Why Are NFTs So Popular? What Exactly Is Bored Ape Yacht Club?

Why Are NFTs So Popular? What Exactly Is Bored Ape Yacht Club?

Since 2021, NFTs have completely dominated the cryptocurrency market, with Bored Ape Yacht Club at the forefront. Snoop Dogg and Eminem, as well as leading Silicon Valley venture capital firms like Andreesan Horrowitz, are interested in these high-end digital apes.

This article discusses the history of the Bored Ape Yacht Club as well as why it is well-known and respected. The Bored Ape Yacht Club is a set of digital pictures of coolest bored ape and nft monkeys that were inspired by the 2017 OG NFT craze, CryptoPunks.

Let us see what an NFT is

Non-fungible tokens, or NFTs, are one-of-a-kind pieces of data that can be purchased, sold, or traded on a blockchain. In contrast to other blockchain tokens, such as cryptocurrencies, each NFT has its own unique number (i.e Bitcoin).

All transactions, from sales to transfers, are recorded on-chain and their data is stored in the blockchain once an NFT has been "minted" (or created). Anyone can use this to look up the NFT's transaction history and who owns it.

The blockchains most commonly used for NFTs are Fantom, Solana, Binance Smart Chain (BSC), and Ethereum. If you owned a Bored Ape, which is an Ethereum NFT, you would keep it in an Ethereum wallet like Metamask or a multi-currency wallet like Trust Wallet. NFTs are stored in a cryptocurrency wallet.

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The Bored Ape Yacht Club is made up of bored apes who enjoy sailing. The Bored Ape Yacht Club is made up of 10,000 ape tokens that cannot be bought or sold (BAYC). Some of the characteristics of each Bored Ape are more unusual than others.

In the year 2021, four fictitious Yuga Labs founders created the NFT collection. Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass created BAYC. The background color, the outfit, the earrings, the eyes, the fur, the hat, and the mouth distinguish each Bored Ape. You can join the Yacht Club, an exclusive social club, if you own a Bored Ape.

You can communicate with other Bored Ape owners via the Yacht Club's Discord group and in-person events. Members of the Bored Ape Yacht Club also receive the following advantages:

  • access to future NFT airdrops (including dogs and mutant serums)
  • Actual events featuring celebrity guests and performers
  • You could sell your Bored Ape and make money with a commercial copyright license.
  • The collaborative work of art If you can get into the bathroom, you can play the mobile game Apes vs. Mutants.
  • There have also been rumors that the token "Ape Coin" will be given away for free to BAYC owners.
  • Many NFT airdrops were especially beneficial to the Mutant Ape Yacht Club's owners.

What is the Mutant Ape Yacht Club, exactly?

According to the BAYC team, Bored Ape owners will receive a free drop of Mutant Serum in August 2021. People shared the news on Twitter and Discord. For a total of 10,000 doses of Mutant Serum, each bored ape received one. BAYC owners can turn their bored apes into mutant apes by administering "mutant serum."

The user receives a mutant ape as a reward for taking the mutant serum and burning it. M1, M2, and M3 levels are found in serum. When a Bored Ape consumes M1 or M2 serum, it retains some ape characteristics while changing others.

What exactly does "Bored Ape Kennel Club" mean?

The Bored Ape Kennel Club is another free collection of NFTs provided by Yuga Labs to Bored Ape owners. Owners of bored apes would only have to pay the gas tax in June 2021 to receive a free Kennel Club dog. Any fees that were not collected were donated to animal welfare organizations.

Each dog in the Bored Ape Kennel Club is distinct and possesses distinct characteristics, just like their Bored Ape counterparts.

Despite the fact that these dogs were available for free, the current minimum price for a Bored Ape Kennel Club dog is 8.85 ETH, or $28,000 at the current ETH price.

What is the cost of a Bored Ape Yacht Club NFT?

In just a few months, the Bored Ape Yahct Club grew rapidly. In April 2021, each Bored Ape was sold for 0.08 ETH. As of the writing of this article, the starting price for a Bored Ape on Opensea ranges between 99 and 100 ETH (February 2022).

The cheapest Bored Ape currently costs $310,000 at a price of $3,150 per Ethereum. One reason why the media, celebrities, and institutional investors are interested in a Bored Ape is its high price. Many Bored Apes have sold for more than $600,000, with a few even selling for more than $700,000. BAYC #8817, the most expensive Bored Ape ever, sold for $3,400,000 through Sotheby's Metaverse in October 2021.

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