The popularity of NFT avatars skyrocketed in 2021, leading to a total trading volume of billions of dollars and fetching prices of up to millions of dollars per image. These images could be accumulated and shared on social media platforms, which contributed to their widespread dissemination.
Since their inception in 2017, CryptoPunks have been the pioneers of Ethereum non-fungible tokens (NFTs). This was well before anyone outside of crypto enthusiasts had any knowledge of or interest in provably scarce digital collectibles. However, none of the most recent crops of initiatives inspired by CryptoPunk can compete with Bored Ape Yacht Club.
According to the data provided by CryptoSlam, sales of Bored Ape NFTs have exceeded 950,601,739.61 US dollars. In addition, they are quickly becoming the Twitter NFT avatar of choice for a variety of professionals, including athletes, artists, and others. The acquisition of a Bored Ape Yacht Club NFT enables the purchaser to membership in the eponymous “club,” which comes with a variety of perks.
Take into consideration “jumping in” and buying one. You will learn how to obtain memberships in the Bored Ape Yacht Club, the Mutant Ape Yacht Club, and the Bored Ape Kennel Club after reading the information that is provided in the following paragraphs.
What Is The Bored Ape Yacht Club?
As a quick primer, a non-fungible token (NFT) is an application of blockchain technology to create unique souvenirs. Unlike their mainstream counterparts, which only allow for the sale of a fixed quantity of items, NFTs are limited in quantity.
To purchase one particular NFT is to gain ownership over it. Bored Ape Yacht Club is a project created by Yuga Labs that consists of a collection of 10,000 profile images that have been mined onto the Ethereum blockchain as non-fungible tokens.
A non-fungible token, also known as an NFT, performs the same purpose as a deed of ownership for a digital asset. This gives purchasers the ability to prove that they are the sole owners of a certain image. In this scenario, buyers see an illustration of a disinterested ape with features and accessories that are chosen at random. There is no pair of photographs that are the same.
There have been several more popular NFT avatar collections recently, such as 0N1 Force and Pudgy Penguins, thus The Bored Ape Yacht Club is not unique in this sense. Pudgy Penguins and 0N1 Force are two examples. Despite this, the Bored Apes have acquired a devoted following of collectors, and membership comes with several benefits.
The Bored Ape Yacht Club has a native cryptocurrency token, BORED (BOR). Members can exchange BORED for other avatars, like 0N1 Force. That is the power that a club membership provides – it gives holders access to a multitude of club avatars.
There are two ways to obtain Bored Ape NFTs. The first is to buy one directly from Yuga Labs. The price depends on how many tokens are sold. The second is to purchase them while they are running in bulk.
This is available to those who have a reputation of 5,000 or more on Steemit. Members of the Bored Ape Yacht Club will receive a “jump in” bounty. By paying for one of these badges, you can then use it to obtain one of the avatars that belong to the club (if you don’t already own them).
Besides being able to purchase Bored Ape Yacht Club NFTs directly from Yuga Labs, a member can also obtain these tokens by purchasing them on the secondary market.
Many collectors are offering their Bored Ape Yacht Club avatars for sale on Steemit. Because of the lack of centralized control, there is no guarantee that they will be honoring their transaction. For those who are interested in obtaining NFTs through this method, it is advised that they do so with caution.
A common question that arises among prospective buyers is whether these tokens are authentic. As far as we know, Yuga Labs is not issuing any forged avatars.
However, the market is new and there will always be a risk of people selling impostor NFTs. Anyone who purchases a Bored Ape Yacht Club avatar ought to take the necessary precautions to ensure that they are legitimate before they conclude their transaction.
Moreover, the Bored Ape Yacht Club is not the only CryptoPunk NFT avatar. There are others available, which include:
The Bored Ape Kennel Club has 500 avatars, while the Mutant Ape Yacht Club has 1,000. These clubs have more members than the original club. The number of memberships that can be purchased on a per-member basis does not correlate with how many tokens exist or how many have been issued by Yuga Labs.
The Future Of Bored Ape Yacht Club:
Unfortunately, there is a gap between the popularity of NFTs and the cryptocurrencies that are used to offer them. Thus far, Bored Ape Yacht Club avatars have been purchased with Ethereum. However, it is not entirely clear how they will be sold when they run out of BOR tokens or if they will be converted into another coin.
The Bored Ape Kennel Club and Mutant Ape Yacht Club are each backed by another cryptocurrency.
The Bored Ape Yacht Club is backed by a “library” of 10,000 images that have been mined onto the Ethereum blockchain. This is a very similar proposition to what 0N1 Force and Pudgy Penguins have existed on. However, these collections are younger and have not been around for long enough to have hundreds of thousands of NFTs purchased.
