The crypto world is vast, and although at first, people only used blockchain technology to mine and collect cryptocurrencies, since ETH appeared on the market, many diverse projects have popped up. One of those projects is the NFT world, which has become extremely popular in the past few years, which is why many celebrities have decided to jump on the train and buy some non-fungible tokens.

Nonetheless, although virtually anything can be turned into an NFT, not all of them are equally popular. There are some galleries and collections that are much more valuable due to several factors, such as uniqueness and other intrinsic perks. Some of them are Cryptopunks, Otherdeed for Otherside, and the Bored Ape Yacht Club.

On the following page, we are going to be talking about this last NFT collection, but we must first explain more about NFTs and how they work.

What Is an NFT?

The best way of explaining NFTs is by comparing them to real-world objects, such as art pieces and collectible items. However, they are sold online, and people can acquire them through cryptocurrency auctions. NFTs are coded in a determined blockchain, such as Ethereum, the most popular blockchain for NFT development.

These non-fungible tokens first appeared in 2014, but they recently created a massive craze around them, as they allow artists to return value to their artworks by giving them complete ownership of them. In 2021, the NFT market reached a net worth of $41 billion, which can be compared to the net worth of the global fine art market.

Moreover, NFTs are so special due to their uniqueness. Each has a unique code, so there can only be one of each kind. This makes them highly appealing to digital art collectors who don’t want to miss special pieces and collections.

NFTs eliminate the problem of digital art that can be easily replicated by simply taking a screenshot or copying the image.

Fungible Versus Non-fungible Assets

The first thing you need to do to understand fungible and non-fungible assets is to learn about fungibility in traditional finance. However, remember that crypto assets express this property through a code sequence. 

On the one hand, fungible tokes can be divided and aren’t unique. One good example of fungible tokens is fiat currencies such as the dollar and euro. A dollar is going to have the same value as any other dollar, and you can divide it into smaller pieces called quarters and pennies.

However, non-fungible assets are one of a kind and can’t be divided into smaller pieces, such as houses, works of art, or academic degrees. This is the logic that non-fungible tokens follow, as they represent the property of a physical or virtual item. This is done through blockchain technology, which allows us to track every item and action done in the chain.

What Is the Bored Ape Yacht Club?

The Bored Ape Yacht Club is the largest and most popular NFT collection on the market. It features 10,000 unique NFTs, which are variations of the same monkey illustration. These illustrations were created by algorithmically combining 172 possible traits with different rarity degrees.

Some features such as laser eyes, blue beams, gold fur, and many others are extremely valuable, as only a few apes have them. BAYC members seek to collect apes with a higher rarity degree, but the prices can surpass the millions of dollars.

Many people may believe these illustrations can only be used as an overpriced social media profile picture. Still, once you join the BAYC, you are going to receive a membership to its exclusive club, which is filled with celebrities and highly influential people.

Anyone Can View Bored Ape Yacht Club Pieces, but Only Investors Can Own Them

The Bored Ape Yacht Club isn’t about owning a JPG picture of a monkey, as anyone can do this if they go to BAYC’s website and click on one of the illustrations. Being part of this club includes several benefits that are much more appealing than simply owning an ape’s picture.

Once you’re a member of this club, you are going to enjoy several benefits, such as access to premium crypto content, being able to interact with others in the club, and going to its meetups, which tend to have exclusive guests, such as Chris Rock and The Strokes.

Who Created the Bored Ape Yacht Club?

The four founders of Yuga Labs created this exclusive club. They all went by pseudonyms at first, so the public only referred to them as Gordon Goner, Emperor Tomato Ketchup, Gargamel, and No Sass. However, their identities were later revealed by Buzzfeed, and their real names are Greg Solano, Kerem, Wylie Aronow, and Zeshan.

Moreover, the monkey illustrations were made by a freelance artist called Seneca.

When Was the Bored Ape Yacht Club First Released?

The Bored Ape Yacht Club was first released in April 2021, and it rapidly became one of the most popular NFTs collections on the market, as all 10,000 NFTs were sold within the first 12 hours for 0.08 ETH each.

