What is Bored Ape Yacht Club

Bored Ape Yacht Club overview

Bored Ape Yacht Club - The legendary NFT collection of all time

By market capitalization, the largest NFT avatar is the Bored Ape Yacht Club or BAYC.

The BAYC collection has 10,000 distinct NFTs that were generated algorithmically from over 172 potential features that determine the rarity of each ape. Laser eyes on 69 apes, blue beams on 49 apes, solid gold fur on 46 apes, and "Bored Unshaven Pizza" lips on 26 apes are among the most sought-after traits. The rarer the features of an ape image, the more valuable the NFT. According to data collected as of March 2022, the total value of BAYC trade on the OpenSea marketplace was over 466,000 ETH (US$1.4 billion).

Aside from its popularity as social media profile photographs, what distinguishes the BAYC series is its versatility. The NFTs signify membership in the Bored Ape Yacht Club, a digital club with exclusive access and advantages for members alone. Membership, for example, grants access to THE BATHROOM, a collaborative graffiti board that is only accessible to MetaMask wallets containing Bored Apes. Members will also benefit from new perks as the BAYC plan evolves.

Yuga Labs' four pseudonymous co-founders — Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass — created the Bored Ape project. The collection is hosted on IPFS and exists on the Ethereum blockchain as ERC-721 coins.

What makes BAYC expensive

What makes BAYC expensive

To the most pressing question of all, why are Bored Apes so expensive? Let’s discover what the fuss is about.

Utility

Bored Ape art is significant not just because it acts as digital identity, but also because it comes with economic usage rights. Bored Ape owners can not only resell the NFT for a profit, but they can also sell offshoot products based on the art.

One Bored Ape owner created a Twitter account for his ape and created an elaborate tale in which the ape is Jenkins, a valet at the Yacht Club. Jenkins is friendly, crypto-savvy, and tells incredible stories—the ideal combination for a popular Twitter account.

Jenkins' story is enhanced by the fact that he was the cheapest ape in the collection, which shaped his role as a valet. People are lured to the classic "underdog rising" story on a basic level. Jenkins was signed to a real-life agency in September 2021 to investigate publishing potential in books, podcasts, films, TV, and more. He'll also have his own biography, which will be co-written by New York Times bestselling novelist Neil Strauss. Jenkins' owners are establishing a type of sub-BAYC community by enabling users to purchase NFTs that act as voting rights for Jenkin's first book release. It's essentially a large communal effort, except that individuals are paying to participate in this situation. The possibility of such chances raises the value of a Bored Ape.

Brands have also 'aped in,' with Arizona Iced Tea purchasing a Bored Ape Yacht Club NFT and using it in marketing materials in August 2021. Adidas also purchased a BAYC NFT with the intention of creating a character and background.

Scarcity

Basic economics: because there are only 10,000 Bored Apes, the supply of NFT paintings is quite limited. With the brand's huge popularity, we have a high-demand/low-supply dynamic that will unavoidably drive prices up.

Furthermore, some Bored Ape avatars in the same collection are rarer than others. Each Ape is a unique, randomly generated mix of 170 characteristics such as background color, earrings, expression, headdress, attire, and so on. This derived scarcity also adds to some Bored Apes' high costs.

Exclusive content

BAYC provides Bored Ape holders with exclusive content perks, some of which are mentioned in the extensive roadmap on the Bored Ape Yacht Club website. The roadmap is a to-do list that the founders want to cross off when they reach their sales percentage targets.

In keeping with the 10th goalpost of discovering "new ways to ape with our friends," the BAYC has become even more inventive in its community-building strategies.

For example, in June 2021, any Bored Ape holder might 'adopt' a canine companion NFT for free (paying just for 'gas,' which is the charge for processing transactions on the Ethereum network). This is how the Bored Ape Kennel Club came to be. The club raised $1 million for animal shelters through secondary sales of these canine friends. While these canines were free for BAYC holders, the current floor price for a Bored Ape Kennel Club dog is 7.60 ETH, which is almost $17,000 at current ETH rates.

BAYC generated 20,000 mutant Apes in August 2021. They made 10,000 available to the public for 3 ETH in order to attract new members. It worked: the entire collection sold out in just an hour, earning $96 million.

However, all Bored Ape owners received a free airdrop of 10,000 digital vials of mutant serums, allowing them to create new mutant apes from current Bored Apes. They might also profitably sell the new NFT on the secondary market.

