What is Bored Ape Yacht Club? + Why NFTs are so popular

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Cryptocurrency and technology writer.

NFTs have taken the cryptocurrency market by storm since 2021 and the leading NFT project is Bored Ape Yacht Club.

These exclusive digital monkeys have caught the eye of celebrities like Snoop Dogg and Eminem as well as top Silicon Valley venture capitalists like Andreesan Horrowitz.

In this article, we are going to take a look at the history behind Bored Ape Yacht Club and why it has garnered so much attention and prestige.

At the end, we’ll even show you how to buy a Bored Ape, if your wallet can handle the hefty price tag.

What is an NFT?

NFT stands for non-fungible token, which is a unique unit of data stored on a blockchain, which can be transferred, sold, and traded.

Since each token is uniquely identifiable, NFTs are different from other blockchain tokens such as cryptocurrencies (i.e. Bitcoin).

Once an NFT is created (or generated), its data is stored on the blockchain and every transaction, from sales to transfers, is recorded on the blockchain.

This allows anyone to verify the ownership and transaction history of the NFT.

Some of the most popular blockchains for NFTs are Ethereum, Solana, Binance Smart Chain (BSC), and Fantom.

NFTs are stored using cryptocurrency wallets, so if you had a Bored Ape (an Ethereum NFT), you would store it on an Etheruem wallet like Metamask or a multi-cryptocurrency wallet like Trust Wallet.

What is Bored Ape Yacht Club?

The Bored Ape Yacht Club (BAYC) is a collection of 10,000 Ape NFTs on the Ethereum blockchain. Each Bored Ape has unique traits, with some traits being rarer than others.

The NFT collection was created by four pseudonymous founders through their company Yuga Labs in 2021.

The founders of BAYC are known as Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass.

Each Bored Ape is made up of seven possible traits, including background color, clothes, earrings, eyes, fur, hat, and mouth.

Below is an example of how some of these bored monkeys look:

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Owning a Bored Ape gives you access to the Yacht Club, an exclusive social club.

As a member of the Yacht Club, you will be able to meet other Bored Ape owners through the BAYC Discord group and live events.

Additional benefits for Bored Ape Yacht Club members include:

  • Access to additional NFT airdrops (prior airdrops include mutant serums and dogs)
  • Real-life events with celebrity guests and performers
  • A commercial use copyright license, allowing you to monetize your Bored Ape
  • Access to The Bathroom, a collaborative work of art
  • Access to the Apes vs Mutants mobile game

There have also been rumors of a potential “Ape Coin”, a token airdrop for BAYC holders.

Bored Ape Yacht Club owners have profited massively from NFT airdrops, especially the Mutant Ape Yacht Club.

What is the Mutant Ape Yacht Club?

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In August 2021, the BAYC team announced a Mutant Serum Airdrop for Bored Ape owners. The announcement was made on Twitter and Discord.

A total of 10,000 mutant sera were dropped, one for each Bored Ape. BAYC holders can turn their Bored Apes into Mutant Apes by having them ingest a Mutant Serum.

Once ingested, the mutant serum is burned and the user receives a mutant monkey in return. There are 3 levels of serums, M1, M2 and M3.

When an annoyed monkey ingests an M1 or M2 serum, it retains the traits of the original monkey but with a mutated twist.

Here is an example of Mutated Bored Monkey via the @NewMutantApes Twitter account.

When a Bored Ape consumes an M3 Serum (aka Mega Mutant Serum), the results are even more dramatic.

Here is an example of M3 Mutated Bored Apeowned by Ethereum co-founder Taylor Gerring.

Keep in mind Mutant Sera was a free drop and Mutant Ape Yacht Club floor price is 20 ETH, or $63,000 as of Feb 2022.

Bored Ape Chemistry Club (mutant serums) floor price is 22.5 ETH or $70,000 in February 2022.

What is the Bored Ape Kennel Club?

Bored Ape Kennel Club is another NFT collection from Yuga Labs that Bored Ape owners can claim for free.

In June 2021, Bored Ape owners were able to hit a Kennel Club dog for free, only having to pay the gas fee.

All fees generated from secondary fees were donated to animal charities.

