The Bored Ape Yacht Club (BAYC) is an NFT collection gradually transforming from being a curiosity on the digital space to a brand of influence. This collection comprises ten thousand NFTs featuring pictures of apes in different unique facial expressions, mostly looking bored and brooding.
Each of these tokens is different through headgear, clothing, and expressions. One unique quality of this project is that each avatar comes with a grungy expression and distinct traits. Thus, the rarer the traits and expression of a single token, the higher the value and price.
The Bored Ape Collection lives on the Ethereum blockchain. At its launch, the collection’s creators remained anonymous, working under different pseudonyms and through their company Yuga Labs in 2021. However, all the founders had their identities revealed on Twitter.
The Bored Ape NFT was developed from the imaginations of millionaire monkeys living in wealth by one of its creators. Similar to other NFTs, owning the Bored Ape is not entirely owning an asset. It is, however, a certificate of ownership and doubles as the Yacht Club membership card.
Tokenomics of BAYC
This NFT collection consists of apes with differences in headgear, clothing, facial expression, and fur color. The popularity of the NFT resulted from the mad rush of celebrities purchasing it, thus increasing the token’s value. As an added feature, a mutant serum grants users the ability to create a certain NFT. Presently, users can also buy and sell about twenty thousand simian NFTs.
The Bored Ape collection is also designed so that rarity increases the value of pieces in the collection. Rarity also influences the frequency of appearance in the collection and the uniqueness of its features. Such traits as fur features increase the value of NFTs that have it. In 2022, Yuga Labs established APEDAO, with the introduction of ApeCoin as an airdrop for holders of a Bored Ape. ApeCoin is currently trading at $10.76.
Why is This Collection Valuable?
The collection’s value comes from the fact that it is a digital identity and its commercial usage. So the project gives users the ability to sell the NFT for profit and based on their aesthetic value. In addition, the supply of these NFTs is limited, thus contributing to the value it attracts.
Even though Bored Apes avatars are all in a collection, rarity places value on some more than others. Each avatar is unique and generated randomly. These different avatars comprise a combination of several traits, about one hundred and seventy of such. So for NFTs with rare features, the value they attract is higher than the rest, making them rarer also.
What Does The Future Hold For Bored Apes?
Even with the numerous doubts surrounding the NFT sector, BAYC is on the path to becoming a more established brand and not only to be known for its art collection. Although it is a gradual process, Bored Ape is subtly spreading out of the non-fungible token industry to exist outside the blockchain. In addition, the project is also making strides into the fashion sector with a recent partnership with Adidas. The fashion giant also purchased an NFT from the collection, which decorates its Twitter page.
Another beautiful aspect of the project is the freedom it gives its users, as they have permission to do as they choose creatively. Pieces in this collection are available on OpenSea for sales and purchases.
Bored Ape is not the first NFT, but it has come to stay with the present evolution and development today. The future of this project is looking bright as there are plans to create gaming programs for users. There are even plans to introduce the ApeCoin token to increase user power in the Metaverse.
Published April 14th, 2022