The NFTs eco-space has grown significantly, with an estimated $25 billion in investment in 2021 alone Bored Ape. There is one NFT in particular that everyone has seen among all the NFTs being bought, sold, and shown. You know who I’m referring to; it’s the bored ape NFT. While many people are still doubtful about whether NFTs are real or just a fad, this particular collection of NFTs has exploded in popularity.
I’m sure you’ve seen one, but they don’t appear to be that pricey. In April of 2021, the bored ape NFT was advertised for.08 ETH, and today they’re worth thousands of dollars each. To understand what BAYC is and why they are so popular, you must read ahead.
What is the Bored Ape Yacht Club (BAYC)?
As the name suggests, it is a club of members that own a bored ape NFT. The BAYC cannot have members exceeding 10,000 because the collection has 10,000 such bored ape NFTs in different styles and appearances. Hence, it is understood that to be a member of this club, you should own at least one of these ape NFTs.
These 10,000 NFTs represent a unique collectible built on the Ethereum blockchain. Each of these NFTs in the collection is identified by their unique trait stored as an ERC-721 token. These traits could be clothing, headwear, facial expressions, etc.
Fun Fact: Marshall Mathers, aka Eminem, dropped a whopping $462,000 on a BAYC NFT, which appears to be equipped with a green cap, a golden jacket, and a golden chain.
Why is BAYC Gaining So Much Popularity?
Well, there is no one simple answer to this question. From the start, BAYC had a clear road map to the future. These NFTs were sold out within 12 hours of initial listing. While the reasons for the popularity of these NFTs could be highly subjective, we consider them to be the following:
Celebrity involvement: Many celebrities, including Tyrese Halliburton, LaMelo ball, Stephen Curry, Justine Bieber, Eminem, Snoop Dogg, Neymar Jr, Jimmy Falcon, Logan Paul, etc., own these NFTs. Being a member of the BAYC is seen as a means to mingle with these celebrities. The owners of these NFTs have a separate discord server.
Commercial Utility: Most NFTs can be utilized for many purposes. They can be used as a profile picture or a metaverse character, and they can be accessed to play to earn games or as an option to sell an NFT in exchange for a desirable cryptocurrency. Many celebrities use their NFTs as their profile picture to show their fans what they possess. They are the new status symbol.
Return on Investment: Bored ape NFTs carry a hefty price. The NFTs that first sold for nearly 0.08 ETH are now trading at six figures. These NFTs have a return of over 100,000%. The most expensive bored ape NFT that goes by Bored ape #3749 was sold for 740 ETH. Bored Ape NFTs have been increasing in value with every passing day. Some treat them as an investment.
Engaging Community: The BAYC builds a community of members who interact and stay engaged. Yuga Labs, the entity behind the Boring Ape collection, has come up with their cryptocurrency called Ape Coin. They have further expanded their ecosystem by developing their metaverse (which goes by Otherside).
Yuga Labs has organized events to keep its owners engaged. They came up with initiatives like the Bored Ape Kennel Club (the owners were allowed to adopt a dog NFT with characteristics similar to their bored ape NFT) and Mutant Ape Yacht Club (the owners were given a virtual vial of mutant serum that would turn their bored ape NFT into a mutant ape NFT). The kernel and mutant ape were freebies given to the owners as membership bonuses, and these collectibles are currently worth a lot.
The BAYC was created by the same guys who built Yuga Labs. The creators’ pseudonyms Gordon Goner and Gargamel, as well as their friends No Sass and Emperor Tomato Ketchup, tweeted updates about the BAYC. In New York and California, the BAYC has planned meet-ups for its owners. The BAYC got together in Hong Kong and the United Kingdom.
In both the virtual and physical worlds, BAYC has goals for its brand. In March 2022, all bored ape NFT owners were airdropped roughly 10,000 Ape Coins. Otherside’s major currency would be these. Yuga Labs has begun bidding on property pieces for Otherside.
Yuga Labs has raised $450 million in a funding round, bringing their total valuation to $4 billion. They’ve also partnered with labels like Adidas and Gucci.
In light of the foregoing, Yuga labs has a lot in store for their members in the future. With Ape currencies and their metaverse, they’ve been developing their ecosystem. The popularity of BAYC is expected to expand in the future years.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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