However, the price of each monkey kept rising unit its big spike in July of 2021, becoming a blue-chip set.

The Bored Ape Yacht Club Community Is Very Active

One of the essential aspects of NFT projects is building a solid community, and the Bored Ape Yacht Club does a fantastic job at this. It organizes meetups with its members in several states of America, such as New York and California. However, international congresses have also been done in the UK. 

One of these meetings was a real yacht party in which several celebrities were featured to provide private shows to the club members. These events are one of the most exciting parts of being in the BAYC, as it allows its members to get to know each other and interact.

Being part of a strong community is extremely important for any NFT project, as these pieces are only as valuable as how much people are willing to spend for them. Therefore, owning an ape is much more important than owning any other NFT, which is a massive factor in its price.

Owning an ape has also become a status symbol among celebrities, so many have bought this famous illustration.

Some Bored Ape Yacht Club Pieces Are Rarer Than Others

Before getting to know more about the rarity of these NFTs, you must know there are two main types of NFT arts. The first type consists of unique tokens sold like paintings in real life. However, the second type of NFT is collections of a particular art style, such as the Bored Ape Yacht Club, which is also the most popular type of NFT.

You can find both types of NFTs on OpenSea, the most popular platform for selling NFTs. It is going to show the NFT’s properties and the rarity percentage, which must be under 1% to be considered rare. Some of the rarest apes in the collection have special features such as golden skin.

The Prices of Bored Ape Yacht Club NFTs Vary

The floor price for Bored Apes is 145 ETH. This is the price you would pay for an ape without any unique traits. However, this price can quickly fluctuate depending on the characteristics of each ape. 

Some apes have been sold for $1,300,000 and even $3,000,000, as they featured sub-1% traits that are extremely valuable for NFT collectors. These traits were randomly generated by an algorithm, which can ensure all apes are unique. Moreover, some people try to collect several apes with as many rare features as possible.

What’s the Most an NFT Investor Has Ever Paid for a Bored Ape Yacht Club NFT?

The record for the most expensive BAYC NFT goes to the Bored Ape #8817. It was sold for 852.39 ETH, roughly translated to $3,400,000. 

This bored ape features a spinner hat and a party horn, which are extremely rare items in the collection, as well as a silver hoop earring, a wool turtle neck, and golden fur. All of these traits make it reach a rarity score of 297.37. It was auctioned on the popular Sotheby’s Metaverse marketplace

Bored Ape #8817 was bought by the founder and CEO of “nft42” when the auction was made available.

What Drives the Price of These NFTs?

This collection allows collectors to be part of the Yacht Club, a merchandise store, and a discord server exclusive for the owners of a Bored Ape. Moreover, being a member allows you to buy exclusive NFTs, such as the Bored Ape Kennel Club and a mutant serum to be part of the Mutant Ape Yacht Club.

You can also receive free cryptocurrency and other exciting assets. Being part of this club ensures you are going to get access to a wide variety of unique assets and NFTs.

Moreover, another element that makes this collection so appealing is its community. Many people take pride in their monkeys and aren’t afraid of displaying them on their social media profiles. 

This NFT collection is an exceptional addition to the NFT world, and it is only going to keep growing stronger. Therefore, they’re considered a status symbol due to their high prices. This has a lot to do with the pandemic, in which people had to find new ways of showcasing their riches while being entirely online.

Moreover, some people also use this collection as a marketing strategy, which is why some wealthy artists decide to buy their own Bored Ape to become relevant in this community.

How to Buy a Bored Ape Yacht Club NFT

After reading all of this, you probably believe that only the rich and famous can buy a BAYC NFT, but that’s not true. If you have the money, you can also get your own Bored Ape by following these simple steps.

Final Thoughts about Bored Ape Yacht Club NFTs

BAYC NFTs aren’t the best for beginners, but they are highly beneficial to anyone who is part of the community. Therefore, we encourage you to do your own research about these famous apes if you want to become the happy owner of one.

Please don’t feel intimidated by all the celebrities who own a Bored Ape. Being part of the BAYC is a fantastic experience that anyone should be able to live. Therefore, if you really want to own an ape, please feel free to work towards it.