Table of Contents
- 1 What is Bored Ape Yacht Club?
- 2 Bored Ape Yacht Club NFT: PFPs and exclusive club membership tokens
- 3 History of the Bored Ape Yacht Club NFT
- 4 Why are Bored Ape Yacht Club NFTs valuable?
- 5 Bored Ape Yacht Club: NFT-type digital collectibles understood as membership tokens
- 6 Bored Ape Yacht Club attributes
- 7 How to buy a Bored Ape Yacht Club?
What is Bored Ape Yacht Club?
Bored Ape Yacht Club is, along with CryptoPunks, one of the most popular digital collectibles in NFT format on Ethereum. If CryptoPunks can be considered the genesis of the PFP (profile picture) concept applied to collectible digital assets that take the form of non-fungible tokens, Bored Ape Yacht Club represents the refinement of this concept through a series of innovations.
First of all, the Bored Ape Yacht Club NFTs are not only presented as a digital collectible that follows the canon established by CryptoPunks -with a supply capped at 10,000 units and an attribute system linked to rarity. Rather, each Bored Ape Yacht Club NFT represents a membership token to an exclusive digital hangout called the swamp club.
The second novelty is that Bored Ape Yacht Club implements a much more generous licensing system for its IP (intellectual property), which allows owners of NFTs to exploit them commercially -for example, licensing all kinds of derivatives, editorial, and audiovisual products, or merchandising. The CryptoPunks, on the other hand, were launched under a much more restrictive IP regime, which allowed a level of exploitation by NFT holders to be capped and restricted to certain uses -although that is something that has recently changed, as a result of the acquisition of CryptoPunks and Meebits IP from Larva Labs by Yuga Labs, creators of Bored Ape Yacht Club.
In this article, we’ll take a look at what Bored Ape Yacht Club are, review their origins as a collection of NFTs, explore their distinguishing features, and show you what metrics are important to consider before proceeding to purchase your first Ape.
Bored Ape Yacht Club NFT: PFPs and exclusive club membership tokens
Bored Ape Yacht Club is a collection of NFTs on Ethereum, made up of 10,000 unique avatars with varying levels of rarity determined by a combination of randomly generated attributes. As we have already explained, one of the characteristics that differentiate this Yuga Labs project from previous ones such as CryptoPunks is that the NFTs work as membership tokens of an exclusive club. Being a Bored Ape holder opens the door for you to participate in events, access airdrops such as the $APE token, and many other advantages.
As with CryptoPunks, the list of possible attributes is quite extensive and includes elements such as skin, mouth, eyes, background, clothing, and accessories such as hats. The mix of these elements varies greatly between apes and is one of the main factors determining the market price of each NFT. Those Bored Ape that present scarcer attributes -that is, they are present in a smaller number of NFTs- will be more expensive than those that are characterized by combining more common attributes.
Each ape is a non-fungible token that, unlike CryptoPunks, adopts the ERC-721 token standard -which makes it easy to integrate into all kinds of marketplaces without the need for wrappers. But what both collections do share is the fact that they belong to the PFP (profile picture) category which, as the name suggests, are perfect for being used as a profile picture on social networks.
But the similarities end there. While the creators of the CryptoPunks present them as an artistic project, Bored Ape Yacht Club has taken a more commercial approach from the beginning. The idea is to develop a powerful brand that in the future could compete with large global franchises such as Marvel or Disney. A key factor in the promotion and viralization of the project has been the adoption of an IP (intellectual property) model that guarantees a commercial license to each holder of an ape. Having a license that allows the commercial exploitation of the NFT is an intelligent economic incentive of the first magnitude that manages to transform the commercialization and marketing of the project into a collective effort.
Another key factor that explains the success of the collection is that Bored Ape Yacht Club is conceived as a kind of digital club. The community that has gathered around the project has organized events in various cities in the US, and also in other regions of the world such as the United Kingdom and Hong Kong. One example would be parties to be held on a yacht and in a former Brooklyn Steel warehouse that would include a performance by The Strokes, Beck and Lil Baby during New York NFT week in November 2021.
The fact that Bored Ape Yacht Club NFTs function as exclusive club membership tokens may be one of the secrets behind the incredible bull run (~1,898x in ETH and ~2,100x in USD) that they would experience since their launch in April 2019. 2021 to today’s date (March 2022).
The price floor of a collection is the minimum sale price that a token holder is willing to accept to get rid of it. And the fact that the Apes have become a status symbol that grants access to exclusive events (where you can meet famous holders like Gwyneth Paltrow, Eminem, Shaquille O’Neal, Post Malone, Snoop Dogg, Mark Cuban , and Steph Curry) is an intelligent mechanism that discourages its sale.
As with the CryptoPunks, we could say that the Bored Ape Yacht Club have reached the Olympus of NFTs and have gone from being simple digital collectibles to becoming true status symbols. And it is that in a world in which everything tends to be digitized, the ostentation mechanisms end up suffering the same fate. The role previously played by refined Audemars Piget jewelry and watches is now played by coveted and rare collections of NFTs that can be used as profile pictures on various social networks -especially now that platforms like Twitter implement verification mechanisms that certify that one really is the owner of the NFT in question.
History of the Bored Ape Yacht Club NFT
Bored Ape Yacht Club would be created and launched on the market in the spring of 2021 by Yuga Labs, a company originally made up of 4 people who would decide to adopt pseudonyms to protect their identity: first Gargamel and Gordon Doner, who would adopt the role of founders , and on the other hand Emperor Tomato and No Sass who would take care of all development issues.
It is important to point out that although Yuga Labs would be the creator of the collection and therefore the original repository of the intellectual property -which is assigned to each of the owners of an Ape-, the artistic design of the collection would fall to a freelance artist named Seneca.
