It’s not every day that an NFT gets sold for 90 ETH, however, when it’s a Bored Apes Yacht Club (BAYC) NFT, this news is expected. With celebrities joining the ever-growing BAYC club, including Jimmy Fallon, Post Malone, Von Miller, and many others, 2021 has skyrocketed the popularity of BAYC to a whole new level.
Just in case you didn’t know what an NFT is:
Non-fungible tokens or NFT’s are tokens that are based on the blockchain network. Ownership of these tokens represents the digital ownership of a virtual or a physical asset that has inherent value in the world. The concept of NFTs isn’t too new, however, their origin and popularity will always be linked to 2021, as this is the year where the industry of NFTs went mainstream and transformed into a billion-dollar venture.
This article will dive into the cool world of Bored Ape Yacht Club Collection (BAYC) and why they are one of the most popular NFTs out there.
What Is BAYC?
Put simply, the Bored Ape Yacht Club (BAYC) is a collection of 10,000 NFTs that live on the Ethereum blockchain. Ownership of a singular NFT grants exclusive access to certain perks and benefits, including access to the online community of BAYC NFT owners.
The apes NFTs are kept on the Ethereum blockchain as ERC-721 tokens and hosted on IPFS. With over 170 different qualities to choose from, featuring expression, hat, etc., each bored Ape is one-of-a-kind, although some are rarer than others.
Wıth 5.9k owners, the floor price of BAYC NFTs stands at a whopping 51.25 Ethereum with 250.8k volume of ethereum traded so far.
Who Created BAYC?
BAYC is the creation of four friends who were committed to creating something ‘dope’. The ‘pseudo’ names mentioned on the website are as follows:
- Gordon Goner
- Emperor Tomato Ketchup
- No Sass
How To Buy A BAYC NFT?
- To buy a BAYC NFT, you need to visit NFT marketplaces such as Rarible, or OpenSea. Find the listing of BAYC, here is a link to BAYC’s OpenSea listing.
- Next, you need to select your favorite ape and place your bid on it.
- To place a bid you need to connect your wallet, e.g. Metamask, and make sure you have enough funds (ETH) in it.
- Once you’ve placed your bid, the bid for the ape NFT will be updated. The main bid will only be changed if you out-bid the current one.
- Once the timeframe of the ‘Sale’ ends, the NFT will be sent to the highest bidder’s wallet.
What Happens When You Buy A BAYC NFT?
Becoming a member of Bored Ape Yacht Club brings exclusive benefits including meetups, yacth parties, concerts, and a chance to meet celebrities like Jimmy Fallon, Chris Rock, and many others. Due to this reason alone, the price of BAYC NFTs is kinda sky high and not affordable for every ‘average’ NFT lover out there.
Holders of BAYC NFT get the complete ownership and commercial usage of their NFT. They receive a member’s-only graffiti board, known as THE BATHROOM, which has a canvas on which users can put their NFT, draw, write, and present their art to other NFT holders.
With such huge popularity, the BAYC NFTs have completed 100% of their roadmap which includes releasing the ‘Caged Apes’ to random Apeholders, starting a YouTube channel, introducing a liquidity pool, and so on.
With the continuous evolution of the NFT world, this roadmap is definitely going to be updated by the BAYC team in the near future.
Are BAYC NFTs Worth Buying?
After CryptoPunks, BAYC is the second-largest NFT project of its sort. CryptoPunks is a 2017 compilation of 10,000 8-bit avatars that derives much of its worth from the fact that it is the first NFT collection. The common ones go for roughly 100 ether, or $500,000.
There are 10,000 apes in BAYC, each with unique “properties” like fur types, facial gestures, apparel, accessories, and much more. The characteristics of each NFT will be published on its page, along with the percentage of NFTs in the collection who share that property. Anything less than 1% is generally considered extraordinary.
So yeah, if you can afford it, BAYC is an investment you can make after consulting your crypto experts. 😉
But, I Cannot Afford A BAYC NFT? 🙁
Well, it is totally understandable if you cannot buy a BAYC NFT right now as the lowest price of a BAYC NFT on OpenSea is a whopping 45 ether, which is close to about $180,000. However, if you had bought the ape NFTs back in April when they launched, you would’ve got one for 0.08 ether, which was only $190 at the time.
The good news for you is that even though the price of BAYC NFT might be out of reach for many NFT lovers, there are other valuable NFTs that have launched or are about to launch. You can easily know which ones are valuable.
It’s simple. All you have to do is subscribe to the NFTlately.com NFT newsletter which sends out the latest news, NFT drops, releases, and many more awesome deals about NFTs. Sign up now and don’t miss another great project like BAYC!