The Bored Ape Yacht Club (BAYC) is one of the most popular NFT collections out there. If you bought an ape in the early stages of the project, lucky you. In less than a year, the price of these NFTs skyrocketed, with many selling for over $200,000 apiece. Having an ape as a profile picture on Twitter has quickly become a sign of exclusivity and wealth.
But being a part of this community goes beyond money and power. Owning the traditional ape, a mutant ape NFT, or even a Bored Ape Kennel Club NFT comes with its benefits. BAYC members are given unparalleled access to one of the world's most exclusive social clubs. From access to the mutant serums that allow you to create mutant apes, members-only events such as ApeFest, owning the commercial rights to some of the most exclusive NFTs out there, and more, many other NFT projects cannot compare.
If you're looking to find out more about the Bored Ape Yacht Club, you're in the right place. From who owns BAYC NFTs and their benefits to who created the project, our Bored Ape Yacht Club Guide has everything you need to know.
What Is Bored Ape Yacht Club (BAYC)?
You might have heard of the Bored Ape Yacht Club (BAYC) from the likes of Paris Hilton and rapper Snoop Dogg. The BAYC is a collection of 10,000 Bored Ape NFTs on the Ethereum blockchain space.
The NFT collection went live with a pre-sale on April 21, 2021. Since then, its sales have gone over $1 billion. At the time the bored apes went live, they sold out in 12 hours for 0.08 ETH each, less than $200 at the time.
Perhaps the largest NFT project out there, the BAYC grants owners of a bored ape access to a private online club, exclusive in-person events, and intellectual property rights for the image they own. Each of the 10,000 apes in BAYC has its own rare traits. From face expressions and jewelry to different furs, each NFT owner holds a special bored ape in the collection.
The Bored Ape Yacht Club is unlike other NFT projects. Rather than just offering a digital image, bored apes come with a fictional backstory that has been developed by the creators. The collection includes a Bored Ape Kennel Club, a bathroom, and more.
What Is a Non-Fungible Token (NFT)?
A non-fungible token (NFT) is a cryptographic asset on a blockchain with unique metadata that distinguishes it from others. NFTs are typically digital files such as photos, videos, and audio, including art. NFTs can be created by anyone, requiring little coding skills to create.
The ownership of an NFT is recorded in the blockchain through a digital signature and can be transferred to others. However, unlike crypto trading, an NFT cannot be traded at equivalency. While cryptocurrencies are fungible tokens that are identical to each other, NFTs after not. Think about this - while all bitcoins at a given time are equal, each NFT might represent a different asset and have a different value.
NFT art can be divided into two main categories. You have some that are sold as one-off non-fungible tokens, likewise to how a famous painting is trading in real life. Then you have "editions" such as the bored apes. These are non-fungible tokens but are sold like collectible trading cards which can contain a large number of NFTs.
Who Created Bored Ape Yacht Club?
The Bored Ape Yacht Club's team was at first pseudonymous. Developed by Yuga Labs, the team consisted of a group of friends known as Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.
However, in February 2022 the co-founders were doxxed. BuzzFeed News revealed the identities of Gordon Goner and Gargamel as Wylie Aronow and Greg Solano. The CEO of Yuga Labs, Nicole Muniz, went on to confirm BuzzFeed's report. Aranow and Solano uploaded images of themselves on Twitter to reveal their true identities. Then the other members of the team decided to reveal their names. No Sass and Tomato Ketchup revealed themselves on Twitter as Kerem and Zeshan.
What are the roles of the Bored Ape Yacht Club team? Kerem and Zeshan are programmers with vast knowledge in computer science. Before embarking on the NFT project, they were not however crypto experts and only dived into this world in February 2021. Aronow was a crypto day trader, while Solano is a writer and editor.
Solano and Aronow came up with the concept for the Bored Ape Yacht Club. The project centered around newbie crypto investors all becoming billionaires through a shared digital canvas available to all. The apes were chosen as the main symbol for the NFT due to the crypto phrase "aping in", meaning to take the financial risk of buying a token shortly after its launch without thorough research.
What is Yuga Labs?
Founded in February 2021, the Delaware company Yuga Labs is known for launching the largest NFT projects out there, the Bored Ape Yacht Club, as well as acquiring CryptoPunks and Meetbits. A major player in the crypto and NFT ecosystem, let's just say the company has made lucky collectors a lot of cash with billionaire dollar projects.
