Want to jump straight to how to buy Bored Ape Yacht Club NFTs? You need Ethereum to buy NFTs, which you can get today on eToro or Uphold.
Without a doubt, 2021 was been the year of non-fungible tokens (NFTs). Tens of billions of dollars have been transacted in the NFT space, and the number is increasing every day. Bored Ape Yacht Club (BAYC) is one of these projects. The project quickly gained popularity and is one of the most popular NFT projects to date. The project combines aspects of community, exclusivity and social capital to create an enticing and prominent NFT project.
Table of Contents
- 1 What Is Bored Ape Yacht Club (BAYC)?
- 2 Brief History of Bored Ape Yacht Club (BAYC)
- 3 Perks of Holding Bored Ape Yacht Club (BAYC)
- 4 How To Buy Bored Ape Yacht Club (BAYC)
- 5 Best Crypto Wallets For NFTs
- 6 Best Hardware Wallet: Ledger
- 7 Best Software Wallet: MetaMask
- 8 Current Crypto Prices
- 9 Is it Worth Buying a Bored Ape Yacht Club (BAYC) NFT?
What Is Bored Ape Yacht Club (BAYC)?
An NFT is essentially a way to represent ownership of digital goods on the blockchain. In the case of BAYC, the digital goods being represented are photos. Each photo has a unique address that is stored on the blockchain. The NFT’s owner has a wallet that is associated with this unique address. This allows BAYC holders to verify ownership.
BAYC is an NFT project of 10,000 unique photos. Each is a headshot of an ape, but each NFT has defining characteristics that make it unique and define its rarity. Each ape’s clothes, background and eyes, among features, determine its overall rarity. The rarer the ape, the more it sells for. This is a common practice among NFT projects, giving each holder a distinctly unique NFT.
The art for BAYC is cartoonish apes with pronounced features and outlandish characteristics. Some think the art is childish, while others say it belongs in the Louvre. Either way, the apes are a status symbol to many in the blockchain community.
While each ape is unique, some have characteristics that raise the rarity and price. Some of the most sought-after characteristics are laser eyes, solid gold fur and a king’s crown. There are far fewer NFTs with these traits than others. For example, out of the 10,000 NFTs in existence, only 46 boast solid gold fur. The cheapest ape with gold fur goes for more than $2 million, while cheaper apes sell for around $300,000. While all BAYC NFTs are extremely expensive, some have rare features that make them even more expensive.
Brief History of Bored Ape Yacht Club (BAYC)
BAYC was launched on April 23. Users were given vouchers for the NFTs and did not get to see the art initially. Because of this, the project did not receive much attention and did not sell out. However, when the art was given out and users saw their NFTs for the first time, the project quickly sold out.
Each ape was bought for 0.08 Ether (ETH), which at the time was less than $200. With the highest sale coming in at $3.4 million in October, it’s fair to say the seller made a decent return on investment.
An anonymous Yuga Labs team is behind BAYC. However, the creators regularly engage with the community and any inklings of malicious intent are long gone.
BAYC has attracted celebrity attention, with big names investing in and bringing attention to the project. Famous BAYC owners include billionaire entrepreneur Mark Cuban, artists Post Malone and Justin Bieber, and NBA stars Steph Curry and Shaquille O’Neal. If you want to see the full list, make sure to check out our post on celebrities who own BAYC NFTs.
Perks of Holding Bored Ape Yacht Club (BAYC)
The main perk of holding a BAYC NFT is the social status associated with the project. A Twitter profile picture of an ape is a symbol of wealth and crypto savvy. If you own an ape, you not only have enough money to purchase one, you also join the ranks of famous celebrities.
In addition to the social status, the community is another incentive to purchase a BAYC NFT. A recent meetup in New York City saw a yacht party, media attention and a performance from fellow BAYC holder Lil Baby. Needless to say, the event was an extravagant flex on the crypto world.
Apart from status and exclusivity, some invest in BAYC with the hopes of making a profit. As BAYC becomes more and more popular, the floor price, or minimum price an NFT is listed for, increases. Because of this, investors will purchase apes with the intention of selling them for a profit in the future.
There is also a digital board created by BAYC called “the bathroom.” The bathroom is a digital drawing board, where ape owners can draw anything they want. While this is not a huge perk, it is still a sign of exclusivity.
How To Buy Bored Ape Yacht Club (BAYC)
Now that you understand the basics of BAYC, you may be interested in purchasing an NFT for yourself. If you have enough capital, it is a fairly straightforward process.
Best Crypto Wallets For NFTs
Learning how to store your NFTs is just as important as learning how to buy a Bored Ape NFT. Check out these 2 fantastic wallets for storing NFTs.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.
Ledger is a brand of hardware wallet that supports all Ethereum-based NFTs. It offers Nano S and Nano X models. The Nano S offers rudimentary features, while the Nano X supports ease of use with Bluetooth connectivity and a larger screen. You can even store your NFTs on your Ledger wallet!
Best Software Wallet: MetaMask
Software wallets store private keys online. While this is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.
MetaMask encrypts all information on its servers. All information is accessed through a password, which can also have two-factor authentication. You can also attach a hardware wallet to your MetaMask to make your trades efficient and safe.
Current Crypto Prices
The 1st couple months of 2022 have been bearish for crypto, but we’ve recently seen a rebound which may or may not continue. While bitcoin is still trading far below its all-time highs, NFTs have continued to increase in value over the last few months. Both the NFT and crypto markets trade 24 hours a day, 8 days a week, so it’s a good idea to use a portfolio tracker to stay up to date on your investments.
Is it Worth Buying a Bored Ape Yacht Club (BAYC) NFT?
BAYC is an extremely speculative project. While prices have risen dramatically in the past several months, they could crash at any moment. Most of the apes’ value comes from the exclusivity and media attention. It is probably not a good idea to put your life savings into an ape, but if you have the money available and are willing to risk it, an ape may be worth acquiring.
Read more: Bored monkey nft – Krypto-NFTs