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What is Bored Ape NFT?

What is Bored Ape NFT?

A simple overview of the Bored Ape Yacht Club NFT series and why it is one of the most expensive collections on Ethereum.

Summary: The Bored Ape Yacht Club (BAYC), a series of 10,000 distinct NFTs featuring digital apes, was initiated by Yuga Labs in 2021. Known for its exclusivity, BAYC stands as a premier NFT collection on the Ethereum blockchain, boasting a floor price of 26.1 ETH. The collection's worth stems from its uniqueness, comprehensive community perks, and the ownership rights it grants. BAYC's impact is notable, setting it apart even in the esteemed company of other major NFT series like CryptoPunks.

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What is Bored Ape Yacht Club?

The Bored Ape Yacht Club (BAYC) stands as a prominent collection within the Non-Fungible Token (NFT) landscape, featuring 10,000 distinctively designed digital apes. Each of these NFTs is minted on the Ethereum blockchain, a testament to their uniqueness and ownership authenticity. Initiated in April 2021 by Yuga Labs, the BAYC transcends beyond digital art; owning one of these NFTs is synonymous with an exclusive club membership. This membership not only grants access to a variety of digital and real-world events but also bestows the intellectual property rights of the respective ape images to their owners.

The individuality and rarity of each ape are determined by its distinct traits, playing a crucial role in its valuation. The Bored Ape Yacht Club has captured widespread attention and acclaim in the NFT domain, attracting a diverse array of high-profile collectors and enthusiasts. Celebrities such as Stephen Curry and Justin Bieber, along with music artist Rich the Kid, have joined the ranks of BAYC owners, highlighting the cultural and social significance of this unique digital asset collection.

Bored Ape Yacht Club

Who Created Bored Apes?

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC), is a collective of developers and creatives who prefer to keep their identities under wraps, a nod to the privacy-centric ethos prevalent in the blockchain and cryptocurrency sectors. While maintaining their anonymity, the group operates under the banner of Yuga Labs, LLC, subtly signaling their American base. This discreet approach aligns with a wider trend in the digital asset community, prioritizing the innovation and integrity of the project over the individual identities of its creators.

Bored Ape NFT Traits

Each Bored Ape Yacht Club (BAYC) NFT is unique, featuring varied traits such as fur, mouth, eyes, clothes, and backgrounds. Some traits are common, while others are rare. The uniqueness and rarity of these traits contribute to the value of each NFT. Essentially, a Bored Ape with rarer traits may be more valuable as it stands out within the total 10,000 apes. These traits were algorithmically generated to ensure uniqueness in the collection.

Some of the traits of the BAYC collection include background, clothes, earrings, eyes, fur, hate and mouth. The most rare and sought after trait is solid gold fur, which represents 0.46% of the apes available in the collection of 10,000. The current floor price for this trait is 599 ETH or $1.1 million USD.

Solid Gold Bored Apes

How Much is Bored Ape worth?

As of the latest data, the minimum entry price, or floor price, for a Bored Ape Yacht Club NFT stands at 26.1 ETH, set against a backdrop of 10,000 unique NFTs. This positions the collective baseline valuation of the Bored Ape portfolio at approximately 1,460,074 ETH. Originally launched at a minting price of 0.08 ETH, these NFTs have witnessed a meteoric rise in value, reflecting the vibrant market dynamics and the substantial interest they've garnered in the digital asset space.

Why are Bored Apes so expensive?

Bored Ape Yacht Club (BAYC) NFTs are expensive due to their limited supply (only 10,000 exist), unique traits creating rarity, the prestige and community associated with the community, and intellectual property rights granted to owners. The collection is now considered a “blue-chip” NFT art collection on the Ethereum blockchain and will likely retain its premium for a long-time to come.

As a high-level overview, here are some of the specific benefits that Bored Ape Yacht Club NFT holders receive:

  1. Membership: Each Bored Ape NFT doubles as a membership card to the BAYC, an exclusive community with various perks.
  2. Access to THE BATHROOM: This is a members-only collaborative graffiti board where each ape-holder can contribute to the artwork.
  3. Ownership and Commercial Usage Rights: BAYC grants owners intellectual property rights over their individual NFT, allowing them to use their Ape for commercial purposes.
  4. Potential Future Benefits: BAYC promises that the benefits and offerings for members will increase over time, with the roadmap including a YouTube channel, exclusive merchandise, a treasure hunt with rewards, and NFT breeding.
  5. Community Tools: Owners can access tools created by the BAYC community such as NFT valuation or rarity ranking.
  6. Fair Distribution: All apes were originally sold at the same price, promoting a sense of fairness in distribution.

These offerings provide not just a piece of digital art, but a digital identity and access to a unique, evolving community experience.

Bored Apes vs CryptoPunks

CryptoPunks and Bored Ape Yacht Club (BAYC) are both high-profile NFT collections on Ethereum, now under Yuga Labs' umbrella after acquiring the IP from Larva Labs. Despite shared ownership and each collection having 10,000 unique pieces, they have several distinct characteristics:

  1. Origins: CryptoPunks debuted in 2017 as one of the pioneer NFTs, while BAYC was launched in 2021 and quickly rose to prominence.
  2. Art Style: CryptoPunks features pixel art, while BAYC boasts more detailed, vibrant illustrations.
  3. Ownership Rights: BAYC grants owners commercial rights to their NFTs, a benefit not offered to CryptoPunks owners.
  4. Additional Perks: Bored Ape ownership includes membership to an exclusive club with additional benefits, unlike CryptoPunks.
  5. Cultural Impact: CryptoPunks has broader recognition in the crypto community, while BAYC's cultural impact is rapidly growing with notable figures in its ownership ranks.
  6. Market Value: The minimum price, or floor, for CryptoPunks is greater than that for Bored Apes, with CryptoPunks standing at 67 ETH and Bored Apes at 49 ETH.

You can track the live Bored Ape Yacht Club vs CryptoPunks price here.

Bored Ape Yacht Club vs CryptoPunks

What is a Mutant Ape?

The Mutant Ape Yacht Club (MAYC), an extension of the Bored Ape Yacht Club (BAYC), is a collection of 20,000 unique NFTs. In August 2021, Yuga Labs airdropped "mutant serum" NFTs to Bored Ape owners, allowing them to mutate their Bored Apes or mint new Mutant Apes. Like BAYC, Mutant Ape ownership offers community benefits and commercial usage rights, enhancing the value of owning these NFTs and further expanding the Bored Ape ecosystem.

Bottom Line

In summary, the Bored Ape Yacht Club (BAYC) epitomizes the fusion of art, digital ownership, and community in the NFT realm. With its limited series of 10,000 uniquely crafted digital apes, BAYC not only offers a piece of distinctive digital artwork but also a pass to an exclusive community with multifaceted benefits. Its remarkable rise in market valuation, the allure of rarity and individuality in each NFT, and the extensive rights granted to the owners, collectively underscore its position as a prestigious asset in the digital space.

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