Exploring Bored Apple Yacht Club - The top of the NFT pile that’s got celebrities buying
The Dope Bored Apple Yacht Club boasts a cult-like following. Below, we examine why everyone wants a piece of these NFT bad boys.
BAYC in Brief
- Riding on the wave of minted pictures, Bored Apple Yacht club features a collection of NFT profile pictures minted and supported by the Ethereum blockchain.
- With thousands of dollars to each avatar name, several celebrities have become a part of its growing project.
NFTs were introduced in 2015 and have enjoyed great acclaim since then. The acceptance of NFTs blew up in 2021 and with it came millions of dollars in trading volume. The versatility of these minted images and the influence of social media on its popularity are factors that have increased its trading rates and overall volume.
Cryptopunks are where Ethereum-supported NFTs all started in 2017. While it began as a little flame with very few people caring about it, it seems to explode more every year. To keep the project growing, a new crop of precious mints are developed regularly but none has generated quite the noise like Bored Ape Yacht Club.
Bored Ape Yacht Club earns its spot at the top of the NFT avatar pile with a trading volume worth over $750 million. They’re a popular choice for celebrities looking to get in on the NFT action. One reason why it has amassed such acceptance are the perks associated with it. Owners of this NFT enjoy access to membership benefits in other projects linked to the club.
Does this elite Bored Ape Yacht Club look enticing to you? Here are a few things you need to know about this NFT phenomenon.
Bored Ape Yacht Club - what is it?
Using the Ethereum blockchain as its support system, Board Ape Yacht Club features 10,000 unique profile pictures minted as NFTs. NFT is short for non-fungible tokens and is a digital certificate issued upon purchasing a digital item. This certificate certifies the authenticity of this item and has its unique code registered on a blockchain.
The unique nature of these dope-looking apes results from the random matching of different traits. Most of these avatars have pictures created from the shoulder up with a smug-like persona and special features to each one.
World of women and cool cats are also up and coming NFT avatars. Although they have a positive growth trajectory, none is as meteoric as the Board Ape Yacht Club.
What makes BAYC so special?
A common theme with NFTs is exclusivity where every minted NFT is a unique entity. While this in itself is a precious intangible asset to have, the Board Ape Yacht Club takes things a little further. They harness the exclusivity even more by making every owner of the tokens a part of an exclusive club of fellow owners. It is almost like an invitation to an exclusive party where you get to meet and chat with the cool kids.
Yuga labs, the creators of Bored Ape Yacht Club offer more perks for owners in this exclusive club. Owners of Avatars in this club get access to other exclusive bonuses that are also of monetary value. An example of this is; Bored Ape Kennel Club Yacht and Mutant Ape Yacht Club which are also exclusive items. In summary, purchasing a Bored Ape token entitles you to loads of future benefits.
How to own a Bored Ape
Unlike some cryptocurrencies and NFTs that could be earned by airdrops, Bored Apes can only be bought. They are featured on the OpenSea marketplace as a collection of minted avatars. Should you choose to purchase any avatar, all you need to do is browse through the collection of available ones and follow through on the transaction.
The price of these avatars may be displayed or not. Those that aren’t displayed may be subject to auction for the highest bidder. Purchase is done with enough Ethereum to cover the gas transaction fee and purchase price.
What to expect from these Bored cool guys
One reason for NFTs progressive growth is the cult-like following it gathers. Along with this following comes loads of recognition and in 2021, BAYC’s floor price trumped that of Cryptopunks.
The Bored Ape club also benefits from the acceptance of cryptocurrencies and NFTs. Most A-list celebrities are already buying into the project by using them as social media avatars. Celebrities like Eminem and Timbaland currently own apes and Stephen Curry bought an Ape for $180,000 worth of Ethereum in 2021.
Along with celebrities, brands are also getting in on the Bored Ape fiasco. Arizona iced tea bought a Bored Ape for use in their commercials. Most brands are starting to embrace these evolutions as it puts them ahead of the curve and adds to their portfolio and brand value. For smaller brands, getting in on the NFT curve puts them in a better place to compete with bigger ones.
Adidas is also getting on the NFT bandwagon as they purchased a Bored Ape to be part of their metaverse. They are looking to start a comic with the character. Universal Music Group also bought a music band of Bored Apes called kingship
Probably the most colorful feather in the BAYC campaign is Twitter’s introduction of NFT profile picture verification. This introduction allows verified images to have a distinct hexagonal highlight on them. Along with this development came backlashes to be expected considering the sort of divide in acceptance the NFT space faces in general.
While the Bored Ape project seemingly keeps progressing daily, there are still some challenges it faces. One of those challenges is phishing which involves data theft by cybercriminals posing as trusted entities. The OpenSea marketplace itself has fallen victim to these attacks as well. One sneaky trader purchased numerous NFTs at thousands of dollars below the asking price.
Asides from phishing and cybercrime challenges, one thing the BAYC needs to keep doing is improving and growing. Bitcoin and Ethereum big boys aside, other projects keep trumping themselves each day. Yuga labs itself is looking to partner with Animoca to launch crypto games with loads of benefits.
The constant development of new projects fuels NFTs growth and to stay ahead, BAYC must keep its clubbers happy.