In March 2022, the BAYC released its own cryptocurrency, the APE coin, and distributed $ape tokens to all BAYC and MAYC holders. Owners of BAYC NFTs will be able to claim around 10,000 ApeCoin each, totaling nearly $100,000 per holder.

Snoop Dogg and Wiz Khalifa produced an eight-track NFT mixtape for $APE holders, proving that the APE coins are already useful within the BAYC group.

To top it all off, BAYC has begun hosting club members at in-person, offline events, which will become a yearly tradition. In November 2021, BAYC hosted its first annual Ape Fest, which comprised a gallery exhibition, a costume contest, and a party aboard a genuine 1000-capacity yacht off the shore of Manhattan. Surprise guests included Lil Baby, the Strokes, Questlove, Beck, Chris Rock, and Aziz Ansari for the grand finale "warehouse" party in Brooklyn.

Celebrity Support

Bored Apes is owned by Jimmy Fallon, Post Malone, Mark Cuban, Paris Hilton, Snoop Dogg, Stephen Curry, Eminem, and Shaquille O'Neal. It's also common knowledge that engaging celebrities in anything may increase interest—and pricing.

Because of the huge celebrity participation, Bored Apes have become a status symbol — similar to a digital Veblen item — the higher the price, the more people desire one.

Early Admission

While Bored Apes are not the first NFT collection, they are one of the few available. Not to dismiss the novelty, but it does contribute to the movement's success. For example, CryptoPunks are noteworthy since they are the first NFT collection.

BAYC acquired Cryptopunks in early March 2022, drastically reducing competition and establishing their status as forerunners of the NFT-community movement. BAYC intends to provide CryptoPunks owners intellectual property and commercialization rights like they did with Bored Ape owners. This will inevitably boost demand, resulting in a price hike.

How to buy Bored Ape Yacht Club

To buy an NFT from the Bored Ape Yacht Club people should follow the steps below:

Buy Ethereum: To complete a BAYC transaction in an online marketplace, people will need ETH tokens. All Bored Ape NFTs can only be purchased with Ethereum.
Transfer the Ethereum purchased to a blockchain wallet. People need it in their wallet so as to use it to buy an NFT.
Go to an NFT marketplace and connect the wallet.
Browse the Bored Ape Yacht Club collection and choose the one wanting to purchase.

Notes: Some may be posted for sale at a fixed price, while others may be auctioned off.

>>> Find more at: An ultimate guide on how to use OpenSea NFT marketplace

Bored Ape Yacht Club Creators

Who created bored ape yacht club

Yuga Labs, a Delaware-based firm founded in February 2021, is recognized for creating one of the largest NFT projects, the Bored Ape Yacht Club, as well as acquiring CryptoPunks and Meetbits. As a prominent player in the crypto and NFT ecosystems, let's just say the corporation has produced a lot of money for lucky collectors with billion-dollar projects.

In the summer of 2021, Yuga Labs' success exploded. Yuga Labs introduced the Bored Ape Kennel Club for bored ape members in June 2021, followed by the Mutant Ape Yacht Club in August. NFTs from these collections quickly rise in value on secondary markets, becoming popular online.

Yuga Labs received its first $450,000 in a fundraising round led by Silicon Valley investor Andreessen Horowitz in March 2022. Yuga Labs then bought CryptoPunks and MeetBits and announced the start of Otherside, a metaverse project.

Nicole Muniz is the CEO of Yuga Labs, and the Yuga Labs team includes Bored Ape Yacht Club co-founders Aronow and Solano. The founders of Yuga Labs initially utilized pseudonyms until two of the four founders were doxxed by BuzzFeed in a February 2022 story. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and Sass were their names. Following the February 2022 doxxing, all founders officially revealed their true identities on Twitter.

Kerem and Zeshan are computer scientists with extensive knowledge of programming. They were not crypto experts before commencing the NFT project and first entered this field in February 2021. Aronow used to be a cryptocurrency day trader, while Solano is a writer and editor.

The idea for the Bored Ape Yacht Club came from Solano and Aronow. The proposal revolved around beginner cryptocurrency investors all becoming millionaires via a shared digital canvas that was open to anyone. The apes were picked as the NFT's main symbol because the crypto phrase "aping in'' refers to taking the financial risk of purchasing a token quickly after its introduction without conducting extensive investigation.

Unexpected facts about BAYC you might not know

The most expensive BAYC collection

Since their inception in April 2021, the most costly Bored Ape Yacht Club NFTs have earned investors millions of dollars. The rarer the features of these non-fungible tokens, which come in a variety of accessories, hairstyles, and fur varieties, the more valuable they are for NFT collections and crypto art investors.