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Like their Bored Ape counterparts, each Bored Ape Kennel Club dog is unique with various different traits.

While these dogs were free to claim, the current floor price for a Bored Ape Kennel Club dog is 8.85 ETH or $28,000 at current ETH prices.

How much does a Bored Ape Yacht Club NFT cost?

Bored Ape Yahct Club has grown exponentially in just a few months. Bored Apes was minted at a price of 0.08 ETH each in April 2021.

As of this writing (February 2022), the floor price of a Bored Ape on Opensea is currently floating between 99 and 100 ETH.

When you take Ethereum’s current price ($3,150), that means the cheapest Bored Ape costs you $310,000.

The high price of a Bored Ape is one of the reasons it has attracted so much attention from the media, celebrities and institutional investors.

Many Bored Ape have sold over six figures and some have even fetched a seven figure price.

The most expensive Bored Ape sold so far was BAYC #8817 which sold for $3.4 million via Sotheby’s Metavers in October 2021.

Why has Bored Ape Yacht Club become such an expensive and sought after NFT collection? We will see the reasons in the next section.

Why is Bored Ape Yacht Club so popular?

Bored Ape Yacht Club has grown in popularity for two main reasons.

The first reason is flexible cultivation, Bored Apes are considered status symbols due to their high price, limited supply and exclusive perks.

Bored monkeys are like digital Rolexes, allowing owners to show off their wealth and social status through ownership.

Now that Twitter has enabled verified NFT profile pictures through Twitter Blue, we can expect this trend to continue.

The second and most important reason for BAYC’s rise in popularity is its potential as an investment asset.

Bored Apes had a mint price of 0.08 ETH on April 29, 2021. Since the price of ETH on that day was in the range of $2,700, we can assume that it costs around $210 to $220 (excluding gas charges) to hit a Bored Ape.

Compared to the floor price of a Bored Ape today ($310,000), BAYC owners who kept their apes profited 1,400 times on their investment.

Bored Ape Yacht Club has managed to maintain its low price in six figures, even during bearish sentiments in the crypto market.

Recently, the American venture capital firm Andreesen Horowitz is also said to be in funding talks with the creators of BAYC.

According to The Art Newspaper, Yuga Labs is looking to sell a multi-million dollar stake in a new funding round that could value BAYC between $4 billion and $5 billion.

While talks are ongoing, if the deal is successful, it would mark the first institutional investment in an NFT project.

How to Buy a Bored Ape Yacht Club NFT

To buy a Bored Ape NFT, you need Ethereum/ETH (at least 100 ETH) and a Metamask wallet.

You can buy ETH from CEX (available worldwide, including the US) or Bitpanda (Europe only).

Next, send your ETH to your Metamask wallet and head to the Bored Ape Yacht Club collection on Opensea.

Once you’re there, you can scroll down to see the Bored Apes for sale starting with the cheapest.

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You can also search for a Bored Ape by price and features using the filters on the left sidebar.

Many monkeys are sold at auction, which means you have to bid to buy one.

However, there are many Bored Apes that can be purchased immediately, without bidding.

If you want to buy a monkey directly instead of placing a bid for one, click “Buy Now” under the “status” filter.

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If you don’t mind, you can leave this filter unchecked and just search for a monkey.

Once you have selected a Bored Ape you wish to purchase, click on the image and it will take you to a page where you can purchase the NFT or place a bid by placing a bid.

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If you buy the Bored Ape directly or if the seller accepts your offer, the Bored Ape NFT will be transferred to your Ethereum address.

Conclusion

Bored Ape Yacht Club has established itself as a premier NFT brand, through innovation and exclusive member benefits.

Access to encounter events, airdrops, and exclusive games has proven that utility is just as important to NFT owners as scarcity.

Will you be the next to ape?

I hope you enjoyed this story; do not hesitate to consult the useful resources below:

CEX ExchangeGood exchange to buy Bitcoin, Ethereum, Polygon (MATIC), Binance Coin (BNB), and more from anywhere in the world with cash. Available worldwide, including the United States

BitPandaIf you live in Europe, one of the best exchanges to buy cryptocurrencies with cash, including Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC) and many more. Only available in Europe

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