Bored Ape Yacht Club: A Complete Guide
Bored Ape Yacht Club NFT
The Bored Ape Yacht Club (BAYC) NFT project is the most influential project in the Non-fungible token (NFT) world. For nearly a year, it remained second to CryptoPunks in the race for the world’s most successful collection. But as the start of 2022 came and went, the price of BAYC NFTs soared. Today, if you owned every BAYC in the collection (1.09 million ETH) and sold them, you’d make $3 billion dollars. As such, it’s not really surprising that a leaked pitch deck showed Yuga Labs made a net revenue of $137 million in 2021.
— Yuga Labs (@yugalabs) March 19, 2022
Ultimately, BAYC stands as a testament to how everything can change with just a couple of trades. In fact, if it weren’t for one specific NFT collector, BAYC might not even exist. But more on that later.
What Is Bored Ape Yacht Club NFTs?
The BAYC collection is a collection of 10,000 NFTs. There are two kinds of NFTs. Standalone pieces of art, are called “1/1.” Only one of these items exists; ie: a painting. An example of a 1/1 NFT is Beeples “Everydays.”
Other collections are called “editions” and can contain any number of NFTs and are similar to collectible trading cards. Creators who produce large editions often turn to generative artwork, which is a process where new variations of a design are generated algorithmically by a computer program. Creators create a template to produce variations by matching certain traits. The rarity of each trait is ranked so that some traits are more common than others.
There are many different fur types, facial expressions and jewelry in the BAYC NFT Collection. Only 49 Bored Apes are equipped with a dagger in the mouth, while 108 have cyborg eyes and 115 have cross earrings.
Who Created Bored Ape Yacht Club?
PFP apes are something that every NFT member has seen. Even people who are not actively involved in NFTs will likely have seen Bored Apes everywhere. But how did this all begin? BAYC took a lot of effort and time, just like most projects. As with most projects, things can get a little confusing.
The story begins with a group of friends who wanted something unique.
While we’re sharing pics, here’s an old one of me and @SassBAYC
— EmperorTomatoKetchup (@TomatoBAYC) February 9, 2022
Technically, the BAYC NFT collection was created by Yuga Labs, LLC. Yuga Labs’ goal is to create a media empire centered entirely around NFTs. This ambition was realized by making the BAYC NFTs.
These are the basic facts of the company. But what about Yuga Labs’ creators?
All four individuals that created Yuga Labs used pseudonyms. They were known as Gargamel and Gordon Goner, Emperor Tomato Ketchup, and Sass. Two of them were doxxed in an article by BuzzFeed that was published on February 20th, 2022. All founders made public their identities via Twitter. Gargamel is Greg Solano who is a writer, and a book critic. Gordon Gone is Wylie Aronow, a former student. Tomato Ketchup and Sass revealed their true names as Zeshan and Kerem. Zeshan and Karem are both software engineers.
Who Makes Bored Ape Yacht Club?
BAYC’s original collection was created by a woman known as “Seneca,” or “All Seeing Seneca.” Other artists include Thomas Dagley, Migwashere, and a couple who wish to remain anonymous. Seneca launched her own NFT and is working to get recognition for her contributions to Bored Apes.
— 👁👁👁෴෴෴סּ ͝סּ ͝סּ ͝ ˢᵉⁿᵉᶜᵃ (@allseeingseneca) March 4, 2022
In a Rolling Stones interview, Seneca stated in interviews that she wasn’t happy with how she was compensated or the lack of acknowledgment she received. After her initial public statements, a debate began regarding the NFTs perpetuating the issues in the IRL art market of company founders profiting at the artists’ expense.
Before BAYC, Gargamel Goner and Gordon Goner were involved in crypto to a limited degree. They had both been trading since 2017, but neither had any experience innovating within the space. Tomato and Sass had not been trading, they were still relatively new to crypto and NFTs. They formed Yuga Labs together, then launched BAYC through Yuga Labs.
