What is Bored Ape NFT?

What is Bored Ape Yacht Club?

Bored Ape Yacht Club is a non-fungible token collection on Ethereum, launched in April 2021 by Yuga Labs. Using the ERC-721 standard, it offers 10,000 unique cartoon ape images with each image having distinct traits generated by algorithms. Ownership comes with perks: private online club memberships, special events, and full intellectual property rights.

BAYC initially reached global fame and financial heights. The project peaked at a $4 billion market cap in 2022 with the help of celebrity endorsements from people like Justin Bieber, Snoop Dogg, and Neymar. Since then NFTs have crashed, with BAYC's floor price dropping 93% by August 2024. Yet, BAYC remains influential in the NFT world.

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Who Created Bored Apes?

Yuga Labs created BAYC. The founders Greg Solano (Gargamel), Wylie Aronow (Gordon Goner), Zesha Ali (No Sass), and Kerem Atalay (Emperor Tomato Ketchup) initially hid their identities until BuzzFeed exposed Solano and Aronow in February 2023 and the public spotlight fell on them.

Yuga Labs moved beyond BAYC into blockchain gaming with top works including Project Dragon and Otherside. Project Dragon launched on July 27, 2024, as a 3D action game with large-scale multiplayer battles and play-to-earn features. For now, it has received mixed reviews due to technical issues. Otherside aims to create a full metaverse experience with the help of a $450 million funding from Yuga.

Yuga Labs also introduced ApeCoin, a cryptocurrency used within their BAYC ecosystem for transactions and governance.

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Bored Ape NFT Traits

Bored Ape NFTs are known for their distinctive traits contributing to their rarity and value. Each Bored Ape is uniquely generated from a combination of traits across several categories, including background, fur, eyes, clothes, hat, mouth, and earrings. These traits determine the uniqueness and desirability of each NFT in the collection. Here is a simple breakdown:

• Background: Includes Gray, New Punk Blue, and Blue. Gray is one of the rarest at 11.7%.
• Fur: Features Solid Gold, Trippy, and Noise. Solid Gold is the rarest at 0.46%.
• Eyes: Options like Blue Beams, Laser Eyes, and Cyborg. Blue Beams are the rarest at 0.49%.
• Clothes: Examples are Black Suit, Admiral's Coat, and King's Robe. Black Suit is the rarest at 0.42%.
• Hat: Includes Trippy Captain's Hat (rarest at 0.65%), Laurel Wreath, and King's Crown
• Mouth: Features Bored Unshaven Pizza, the rarest at 0.26%, and Bored Unshaven Dagger.
• Earring: Options are Cross, Diamond Stud, and Gold Stud. Cross is the rarest at 1.49%.

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How Much is a Bored Ape Yacht Club NFT?

As of the latest data, the floor price for a Bored Ape Yacht Club NFT is 9.27 ETH. The collection was originally minted at 0.08 ETH and at its peak, BAYC NFTs reached a floor price of 153.7 ETH. The current price reflects a decline of over 90% from this peak, highlighting the downfall of the NFT sector that dumped is one of the last to recover. Despite this, BAYC continues to hold cultural value in the NFT community and the team is constantly working on new projects to expand the Bored Ape's universe.

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What does owning a Bored Ape Yacht Club do?

Owning a Bored Ape Yacht Club (BAYC) NFT provides exclusive benefits and privileges, making it a coveted digital asset. Here are the key advantages:

• Membership: Each Bored Ape NFT serves as a membership card to the BAYC, offering access to an exclusive community.
• Access to THE BATHROOM: A members-only collaborative graffiti board where NFT holders can contribute to the artwork.
• Ownership and Commercial Usage Rights: Owners have intellectual property rights over their specific NFT, allowing them to use their Ape commercially.
• Potential Future Benefits: BAYC has a roadmap promising future perks, such as a YouTube channel, exclusive merchandise, a treasure hunt with rewards, and NFT breeding.
• Community Tools: Access to tools developed by the BAYC community, such as NFT valuation and rarity ranking.
• Fair Distribution: All Bored Apes were sold at the same price, ensuring fair distribution among buyers.

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What happened to Bored Ape Yacht Club?

Many people nowadays ask: Have Bored Apes lost value? Are Bored Apes still popular? Are NFTs still a thing? As we already mentioned, the collection experienced a decline after reaching its peak in May 2022, just a month after its launch. Even though BAYC NFTs surged in value initially, they have since crashed catastrophically. Yuga Labs expanded with derivative collections like Mutant Ape Yacht Club and Bored Ape Kennel Club, which also saw substantial declines, and haven't helped the project to recover yet.

Legal issues have only made things worse with an SEC investigation and a class action lawsuit alleging unregistered securities and fraudulent endorsements. Despite attempts to maintain interest through projects like Otherside and Dookey Dash, BAYC struggled amid a broader NFT market downturn and internal challenges, including layoffs and criticism over its artistic merits and alleged racist imagery.

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What is ApeCoin (APE)?

ApeCoin (APE) is a crypto token launched in March 2022, affiliated with the Bored Ape Yacht Club and developed by Yuga Labs. It is intended to be the primary currency for a new metaverse ecosystem, enabling access to exclusive events, merchandise, and gaming experiences.

ApeCoin also allows holders to become members of the ApeCoin DAO, a decentralized organization that governs the coin’s treasury and future projects.

Despite price volatility since its launch, ApeCoin has gained interest and is available on major crypto exchanges like Binance and Bybit. The total supply is capped at 1 billion tokens, with allocations to the ApeCoin DAO community, Yuga Labs, launch contributors, and the founders of Yuga Labs.

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Bored Apes vs CryptoPunks

CryptoPunks and BAYC are both high-profile NFT collections on Ethereum, now under Yuga Labs' ownership after acquiring the IP from Larva Labs. Despite sharing ownership and each having 10,000 unique pieces, they exhibit distinct characteristics:

1. Origins: CryptoPunks debuted in 2017 as one of the first NFTs, pioneering the space. BAYC launched in 2021 and quickly gained prominence.
2. Art Style: CryptoPunks features minimalist pixel art, while BAYC offers more detailed and vibrant cartoon-like illustrations.
3. Ownership Rights: BAYC grants owners full commercial rights to their NFTs, allowing them to use their Apes for various ventures. CryptoPunks do not offer such rights.
4. Additional Perks: BAYC includes membership to an exclusive club with numerous benefits, such as access to events and exclusive merchandise, which CryptoPunks do not provide.
5. Cultural Impact: CryptoPunks are highly recognized within the crypto community as pioneers, whereas BAYC's influence grew thanks to its celebrity owners.
6. Market Value: Currently, the floor price for CryptoPunks is higher than that for Bored Apes, with CryptoPunks at 27.99 ETH and Bored Apes at 10.44 ETH.

You can track the live Bored Ape Yacht Club vs CryptoPunks price here.

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Bottom Line

The Bored Ape Yacht Club (BAYC) is a renowned NFTs collection on Ethereum, launched in April 2021 by Yuga Labs. This collection comprises 10,000 unique cartoon ape images, each algorithmically generated with distinct traits, providing owners with exclusive membership to private clubs, access to special events, and full intellectual property rights.

Although BAYC achieved a peak valuation of $4 billion in 2022, driven by celebrity endorsements from figures like Justin Bieber and Snoop Dogg, its market value has since plummeted by over 90%, reflecting broader challenges in the NFT sector.

Despite these challenges, BAYC remains influential in the digital art and NFT space, continuously evolving with new projects like Project Dragon and Otherside, and integrating ApeCoin as its ecosystem currency.