- Most popular NFT in the world
- High celebrity ownership
- Over hyped
The Bored Ape Yacht Collection (BAYC) features characters with unique facial expressions that look brooding and bored. The NFT collection is hosted on the Ethereum network and secondary purchases can be made through OpenSea.
The BAYC NFTs have been designed by four founders and the company behind the collection is Yuga Labs. The Bored Ape Yacht Collection NFTs have generated a cult following and many celebrities including Eminem, Marshmellow, Jimmy Fallon, and Steve Aoki have purchased the BAYC NFTs.
Origin of Bored Ape Yacht Club (BAYC)
Bored Ape Yacht Club is an exclusive limited collection of 10,000 NFTs featuring images of apes in various unique facial expressions. The various NFTs are different from each other based on expressions, headgear, clothing, etc.
The Bored Aped Yacht Club collection was created by a team of four creators who chose to remain anonymous at the time and were known by the pseudonyms Gargamel, Gordon Goner, No Sass, and Emperor Tomato. The company behind BAYC is known as Yuga Labs. Gargamel has since been identified as Greg Solano and Wylie Aronow is the person behind the pseudonym Gordon Goner. The other two founders (No Sass and Emperor Tomato) have been identified as Zeshan and Kerem respectively. Two of the team members were identified by a Buzz Feed reporter who traced the company, Yuga Labs. All four founders later disclosed their identities through Twitter.
The idea took root from one of the founders who imagined bored apes as monkeys who inhabited a clubhouse and were millionaires. The lifestyle has been aptly captured by the artists behind the collection giving rise to the cool collection of these simians. The collection has generated a lot of interest among investors and the NFTs have made handsome returns on the secondary market for its early investors. The initial NFTs were sold at 0.08 ETH and are currently sold out but can be bought on secondary NFT marketplaces such as OpenSea.
NFT “Tokenomics” of BYOC
The Bored Ape Yacht Collection has been deployed on the Ethereum network. The various NFTs feature apes that are diverse in terms of fur color, facial expression, accessories, and clothing.
Purchasing a Bored ape Yacht Collection NFT opens the gateway to an ecosystem of products and services. As the BAYC has become popular with celebrities buying these NFTs, there has been a mad rush of investors pushing the value of these NFTs very high.
The BAYC team came up with The Bathroom, a graffiti where every buyer can scribble every fifteen minutes. Another advantage of owning a BAYC NFT is that you get a free Dog NFT from the Bored Ape Kennel Club. All you need to do is pay for Gas but the Dog NFT is practically free given away with every purchase of a BAYC NFT.
The team has also come up with free mutant serum which an owner of a Bored Ape Yacht Collection can use to create a Mutant Ape NFT. These are 20,000 simians NFT that owners of BAYC can create and sell. The mutant ape NFTs sell for anywhere between 12-20 ETH currently.
Apart from this, there are 5 caged apes NFT that will be freely airdropped to random buyers. The team has also planned to introduce merchandise and club membership in the future. Offline events have been organized by the team in New York, Hong Kong, and the UK featuring live concerts.
The Bored Ape Yacht collection has sufficient rarity built in that also helps in pushing the value of these NFTs. A rarity in NFT defines the uniqueness of features and how frequently they exist in a collection. For example, golden fur features in exactly 46 of the Bored Ape Yacht Collection NFTs making it an important rare feature. The Ape NFTs possessing this trait thus become extremely valuable. The rarity can be checked on online freely available NFT rarity tools such as Rarity Sniper. You can also check the rarity of a particular BAYC NFT by clicking on the properties tab. Anything less than 1% is considered very rare and will command a huge premium on its price.
Source: Rarity Sniper
For example, #4614 features an ape with golden fur, a rare trait and if we check the rarity on Rarity sniper as shown in the image above, it will list the golden fur attribute as 0.46%.
Let us discuss the top five most famous and expensive Bored Ape Yacht Collection NFTs sold till date.
BAYC #9055: This particular NFT was bought by the rapper Eminem making it world-famous and extremely rare. It features a boring ape yawning wearing a cool hat and golden jacket. The BAYC NFT is now known as EminApe and the rapper paid $452,000 for it.
BAYC #9309: This NFT is owned by the American DJ and record producer Steve Aoki. He also holds 8 other Bored Ape Yacht Collection NFTS. This particular NFT features a wide mouth smiling ape with prominent teeth display.
BAYC #2105: This NFT features a bored ape wearing a prison jumpsuit with shuts eyes and a noticeable stubble. It was purchased by KSI, a UK based YouTuber and rapper. KSI had announced his sale to the twitterverse: “I’ve given in and bought an NFT.” He paid $83,875 for this BAYC NFT.
BAYC #599: Owned by Jimmy Fallon, this bored ape NFT features a character wearing a sailor’s hat which is a rarity trait at 3%. The popular talk show host paid $216,000 for this NFT and also promoted it by changing his Twitter profile picture.
BAYC #4808: This NFT was purchased by Marshmellow who confirmed the buy order on his own Twitter handle via a tweet. It features a bored ape wearing cool sunglasses and colored teeth. HE paid $452,000 for this cool NFT.
Review of Bored Ape Yach Club Collection
The BAYC NFTs have become a cult item and have generated a lot of interest from investors. Some of the NFTs have sold for record prices such as #232 which was sold for $2.85 million. Much of the value is because of the thought that has gone into designing these simian characters. Each one of them features some unique attributes and peculiar facial expressions making them very appealing and cool.
The endorsement from various celebrities and brands has also helped in hyping the BAYC NFTs. Adidas recently purchased the Bored Ape #8774 and plans to turn it into a metaverse character called Indigo Herz. This also marks the entry of Adidas into the metaverse space.
The team has also been very active in promoting offline events and building up a strong community of followers that has helped in branching the collection into other spaces such as Bored Ape Mutant NFTs.
The accessories in the form of earrings, necklaces, and different clothing such as black formal suits, prison jumpsuits, sailor shirts, leather jacket,s etc. give each NFT a separate identity and diversity. The basic value of every NFT is in its rarity of which the Bored Ape Yacht Collection offers plenty.
Is BAYC scam?
The Bored Ape Yacht Collection does not seem to be a scam. However, it is important to Do Your Own Research (DYOR) as NFTs are a risky investment and their value derives from multiple attributes such as community backing, celebrity involvement, and future roadmaps. You should also factor in the rarity aspect before purchasing an NFT.
However, the company behind the Bored Ape Yacht Collection has been identified as Yuga Labs which has entered into offline partnerships with major brands such as Adidas and even Rolling Stone. The founders are no longer anonymous and this provides some credibility to the collection. You also get access to other features and the team has built solid use cases for the product that further shows that it is not an obvious rug pull but there are no guarantees in the NFT universe, so you should research carefully before deciding to invest in a collection.
Where to buy Bored Apes?
The Bored Ape Yacht collection NFTs can be bought on OpenSea. For a comprehensive AltCoin Reviews guide that explains all you need to know on how to go about purchasing NFTs on the platform, please click here.
Who owns Bored ape yacht club NFT's?
Apart from the list of celebrity owners described above, other famous people who own Bored Ape Yacht collection NFTs include Gwyneth Paltrow, Logan Paul, Mike Shinoda, Chainsmokers, and Justin Bieber.
Author’s Bio: Puskar Pande has worked for over a decade as a writer and editorial consultant for various cryptocurrency and blockchain companies. He has written many educational pieces on cryptocurrency topics.