If you’re active in the crypto space, there’s no way you haven’t heard or seen the Bored Ape Yacht Club (BAYC). Especially on Twitter, where proud owners of the club use it as their display pictures.
What is the Bored Ape Yacht Club?
It is an NFT collection of 10,000 unique apes possessing their own unique qualities and traits. The collection was just launched this April 2021 and becoming one of the hottest projects in the market! The 4 pseudonymous developers are Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass! The project kicked off with a boom as all 10,000 were sold out in 12 hours.
Why does the project stand out?
BYAC apes are a whole new ball game compared to your one-off NFT art. Pieces like Beeple NFTs, though can be valued at $69 million, are limited in utility.
Whereas BYACs are more of a collection and part of a big picture project. These NFTs follow a certain template, and are ranked on the basis of rarity. The rarity is determined by “properties” — varying fur types, facial expressions, clothing, accessories and more.
Why is BYAC so highly valued?
Firstly, and most obviously, the hype. With celebrities like Post Malone, Steph Curry and so on proudly displaying their Bored Apes, everyone wants to get their hands on them.
If you see anyone with a Bored Ape as their profile picture on Twitter these days, you know they’re smart investors. This has become a major social signalling that is boosting the value of the project.
Secondly, the utility. The project developers have created a very ecosystem to go beyond just ownership of the NFT. BAYC keeps owners hungry for more with exciting drops on the regular. It launched the Bored Ape Kennel Club, giving owners a chance to “adopt” a dog that mimics features of their Ape.
Another very popular surprise was the freebie of digital vials of mutant serum! Owners could mix their serum to mint a whole NFT of their mutant ape.
Features like “The Bathroom” and more in the future, will give Bored Apes a chance to exercise their utility.
Thirdly, the community. The community that Bored Ape Yacht Club has built has no parallel. The Ape Fest was conducted recently from 31st October to the 6th of November in New York City.
The first event was an “immersive gallery experience” at the Bright Moments Gallery that received an overwhelming response.
They also held an actual yacht party! Celebrities like DJ Kygo, and OneRepublic’s singer, Ryan Tedder made an appearance. The last event was a VIP charity dinner on the 6th of November.
What’s next for Bored Apes?
Bored Apes Yacht Club is certainly making its name around town. It even featured on the cover of Rolling Stones digital magazine! Check out the link here to actually see the live moving cover!
The project creators certainly have big plans for the project. They plan to launch WEN token in Q1 of 2022. Here’s what the creators said about this –
The future is looking very promising for the Bored Ape Yacht Club. They are building a project beyond just NFTs and it looks like they’re just getting started!