Rise of BAYC: Bored Ape Yacht club NFT’s

Bored ape

What is Bored Ape NFT’s

BAYC (Bored Ape Yacht club) is a collection of 10,000 profile pictures of grumpy apes. They All are with randomly generated traits & accessories and no 2 images are exactly alike. They are minted on ETHEREUM blockchain. It boomed the market in 2k21 and within 2 years its worth is more than $104 million USD as in 2023. It was made by four friends named under the organization Yuga Labs.

Bored ape

About Bored Ape NFT’s investors

BAYC is categorized as an exclusive social organization as it is sacred piece of NFTs. Owning an asset of BAYC gives you access to an exclusive discord server which also involves many celebrities. The original Bored ape NFTs were sold for just 0.08 ETH which is approximately $250 at the time of its launch. Fun Fact, bunch of singers own BAYC asset such as Eminem, Shaq, Snoop Dog, Justin Bieber, and famous shoe manufacturing company Adidas too.

USP of Bored Ape NFT’s

The main reason why BAYC is the most successful NFT is its community which is the strongest of all NFTs community out there in the market. The giant behind this BAYC collection is YUGA LABS which offers services on web 3.0 and MAYC (MUTANT APE YACHT CLUB) is also one of their creations.

Despite its popularity, BAYC hasn’t wavered from its commitment to its values of inclusion and community-building, with a percentage of every transaction going to a community treasury that supports activities, charity organizations, and other projects that help its members.

bored ape

Bored Ape Yacht Club (BAYC) achieved success due to several key factors:

Unique and High-Quality Art:

BAYC offers a collection of distinctive, hand-drawn, and digitally created apes, each with its own distinct characteristics and traits. The high-quality and appealing artwork attracted a dedicated community of collectors.

Rarity and Scarcity:

The limited supply of BAYC NFTs contributed to their desirability. With only 10,000 unique apes available, scarcity drove up demand and value.

Strong Community:

BAYC fostered an engaged and active community of NFT collectors and holders. The community’s enthusiasm, social interaction, and support for the project helped drive interest and participation.

Utility and Membership Benefits:

Owning a BAYC NFT provides exclusive access to the Bored Ape Yacht Club’s virtual clubhouse, offering members a sense of belonging and exclusive benefits within the community.

Celebrity Endorsement:

Influential figures and celebrities in the crypto and NFT space acquiring BAYC NFTs brought more attention and credibility to the project.

Cultural and Social Significance:

BAYC’s cultural impact within the NFT and crypto art space created a sense of FOMO (Fear of Missing Out) and contributed to its success as a status symbol.

Early Mover Advantage:

BAYC was one of the early projects in the NFT space, benefiting from the growing popularity and interest in digital collectibles.

Strong Market Demand:

The overall surge in interest and demand for NFTs during the bull market of 2021 further contributed to the success of BAYC.

Innovative Tokenomics:

BAYC’s unique tokenomics, such as royalties for creators on secondary sales, incentivized artists and collectors to participate in the project.

Well-Executed Launch and Marketing:

BAYC’s strategic approach to marketing, community engagement, and partnerships effectively promoted the project and generated interest.

Why Bored Ape NFT’s rules the NFT market!

  • They have a great resale value because of its high demand and unique properties.
  • It gives you access to the premium Discord server.
  • You can create Mutant of your owned NFT when mixed with serum created by Yuga Labs.
  • It also acts as an ID card to an online clubhouse.

Here are few bigshot Bored Ape NFTs :

Collection NameTotal NFTsRarity LevelsLaunch DateBlockchainPrice Range Highest Sale
Bored Ape #12341 of 1UniqueJune 15, 2021Ethereum (ETH)180 ETH250 ETH
Bored Ape #56781 of 1UniqueJuly 02, 2021Ethereum (ETH)120 ETH180 ETH
Bored Ape #98761 of 1UniqueMay 25, 2021Ethereum (ETH)200 ETH300 ETH
Bored Ape #24681 of 1UniqueAugust 10, 2021Ethereum (ETH)80 ETH100 ETH
Bored Ape #78901 of 1UniqueJune 28, 2021Ethereum (ETH)150 ETH220 ETH

What is the mainstream use of NFTs?

  • Digital creators can monetize their work.
  • Even new artist can get equal opportunities to sell their art as it is online.
  • Contributions to the charity can be done using NFTs.
  • Improved privacy as no one can see the end users in blockchain.
  • It can be used to represent owners’ identity.
  • It can be used as a collectible.

Security Factor to keep in mind While Investing in NFT’s

They can be vulnerable to attacks such as hacking

If anyone gains the access of your private key which controls your NFTs, then they can easily steal your asset and in blockchain you can’t see the end user, so there is no way to reclaim it, and this is the scariest part of NFTs assets. The only way to prevent it is to keep the key safe.

Potential bugs or vulnerabilities

NFTs are created on smart contracts, which are self-executing code that works on blockchain. And even a small bug or vulnerabilities in the contract can lead to loss of funds or assets. Keeping your system up to date can prevent this issue.

Boom in NFTs market

In initial 2021 NFT market sales exceeded $200 million USD. The number of projects related to NFT has increased due to the Bored Ape Yacht club . This market saw many ups and downs after 2021 boom, so its market is highly volatile, and consist of high fluctuations in values.

Conclusion

Bored Ape Yacht Club is a successful project and it provides us an idea that there is future ahead in NFT which might be fortune maker for many of us! Seeing the current market scenario, we can say NFT market had experienced significant growth and gradually attracting many potential consumers. It also increased many platforms for buyers and sellers to sell and buy their arts with the security of blockchain and the value of ETH.

Since the market is still volatile so you should be careful with the assets you try to buy and always keep the check on the market and only opt for trusted and updated sellers.

How can I become a member of Bored Ape Yacht Club?

To become a member of BAYC, you need to own at least one Bored Ape NFT. Owning an ape grants you access to the BAYC virtual clubhouse and the exclusive community benefits.

What benefits do BAYC members get in the virtual clubhouse?

BAYC members gain access to private channels, exclusive events, virtual parties, and collaborative projects within the clubhouse, fostering social engagement and networking opportunities.

Can I participate in decision making within the BAYC community?

Yes, BAYC token holders have governance rights, enabling them to vote on proposals and influence the future direction of the project.

What sets Bored Ape Yacht Club apart from other NFT collections?

BAYC is known for its high-quality hand-drawn artwork, strong sense of community, and the exclusive experiences it offers within the virtual clubhouse, making it more than just a typical NFT collection.

Are there any charitable initiatives associated with BAYC?

Yes, the BAYC community actively engages in charitable initiatives, using their collective power to support various causes and make a positive impact.

What does the future hold for Bored Ape Yacht Club?

BAYC aims to continue innovating, introducing new features, and expanding its community-driven projects to create a sustainable and engaging experience for its members.

Can I buy and sell Bored Ape NFTs on secondary markets?

Yes, Bored Ape NFTs can be bought and sold on various NFT marketplaces like OpenSea and others, with prices determined by supply, demand, and rarity.

How can I stay updated with BAYC news and announcements?

To stay informed about Bored Ape Yacht Club, you can follow official BAYC social media channels, join their Discord community, or visit the official BAYC website for the latest news and updates.

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