The pseudonym of the founders of Yuga Labs, together with the fact of opting for a generous intellectual property license system with the owners of the NFTs that make up the collection, would be one of the main hallmarks of the project. The 4 original members of the team would manage to maintain their anonymity until February 2022, when their identities would end up being revealed -without their prior consent- by the digital media BuzzFeed.
Gargamel and Gordon Goner, the two co-founders, would turn out to be Greg Solano and Wylie Aaronow, two thirtysomething lovers of literature and philosophy -especially the works of David Foster Wallace and the Austrian philosopher Ludwig Wittgenstein.
Both would be surprised by the sudden success of their ape-themed NFT collection. At the time of its launch, Bored Ape Yacht Club would raise about 2 million dollars, but from there the thing would only grow and grow. During an auction held at Sothebys, more than 100 apes would be sold and around 24 million dollars would be raised – that is, almost a quarter of a million dollars per NFT on average. Numerous celebrities would begin to acquire Bored Ape Yacht Club NFTs, including: soccer star Neymar, singers Justin Bieber, Snoop Dog and Eminem, actress Gwyneth Paltrow, athletes Stephen Curry and Shaquille O’Neal, and the investor Mark Cuban. Another event that would boost the popularity of this digital collectible would be an interview with Paris Hilton on Jimmy Fallon’s famous late show, during which both would confess to being members of the select NFT collectors‘ club.
Along with the CryptoPunks, the Bored Ape Yacht Club would be protagonists of the NFT fever that would be experienced throughout 2021.
Several CryptoPunks with rare attributes would reach multi-million dollar prices, marking a record 8,000 ETH (23M USD) paid for an Alien in February 2022. The Bored Ape Yacht Club would not be far behind: in an auction held at Sotheby’s Marketplace , a coveted gold fur belonging to @jimmyeth, CEO of NFT42, would sell for $3.4M USD, breaking all previous records.
Why are Bored Ape Yacht Club NFTs valuable?
As we have already explained, Bored Ape Yacht Club NFT are PFPs or avatars represented as non-fungible tokens on the Ethereum blockchain, that act as a very special type of status symbol.
Bored Ape Yacht Club: NFT-type digital collectibles understood as membership tokens
Yuga Labs would take a very different approach to Bored Ape Yacht Club than Larva Labs did with the CryptoPunks. The latter would be treated as a kind of hybrid between a digital collectible and a pure work of art, detached from any utility beyond being a status symbol -although they can also be considered instruments to build a digital identity, a pseudonymous alter ego in the metaverse. But in any case, their value is individual, the CryptoPunks can be appreciated without the need to take into account the larger group of which they are a part.
Yuga Labs, on the other hand, would adopt an approach for its Bored Ape Yacht Club that would transgress the limits of pop art, to the point of turning the collection into something more than an artistic expression in the form of a digital collectible: the NFTs would act as membership tokens of a new movement, a brotherhood, a religion. The feeling of belonging is a very powerful human emotion, and the Bored Ape Yacht Club seems to have discovered the ultimate membership formula for a 21st century in which social networks and the metaverse will play a major role in our lives.
BAYC offers its members a certain mystique, the romantic idea of belonging to a select group of chosen ones embarked on a mission to transform the world – just like the secret societies did in the late 18th and 19th centuries, but with a more pop and carefree air. Another advantage over these secret leagues is that the Bored Ape Yacht Clubs are not only public, but also viral, thanks to their enormous potential for generating memes. Bored Apes holders are not only members of a select club of owners, but also its main promoters through social networks.
But not only that, there are also those who want to see in the collection the germ of a cultural franchise with enormous potential, something like a Star Wars of the Metaverse -especially now that Yuga Labs is about to launch Otherside, its own metaverse proposal.
Bored Ape Yacht Club attributes
There is no official taxonomy to classify NFTs, but in our portal you will see that we organize them based on five categories: PFP/avatars, art, gaming, derivatives and metaverse. As is obvious, the Bored Ape Yacht Club are NFTs of the avatar type or PFP (profile picture or profile image) that are used as status symbols or as a form of digital identity in social media and, in the future, in the metaverse.
As with all other PFP-type collections, each Bored Ape is unique, but not all are equally valuable. Some apes have extremely rare typologies or attributes, while others are very common, which is often reflected in their price.
Unlike the CryptoPunks, the Bored Ape Yacht Club are not divided according to general typologies (sex or race). Instead, they are differentiated by a combination of 7 attributes, each of which presents a range of options:
- Background color (8 variations).
- Clothes (43 options).
- Slope (6 options).
- Eyes (23 options).
- Skin (19 variations).
- Hat (36 options).
- Mouth (33 variations).
Among all these attributes, the type of skin has emerged among collectors as the most decisive when determining the valuation of the collectible. Specifically, the exponents of golden skin (solid gold) and psychedelic (trippy) are the ones that have reached the highest valuations (in some cases, several million).
How to buy a Bored Ape Yacht Club?
At the time of its launch in April 2021, Bored Ape Yacht Club price (mint price) would be 0.08 ETH (which was equivalent to less than 200 USD at the time). In less than 12 hours, the collection would be completely sold.
Currently, the process to acquire a Bored Ape involves connecting with a wallet compatible with the Ethereum Blockchain (for example MetaMask) to one of the main NFT marketplaces (such as OpenSea, LooksRare, NFTX, Coinbase NFT, etc).
Remember that on our website we calculate the floor price aggregating price data feeds from the main marketplaces. In the „floor price“ field you will always have a link that will redirect you to the market with the lowest ask price – so that you can acquire the cheapest Bored Ape seamlessly and easily at any moment.
Read more: Bored ape nft price – Krypto-NFTs