Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs. It is a set of unique digital collectibles living on the Ethereum blockchain.
The mint price at the beginning was 0.08 ETH and at present, The Bored Ape Yacht Club has a Floor price of 74.69 ETH (~$2500 / 2 lakh INR) on OpenSea at the time of writing.
The Bored Ape #3749 happens to be the most expensive and it was sold for 740ETH, (approx. $2.9 Million). Celebrities like Eminem, Snoop Dogg, Stephen Curry, Jimmy Fallon and so forth.
It is possible that most of what you just read, went over your head. So let me break it down.
What on earth is an NFT?
An NFT is an acronym for Non-Fungible Token. Fungible means something that can be traded or exchanged while retaining the same value. Such as spoon, money, bags, crypto, etc. Non-Fungible more or less means something that is Unique and Irreplaceable, such as a digital artefacts, baseball cards, or anything that is some sort of collectible in nature.
Now, since the concept of NFT is understood, let me hold your attention for a while longer. For the purpose of making it simple, I’ll narrate a story in a way, where you will understand multiple concepts that are correlated to NFTs.
“Mamba is an Artist. He has a passion for Painting and he has made a ton of paintings in his lifetime. Mamba knows about NFT, so what he does is, he either takes a picture of a particular painting or makes a digital artwork of it. He then uploads it onto any of the Blockchain that is available such as Ethereum, Solana, Avalanche, and others for a particular Crypto price. Anyone interested can buy Mamba’s Painting which is called Minting. Once it is minted, the transaction shall be verified and forever be recorded on that Blockchain. The ownership of that particular artwork by that Artist shall be transferred automatically to the Buyer.”
Allow me to elaborate on a couple of terms for further reference,
- Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
- Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.
BAYC as a Utility NFT
Moving onto BAYC, let me make it clear that, people are not spending half-million dollars merely on a Bored Ape Picture. It has more to do with the Utility it provides, the Vision of the Project, and the community it is building.
Bored Ape Yacht Club is an Exclusive Club. Owning one of the 10,000 Bored Apes is the entry pass to get into the Club. They host luxurious parties around the world and moreover the Club consists of people who are wealthy enough to spend Half a Million Dollars on a Bored Ape picture to be a part of an Exclusive Club. This provides great potential for networking or better yet, getting a chance to meet and hang out with celebrities behind the curtain.
BORED APE KENNEL CLUB
After releasing the first collection of 10,000 Bored Apes, In June 2021, BAYC came out with Bored Ape Kennel Club, where the owners of the Bored Apes were given a chance to adopt a dog (Digital picture of a Dog) from the Bored Ape Kennel Club for free of cost as long as they could pay the Gas (Transaction fee) price. At the time of writing this, the Floor price of Bored Ape Kennel Club on OpenSea is at 6.9ETH.
MUTANT APE YACHT CLUB
In August 2021, BAYC rolled out another collection consisting of 20,000 Mutant Apes in the form of Mutant Ape Yacht Club. 10,000 Mutant Apes were reserved for Bored Ape Owners and the other 10,000 Mutant Apes were for the ones, who missed out on the Bored Ape and as the last chance for people to secure membership into its Exclusive Club.
There were two ways to secure a Mutant Ape. First was by way of buying a Mutant Ape during its public mint and the second was by buying a Mutant Serum which would later be used on the Bored Ape. Using a Mutant Serum on a Bored Ape generated a new Mutant Ape NFT while retaining the original Bored Ape NFT. At the time of writing this, the Floor price of Mutant Ape Yacht Club is 18.48ETH.
Conclusion
BAYC became eye candy for the public, which brought a huge wave of attention towards NFTs. It can also be said that BAYC is one of many reasons why NFTs became so popular today. Bored Ape Yacht Club NFT is not only a picture of a monkey but it stands for something bigger underneath the surface. The community they are building is exclusive in nature and they intend to make 100X returns for its investors. Web 3, NFT, and Crypto are about building a Community and Bored Ape Yacht Club has garnered the attention of millions of people and has highlighted the potential of NFTs. They have laid out a blueprint for their success and more are yet to follow their footsteps while innovating along the way. Now, it is the beginning of a New Era of how NFT’s changed the game.
[1] https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
[2] https://www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency
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