Last updated on July 6th, 2023 at 12:19 pm
Both 2021 and 2022 have been phenomenal years for Non-Fungible Tokens (NFTs). New projects with different utilities are being developed, with celebrities and even corporations adopting this peculiar set of tokens. The recent astronomical adoption of NFTs is incredible, as the demand for this type of tokens, such as the Bored Ape Yacht Club NFTs, has been on the rise.
Some companies such as Nike, are incorporating them into their product architecture as a way to curb piracy and counterfeiting. In the case of Nike, it launched its Crypto Kicks series.
This article will analyze an NFT project that has taken both 2021 and 2022 by storm, capturing the interest of celebrities, NFT enthusiasts, companies, and even investment firms.
Bored Ape Yacht Club: What is it?
Bored Ape Yacht Club (BAYC) is an exclusive club that is only open to those who own a BAYC NFT. As a virtual club, members have access to exclusive opportunities. Only those who hold the NFT are members, and the total number of BAYC NFTs that will be minted is pegged at ten thousand.
These unique digital collectibles are built on the Ethereum network, with each of them having varying attributes. Though they all look like apes, they have distinguishing attributes that set them apart. For example, one may sport a beard, while the other wears a hat.
During the launch of the club, an NFT sold for 0.08 Ether, which was around $190 at the time. The 10,000 BAYC NFTs minted were sold off to collectors. At the moment, any Bored Ape Yacht Club NFT that is available is being sold by a reseller.
Bored Ape Yacht Club has grown from merely being an NFT project to a household name. Adidas partnered with the Club to design a mobile game focused on the project. In addition, the Club was also featured in Rolling Stone magazine.
Some brands are currently entering into partnerships with the Club, owing to its popularity in the space. Animoca Brands partnered with BAYC to develop a blockchain NFT game inspired by the Club and its activities.
Animoca Brands co-founder and executive chair Yat Siu commented: “NFTs have emerged as a store of culture. There are very few icons that can represent the surging world of NFTs as powerfully as the Bored Ape Yacht Club, which is why we, as a group and in aggregate, hold a significant number of them. We are incredibly excited and proud to collaborate on a game for this cultural milestone.”
Who are the current owners of BAYC NFTs?
These popular NFTs have won the hearts of tech wizards, celebrities, movie stars, investment firms, musicians, and many others. This collection of Non-Fungible Tokens has piqued the interest of celebrities from the sports and entertainment industries, making it one of the most exclusive NFT projects in existence.
Only ten thousand of these NFTs have been minted, making them an expensive set of collectibles that people are consistently trying to lay their hands on. Potential buyers are purchasing them from resellers on NFT marketplaces such as OpenSea.
Justin Bieber purchased a BAYC NFT in January 2022 for 500 ETH, which equates to $1.3 million at the time of writing. Collectors who bought these NFTs in the early days were able to sell them for a large profit on sites like OpenSea.
At the moment, owning a Bored Ape Yacht Club NFT is a status symbol for its owners, which drives the value of these unique tokens even higher.
BAYC was created by anonymous developers who went by the pseudonyms, Gordon Goner, No Sass, Gargamel, and Emperor Tomato Ketchup. Yuga Labs is responsible for the development of these NFTs.
This collection of NFTs is owned by celebrities such as Justin Bieber, Jimmy Fallon, DJ Khaled, Paris Hilton, Lil Baby, Future, Kevin Hart, Eminem, Marshmello, Post Malone, and many more. Sports stars aren’t immune to these trends, as some of them, like Neymar, Stephen Curry, Mark Cuban, Serena Williams, and others, are BAYC NFT holders.
What are the benefits attached to BAYC NFTs?
Members of this exclusive and exquisite club have access to some perceived perks due to the hype surrounding these NFTs, making the BAYC project a highly coveted community.
Exclusivity
People value items that are exclusive because it boosts their self-worth. They strive to be a part of an elite club or to possess a rare object that boosts their social standing. The BAYC NFT has a sense of exclusivity to it, making it sought after by many in the field. Its demand exceeds its supply, driving up its value.
Having a profile photo of the Bored Ape boosts one’s standing on social media and in real life. It represents the holder’s wealth and extensive knowledge of the blockchain ecosystem. Aside from the benefits listed above, owning this NFT increases one’s popularity because it has been associated with celebrities.
Speculative reasons
Value can be subjective and influenced by a variety of things. BAYC NFT is a symbol of value, and the value appears to be increasing with the trend of things. Those that purchased NFTs early on were able to resell them at a profit. People buy this set of NFTs to invest in and diversify their portfolios, with the intention of selling them at a higher price later.
With the rising popularity of BAYC NFTs, the minimum price of one NFT has increased, implying that potential buyers may want them in the hope that the value will rise in the future.
Events
In the past, BAYC organised an event where holders could network with one another. Owning a BAYC NFT allows you to join a global network of wealthy and powerful people. During the occasion in New York, Lil Baby, a BAYC NFT holder and popular artist, performed, drawing media attention due to the calibre of individuals in attendance. Chris Rock, Aziz Ansari, and The Strokes also attended the yacht party.
This is one of the many events that BAYC NFT holders will attend.
Opportunities
BAYC organises a variety of activities to pique the interest of the NFT holders. One of these is the Bored Ape Kennel Club, where owners of BAYC NFTs were permitted to adopt a dog NFT that exhibited similar qualities to the BAYC NFTs that they held.
The mutant serum was a second activity developed by the Club, in which owners of a BAYC NFT could choose to add the serum to their unique tokens to create the Mutant Ape NFT.
In both cases, members could sell their adopted Kennel Club, as well as the Mutant Ape NFTs if they wanted.
Another exclusive opportunity available to only community members is the bathroom. In this ecosystem, the bathroom is a digital drawing board that is available solely to owners of BAYC NFTs to draw whatever they wish. Though this seems ordinary, it is a rewarding experience because of its exclusivity.
In Conclusion,
- Bored Ape Yacht Club is an exclusive group that is open to only holders of the unique BAYC NFTs.
- The NFTs have evolved into a status symbol sought after by the wealthy.
- Their perceived value has been linked to those that hold them.
- Bored Ape Yacht Club is partnering with both blockchain and traditional brands to increase its use cases.
- These NFTs are highly coveted by celebrities and wealthy folks.
- Some people purchase them for speculative purposes, hoping that they increase in value or as a way of diversifying their portfolio.
- As time elapses, new and exclusive opportunities will be made available to the holders of these NFTs.
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