Who Is Bored Ape Yacht Club?
Mar 25, 20226 min read
A yacht is a place of power where bored billionaires, called ‘apes’ in Twitter jargon, meet to talk about this and that, and about numbers, of course.
It seems there are no more influential NFT projects in the world. The project blew the Net up and gained lots of fans almost right away. Even celebrities couldn’t stay aside and used Bored Apes instead of their profile pictures. Among the holders are Madonna (#4988), Timbaland (BAYC #590), Justin Bieber (3001), Paris Hilton (BAYC #1294), Snoop Dog (BAYC #7723), Jimmy Fallon (BAYC #599), and many others.
What Is BAYC?
According to the BAYC website, the club has "a collection of 10,000 Bored Ape NFTs — unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card and grants access to members-only benefits.”
Yuga Labs stays behind the project, and it’s the owner of three of the biggest NFT brands on the crypto market, it has raised about $450 million in funding at a $4 billion valuation. The numbers matter and talk for themself. The BAYC team plans to use the money to build a media empire around NFTs, that will include games and its own metaverse.
Each Bored Ape Yacht Club NFT is a digital receipt that proves the holder's ownership. Each NFT has its own specific features such as outfits, accessories, skin tones, and facial expressions. Having this NFT, you’re becoming a part of a highly exclusive community.
You can buy Apes with ETH and the NFTs are stored on the Interplanetary File System (IPFS), which is a peer-to-peer (P2P) way of data sharing. The BAYC NFTs are also stored as ERC-721 tokens on Ethereum.
The Bored Ape Yacht Club is not just an NFT and it’s becoming an "off-chain" brand, as well.
The Bored Apes collaborated with Adidas and launched its first NFT project, Into The Metaverse. Adidas also bought a Bored Ape Yacht Club NFT, which you can see on its Twitter page.
In January, they introduced a mobile game both the App Store and Google's Play Store, called Apes vs. Mutants.
Universal Music Group, one of the biggest music companies in the world, has announced the creation of a new group named KINGSHIP, whose members are four Bored Ape Yacht Club NFTs.
Benefits of being a holder
Being a Bored Ape holder means that you have the following perks:
- An exclusive Discord channel where only BAYC members are hanging out
- NFT airdrops to get collectibles directly into the holder’s wallet. The NFT could be traded or even sold for a good price.
- A community member has a ticket with undisclosed benefits. For example, a member has access to a graffiti board "the Bathroom", for creating digital art, where every ape-holder can paint a pixel on the bathroom wall every fifteen minutes.
- The opportunity to turn their apes into "mutants" through free airdropped serums. These apes can be sold for about 3 ETH.
- Unique games like the Mutant arcade added to the one-of-a-kind atmosphere that the BAYC offers.
- An ApeCoin that’s been airdropped on the 17th March to all Bored Ape NFT holders.
Where to buy a BAYC NFT?
The most expensive Bored Ape
Here it is, bored but luxurious and having # 2087 number. It was sold for a whopping 769 ETH=$2,307,638 and depicts a rainbow-colored skin ape with angry eyes, a cigarette in his mouth, and hallucinogenic fur.
In the ApeCoin DAO, each token holder will have a stake in the organization’s development. A selection of Web3 veterans, as well as gaming and technology thought leaders, will serve as the DAO’s special council (the Board). The Board is responsible for overseeing the decisions of DAO members. . The initial Board is comprised of Alexis Ohanian (co-founder of Reddit; general partner and founder of Seven Seven Six), Amy Wu (head of ventures and gaming at FTX), Maaria Bajwa (principal at Sound Ventures), Yat Siu (co-founder and chairman of Animoca Brands) and Dean Steinbeck (president and general counsel at Horizen Labs).
ApeCoin will serve as a utility token for the APE ecosystem. Token holders can purchase new products and services with the token, such as a play-to-earn game that BAYC and nWay are developing. Furthermore, ApeCoin is accepted in the Benji Bananas game by Animoca Brands. Alexis Ohanian, the special council member of the ApeCoin DAO, had the following to say about the launch of APE:
What about ApeCoin’s utility?
It’s an ERC-20 token, so it could be used in different ways:
- Governance: ApeCoin is the governance token of the ApeCoin DAO that emperors token holders to vote on governance within the DAO.
- Payment: ApeCoin is also a utility token, so it can be used to buy goods and services.
- Access: The token gives the holder access to definite parts of the ecosystem, exclusive and special, only for club members.
- Motivation: ApeCoin can also be a tool for developers to participate in the ecosystem by issuing APE into their services, games, and other projects.
The BAYC didn’t come to a standstill, and it looks like it’s not going to. The recent launch of the ApeCoin governance token has followed announcements such as the Otherside metaverse and gaming project. Hey, they are even building their own metaverse.
The plans are big, the future is bright, and the yacht is full of bored apes dreaming of billions and billions of dollars. Are you aboard?