Yuga Labs' success skyrocketed in the summer of 2021. In June 2021, Yuga Labs launched a spinoff collection for bored ape members called Bored Ape Kennel Club, followed by the Mutant Ape Yacht Club in August. Quickly, the NFTs from these collections increase in price on secondary markets, going viral online.
In March 2022, Yuga Labs got its first $450,000 in a funding round led by silicon valley investor Andreessen Horowitz. Yuga Labs then acquired CryptoPunks and MeetBits and announced a launch of a metaverse project called Otherside.
The CEO of Yuga Labs is Nicole Muniz, while the Yuga Labs team consists of Bored Ape Yacht Club co-founders Aronow and Solano. Kerem and Zeshan later joined as programmers. At first, the identity of the co-founders was anonymous as they went by the pseudonyms of Gordon Goner and Gagamel. In February 2022, BuzzFeed News revealed their identities.
What Makes BAYC so Popular?
While NFTs have been around since 2014, 2021 marks the year non-fungible tokens made it into the mainstream. But the desirability of the bored ape NFT goes beyond the recent NFT hype. The Bored Ape Yacht Club is one of the most valuable NFT collections out there and many argue it boomed due to celebrity popularity.
What makes bored ape NFTs so expensive is the fact that these are owned by the right people. Celebrities such as Tom Brady and Kevin Hart have not only publicized their support for the NFT space and Blockchain industry but have collections of their own. The celebrity hype is what makes it expensive.
Many celebrities made their bored ape NFTs their profile photos on social media. The BAYC NFTs are also known as profile picture (PFP) NFTs which essentially give free promotion to the project. They are also a sign of exclusivity and increase the desirability of the BAYC NFT collection.
While celebrity endorsements matter, the Bored Ape Yacht Club's launch of new projects and alterations have arguably kept the hype going.
Who Owns Bored Apes?
In the summer of 2021, the hype surrounding bored apes NFTs reached a new level with celebrities publicizing their ownership. Let's take a look at some of the largest celebrity bored ape owners out there.
Celebrity Bored Ape NFT Holders
- Paris Hilton: In early 2022, Hilton announced on the Tonight Show starring Jimmy Fallon that she joined the Bored Ape Yacht Club when she purchase ape #1294 for 119 ETH, around $275,000 at the time. Her ape features red fur, sunglasses, and an s&m hat.
- Madonna: Madonna joined the Bored Ape community in March 2022 when she purchased ape #4988 for 180 ETH, around $500,000 at the time. The ape features a quirky shirt, pink fur, and blue eyes.
- Tom Brady: The football quarterback Tom Brady purchased Bored Ape #3667 for 133 ETH. It ranks as the 4,252nd rarest in the Bored Ape NFT collection.
- Justin Bieber: Justin Bieber purchased the Bored Ape #3001 in January 2022 for 500 ETH, a crying ape with brown fur and a black t-shirt. The BAYC community questioned his decision as he paid around 4x the market value for an NFT that was not considered rare.
- Jimmy Fallon: Fallon purchased ape #599 for 46.6 ETH with the crypto app Moonpay. His ape includes a navy striped tee, heart sunglasses, and a sea captain's hat.
- Post Malone: Post Malone joined the Bored Ape NFT community with two ape NFTs for around $700,000. Ape #961 features in Post Malone's music video with The Weeknd for the song "One Right Now".
- Kevin Hart: Comedian Kevin Hart purchase ape #9258 in January 2022 for 79.5 ETH, costing him $200,000 at the time. His ape features a rainbow spinner hat and angry eyes.
- Snoop Dogg: Snoop Dogg is an avid NFT collector. He owns a Bored Ape Kennell Club, as well as a full set of BAYC and MAYC. He owns many other valuable NFTs.
- Mark Cuban: Billionaire Mark Cuban owns the Bored Ape Yacht #1597. It was given to him as a gift and features a Hawaiian shirt and cheetah fur.
- Shaquille O’Neal: Shaw has dived into Mutant apes, opening MAYC #14452 with crosses on its eyes, a part of Bored Ape Yacht Club's third collection. He purchased it for 4.8 ETH, around $200,000.
