What is Bored Ape NFT?

What is Bored Ape Yacht Club NFT?

The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique Non-Fungible Tokens (NFTs) depicting digitally-drawn apes, minted on the Ethereum blockchain. Launched in 2021 by Yuga Labs, ownership of a Bored Ape NFT grants membership to the "club," which includes access to digital and physical events, and intellectual property rights to the images. 

The unique traits of each ape contribute to their rarity and value. BAYC has gained significant popularity in the NFT space, with some high-profile celebrities such as Stephen Curry, Justin Bieber, Rich the Kid and many others owning their own Bored Ape.

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Who Created Bored Apes?

The Bored Ape Yacht Club (BAYC) NFT collection was created by Yuga Labs. Yuga Labs is a group of developers and creatives that have chosen to remain largely anonymous, following a common trend in the decentralized world of blockchain and cryptocurrency. Yuga Labs, LLC is the company and private entity behind the team, which indicates that the team are US-based.

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Bored Ape 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.

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How Much is Bored Ape worth?

The current floor price of a Bored Ape Yacht Club NFT is 49 ETH with a collection of 10,000 NFTs. This puts the current value of Bored Ape at 490,000 ETH or $927 million at today's prices. Bored Ape was initially minted at 0.08 ETH, which means it has increased in value by over 1000x.

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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.

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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.

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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.

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Bottom Line

In conclusion, the Bored Ape Yacht Club NFT collection, a product of Yuga Labs, has become one of the most sought-after and expensive NFT collections on the Ethereum blockchain. Its uniqueness lies in the individual traits of each Ape, the community-driven experience it provides, and the intellectual property rights offered to its owners. 

Despite being a newer entrant compared to CryptoPunks, BAYC has carved a significant niche for itself, bolstered by celebrity ownership and the promise of future benefits. The floor price of Bored Apes, while lower than CryptoPunks, is a testament to their growing value in the digital art space. This exploration of BAYC underscores the potential and dynamism of the NFT market.