Need a complete BAYC NFT guide to help you determine whether or not Apes are actually ruling our world?
Since 2021, you’ve been seeing these bad boys everywhere! We’ve also seen a lot of NFT startups initiate big and suddenly become history. But BAYC has managed to keep its community intact over the past couple of years. Even through a rough bear market. What got them so popular and how can you join? Just read on.
What is the Bored Ape Yacht Club?
BAYC is an NFT collection by Yuga Labs, featuring 10,000 pieces on the Ethereum blockchain. Each NFT is unique and individual, with rarity depending on the Ape’s background, fur, accessories, etc. Yuga Labs’ initial goal was to “build a media empire entirely centered around NFTs.” With BAYC being the first step towards achieving their goal.
Since its first mint, BAYC has created new NFT collections, upgrades, a coin, and much more. These advancements kept an ongoing interest in the community, leading to shocking sale prices and hooking all-star celebrities into the club.
Bored Ape holders get exclusive access to new drops and upgrades. For example, both the Mutant Ape Yacht Club and the Bored Ape Kennel Club entitled BAYC members to participate for free. Both of these collections sold for high prices, giving BAYC members apparent perks.
BAYC NFT Guide: How it all started
Yuga Labs was founded by a group of 4 friends, a writer, a former student, and 2 software engineers. While conceptualizing the art, the group found it fitter for display on a bathroom wall than a traditional canvas. After that, they felt they wanted that bathroom to be in a bar. An exclusive bar accessible only to members of a club. From there the Yacht Club comes to mind. Also, the club is inhabited by apes, futuristic bored apes to be precise.
From there, the Yuga Labs team launched their project on April 23rd, 2021 priced at 0.08 ETH per ape (about $190 at the time). By April 30, sales were still on the low, until Pranksy bought 250 apes and tweeted about it to his large following. Within 12 hours, BAYC sold out. The BAYC team declared they didn’t get in touch with Pranksy ahead of his purchase. Over the next month, BAYC secondary sales began to skyrocket.
— Pranksy ???? (@pranksy) May 1, 2021
Celebrities and their Apes.
Not everyone was willing to pay that much money to own an Ape, but all BAYC needed was enough of the right people. The main example: celebrities.
The Tonight Show host Jimmy Fallon joined BAYC with Ape #599 for 46.6 ETH.
American rapper Snoop Dogg owns a whole set of BAYC, MAYC, in addition to BAKC. Snoop also owns CryptoPunks, Artblocks, XCOPY, and many other high-value NFTs. #6723
World-class rapper Eminem couldn’t resist the trend and joined BAYC with Ape #9055 from Twitter user GeeGazza who had been hoping for Em to be the owner. In 2022, Gee’s dream became a reality when Marshall bought it for 123.45 ETH (over $400,000 at the time).
What urged all these celebrities to join the BAYC if not after communication with Yuga Labs? Of course, there’s the obvious hype around owning an ape. But also, the utility that comes with it. Which brings us to our next point.
BAYC NFT Guide: Utility
One of the BAYC team’s fortes was making the utility clear from day 1. This kept their community continuously engaged, and people were always interested in buying Apes, which brought secondary sale prices even higher.
When you buy a Bored Ape, you gain access to an exclusive club with lots of benefits and offerings. Some of which are below:
- The commercial usage rights to your Apes.
- Exclusive BAYC merch.
- The entire supply of BAKC NFTs was airdropped to BAYC NFT owners.
- Also, MAYC was exclusive to club members before opening up to the public.
- BAYC members have a say in where the project’s funds go.
- BAYC interactive Bathroom access.
- Free $APE (ApeCoin) they can immediately cash.
What is $APE?
Days after announcing that they’ve acquired CryptoPunks and Meebits, Yuga Labs revealed the launch of ApeCoin ($APE). ApeCoin is a “token for culture, gaming, and commerce. In other words, $APE will serve as a token to govern the future of the Bored Ape community.
The token wasn’t-entirely created by BAYC, ApeCoinDAO is the main creator. But then comes a problem. $APE seems to have issues that the NFT community condemns: venture capitalists and centralization.
Traditionally, those who have more tokens have more leverage in a DAO’s governance. Andreessen Horowitz and Animoca Brands were two of the biggest recipients of ApeCoins, after investing in Yuga Labs. A representative for Yuga Labs confirmed that they and other launch partners received a collective total of 14% (140 million tokens). That’s the same amount that the entire BAYC community received, which is formed of tens of thousands of individuals. An incident that has disappointed a large sum of the NFT community, mainly centered around decentralization.
What is the BAYC Bathroom?
Another advantage to BAYC members is the Bored Ape Yacht Club Bathroom. Ape holders can paint one pixel every fifteen minutes on a virtual bathroom wallet. This is basically all that it serves, a community drawing board. However, it helps keep community members engaged in the BAYC universe.
Conclusion on the BAYC NFT Guide
Yuga Labs and the entire BAYC team have successfully taken the world by storm. Over the past almost 3 years, they’ve shown their community what innovation truly means and offered them perks that few could compete with. The team still plans on expanding with more events and even movies. So it looks like they’re on the right track to building their media empire completely centered around NFTs.