It takes a lot for an NFT project to be successful, and there is no doubt that BAYC is one of the most popular NFTs, as it continues to dominate the NFT sale charts.
It might be safe to say that members of the BAYC exist in a world of their own, where despite general market fluctuations, they seem to still be bullish on NFTs.
What are NFTs?
Non-Fungible Tokens (NFTs) are a unique set of digital assets that exist on the blockchain. They serve as receipts or evidence of ownership of digital collectibles, which could be anything from artworks, photographs, and music to in-game items, avatars, and deeds. These tokens are different from fungible tokens like Bitcoin, Ethereum, and other cryptocurrencies, which are not unique.
The NFT market has grown exponentially, most notably due to rising trends in digital ownership as a store of value. However, while NFTs have been around for at least five years, they only grew in popularity during the 2021 crypto bull run.
Bored Ape Yacht Club
The Bored Ape Yacht Club is a collection of 10,000 NFT collectibles styled as bored apes. They exist as ERC-721 tokens on the Ethereum blockchain. Each Ape has a unique feature that sets it apart from other bored apes. Some of which include facial expressions, fur, and other properties.
The prices of each Bored Ape depend on how rare their properties are. For instance, the recently sold Golden Fur Bored Ape belongs to a class of rare apes. The attributes of the Bored Ape include six traits; bored unshaven mouth, an army green hat, a lumberjacket, and extremely golden fur, which only 46 out of the 10,000 bored apes have.
What Makes BAYC valuable?
The Bored Ape Yacht Club is fast becoming an elite social club where people buy the NFT as a status symbol to show off on social media. Celebrities like Mark Cuban, Madonna, Steph Curry, Snoop Dogg, and a few others own Bored Apes. When you have famous people showing support for a project, it is only natural that their influence will drive massive participation.
From inception, the team behind the Bored Ape Yacht Club has expressed the project’s utility. Some of which include exclusive benefits and access to member-only discord servers, community-held events, and even access to future airdrops. These community
Bound activities increase excitement among BAYC holders.
Bored Apes are rare, and there will only be 10,000 bored apes. Hence, if you are wondering why people are willing to spend so much on Bored Apes, you can find the answer in its rarity, exclusivity, and utility.
Besides being unique NFTs, they also act as a means of storing value. The benefits of hodling a Bored Ape are far greater than selling it off.
The Team Behind the Project
Yuga Labs created the BAYC project in 2021. The team consisted of four pseudonymous founders; Garamel, Emperor Tomato Ketch up, No Sass, and Gordon Goner, whose identities didn’t stay hidden for long.
In February 2022, Buzzfeed, in a blog post, doxxed the identity of the co-founders Wylie Aronow and Greg Solano, who went by the pseudonym Garamel and Gordon Goner, respectively. The post threatened to reveal the identities of the remaining co-founders, who eventually took to Twitter to reveal their identities.
The creators of the BAYC keep innovating and expanding the project. The Bored Ape Kennel Club and The Mutant Ape Yacht Club are evidence that the team is not stopping anytime soon.