The Bored Ape Yacht Club (BAYC) is a highly sought-after collection of 10,000 unique Profile Picture NFTs (PFPs), each a distinct digital artwork residing on the Ethereum blockchain. Launched on April 23, 2021, the BAYC quickly became a phenomenon in the NFT space, transforming into a vibrant online community and a status symbol within the crypto world. Each Bored Ape depicts a stylized ape character with a unique combination of traits, including fur color, clothing, accessories, and facial expressions. These variations contribute to the rarity and value of individual NFTs. Ownership of a Bored Ape grants membership to an exclusive virtual club, offering access to exclusive events, merchandise, and other benefits within the Yuga Labs ecosystem.
bored ape yatch club nftA Bored Ape Yacht Club NFT.
Key Features and Benefits of BAYC Membership
The Bored Ape Yacht Club offers several compelling features and benefits that have contributed to its popularity and high valuation:
Prestige and Liquidity: BAYC stands alongside CryptoPunks, Azuki, and Pudgy Penguins as one of the most reputable and liquid NFT collections on the market. This high liquidity ensures relatively easy buying and selling, attracting both collectors and investors.
Active and Engaged Community: BAYC boasts a highly active and engaged holder community that contributes to the project’s ongoing development and cultural impact. This strong community fosters a sense of belonging and provides networking opportunities for members.
High Financial Value: Bored Apes have commanded substantial prices, becoming a sought-after asset among crypto millionaires. Notable sales include BAYC #8817, which fetched a staggering $3.4 million at auction, showcasing the collection’s potential for significant returns.
Exclusive Benefits and Airdrops: BAYC holders receive ongoing benefits from Yuga Labs, including valuable NFT airdrops and ApeCoin distributions. These perks, such as the Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and ApeCoin itself, have provided substantial value to holders, often exceeding $100,000.
Native Token and DAO Governance: BAYC is one of the few NFT collections with its own native token, ApeCoin (APE). ApeCoin plays a crucial role in the governance of the ApeCoin DAO, giving BAYC holders a voice in the future direction of the ecosystem.
Trademarked Brand: Yuga Labs has secured trademark registration for the BAYC brand, further solidifying its intellectual property and long-term value.
BAYC NFT Specifications and Use Cases
Key Metrics
- NFT Name: Bored Ape Yacht Club
- Ticker: BAYC
- Blockchain: Ethereum
- Token Standard: ERC-721
- NFT Contract: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D
- Max Supply: 10,000
Use Cases
Owning a BAYC NFT unlocks a variety of potential uses:
Profile Pictures and Digital Identity: The primary function of BAYC NFTs is as profile pictures, allowing holders to showcase their membership and participate in the growing digital identity movement. This social signaling aspect contributes significantly to the collection’s desirability.
Exclusive Community Access: Bored Apes act as keys to unlock exclusive benefits and experiences within the BAYC community. These perks may include access to special events, merchandise drops, and potential future opportunities within the Yuga Labs ecosystem.
Investment and Trading: BAYC NFTs can be bought, sold, and traded on various NFT marketplaces, providing opportunities for investors to capitalize on their value and scarcity. Their proven track record of high liquidity makes them an attractive asset for traders.
Collateral for Loans: Due to their high liquidity and established value, BAYC NFTs can be used as collateral for loans on platforms like BendDAO and X2Y2. This allows holders to access liquidity without selling their prized assets.
Sale and Allocation
The initial BAYC NFT minting event took place on April 23, 2021, with a mint price of 0.08 ETH. While the exact allocation details remain undisclosed by Yuga Labs, if all 10,000 NFTs were sold at the initial price, it would have generated 800 ETH (approximately $2 million at the time).
NFT Traits and Rarity
Each BAYC NFT is composed of seven distinct trait categories: background color, clothing, earrings, eyes, fur, hat, and mouth. Within each category, there are numerous variations, creating a vast array of possible combinations. The rarity of these traits contributes significantly to the value of individual NFTs.
Background: 7 variations (Purple, Yellow, Orange, Blue, Gray, Punk Blue, Aquamarine, Army Green)
Clothes: 44 variations (Dress, T-Shirt, Hip Hop, etc.)
Earrings: 7 variations (Gold, Diamond, Silver, etc.)
Eyes: 23 variations (3D, Sad, Closed, Wide, Angry, etc.)
Fur: 19 variations (White, Pink, Gray, Black, Brown, Gold, Robot, etc.)
Hat: 37 variations (King’s Crown, Fez, Safari, Beanie, etc.)
Mouth: 33 variations (Bored Unshaven Pizza, Bored Unshaven, Phoneme Oh, Rage, Bored Cigarette, etc.)
The rarity of specific trait combinations can be analyzed using platforms like Rarity Sniper.
Factors contributing to the rarity of a BAYC NFT.
BAYC Trading Data and Market Performance
Price and Sales
BAYC NFT price chart.
BAYC reached its peak average price of around 150 ETH in May 2022. As of April 2023, the floor price hovered around 60 ETH (approximately $108,000). With over 29,110 sales recorded, BAYC demonstrates exceptional liquidity within the NFT market.