The most expensive BAYC collection

Bored Ape #8817 is the most expensive Bored Ape Yacht Club NFT of all time, selling for a whopping $3.4 million. The prominent auction house Sotheby's auctioned off Bored Ape #8817, furthering the NFT digital art market's march to respectability in the eyes of collectors and investors. While Bored Ape #8817 isn't the most uncommon NFT in the collection (it's ranked as the 17th rarest at Rarity Tools), its appeal stems from an unusual mix of qualities.

Bored Ape #8817 has gold fur on an orange backdrop, a funny spinner hat on its head, and a blue and white party horn hanging out of its mouth. A silver earring and sleepy eyes complete the look, while the gold fur feature is shared by less than 1% of all Bored Ape Yacht Club NFTs.

Sotheby's defined the sale of Bored Ape #8817 as "an NFT with historical significance" due to the scarcity of features during their Natively Digital 1.2: The Collectors auction. Jimmy (@jimmyeth), a long-time NFT collector, sold Bored Ape #8817, making him the third-largest holder of Bored Ape Yacht Club NFTs. He owns 74 Bored Apes, which are valued at a total of 5,794,753 Ethereum, or nearly $24,500,000.

It remains to be seen which Bored Ape Yacht Club NFT will outperform Bored Ape #8817, but with the average sale price of these non-fungible tokens rising, the answer may come sooner rather than later.

Have you known about the BAYC hack attacks?

BAYC hack attacks

Bored Ape Yacht Club Discord Hack in April

On April 1st, 2022, the Discord server of Bored Ape Yacht Club – the largest NFT collection by market cap — was compromised. An anonymous hacker obtained access to the official Discord server intended for members of Yuga Labs' Bored Ape Yacht Club, Mutant Ape Yacht Club, and Mutant Ape Kennel Club.

In the Mutant Ape Kennel Club channel, the hacker successfully posted a phishing link. According to security firm PeckShield, it was disguised as a stealth NFT mint' and was used to steal Mutant Ape Yacht Club #8662 from one user.

According to reports, the hacker may have carried out the attack using Ticket Tool, a famous Discord bot that generates support tickets automatically.

The BAYC team tweeted shortly after the hack that it had 'caught' the problem. Nonetheless, the company warned users not to mint any NFT using a link posted on its Discord and informed watchers that no April Fools stealth mints were planned.

The second Bored Ape Yacht Club was comprised in April

The Bored Ape Yacht Club (BAYC) problems continue to mount, with the NFT collection facing another hack on April 26th, 2022. However, unlike traditional hacks and exploits, the NFT holders' accounts or transactions were not exploited; instead, the theft was carried out via a simple phishing method. This is the second time in a month that BAYC has encountered a similar problem.

According to FXEmpire, the server's General Chat channel was swamped with messages instructing users to mint NFTs. Those who did eventually lost their NFTs.

This time, the hackers used a similar method, but this time using BAYC's Instagram account. "The hacker provided a false link to a clone of the BAYC website with a fake Airdrop, where users were prompted to sign a'safeTransferFrom' transaction," BAYC confirmed. Their valuables were moved to the scammer's wallet as a result."

The team confirmed that the account's two-factor authentication was activated, and the account's control was quickly restored, as BAYC is now investigating how the account was hacked.

In addition, the founder of the BAYC NFT collection, Greg Solano, stated that the hacker stole 4 Apes, 6 Mutants, 3 Kennels, and other assorted important NFTs during the attack. Fortunately, neither the investors nor the NFT holders suffered major losses as a result of the breach.

3rd time in a row the most famous NFT collection was attacked in 2022

The Bored Ape Yacht Club (BAYC) NFT was hacked for the third time in less than two months. The breach on June 4th resulted in the loss of up to 200 ETH (about $360,000) in NFTs. One BAYC and two Mutant Apes tokens were stolen in the fraud, according to data from blockchain security firm PeckShield.

According to Fortune, the hack was the result of a phishing attack on Boris Vagner, the project's community manager's Discord account. After gaining Vagner's login credentials, the attacker posted false links in the official BAYC and its linked metaverse project called Otherside's Discord channels.

According to the study, Twitter user NFTherder was the first to notice the intrusion, tracing the stolen assets to four separate wallets worth an estimated 145 ETH (approximately $260,000).