The Mutant Ape Yacht Club NFTs are backed by the XRP protocol, which means that members can use the XRP Card to purchase these avatars. Members will receive a quarterly allocation of XRP and will also get access to their cryptocurrency wallet. They can also trade their tokens for other types of cryptocurrencies on exchanges such as Binance and OKEx.
The Bored Ape Kennel Club NFTs have been issued exclusively on the Steem blockchain. Because of this, they are unique to Steem. However, they are still backed by the BORED token.
Each time a member purchases one of these avatars, they receive a new BORED token. Members should be aware that while they are backed by BORED tokens, they can only purchase them with other cryptocurrencies on exchanges.
An Overview Of The History At The Bored Ape Yacht Club
The opening of the Bored Ape Yacht Club NFT took place in 2021, right when the cryptocurrency market was at its most bullish point.
2 BAYC has thrived alongside other well-known non-fungible tokens (NFTs), such as CryptoKitties and CryptoPunks.
When it was first released, a BAYC could be purchased for 0.08 ether (ETH), which is the native cryptocurrency of the Ethereum platform. This price was equivalent to around $220. It was gone in less than a day, and by the middle of October 2022, it had reached a “floor price” of 76 ETH, which is equivalent to nearly $100,418.
The lowest price at which an NFT can be purchased from a collection is referred to as the floor price for that collection. The value of one dollar’s worth of BAYC is dependent on the cost of one ether; if the price of ETH goes up, the value of the NFTs contained in this collection goes through the roof.
According to the NFT marketplace OpenSea, BAYC’s trading volume on October 14, 2022, was 673,000 ETH. This information was obtained from OpenSea.
Sotheby’s, one of the leading auction houses in the world, brought an online auction for 101 Bored Ape Yacht Club NFTs to a successful conclusion in September 2021, setting a new record price of $24.4 million for the lot.
Yuga Labs And The Team Behind Bored Ape
Yuga Labs is the company that is responsible for managing the Bored Ape Club NFT. The team at Yuga Labs consists of a small group of developers, investors, and entrepreneurs. They are based out of Zurich and are currently developing their own ICO platform called “YUGAchain”.
Yuga Labs is responsible for the creation of the Bored Ape Yacht Club. Gordon Goner, Gargamel, No Sass, and Emperor Tomato Ketchup are the four pseudonymous key members of the team.
Gordon and Gargamel were the co-founders of BAYC, and No Sass and Emperor Tomato Ketchup were responsible for its technical components. During the beginning stages of the launch, when they first debuted, they did so under these pseudonyms.
However, BuzzFeed’s exposure of the identities of the site’s co-founders in February 2022 caused the other two main members to also give up their anonymity and reveal images of themselves on Twitter.
Yuga Labs bought the intellectual property for CryptoPunks and Meebits, two competing NFT collections, on March 11, 2022. This gave Yuga Labs ownership of the brand and logo for both of those competing NFT collections. CryptoPunks and Meebits were competitors in the NFT market.
One of the early initiatives involving NFTs is called CryptoPunks. Before it was delisted in February 2022 for infringing on copyright regulations, it was one of the most valuable NFT collections that could be purchased on the NFT marketplace OpenSea. It had a trading volume of one million ETH.
It was reported in March 2022 that the Yuga Labs team had raised $450 million in a fundraising round led by the venture capital company Andreessen Horowitz, resulting in a valuation of $4 billion for the company.
The funds will be put to use to broaden the scope of Yuga Labs’ operations and hasten the company’s brand expansion. Both the Mutant Ape Yacht Club (MAYC), which is a derivation of the Bored Ape Kennel Club, and the Bored Ape Kennel Club are further NFT collections that have been started by Yuga Labs.
In the middle of October 2022, the volume of trade for both of these cryptocurrencies on OpenSea was, respectively, 457,000 ETH and 110,000 ETH.
Conclusion:
The Bored Ape Yacht Club NFT and the other NFTs are all genuinely new creations that have been launched by teams of developers. They are all created with the general aim of making money through trading, but it is unlikely that any of these will become mainstream marketplaces in the same way as Mee6 or OpenSea.
They are interesting projects and additions to the crypto world, but they are unlikely to generate mass media coverage.
As of October 2022, there are hundreds of other NFTs available for purchase. These NFTs were released by several developers, with more being created every day.
Some of these collections will succeed and some will fail. The potential to generate a profit from the trading of non-fungible tokens is high, but members should keep in mind that just as many tokens will not provide members with any return on their investment.
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