The Buzz around Bored Ape Yacht Club

                 Things you should know about Bored Ape NFT

The Bored Ape Yacht Club (BAYC), or just Bored Ape, is a non-fungible token (NFT) collection based on the Ethereum network. Profile photos of cartoon apes are procedurally created by an algorithm in this collection. The parent firm of Bored Ape Yacht Club is Yuga Labs. On April 23, 2021, the project began with a live pre-sale. An exclusive online club, special in-person events, and intellectual property rights for the image are available to owners of a Bored Ape NFT. Bored Ape Yacht Club is a project by Yuga Labs that consists of 10,000 ape-themed NFTs with various qualities and distinctive attributes. BAYC, like most PFP-based NFTs, was influenced by CryptoPunks, the first of several NFT efforts aimed at creating a library of characters with distinct qualities and rarity levels. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass – Yuga Labs' four pseudonymous co-founders — created the Bored Ape project. The collection is stored on IPFS and runs on the Ethereum blockchain as ERC-721 coins.

The Bored Ape Yacht Club NFTs have sold for over $1 billion as of 2022, and celebrities have purchased these non-fungible tokens.

Countless celebrities, including late-night talk show host Jimmy Fallon, tennis star Serena Williams, and pop star Justin Bieber, purchased an NFT from the Bored Ape Yacht Club in 2021. The release of ApeCoin, a cryptocurrency that was "airdropped" for free to all owners of a Bored Ape NFT on Thursday has given the line of unamused-profile-picture–style NFTs a new lease of life. The ApeCoin token soared by as much as 90% in just its second day of trade, with a market worth of $3.7 billion as of early Friday afternoon, according to CoinMarketCap.

But what exactly is the Bored Ape Yacht Club, and how is it assisting NFT collectors in becoming wealthy?

Yuga Labs' bored Ape Yacht Club, or BAYC, is a top-selling series of NFTs. Until February, when BuzzFeed News revealed that the NFT collection's founders were Greg Solano, a 32-year-old writer and editor, and Wylie Aronow, a 35-year-old from Florida. In the NFT arena, it's common for authors to keep their identities hidden, which creates concerns regarding appropriate compensation.

For example, the BAYC developers came up with the concept of wealthy apes living in a swamp clubhouse, engaged freelance artists to design the apes, and teamed up with two unknown engineers to establish the NFT project. According to Rolling Stone, one of the key visual artists, Seneca, had no idea they were such a big—and profitable—hit until months later when he Googled "Bored Apes." According to Yuga CEO Nicole Muniz, each of the initial five BAYC musicians was "paid over $1 million."

There are 10,000 original Bored Ape NFTs available, each with a unique combination of traits such as fur color, background color, clothes, and accessories. They all have the same indifferent expression. These attributes assign a value to each ape based on how many other apes share the same traits.

According to the NFT marketplace OpenSea, one of the collection's rarest NFTs, Bored Ape #7495, has a knife in its mouth, a characteristic shared by only 48 other apes.

An NFT ape on the blockchain

The blockchain technology on which the Bored Apes are constructed, however, is what gives them their underlying value. The apes are non-fungible tokens, which implies that each one is a one-of-a-kind item with only one owner. Each ape's owner is documented on the blockchain, a computerized and transparent database that allows anybody to see who owns a certain NFT. A new entry is uploaded to the blockchain whenever the NFT is acquired, sold, or transferred, updating the ownership details.

Bored Apes' prices have risen into the six figures thanks to a combination of NFT technology, eye-catching art, and some hype. According to DappRadar, which analyzes NFT prices, the lowest price for a Bored Ape was around $262,630 as of Thursday.

Some Bored Apes have even fetched millions of dollars on the open market. Bored Ape #232 was sold in January for 1,080.69 Ether tokens, which was nearly $2.85 million at the time. Yuga Labs has capitalized on the popularity of Bored Ape Yacht Club with a newer series called Mutant Ape Yacht Club, which was released in August.

For many, owning a Bored Ape is the pinnacle of NFT coolness. The NFT can grant you access to a private Discord channel with some famous owners, as well as complimentary rewards such as more NFTs or tokens from the BAYC ApeCoin launch this week. With a Twitter Blue subscription, bored Ape owners can use their NFT as their profile photo on Twitter.

BAYC's Staggering Returns

When the Bored Ape Yacht Club was released in April 2021, the mint price was 0.08 ETH. That was the equivalent of $192 at the time. Even lower was the collection's floor price, which was the price of the least valuable NFT. The cheapest Bored Apes sold for around 0.03 ETH, or approximately $70.

After just over a year, the BAYC floor price is now 100 ETH, or around $290,000. This represents a 145,000 percent gain. This is merely for the floor price NFTs; there are a few that sold for millions and gave even better returns. But that's not all; let's look at the additional value that comes with receiving the MAYC airdrop and minting a Kennel.

Why is BAYC so significant? 

For starters, the entry fee is 94 ether, or roughly $288,000 USD. There are only 10,000 of them, to be sure. As more well-known people invest, the fixed supply is seen as being increasingly valuable.

You've undoubtedly seen a Bored Ape Yacht Club NFT if you spend any time online, particularly on Twitter. Bored Ape NFTs have been utilized as profile pictures by Steph Curry, Eminem, and even the Adidas brand. They serve as avatars as well as membership cards for an online social group.

Aside from their extensive use as profile photographs on social media, the BAYC series is notable for its versatility. The NFTs are membership tokens for the Bored Ape Yacht Club, a digital club with exclusive access and privileges for members. Membership, for example, grants access to THE BATHROOM, a collaborative graffiti board available only to MetaMask wallets containing Bored Apes. As the BAYC roadmap evolves, members will receive new perks.

Another feature is its attraction to the general public. On social media, BAYC holders have been actively exhibiting their NFTs as profile images.

Another reason these NFTs are so valued is that their high cost of ownership makes them status symbols. NFTs became assets to represent the socioeconomic position as the global Covid-19 pandemic pushed digital usage.

How to get a Bored Ape NFT?

The public may purchase Bored Ape NFTs for 0.08 ETH during an inaugural sale in April 2021, which saw the entire collection sold out in less than 12 hours. On NFT marketplaces like OpenSea, the photographs are available for sale. The BAYC collection, which has a high floor price, can be browsed by users.

Buyers of Bored Ape will require an Ethereum wallet, such as MetaMask. Potential buyers have the option of purchasing at auctions or through fixed-price listings on NFT markets.