BAYC utility
So why would one want to purchase such an expensive BAYC NFT? The reality is that the value for ape owners is unparalleled to other digital images in the NFT community. Bored ape owners are given access to one of the world's most exclusive social clubs in the NFT world, the Bored Ape Yacht Club. Being a member of the BAYC has its benefits as Yuga Labs makes sure to keep things interesting.
The Bored Ape Kennel Club (BAKC)
The Mutant Yacht Club (MAYC) was originally only a member-exclusive NFT collection but then opened up to the public, leading to a wave of new purchases of mutant ape NFTs. In August of 2021, a new free feature arrived, digital bottles of mutant serum. The mutant serum allows bored ape owners to make a mutant version of their ape by mixing it together.
The Mutant Yacht Club (MAYC)
The Mutant Yacht Club (MAYC) was originally only a member-exclusive NFT collection but then opened up to the public, leading to a wave of new purchases of mutant ape NFTs. In August of 2021, a new free feature arrived, digital bottles of mutant serum. The mutant serum allows bored ape owners to make a mutant version of their ape by mixing it together.
The BAYC Bathroom
As a member of the BAYC, collectors are granted access to the private bathroom. This is essentially a digital board where ape owners can paint a pixel on the bathroom wall every fifteen minutes. In an innovative art project, club members can collaborate on an art project while remaining anonymous due to high-quality security.
Exclusive Events
The Bored Ape Yacht Club hosts a yearly festival called ApeFest for owners of bored apes and mutant apes. In 2021, the festival featured a party on a yacht and performances by Lil Baby, The Strokes, Chris Rock, and Aziz Ansari. Celebrity guests were also present such as Kygo, showcasing the celebrity promotion of the project.
Ownership and Commercial Rights
Purchasing an NFT from the BAYC or MAYC collection means you own it. NFT holders receive full ownership AND commercial rights to their apes. This means that along with owning an expensive and exclusive digital asset, they can also further profit from its ownership. For example, NFT holders can sell merchandise of their bored apes or use them in the branding of their company.
What is the Apeverse?
The Apeverse is a decentralized financial payment network that uses blockchain technology to simulate the traditional economic system. The Apeverse network has handled hundreds of billions in transactions. The payment network uses stablecoins that are stabilized by its reserve currency ApeVerse. Stablecoins are cryptocurrencies in which their value is tied to another currency, usually fiat currency. They provide an alternative to the arguably high volatility of cryptocurrencies.
What is the ApeCoin ($APE token)?
ApeCoin (APE) is the governance token of the Bored Ape ecosystem economy that promotes community ownership. It is an ERC-20 token created by the Blockchain that was created to empower the ape bored community. Yuga Labs, the creator of the BAYC collection has adopted ApeCoin for all products and services.
APE has a total supply of 1 billion tokens with over 299,000,000 in circulation. The last known price of APE is $4.60.
Token holders can vote on governance proposals to make changes to the ApeCoin ecosystem via the ApeCoin DAO, the decentralized autonomous organization. Holders decide how to use the Ecosystem Fund, select projects, partnerships, and more. Token holders can also access features of the ecosystem such as services and events.
The APE Foundation then carries out community-led governance that has been decided by the holders. The foundation was created to grow the APE ecosystem in a democratic matter. The decentralized board of the APE Foundation consists of five members from the crypto community that make sure the company's goals are being carried out. APE holders vote for new board members every year.
Bottom Line
A 12-hour sold-out pre-sale in 2021 and over $1 billion in sales ever since is no small feat. But in the last year alone, it's clear that much of BAYC's popularity comes down to media attention and celebrity ownership.
Nevertheless, credit where credit's due, Yuga Labs makes sure to keep members interested and the ape hype ongoing. From providing full commercial rights to its owners and innovative features such as the bathroom, being a Bored Ape Yacht Club member has its benefits. Despite criticisms of how it's grown in popularity, it is clear that the project is not disappearing anytime soon. In fact, there's much more to come.
Yuga Labs plans to open a real clubhouse in Miami and turn the project into a DAO. The company is also diving into new markets such as the gaming world. The BAYC v MAYC mobile game allows bored ape owners to fight with mutant ape owners to win prizes.
But perhaps the most highly awaited project by Yuga Labs is known as Otherwise. Set to launch on July 16, the Bored Ape Club's new metaverse project officially started testing last week. Otherwise is a metaverse game built in partnership with the British company Improbable. A virtual world connected to the BAYC ecosystem, Otherwise is rumored to break new ground in the blockchain space.
