If you’ve been following the NFT craze, you’ve probably seen some of the Bored Ape Yacht Club (BAYC) NFTs.
These are digital images of cartoon apes with different attributes, such as clothes, accessories, fur colour, and facial expressions. They are part of a collection of 10,000 unique NFTs that live on the Ethereum blockchain and have become one of the most popular and valuable NFT projects ever.
But what is BAYC, and why are people paying millions of dollars for these apes? Here’s everything you need to know about this phenomenon.
What is BAYC?
BAYC is a project created by Yuga Labs, a company based in Delaware, USA. It launched in April 2021 and sold out in less than a day. Each ape was initially priced at 0.08 ETH (about $190 at the time), but now the floor price (the lowest price for an ape on the secondary market) is over 50 ETH (about $150,000).
BAYC is not just a collection of images but also a community and a brand.
Owning an ape grants access to exclusive benefits, such as a members-only graffiti board called THE BATHROOM, where apes can collaborate and create art. It also gives access to future projects by Yuga Labs, such as Mutant Ape Yacht Club (MAYC), which are spin-off collections of mutated apes, and Otherside, which is an upcoming metaverse game where apes can explore and interact.
BAYC has also attracted many celebrities and influencers who use their apes as their profile pictures on social media. Some of the famous ape owners include Jimmy Fallon, Eminem, Snoop Dogg, Neymar Jr., Timbaland, Paris Hilton, Justin Bieber, and more.
BAYC has also collaborated with major brands like Adidas and Gucci and has been featured on the cover of Rolling Stone magazine.
Why are BAYC NFTs so valuable?
The value of BAYC NFTs is determined by supply and demand, as well as by rarity and aesthetics. Since there are only 10,000 apes in existence and no more will be minted, the supply is fixed and scarce. The demand, on the other hand, is driven by the popularity and hype of the project, as well as by the desire to join the exclusive club and access the benefits.
The rarity of each ape is based on the combination of attributes it has. Some attributes are more common than others, such as brown fur or no clothes. Some attributes are very rare, such as gold fur or laser eyes. The rarer the attributes, the higher the value of the ape. For example, one of the rarest apes (#3749) sold for 600 ETH (about $1.8 million) in October 2021.
The aesthetics of each ape is also a factor that influences its value. Some apes are more appealing or expressive than others, depending on personal taste and preference. Some apes have become iconic or famous because of their owners or their stories. For example, one of the most recognizable apes (#7090) belongs to Eminem and has a hoodie and a microphone.
What is the future of BAYC?
BAYC is not showing any signs of slowing down. It has established itself as one of the leading NFT projects in terms of quality, innovation, community, and culture. It has also inspired many other NFT collections that use similar concepts or formats.
The future of BAYC depends on how Yuga Labs continues to develop and expand its ecosystem and vision. The launch of Otherside will be a major milestone for BAYC, as it will introduce a new dimension of gameplay and interaction for ape owners. The potential collaborations with other brands and celebrities will also increase the exposure and influence of BAYC.
BAYC is more than just a collection of digital apes. It is a phenomenon that reflects the power and potential of NFTs as a new form of art, expression, identity, and community.
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