How Many Bored Ape Yacht Club Are There?
The BAYC collection is a collection of 10,000 NFTs. Currently, there are about 6,000 people who own a Bored Ape Yacht Club.
When Did Bored Ape Yacht Club Mint/Launch?
When the troop first began to think about an NFT project, they realized that their ideas for art were better suited for display on a bathroom wall than on a canvas. They decided to take that idea and make it a reality. But they wanted the bathroom to be in a bar. A club member would only have access to that bar. The idea of a Yacht Club was born.
They decided that the club would be inhabited in the future by the Apes. They were specifically those who “aped” into or jumped into crypto and NFTs. In years to come, the apes will be bored and spend most of their time at a bar with friends. This was the foundation of the iconic brand.
The Story Of Bored Ape Yacht Club
According to reports, they poured all of their savings into the project. After deciding on traits, securing art, and writing a contract, Yuga Labs launched Bored Ape Yacht Club. It was launched on April 29, 2021. It was priced at.08ETH per ape (about $190 at that time), and things began slowly at first.
There were still no sales on May 1st, 2022. Pranksy, a popular NFT trader, bought many of apes. Pranksy tweeted about the NFT project to their large following. BAYC sold out 12 hours later.
— Pranksy 📦 (@pranksy) May 1, 2021
Notably, the BAYC team said in interviews that they didn’t communicate with Pranksy ahead of the sale. Over the next month, one significant thing started to happen: Ape secondary sales began to pick up fast.
Why Are Bored Ape Yacht Club So Expensive?
Bored Apes can be compared to trading cards, as previously mentioned. Exclusive trading cards are expensive. They are expensive and not affordable for everyone.
The initial sale was driven largely by tweets from a popular collector. Jimmy Fallon purchased BAYC #599. Eminem purchased BAYC #9055. Timbaland purchased Ape #590. The Chainsmokers snatched up #7691. There are many other stars who have bought into the deal, including Paris Hilton.
— Snoop Dogg (@SnoopDogg) March 24, 2022
What was it that drove the first NFT traders to purchase if there had been no prior communication? According to them, the utility of NFTs was the main reason they purchased the NFTs. The utility can refer to access to future events, merchandise or any other thing. The utility was clearly defined from the beginning by the BAYC founder team. They offered more perks to keep their community engaged and interested in their NFTs vis secondary sale.
All of these factors have contributed to an increase in the cost of Bored Ape NFTs.
What Is The Bored Ape Yacht Club Utility?
There is more to BAYC than just NFTs. The Bored Ape Yacht Club can be described as a “club.” The Bored Ape Discord is the hang-out for the club.
To be part of this “exclusive” club, many have bought a Bored Ape through secondary sales. The ape floor has grown to over 100 ETH (which is close to $300,000.) However, club members will tell you that purchasing a Bored Ape NFT at a floor (the lowest amount you can spend on an NFT) is always worthwhile as the perks outweigh any loss in ETH.
The BAYC community has already received quite a few expensive member rewards.
- The members have the right to commercially use their apes. This means they can sell T-shirts, prints, and coffee mugs.
- Bored Ape NFT owners also had the exclusive privilege of BAYC’s own merch. To verify ownership, members had to sign in with their ETH wallet.
- The Bored Ape Kennel Club (BAKC), a new project, was launched. All NFTs were airdropped to Bored Ape owners. 1 Ape = 1 dog. BAKC’s floor almost instantly surpassed 1ETH (more than $2,000) on secondary sales.
- The Mutant Ape Club was originally an NFT member-exclusive collection. It opened to the public after a waiting time.
- BAYC members can have input on where funds are spent. These community initiatives have contributed millions of dollars to many charities as a bonus.
- Recent roadmap updates announced more members-only utilities, such as a scavenger hunt and BAYC project narrative updates. There are also games and other exciting features.
