Online Monkey Business: The Bored Ape Yacht Club Movement
Aleksandra Jaworska
CCO at NexusIgnite | Berg Development Group | New Business Development | Creative agency
If you’ve spent even a?little?bit of time on Twitter?in the past?few?months, you’ll?have noticed?something peculiar happening?in the space:?some?celebrities?and sports icons?have changed their profile pictures into?strange?monkey?avatars.??
BAYC, NFT, and Everything in Between?
Inspired?by?the cult classic Planet of the Apes, the Bored Ape Yacht Club?is a?set of?different?ape-based pictures,?with each one?featuring unique characteristics.?How?is each one made unique????
Essentially,?a computer?algorithm was given?a?specific?set of?attributes?i.e. physical traits, clothing, backgrounds, and expressions. From this set, the algorithm?was asked to randomly take?various characteristics to generate?10,000?different Bored Apes.??
?This process of?randomisation determines?the?rarity?of each Bored Ape.?While perhaps?a certain characteristic?can?be?seen in more Bored Apes,?there are certain characteristics that will only be found in?a select few.?This,?along with the?rarity of all the other traits put together,?determines?whether?a Bored Ape is?rarer?than another?– and thus more valuable.??
?BAYC is one of the most prestigious NFT (Non-fungible token) collections, a digital asset representing real-world objects stored on a blockchain. It settles in the Ethereum blockchain?and?is priced in native token Ether (ETH).?
?As?NFT?gain global recognition, mainstream adoption, and overall acceptance in and out of the cryptocurrency industry,?massive demand for?various collections?increases significantly. This trend brings excitement, fun, creativity, and innovation to the financial space.??
Consequently,?BAYC has risen to prominence in the NFT ecosystem in a short period. It quickly becomes the second-biggest name in NFT collections, right behind?CryptoPunks. A few days after its launch, all 10,000 Apes were sold out for $24.3 million in total, about $200 per Ape. Right now, the minimum cost of entry is 71 ether (around $267,000), and the NFTs have generated more than $1 billion in total sales. ?
What makes?BAYC?special???
Bored Ape Yacht Club is billed as an exclusive society or social organization. Owning one of the?most desired?Bored Apes?unlocks that membership, giving members entry into a circle of elites. It enables users to access additional NFT collectibles and features to interact with other members. For instance, through BAYC Bathroom, Ape owners gain access to a canvas where they can paint a single pixel on the bathroom every fifteen minutes, thus creating collaborative artwork.??
??Bored Apes?can?also?be resold for potentially considerable amounts of cash. It is so valuable that it serves as a digital identity which means that the owner receives commercial usage rights to sell any spinoff product based on the art.?
However,?similar to many other collectibles like antiques or paintings, there?is a great deal of subjectivity in determining NFTs' value. Influencer/celebrity involvement, community strength, and utilities for members are the?three?factors that could influence its perceived worth.??
??For instance, when famous people own an NFT, it makes others want to own one too. A good example was when Jimmy Fallon of The Tonight Show host bought a BAYC on Nov. 8th?and has used it as his profile picture on Twitter with over 50 million followers. It has brought a flurry of hype and sales, reflected in the sales volume and price rise of BAYC.??
??Secondly is in terms of utility. Most NFT projects claim to offer a utility as it allows access to play-to-earn games or the option to stake an NFT in exchange for an associated cryptocurrency.?In line with this, BAYC?has done a few things to keep owners interested.??
?The company has?created the Bored Ape Kennel Club?(BAKC)?that offers owners the opportunity to adopt a dog NFT with traits that mimic the Bored Apes'. It also launched digital vials of mutant serum that allow owners to mix their Bored Ape with the serum to create another NFT - a Mutant Ape.?Consequently, membership perks are exceedingly profitable as both Kennel Club and Mutant Ape NFTs sell for a lot, with floor prices of around $14,000 and $26,000, respectively.??