Market Cap and Trading Volume
BAYC market cap and volume.
Data aggregated from various marketplaces by NFTGo indicates a market capitalization of 775,690 ETH (around $1.67 billion), comparable to cryptocurrencies like Arbitrum (ARB), ApeCoin (APE), and Near Protocol (NEAR). The cumulative trading volume has reached an impressive 1.1 million ETH (approximately $2.69 billion).
Royalty Fees
Yuga Labs receives a 3% royalty fee on every BAYC NFT transaction on secondary marketplaces. Based on the reported trading volume of $2.69 billion, Yuga Labs has potentially earned over $80 million in royalties.
All-Time High Prices
The most expensive BAYC NFTs ever sold.
Several BAYC NFTs have been sold for over $1 million. The image above showcases the ten most expensive BAYC sales on record.
Trading and Storing BAYC NFTs
Marketplaces
BAYC NFTs can be traded on various NFT marketplaces, including OpenSea, LooksRare, Blur, and X2Y2. While OpenSea currently boasts the highest liquidity, platforms like Gem.xyz and Uniswap NFT Marketplace provide aggregated listings for price comparison across multiple marketplaces.
mua bán bayc trên openseaTrading BAYC on OpenSea.
Wallets
As ERC-721 tokens, BAYC NFTs can be stored in any Ethereum-compatible wallet that supports NFT display, such as Coin98 Super App, MetaMask, Trust Wallet, SafePal, and BitKeep.
lưu trữ nft trên ví coin98 super appStoring NFTs in the Coin98 Super App.
Roadmap, Updates, and Partnerships
Key Milestones
Since its launch, BAYC has achieved several significant milestones:
- April 2021: Official launch of 10,000 BAYC NFTs on the Ethereum blockchain.
- May 2021: BAYC becomes one of the most valuable NFT collections, with an average price of around 30 ETH (over $50,000).
- June 2021: A BAYC NFT sells for 690 ETH (over $1.5 million), marking a record-breaking NFT sale at the time.
- August 2021: Launch of the Mutant Ape Yacht Club (MAYC) with 20,000 new NFTs. Gucci begins accepting ApeCoin (APE) as payment.
- November 2021: Ape Fest 2021 connects the BAYC community.
- December 2021: Partnerships with Adidas for metaverse development and Animoca Brands for play-to-earn gaming.
- April 2022: Planned Coinbase and Yuga Labs BAYC film project gets postponed.
- June 2022: BAYC NFTs feature in a music video by Eminem and Snoop Dogg.
- July 2022: Positive community reception for Yuga Labs’ Otherside metaverse game.
- March 2023: Partnership with Gucci for business expansion and development.
Roadmap and Future Developments
Yuga Labs has adopted a more cryptic approach to its roadmap, preferring to tease upcoming developments rather than providing explicit details. Past examples include hints towards Ape Fest 2021, the Otherside game, the ApeCoin DAO, and potential future events.
BAYC roadmap from 2021.
Team, Investors, and Partners
Yuga Labs and the Artists
BAYC is developed by Yuga Labs, founded in 2020, known for creating NFT artwork and other successful collections like MAYC and Otherside. Yuga Labs also acquired CryptoPunks and Meebits. The artists behind the BAYC artwork, known by pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass, remain largely anonymous.
Funding and Investors
các vòng gọi vốn của yuga labsYuga Labs funding rounds.
Yuga Labs, the parent company of BAYC, has raised substantial funding, securing at least $450 million in a round led by a16z, with participation from Animoca Brands, LionTree, and others. This investment valued Yuga Labs at $4 billion.
Partnerships
BAYC has established numerous partnerships within and beyond the NFT space, including Adidas, Gucci, Animoca Brands, Rolling Stone, Snoop Dogg, and others. These collaborations contribute to the project’s mainstream appeal and expand its reach across various industries.
Similar Projects
The PFP NFT market encompasses several successful collections beyond BAYC, such as MAYC, Azuki, Clone X, Moonbirds, Doodles, BAKC, and Meebits. Each project offers unique artwork, community features, and varying levels of market performance.
Other top PFP NFT collections.
FAQ
What is the future of BAYC? While the exact roadmap remains undisclosed, Yuga Labs continues to develop the BAYC ecosystem, focusing on community engagement, metaverse integration, and potential gaming experiences. The project’s future likely involves further expansion into mainstream entertainment and brand collaborations.
How can I buy a BAYC NFT? BAYC NFTs can be purchased on various NFT marketplaces, such as OpenSea, LooksRare, and Blur. It’s essential to research and compare prices across different platforms to find the best deals.
What are the risks of investing in BAYC? Like any investment, the NFT market carries inherent risks, including price volatility and potential scams. It’s crucial to conduct thorough research, understand the market dynamics, and only invest what you can afford to lose.
How can I stay updated on BAYC news and developments? Following Yuga Labs and BAYC on social media platforms, joining the official Discord server, and subscribing to reputable NFT news sources are excellent ways to stay informed about the project’s progress.
We encourage you to share this article and ask any further questions you may have about the Bored Ape Yacht Club. Your engagement helps build a stronger and more informed NFT community.