The BAYC feels exactly as the developers intended. Because the exclusiveness is rewarding for those who make the decision to purchase an NFT and become part of the crew,
NFTs have enabled people from all walks to take part in the most recent innovations in finance, tech, and culture. BAYC is a great example of this. This doesn’t necessarily mean there aren’t any controversies or downsides ( like their purchase of competitors) but it does indicate that the Yuga Labs Team has stuck to what they set out in their roadmap.
YUGA LABS LLC: What Is A Crypto Punk? What Are Meebits?
Yuga Labs revealed that it had acquired both CryptoPunks as well as Meebits in March 2022. Yuga Labs now has three of the most valuable NFT collections.
Yuga Labs claims that they will foster a “community” of builders to create derivative works from the acquired projects. Yuga Labs announced that they will transfer the intellectual property (IP), commercial and exclusive licensing rights to CryptoPunks’ and Meebits’ individual NFT holders. This will allow CryptoPunks and Meebits to create artwork and products using their NFTs in the same way that BAYC owners do.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
This was the first sign that there had been major consolidation within the NFT community. It was the purchase of their competitors by major NFT creators. This is not yet clear what it means for the NFT community, and whether these acquisitions will be a good thing or not.
What is the $APE Token?
Yuga Labs was very busy in March 2022. They announced the launch, just days after acquiring CryptoPunks and Meebits, of ApeCoin ($APE). ApeCoin is described as “a token for culture, gaming and commerce that empowers a decentralized community building at web3’s forefront.”
The $APE will be used as a token to guide the future of Bored Ape communities.
The token was not created by BAYC, even though the founders were involved. ApeCoinDAO technically created ApeCoin. Problem? $APE appears to be reproducing many of the problems that NFT members decry in traditional capitalism, such as centralization and venture capitalists.
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The rule of thumb is that those with more tokens tend to have more influence in the governance of a DAO. ApeCoins were received by Andreessen Horowitz, Animoca Brands, and Yuga Labs. Yuga Labs spokesperson confirmed that launch partners received 14% (140,000,000 tokens). This is the same amount as the entire BAYC group received. It’s made up of tens and thousands of people. It doesn’t matter what your feelings are about it, it seems like a small loss in terms of decentralization which is a key tenant of the NFT community.
Yuga Labs did not make any comment in their announcements. Yuga Labs CEO Nicole Muniz stated that ApeCoin has been desired by the community for some time. She also said that they are excited to see it become a reality through community ownership. “Yuga Labs will continue being builders of experiences and products that bring new ideas to the community.”
It is important to remember that the future will show how this all plays out. Perhaps we shouldn’t sound the alarm too soon?
The Future of Bored Ape Yacht Club
Bored Ape is still a vibrant, high-spirited community with a roadmap that focuses on providing continuous utility for its members. The NFT space is fast and time moves very quickly, so the question remains “What’s next?”
Bored ape owners have the option to make a profit by selling their animals. This is potentially life-changing money. The Ape #8817 was the highest-selling BAYC NFT ever. It raked in $3.408,000 at a Sotheby’s Metaverse Auction in October 2021. The Ape wears a wool turtleneck and rainbow spinner hat. Silver hoop earrings are also included. We will see Bored Apes wearing even more in the months ahead.
It is also making a lot. In March 2022, Yuga Labs closed the $450 million round of funding led by Andreessen Horowitz, a Silicon Valley investor. They plan to spend much of the money. They plan to create a virtual world called Otherside. The MMORPG (Massively Multiplayer Online Role-Playing Game), will start this initiative by selling NFTs of virtual land. These NFTs will be connected to plots in Otherside’s metaverse game.
They plan to expand their business into merchandise and events. It seems like they are well on their way to realizing their dream of creating a media empire that is centered around NFTs. We are excited to see what the future holds, with both CyrptoPunks and Meebits now being owned by Yuga Labs. We hope that they can live up to their community-focused precedents.
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