>>> Related article: Why there are more NFT hacks and how you should react to it

Bored Ape Yacht Club #8398 kidnapped

Bored Ape Yacht Club #8398 kidnapped

Bored Ape Yacht Club (BAYC) is a special NFT collection of the crypto world. Not only is BAYC the most successful NFT collection at the moment, with a large community of owners, a private token release and the upcoming metaverse game, BAYC also gives token holders image copyright and the legal rights that come with each "ape", but not with the company behind the collection, Yuga Labs. This means that BAYC holders have full rights to use it for arbitrary commercial purposes, as well as create derivative works for it. On the other hand, the following incident has caused a heated controversy in the community.

On May 17, Seth Green, an American actor/producer, announced on Twitter that he had been tricked into losing 4 NFTs through a phishing attack on May 8. The NFTs stolen from Mr. Green's wallet include Bored Ape #8398, Mutant Ape #9964 and #19182, and Doodle #7546.

Mr. Green revealed shortly after that the hacker quickly sold this NFT to a person with a Twitter account named DarkWing84 for 106.5 ETH, equivalent to more than $ 265,000.

Seth Green immediately tried to contact the DarkWing84 account and offered to get the NFT back, because it would be used in a project he was working on. However, it has been a while but the above Twitter account has not yet responded, with the last active time of the account being from March 2021.

With the above NFT hacked and then owned by someone else, that led to Green's film on hiatus. “White Horse Tavern”, an animated TV series that Green Bored Ape NFT is positioned as the brightest star in, is the movie affected by this incident. The reason is that DarkWing84 is the owner of the image copyright of Bored Ape #8398, and this person may not agree to the NFT ape being widely promoted or demanding the movie to pay royalties. After the above dilemma, many opinions have been formed around the image copyright of the NFTs as well as the legal framework that accompanies each ape.

It has been suggested that since the NFT is plagiarized, the copyright will not apply in this case. Controversy is continuing because there is no clear law for NFT copyright as in the case of Yuga Labs and Bored Ape Yacht Club, and there is no precedent to rely on.

While the parties still tried to resolve the issue, the NFT marketplace OpenSea platform has decided to block Bored Ape transaction #8398, as their policy did not favor buying/selling/trading stolen items or signs of crime.

However, fortunately, Bored Ape #8398 was transferred from the NFT collector's wallet with the pseudonym "Mr.Cheese" to Weth Green's wallet on June 8. When asked during a Twitter Space session, Seth Green confirmed the ape had "come home," paying 165 ETH (equivalent to about $297,000 at the time) to redeem it.

Maybe you missed this fact about Bored Ape Yacht Club metaverse land sale

Bored Ape Yacht Club metaverse land sale

The startup behind the Bored Ape Yacht Club NFTs earned up to $320 million in cryptocurrencies by selling 55,000 plots of virtual land in their metaverse by the end of April 2022. Many owners of Otherdeeds, the virtual land that caused a purchasing frenzy at the end of April and resulted in rising transaction costs on Ethereum, were said to be underwater as prices fell after the initial enthusiasm wore off.

Yuga Labs, the creator of the popular Bored Apes Yacht Club collection of NFTs, contributed $320 million to the auction of Ethereum-based Otherdeeds NFTs on Saturday, making it the largest sale of its kind. Each buyer paid $5,800 per NFT, plus up to $6,000 in transaction charges or "gas fees," for a total of nearly 4.21 Ether at current pricing. According to Bloomberg, the virtual land sale is thought to be the largest of its kind, with total profits of $320 million.

According to DappRadar, trading volume for Otherdeeds was down 68 percent from the previous day on May 3rd, despite being the most traded NFT collection over a 24-hour period. The number of traders has also decreased by half, despite the fact that there are thousands of them.

Each Otherdeed is a piece of land. Some portions have mountains and brooks, while others look to be formed of valuable stones. The region is intended to be used in the upcoming metaverse game Otherside.

Some facts about APE coin

Some facts about APE coin

What is APE Coin

ApeCoin is an ERC-20 token, a type of Ethereum blockchain build-it-yourself coin. This architecture is used to build the majority of the Ethereum-based social tokens that have gained popularity in the last year (think FWB, for the social club Friends with Benefits, and WRITE, for the Web 3 crowdfunding site Mirror).

Unlike NFTs, ApeCoins are intended to be "fungible" - like bitcoin (BTC), any one ApeCoin should be worth exactly the same as any other ApeCoin, and people can freely buy and sell them on a decentralized exchange, a kind of digital trading post for cryptocurrencies.

