Non-Fungible Tokens (NFTs) have completely reinvented the way we think about digital ownership, and Bored Ape Yacht Club (BAYC) was among the first collections that introduced the world to this industry with massive potential. Today, we’ll take a closer look at BAYC, namely how it started, how it’s going, and what’s ahead for this NFT project.
The Bored Ape Yacht Club (BAYC) is one of the most well-known NFT collections of all time, featuring 10,000 fully bespoke apes with different backgrounds, wearables, faces, and kinds. The Bored Apes were launched on April 23, 2021, and sold out in a week with an original, flat mint price of 0.08 ETH per piece. Fast-forward to only a year later, and the floor (lowest) value of any Bored Ape sits at around 100 ETH, which marks a whopping 1,250-fold increase from the initial price at least. However, this is true only for the most affordable Ape, as the highest sale to-date is actually around seven times higher than this; Ape 2087 was sold for an unreal 769 ETH, which, by the time of the sale, was worth at least $2M.
The Bored Ape Yacht Club was, and still is, the project that appears in most people’s minds when they hear about NFTs. This is likely due to their distinctive styling, and recognizable features, as well as the extensive news coverage of the collection. In fact, part of Bored Apes’ success was likely due to celebrities picking up the series and securing their own items. This made BAYC a status symbol that only the wealthiest of the wealthy can afford and proudly display—think Mark Cuban, Steph Curry, Neymar, and the sort. Overall, we can say that the cult following BAYC has established is actually due to the combination of the above, and that the collection was launched at the perfect place, and perfect time.
The founders behind the Bored Ape Yacht Club is an organization called Yuga Labs, which started its career with a bang and have become a renowned figure of the NFT space since their BAYC launch. By the time of the issue, the team consisted of four persons better known by their nicknames: Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass.
Bored Ape Yacht Club founder Yuga Labs have relatively recently launched the project’s related, fungible crypto token called ApeCoin (APE), and announced the issue of Mutant Ape Yacht Club in the past, which turned out to be a great success. Based on the above, it’s clear that the project is alive, and while it’s unknown what the future brings for these world-famous Apes, one thing seems certain: times ahead will be exciting.
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