Bored Ape Yacht Club (BAYC) has become an icon in the world of non-fungible tokens (NFT) since its launch in 2021. This project has captured the attention of collectors, celebrities and technology enthusiasts, becoming a symbol of status and exclusivity.
However, its trajectory has been marked by ups and downs, especially in the face of the volatility of the cryptocurrency market and the evolution of the NFT ecosystem itself. In this article, we will explore What is the Bored Ape Yacht Club?, its history, operation, evolution and current status, as well as the steps to acquire one of these NFTs.
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club is an NFT collection consisting of 10.000 unique digital apes, each with distinctive characteristics and traits. The collection was created on April 30, 2021 by YugaLabs, a company founded by four individuals using pseudonyms: Gordon Goner, Gargamel, No Sass, and Emperor Tomato Ketchup. BAYC NFTs were launched on the Ethereum blockchain, using the ERC-721 standard, which allows for the creation of unique digital assets.
Each ape has a combination of traits including background, clothing, eyes, hats, earrings, fur, and mouth. The rarity of each ape depends on the combination of its traits, which influences its value on the market. As NFTs were released, it became a status symbol to own one, especially due to the involvement of celebrities who bought and displayed their Bored Apes.
How does the Bored Ape Yacht Club work?
Bored Ape Yacht Club (BAYC) operates as an exclusive club where Bored Ape owners not only own a digital image, but also become members of a select community. Benefits of owning a Bored Ape include access to exclusive events, new NFT drops, and related merchandise. Additionally, being part of the BAYC gives members a sense of belonging to a group that shares common interests in digital art and cryptocurrency culture.
Collecting is all about scarcity and community, which has led to a surge in demand for these NFTs. As more people became interested in BAYC, NFT prices began to skyrocket, reaching astronomical figures on the secondary market.
The Otherside Metaverse
In that sense, one of the most ambitious developments of Yuga Labs is the metaverse Otherside, which launched in 2022. This metaverse allows Bored Ape owners to explore a virtual world where they can interact, play games, and engage in activities within a 3D environment. Otherside uses ApeCoin, a native token that allows users to transact within the metaverse.
The idea behind Otherside is to create a space where owners of Bored Apes and other Yuga Labs NFTs can interact, socialize, and participate in gaming experiences. Although Otherside's launch faced several delays and criticism, it is now one of the largest spaces for NFT owners to access, and where you can get your hands on different Otherdeed, or unique spaces within the Otherside universe.
In this free, basic NFT course you can learn everything you need to start using NFTs:
Evolution of the Bored Ape Yacht Club
Initial success
Since its launch in April 2021, Bored Ape Yacht Club has seen rapid growth in popularity and value. In its early days, the collection was met with enthusiasm, with NFT prices reaching astronomical levels. The combination of scarcity, celebrity support, and an active community contributed to BAYC’s initial success.
As the collection gained notoriety, Yuga Labs launched several additional projects to expand its ecosystem. These include:
- ApeCoin: a native token that enables project governance and is used in the BAYC ecosystem.
- Bored Ape Kennel Club: A collection of dog NFTs that were given away for free to BAYC owners.
- Mutant Apes: a collection that allows BAYC owners to transform their apes into mutant versions.
Challenges and controversies
But despite its success, BAYC has not been without its challenges and controversies. The cryptocurrency market crash of 2022, known as “crypto winter,” negatively impacted the value of NFTs, including those on BAYC. Bored Apes prices fell dramatically, and many owners found themselves with assets that had lost much of their value.
Additionally, the project has faced criticism for event-related incidents and management issues. An event called “ApeFest” in Hong Kong attracted criticism due to lighting issues that affected some attendees. There were also delays in the launch of the Otherside metaverse, leading to frustration in the community.
Actual state
As of 2024, the Bored Ape Yacht Club remains a relevant name in the NFT space, though its popularity has waned compared to its heyday. The collection has seen an increase in competition from other projects and a shift in market interest towards newer trends, such as Bitcoin Ordinals. However, some owners continue to see value in their NFTs, using their Bored Apes as branding and marketing tools.
Yuga Labs has made changes to its leadership and strategy to adapt to changing market conditions. Greg Solano, one of Yuga Labs’ co-founders, has resumed the role of CEO, promising to focus on the project’s crypto roots. Despite the drop in NFT value, some BAYC owners are still using their tokens to create brands and products in the real world.
How to get a Bored Ape Yacht Club?
If you are interested in acquiring a Bored Ape, there are several steps you need to follow:
1. Preparation
- Cryptocurrency Wallet: You will need an Ethereum-compatible wallet, such as MetaMask, to store your NFTs.
- Buying Ethereum: buy Ethereum on a cryptocurrency exchange platform. Make sure you have enough ETH to cover the cost of the NFT and transaction fees.
2. Purchasing platforms
- OpenSea- This is the largest and most popular NFT platform. You can search and buy BAYC NFTs on the secondary market.
- Rare: another platform where you can find BAYC NFTs.
- MagicEden: is another well-known platform where you can find BAYC NFTs.
3. Search and evaluation
- Filtered out: Use the filtering tools on NFT platforms to find apes with specific traits or prices within your range.
- Rarity Assessment: Research the rarity of apes to determine their potential value. Rarity is based on the ape's combination of traits.
- Transaction History: Review the NFT's transaction history to ensure there are no legal or security issues.
4. Buy
- Offer: Placing an offer on a BAYC NFT can be a strategy to obtain a more favorable price.
- Direct purchase: If you find an NFT at a price you think is fair, you can buy it directly.
- Transaction confirmation: Please make sure to carefully review the transaction details before confirming it.
5. Security
- Verification of authenticity: Make sure the NFT you are purchasing is authentic and belongs to the official BAYC collection.
- Wallet Security: Keep your wallet safe and use additional security measures such as two-factor authentication (2FA) or hardware wallets.
Conclusion
The Bored Ape Yacht Club has made a significant impact on the NFT world, becoming a symbol of status and exclusivity. Despite the challenges and controversies, the BAYC remains one of the most recognizable and valuable collections. Acquiring a BAYC NFT can be a challenging process due to its scarcity and high value, but with proper preparation and careful evaluation, it is possible to join this exclusive club of bored apes.
If you're interested in the world of NFTs and are looking for a unique and potentially lucrative experience, the Bored Ape Yacht Club is an option worth considering. However, it's important to remember that the NFT market is volatile, and you should always do your research and consider the risks before making an investment.
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