2021 has unquestionably been the year of non-fungible tokens (NFTs). There have been transactions for tens of billions of dollars in the NFT market, and the amount is growing daily. One of these efforts is the Bored Ape Yacht Club (BAYC). This project is one of the most popular NFT projects to date, gaining popularity rapidly. The concept blends elements of community, exclusivity, and social capital to produce an attractive and notable NFT project.
What Is Bored Ape Yacht Club (BAYC)?
A non-fungible token is simply a method for representing ownership of digital assets on the blockchain. In the instance of BAYC, the represented digital products are photographs. Each photo has a unique blockchain-stored address. This unique address is connected with the NFT’s owner’s wallet. This enables BAYC holders to validate their ownership.
BAYC is an NFT project consisting of 10,000 distinct photographs. Each NFT is a headshot of an ape, yet each has distinguishing traits that make it rare and distinct. Among other characteristics, the clothing, backdrop, and eyes of each ape define its overall uniqueness. The greater the ape’s rarity, the higher its price. This is a frequent approach among NFT projects, giving each bearer an NFT that is separate from all others.
The artwork for BAYC depicts anthropomorphic apes with exaggerated features and bizarre attributes. Some consider the artwork to be juvenile, while others believe it belongs in the Louvre. The apes are a prestige symbol for many members of the blockchain community.
While every ape is unique, some possess features that increase their scarcity and value. The most desirable traits include laser eyes, genuine gold fur, and a king’s crown. Fewer NFTs possess these characteristics than others. For instance, only 46 of the existing 10,000 NFTs have solid gold fur. The cheapest ape with gold fur sells for more than $2 million, while lesser apes may be purchased for around $300,000. Despite the fact that all BAYC NFTs are incredibly costly, some have uncommon characteristics that make them even more so.
Brief History of Bored Ape Yacht Club (BAYC)
The BAYC program was initiated on April 23. Users were first given coupons for the NFTs and were not allowed to view the artwork. Due to this, the project received little notice and did not sell well. However, as soon as the artwork was distributed and consumers saw their NFTs for the first time, the initiative sold out rapidly.
Each ape was purchased for 0.08 Ether (ETH), which was less than $200 at the time. With the largest transaction amounting to $3.4 million in October, it is reasonable to conclude that the seller received a satisfactory return on investment.
BAYC is backed by an unknown Yuga Labs crew. However, the founders often interact with the community, and any traces of malice have long since disappeared.
BAYC has received celebrity interest, with prominent figures investing in and promoting the initiative. Mark Cuban, Post Malone, Justin Bieber, Steph Curry, and Shaquille O’Neal are among the well-known BAYC owners. If you want to see the whole list of celebrities who possess BAYC NFTs, check out our blog page.
Perks of Holding Bored Ape Yacht Club (BAYC)
The primary benefit of possessing a BAYC NFT is related to social prestige. A profile image of an ape on Twitter is a sign of affluence and crypto-savvy. If you own an ape, not only do you have the financial means to do so, but you also enter the ranks of prominent celebrities.
The community is an additional motivation to acquire a BAYC NFT, along with social standing. A recent gathering in New York City featured a boat party, media coverage, and a performance by Lil Baby, a fellow BAYC bearer. Obviously, the occasion was a lavish display of crypto world prestige.
In addition to status and exclusivity, some investors in BAYC expect to generate a profit. As BAYC gains in popularity, the floor price, or minimum price at which an NFT is listed, rises. Investors will thus acquire apes with the idea of selling them for a profit in the future.
Additionally, BAYC has designed a digital board titled “the bathroom.” The bathroom is a digital drawing board on which ape owners may create anything they like. Even if this is not a substantial bonus, it is nonetheless an indication of exclusivity.
How To Purchase Yacht Club Bored Ape (BAYC)
Now that you understand BAYC’s fundamentals, you may be interested in acquiring an NFT. If you have sufficient funds, the process is uncomplicated.
Create a Web Account
BAYC runs on the Ethereum blockchain. Therefore, the initial step towards getting an ape is to acquire Ethereum. Create an account on a trading site to do this. Gemini Trust Co., Coinbase Global Inc. (NASDAQ: COIN), Webull Financial LLC, and eToro are the finest cryptocurrency exchanges due to their security, usability, and cheap costs.
Once you’ve created an account on one of these sites, you’ll need to fund it and buy ETH. However, you will require storage for your ETH and NFTs.
Purchase Or Download A Cryptocurrency Wallet
A cryptocurrency wallet is required for both the purchase and storage of NFTs. MetaMask is the most popular software wallet for OpenSea, the marketplace where the majority of investors purchase and trade NFTs. OpenSea may be downloaded on Google Chrome and added as an extension for convenience of usage.
Send ETH to Metamask
After acquiring ETH on a trading site, you must transfer it to your wallet. To accomplish this, you must find your Metamask wallet address. This 64-character string of letters and numbers is located in your wallet. Copy and paste this address into the “Send” section of your trading platform. Enter the amount to send and confirm the transaction.
Currently, Ethereum is slower and more costly than normal. Due to this, it might take up to 30 minutes and hundreds of dollars in gas fees for your ETH to reach your wallet. However, these prices pale in comparison to the cost of an ape.
If you see that transaction costs are excessive, you can delay sending Ether to your wallet until a better time. A reasonable amount to pay for a transaction charge is around $10, although nighttime and weekend prices are typically lower.
Make Your Acquisition
Once ETH is stored in a wallet, proceed to OpenSea. This is an NFT platform that has BAYC. Connect your wallet and find the NFT you wish to get. If the item has a “buy now” pricing, you can buy it immediately. You can bid on the ape if it already has an offer and waits for the seller to accept. The NFT will be held in your wallet following the trade’s execution.
Is it Worth Getting a Bored Ape Yacht Club (BAYC)?
BAYC is a very speculative endeavor. Prices have climbed considerably over the previous few months, but they might plummet at any time. The majority of the value of apes derives from their exclusivity and media attention. It is definitely unwise to invest your life wealth in an ape, but if you have the funds and are ready to take a chance, it may be worthwhile to acquire an ape.
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