ApeCoin is the result of extensive collaboration with the BAYC and Mutant Ape Yacht Club (MAYC) communities, two of the most popular NFT collections in the Ethereum network. ApeCoin will be a community-led and decentralized system for "metaverseifying" real-world processes.

What will ApeCoin be used for?

ApeCoin, as a governance and utility token, plays numerous functions in the ecosystem. ApeCoin use cases include allowing holders to participate in DAO governance and gain access to special ecosystem elements such as games, events, products, and services.

ApeCoin, like any other Web3 coin, may be used to make payments. Because ApeCoin is an ERC-20 token, it is technically accepted by most retailers. The coin is already being used as NFT rewards, and BAYC holders receive free APE that they may cash out right away.

ApeCoin is used by third-party developers to participate in the ecosystem by incorporating the token into their services, games, and diverse projects. For example, the currency is used as an incentive in Animoca Brands' Benji Bananas, a play-to-earn (P2E) mobile game. When they play, they will be able to earn special tokens that may be exchanged for ApeCoin.

ApeCoin is slated to be merged into the new metaverse Otherside, making it a hot metaverse coin this year. ApeCoin will now be a transaction token on metaverse markets. If the Metaverse includes P2E aspects, it might be used to reward participants.

Is ApeCoin a good investment?

ApeCoin's issuance by an active online community like the Bored Ape Yacht Club has resulted in a steady supply of takers from the outset. People that enjoy the arts, culture, games, and entertainment are more likely to use cryptocurrencies. The sale of metaverse land will also help the coin.

There are various reasons to buy ApeCoin, including the ability to use it as a payment option, NFT awards, and access to exclusive services in the APE ecosystem. Regardless of these characteristics, the currency is organically linked to NFT-related volatility, which people should be aware of.

>>> You might also concern: 10 best crypto gaming coins in 2022

The importance of BAYC in NFT's wealth

The importance of BAYC in NFT's wealth

The Bored Ape Yacht Club was launched in April of last year. At a price of $190, all 10,000 were sold out in 12 hours (0.08 ether). Since its early launch, Bored Ape Yacht Club seemed to not have received much attention and high appreciation from the community. However, after 3 months, things have changed. July 2022 marked an outstanding move when many influencers announced that they owned NFTs from the Bored Ape Yacht Club Collection. The price of Bored Ape NFTs continuously increased until July, when it skyrocketed and the collection became a blue-chip set. Yuga Labs and Bored Ape Yacht Club (BAYC) have been ideal models for NFT projects to follow. From the community, to the utility, to the brand, BAYC has become a legend that people must talk about when telling the history of the later NFT culture.

Belief in this myth was almost absolute. BAYC has created a model of success, consisting of four stages that an NFT collection will have to go through in order to become “expensive” or so-called “blue-chip” NFTs. The first stage is to create an NFT collection, which is Bored Ape Yacht Club and then derivative products such as Mutant Ape Yacht Club, Bored Ape Kennel Club, etc. Next, it's about building a strong community. Each individual NFT holder from the Bored Ape Yacht Club collection will be added to a private group that includes only NFT owners. A special feature of owning NFT BAYC is that the owner of the NFT will have full ownership of the NFT without having to share any fees or a part of the income with the NFT founder. This is something that very few NFT collections can offer owners. That is also the reason why Bored Ape Yacht Club became famous and special in the community. The next stage is the issuance of ApeCoin (APE) tokens. And finally, constantly expanding the project.

The significance of BAYC extends beyond crypto and NFT, as well as the initial proprietors of the Bored Ape. Everyone may soon enjoy and be a part of the BAYC brand experience even if they are not inside the club, making membership in the club even more desirable and valuable. This is their long-term branding plan, not a fad.

BAYC has created a playbook for what a successful NFT project or brand should look like, inspiring other innovators to do the same. NFT ventures like Fancy Bears Metaverse and Azuki have similar branding and community approaches.

BAYC has created a brand without the use of advertising, search marketing, or major social media promotion. They harnessed the power of the community by bringing people together and creating a brand that serves as a badge of pride and a pass for everyone in the exclusive group. For many, they are the coolest NFT project. Non-members and believers can only envy or despise it.

Bottom lines

The Bored Ape Yacht Club collection's authors have created a community of like-minded people who utilize NFTs as membership cards. By integrating new NFTs and events, the project's team has discovered methods to keep its community interested. We'll have to wait and watch how the NFT ecosystem evolves, but so far, things are looking up.

Disclaimer:
This article is intended for and only to be used for reference purposes only. No such information provided constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific name.