense of belonging and connection for the holders of the apes and can also help generate buzz and interest in the project.
- Constant updates and communication: The creators behind the project have been active in providing regular updates, news and events for the community, which keeps the holders engaged and informed.
- Special events and merchandise: The project also plans to hold special events, merchandise and campaigns exclusively for the ape’s holders, creating excitement and a sense of exclusivity.
Bored Ape Kennel Club
Bored Ape Kennel Club (BAKC) is a new collection related to the Bored Ape Yacht Club (BAYC); it was also created by the artist Fewocious. The collection represents ownership of a virtual ape that is now in a kennel. Again, like the previous collection, a non-fungible token (NFT) on the Ethereum blockchain can be collected and traded on various marketplaces.
This collection again features unique apes that are based on exotic locations; the theme of BAKC is related to luxury, exclusivity, and status; each ape is unique; unlike BAYC, the apes represent a different stage in the life of the ape, now living in a kennel, highlighting the idea of domestication.
The Mutant Ape Yacht Club – MAYC
The Mutant Ape Yacht Club (MAYC) is an NFT collection similar to the Bored Ape Yacht Club (BAYC), but with a twist on the concept. Like BAYC, it’s a collection of unique digital apes, each represented as an NFT, but instead of the apes being random, the apes on the MAYC collection are mutations of the BAYC apes.
The MAYC collection is a spin-off of the BAYC collection, developed and created by a different artist. It is not an official extension of the BAYC project, but rather an independent collection.
The main difference between the two collections is that while BAYC apes were created using a random number generator, the MAYC apes are mutation versions of the BAYC apes, therefore, they are based on an existing ape but with slight variations, making them unique and rare.
Similar to BAYC, MAYC apes can be bought, sold and traded on various NFT marketplaces, and also be showcased on personal digital profiles and can appreciate in value. However, it is important to note that owning a MAYC ape doesn’t imply owning the BAYC ape from which it was mutated from.
Bored Ape Yacht Club (BAYC) is considered one of the most astounding platforms of today. You can find several reasons as to why BAYC are unique. In this light, it is also important to note that the NFT space is relatively new and are rapidly evolving. Before investing, gaining substantial information and contacting your financial advisor is important.