??Last?and most important?is in the community?that’s?built around?the?collection. BAYC?has organized meetups in New York, California, Hong Kong, and the UK. Most recently, a weekend of festivities for owners was held in New York, featuring an actual yacht party and a concert that featured appearances from Chris Rock, Aziz Ansari, and The Strokes.??
?Yuga Labs are continuously creating and offering valuable perks to the member. It has an ambitious goal to create an entire ecosystem derived from?Apes. One pending roadmap goal is the Mysterious Note, where when it becomes legible,?Ape-holders will have to solve a puzzle. The first to solve will win 5 ETH (about?USD17.2k) and one Bored Ape.???
?Noah Davis, who heads up Christie’s online sales department for digital art, said that “it’s the perennial freebies and perks that solidify the Bored Ape Yacht Club as one of the most rewarding and coveted memberships.”?
Who has bought?BAYC???
The exclusive collection of 10,000 unique Apes has skyrocketed in popularity and value as the highest BAYC NFT was sold for a whopping 769 ETH worth USD 2.3 million. The demand increases as well-known names in sports, entertainment, and beyond have bought into the exclusive, expensive world of Bored Ape NFTs. ?
Prominent people not only flocked to buying Apes as a status symbol but immediately updated their social media avatars to show off their new purchases. Indeed, BAYC has exploded onto the scene, from digital space to magazine cover and physical art galleries.??
??Famous athletes from around the globe, like the three-time NBA champion Stephen Curry, bought one for $180,000 worth of Ethereum in August?2021. Even though he wasn’t the first sports celebrity to buy an Ape, his investment sparked a wave of enthusiasm among the NFT community. Joining a list of athlete owners includes fellow NBA stars Josh Hart and Tyrese Haliburton and NFL players Dez Bryant and Von Miller.??
??Post Malone, a singer?and?songwriter, purchased two Bored Ape Yacht Club NFTs for more than $700,000. His?Ape has zombie fur and a cowboy hat, among other distinguishing features. Some other musicians who own Apes are Chainsmokers, Waka Flocka Flame, and Jermaine Dupri.?
BAYC:?Plans?and?Opportunities?
Bored Ape Yacht Club is exploring opportunities beyond the current line of business by partnering with various companies. On Dec. 21st, Yuga Labs announced its collaboration with developer?Animoca Brands Corporation Ltd?to develop and publish a blockchain game using BAYC’s popular Bored Ape non-fungible tokens (NFTs).?
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Animoca?Brands is a digital entertainment, blockchain, and gamification leader. The company drives digital property rights via NFTs and gaming to help build the open metaverse. The new game will be released in the second quarter of 2022 and will feature play-to-earn mechanics.??“We’re excited to work with?Animoca?Brands to grow the BAYC universe and expand the utility and benefits offered to all Bored Ape NFT holders,” said a Yuga Labs spokesperson.??Adidas?also partners with BAYC to launch an NFT collection of physical and digital products in 2022. In line with this, the company bought a BAYC NFT, which now adorns its Twitter page.??Furthermore, BAYC?has revealed plenty of exciting events in the years to come?in the image?labelled?roadmap 2.0??that they?shared on?their?official?Twitter page?on Sept.?21s
As the user sails down the river, a message confirms upcoming collaborations. A little further, there’s a yacht party that illustrates its first annual Ape Fest event held at New York City last Oct.?31st.?
?Roadmap 2.0 also shows two ape hands holding a smartphone: indicating BAYC and the Mutant Ape Yacht Club (MAYC) supporting the mobile competition.?On the upper left corner of the image, the chained monkey symbolizes BAYC’s Jimmy and the Monkey puzzle.?Meanwhile, a bored and a mutant ape stand together?to?announce the long-awaited release of 3D ape avatars.?
??Another exciting update on the BAYC Roadmap 2.0 is regarding huge events. Allegedly, it involves BAYC,?Cyberkongz?VX, and Sandbox. Reportedly, the Miami Sandbox event is set to take place in 2035, followed by?a real-life Miami meeting exclusively for BAYC members.?
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