What you wish you had known about NFT

The world of non-fungible tokens (NFTs) is a massive business that has surpassed billions of dollars in 2021. Since the first NFT created a storm and several celebrities jumped on the bandwagon, many explanations about them flooded the internet. However, they continue to confuse and amaze old investors and new entrants alike. One NFT project, among many, that particularly intrigues crypto and NFT enthusiasts is the Bored Ape Yacht Club (BAYC) collection of selfless-looking monkeys.

So what is the Bored Ape Yacht Club and the Bored Ape NFT?

About Bored Ape Yacht Club

BAYC was created by a group of four friends known by their pseudonyms: Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass. They later revealed their identities as Greg SolanoWylie Aronow, Kerem and Zeshan, respectively. The collection of cartoon-like monkeys includes 10,000 NFTs with unique attributes that make them rarer from each other.

Programmatically generated from over 170 traits, these exist on the Ethereum blockchain and are stored as ERC-721 tokens. While most of them have “selfless” expressions, some of them also carry phonemes such as “vuh” and “oh”, as well as an angry and bewildered look. A number of monkeys can also be seen beaming from ear to ear.

Here are some frequently asked questions about the Bored Ape Yacht Club

What makes a BAYC collectible rare?

Each Bored Ape in the collection is unique. They exhibit distinct characteristics (or traits), including background color, expressions, eyes, fur, mouth, clothing, and headgear.

In 2021, BAYC introduced two more collections – Bored Ape Kennel Club (BAKC) and Mutant Ape Yacht Club (MAYC). BAKC was created to provide a four-legged companion to monkeys. They are not for sale and are offered for adoption to Bored Ape owners, who must pay gas – a charge paid for any trade on NFT platforms – to claim a dog.

Meanwhile, MAYC is a collection of up to 20,000 monkeys. They are created by exposure to “a vial of mutant serum or by hitting a mutant monkey in public sale,” according to the BAYC website. If monkeys ingest M1 or M2 sera, they will retain their original traits. However, the M3 serum could completely change a monkey’s appearance.

How much does a BAYC NFT cost?

Image credit: Bored Ape Yacht Club

According to the official BAYC website, buying a Bored Ape is not based on bond curves. Therefore, the supply of a Bored Ape does not influence the price of the asset available in limited quantity. So even if there are more tokens in stock, it will not cause the price to increase.

At launch, one Bored Ape NFT cost 0.08 ETH. Its website also states that there are no pricing tiers and that the cost of a BAYC membership is the same for every buyer. As of May 19, 2022, the price of one Bored Ape is around 97 ETH, according to OpenSea.

How much is Mutant Apes?

mutant monkey
Image credit: Bored Ape Yacht Club

According to OpenSea, a Mutant Ape costs around 19.57 ETH (as of May 19, 2022), and over 19,000 NFTs have been minted from around 12,400 unique owners. MAYC’s market capitalization is around 375,607.01 ETH, which is equivalent to around 734,125,905.50 USD, according to CoinGecko to May 19, 2022.

Why is BAYC so expensive?

Eminem buys NFT
Image credit: Marshall Mathers/ @eminem/ Twitter

One of the best-selling NFT series from Yuga Labs, the value of BAYC avatars depends on how many unique characteristics they have and how many monkeys share those characteristics. For example, Bored Monkey YC #7495 is one of the rarest monkeys, with a rarity score of 364.42. Her seven features are an aquamarine background, dagger in mouth, cross earring, cyborg eye, Dmt fur, wool turtleneck, and Irish bohemian hat.

Additionally, celebrity ownership has boosted the sale and popularity of these collectibles. From actor-comedian Jimmy Fallon, rapper Eminem and Canadian singer Justin Bieber to American record producer Timberland, electronic duo The Chainsmokers and media personality and socialite Paris Hilton, many well-known personalities have invested in BAYC. Some of them have proudly used them as profile pictures for their social media accounts.

In 2021, BAJC #8817 was sold for a record $3.4 million. Sotheby’s Metaverse tweeted: “This is the first time it’s been available since its inception. Less than 1% of all Bored Apes have the gold fur trait. From the collection of @j1mmyeth”.

What do you get when you buy a BAYC collectible?

Image credit: Bored Ape Yacht Club

By purchasing a BAYC token, you become a member of the club and benefit from exclusive advantages. This includes access to an exclusive Discord server and The Bathroom, which acts as a digital space where Bored Ape holders can “draw, doodle or swear” – something like a “collaborative graffiti board”. After logging into their Metamask wallet, owners can access The Bathroom after the presale period.

Other benefits Bored Ape holders enjoy come in the form of rights that allow them to craft and sell their own wares. These include prints, T-shirts and coffee mugs. Additionally, BAYC is releasing its own exclusive merchandise for its NFT owners.

What is the $APE token?

In March 2022, Yuga Labs announced the launch of a new ApeCoin ($APE) token just days after declaring their acquisition of CryptoPunks and Meebits. According to its official website, “ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the cutting edge of the web3”.

To put it simply, it helps serve as a token to govern the future of the BAYC community. It not only brings new people into the crypto and NFT ecosystem through games, events and merchandise, which users can access, but it also showcases the potential of this space that goes to beyond simple “profile pictures”.

(Main and featured images: Bored Ape Yacht Club)