Down the Rabbit Hole: BAYC, An Incredible NFT Collection
Why is the Bored Ape Yacht Club transforming into a hot NFT investment? We might be able to draw some conclusions for future NFT collections based on their features and price.
It’s becoming difficult to keep track of all of the expensive collections on the NFT marketplace. Some multi-million-dollar NFT riches include Axies, CryptoPunks, Degenerate Apes, Solana’s SolPunks, and Bored Ape Yacht Club.
Why is the Bored Ape Yacht Club transforming into a hot NFT investment? We might be able to draw some conclusions for future NFT collections based on their features and price. Then it would be much easier to invest in an NFT that could increase in value by 1000X or more!
Growth of NFT Market
Although Kevin McCoy and Anil Dash created the very first NFT Quantum in 2014, it wasn’t until the starting of 2021 that we saw a robust market emerge. Between February and July, monthly sales of NFTs ranged from $50 million to $322 million. The overall NFT sales fell by 24% in April, from March’s 239 million USD to 193 million USD in April.
During that time, Beeple created a record that is still relevant today: every day: THE FIRST 5000 DAYS, which sold for 69 million USD. The NFT market dropped roughly 90% in May, with weekly sales of barely 20 million USD. Collectibles, on the other hand, proved to be the most resilient of all NFTs, accounting for 156 million USD in sales.
NFTs found some stability during this time. Overall, NFT sales increased by 1,144 percent from the end of July to the middle of September, from 211.7 million USD to 2.6 billion USD. When we add up all of the NFT collections, we find that the top ten have a combined total of 3.6 billion USD in sales. The total volume has now surpassed 7 billion USD.
Since its inception on April 30th, the Bored Ape Yacht Club has quickly risen to notoriety. Let’s take a look at why this happened and whether they’re worth purchasing.
Bored Ape Yacht Club (BAYC)
The 10,000-strong NFT collection of ape avatars is known as the Bored Ape Yacht Club. As you might expect, the artistic flexibility to construct any styled ape under the sun shines through within that range.
Some are professional slackers, while others are cyborgs with rainbow fur and laser beams shooting out of their eyes. It’s safe to state that the number of BAYC types outnumbers the number of human personality types. As expected, this resulted in a massive increase in sales in a short period.
All 10,000 apes were sold out just a few days after the Bored Ape Yacht Club opened at the end of April, for a total of 24.3 million USD, or roughly 200 USD per ape.
Yuga Labs, based in Alexandria, Virginia, produced bored apes, inspiring by the famous Planet Of The Apes film trilogy. Specifically, Caesar’s line “Apes together strong” from the first film, the Rise of the Planet of the Apes (2011). Yuga Labs is made up of four members that go by the nickname Yuga and hide behind their cartoon ape inventions.
Each of the NFT of Bored Ape Yacht Club is built on the standard of ERC-721 token, accounting for 900 altcoins, and is hosted on the Ethereum Blockchain. As a result, Ethereum’s ETH is the currency with which Bored Apes Yacht Club NFTs can be traded.
At today’s currency rate, the cheapest ape costs more than 80,000 USD, while some have sold for more than 300,000 USD each.
There aren’t any bonding curves to be found here. A Bored Ape costs 0.08 ETH to purchase. There are no price tiers; everyone pays the same amount to join the BAYC. Each Bored Ape is one-of-a-kind, with over 170 different qualities to choose from, including expression, hat, attire, and more. Although all apes are fantastic, some are rarer than others.
Apeholders must be signed into their Metamask Wallet to access members-only sections like THE BATHROOM.
VERIFIED SMART CONTRACT ADDRESS: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D
Perks associated with the Bored Ape Yacht Club
The NFTs have another purpose besides being used as digital avatars. Lifetime membership to a secret apes-only club is granted to each BAYC NFT holder. Stephen Curry, the NFT star who paid $180,000 for a tweed-wearing Bored Ape NFT, is one of the more well-known Bored Ape owners.
So far, membership incentives appear to be highly profitable. The Yuga Labs team, for example, introduced a second ape series in a uniquely. They distributed 10,000 Mutant Ape serum vials instead of a new series. One was given to each lifelong member for free.
M1, M2, and Mega Mutant are the three tiers of the serum. The serum creates a Mutant Ape Yacht Club NFT when injected into a standard Bored Ape.
Furthermore, another 10,000 were made available to the general public, with each one selling for around 10,000 USD, or about 3 ETH. The Mutant Ape strain has approximately 260 million USD in total sales currently.
In terms of Yuga Labs’ roadmap, the BAYC Bathroom milestone is noteworthy. A canvas will be available to those who have at least one ape in their crypto wallet. The ape-holders can then paint a single pixel on the bathroom wall every fifteen minutes, resulting in a collaborative work of art.
The Mysterious Note is a pending roadmap goal. Ape-holders will have to solve a puzzle once it becomes legible. The first person to solve it will receive 5 Ethereum (approximately 17.2k USD) and a Bored Ape.
As you can see, Yuga Labs has a lofty goal in mind: to create an entire ecosystem based on apes, the first of which is the Bored Ape Kennel Club.
Bored Ape Kennel Club
A branch of the Bored and Mutant Apes comes in the form of the Bored Ape Kennel Club (BAKC), which has a membership of 10,000. This was a one-time-only, limited-time promotion that terminated on June 25th. For each Bored Ape they held throughout that one week, club members were entitled to one Club Dog NFT. Each dog’s characteristics are derived from a set of 170 possible attributes with varying degrees of rarity.
The hounds were initially free, and buyers simply had to pay for gas to get them. The trick is that once the BAKC collection hits the secondary market, each sale will be subject to a 2.5 percent royalty fee. The proceeds are then donated to no-kill animal shelters. The Wright-Way Rescue and The Giving Block are two of them.
The 2.5 percent royalty charge, on the other hand, was supposed to expire after six weeks. As can be seen from the trading volume below, there was a surge in sales at the end of that period. Since its introduction, the Bored Apes Kennel Yacht has generated 109 million USD in trade volume.
Different Aspects about BAYC
There are 40,000 different artworks if we count Bored Apes, Mutant Apes x2, and Kennel Club. It turns out, if the mutant serum didn’t already tell you, it’s all about harnessing the power of programmable graphics.
Meaning, if you choose a lot of features, the number of possible combinations increases exponentially, as if randomly created. Each Bored Apes Yacht Club NFT possesses seven qualities.
As a result, when they were created, Bored Apes each had their distinct appearance based on:
Of course, in the realm of speculative art, rarity is the name of the game, so the combination that results in the rarest features tends to get the highest bids. Like, just 108 of the Bored Apes have cyborg’s eyes. Only 49 people out of 10,000 have bored dagger mouths.
Buying an Ape
If each of the seven qualities has a rarity count that falls within these ranges, the NFTs are in high demand. BAYC #7495, with a rarity score of 364.42, is now the rarest ranking one.
Due to its “solid gold fur” feature, Bored Ape #7090 is one of the rarest apes available and represents the collection’s highest-selling to date.
In terms of the Mutant Ape strain, nine of them had the most incredible rarity score of 15071.64, putting them at the top of the list.
Through its appealing artwork and participation in the elite BAYC community, the Bored Ape Yacht Club — with accompanying collections Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) — has contributed significantly to the adoption and attraction of the NFT area.
The current price floor is 36.99 ETH
If you want to grab one, head over to OpenSea
Interested to read more about Bored Ape Yacht Club? Continue reading
Originally published at https://blog.thedapplist.com on October 14, 2021.
