If you’ve spent even a little bit of time on Twitter in the past few months, you’ll have noticed something peculiar happening in the space: some celebrities and sports icons have changed their profile pictures into strange monkey avatars.
Some avatars look like they’ve just gotten out of bed, others are wearing colourful ski goggles and wild cowboy hats, and others still are shooting laser beams from their eyes. Baffling? Sure. But then again, the Internet is a strange, ever-changing place.
Basically, these crazy profile pictures come from the Bored Ape Yacht Club (BAYC) – a limited collection of 10,000 digital ape avatars created by Yuga Labs, a tech company creating crypto-based assets.
BAYC, NFT, and Everything in Between
Inspired by the cult classic Planet of the Apes, the Bored Ape Yacht Club is a set of different ape-based pictures, each one featuring different and unique characteristics. How is each one made unique?
It’s a complex process, but the ELI5 version goes like this: A computer algorithm was given a specific set of attributes i.e. physical traits, clothing, backgrounds, and expressions. From this set, the algorithm was asked to randomly take various characteristics to generate 10,000 different Bored Apes.
This process of randomisation determines the rarity of each Bored Ape. While perhaps a certain characteristic can be more commonly seen in more Bored Apes, there are other characteristics that will only be found in a select few. This, along with the rarity of all the other traits, when put together, determines whether a Bored Ape is rarer than another – and thus more valuable.
But then you might ask, “It’s just another JPEG on the Internet. What’s to keep someone from downloading that picture and claiming it as their own?”
That’s where blockchain technology comes in. Each Bored Ape has been “minted” on the blockchain as a Non-Fungible Token (NFT). In this sense, you can think of an NFT as a digitised version of a Certificate of Authenticity tied to each Bored Ape through blockchain technology.
BAYC is one of the most prestigious NFT (Non-fungible token) collections, a digital asset representing real-world objects stored on a blockchain. It settles in the Ethereum blockchain and is priced in native token Ether (ETH).
As NFT gain global recognition, mainstream adoption, and overall acceptance in and out of the cryptocurrency industry, massive demand for various collections increases significantly. This trend brings excitement, fun, creativity, and innovation to the financial space.
Consequently, BAYC has risen to prominence in the NFT ecosystem in a short period. It quickly becomes the second-biggest name in NFT collections, right behind CryptoPunks. A few days after its launch, all 10,000 Apes were sold out for $24.3 million in total, about $200 per Ape. Right now, the minimum cost of entry is 71 ether (around $267,000), and the NFTs have generated more than $1 billion in total sales.
What makes BAYC special?
Bored Ape Yacht Club is billed as an exclusive society or social organization. Owning one of the most desired Bored Apes unlocks that membership, giving members entry into a circle of elites. It enables users to access additional NFT collectibles and features to interact with other members. For instance, through BAYC Bathroom, Ape owners gain access to a canvas where they can paint a single pixel on the bathroom every fifteen minutes, thus creating collaborative artwork.
Bored Apes can also be resold for potentially considerable amounts of cash. It is so valuable that it serves as a digital identity which means that the owner receives commercial usage rights to sell any spinoff product based on the art.
However, similar to many other collectibles like antiques or paintings, there is a great deal of subjectivity in determining NFTs’ value.
Influencer/celebrity involvement, community strength, and utilities for members are the three factors that could influence its perceived worth.
For instance, when famous people own an NFT, it makes others want to own one too. A good example was when Jimmy Fallon of The Tonight Show host bought a BAYC on Nov. 8th and has used it as his profile picture on Twitter with over 50 million followers. It has brought a flurry of hype and sales, reflected in the sales volume and price rise of BAYC.
Secondly is in terms of utility. Most NFT projects claim to offer a utility as it allows access to play-to-earn games or the option to stake an NFT in exchange for an associated cryptocurrency. In line with this, BAYC has done a few things to keep owners interested.
The company has created the Bored Ape Kennel Club (BAKC) that offers owners the opportunity to adopt a dog NFT with traits that mimic the Bored Apes’. It also launched digital vials of mutant serum that allow owners to mix their Bored Ape with the serum to create another NFT – a Mutant Ape. Consequently, membership perks are exceedingly profitable as both Kennel Club and Mutant Ape NFTs sell for a lot, with floor prices of around $14,000 and $26,000, respectively.
Last and most important is in the community that’s built around the collection. BAYC has organized meetups in New York, California, Hong Kong, and the UK. Most recently, a weekend of festivities for owners was held in New York, featuring an actual yacht party and a concert that featured appearances from Chris Rock, Aziz Ansari, and The Strokes.
Yuga Labs are continuously creating and offering valuable perks to the member. It has an ambitious goal to create an entire ecosystem derived from Apes. One pending roadmap goal is the Mysterious Note, where when it becomes legible, Ape-holders will have to solve a puzzle. The first to solve will win 5 ETH (about USD17.2k) and one Bored Ape.
Noah Davis, who heads up Christie’s online sales department for digital art, said that “it’s the perennial freebies and perks that solidify the Bored Ape Yacht Club as one of the most rewarding and coveted memberships.”
Who has bought BAYC?
The exclusive collection of 10,000 unique Apes has skyrocketed in popularity and value as the highest BAYC NFT was sold for a whopping 769 ETH worth USD 2.3 million. The demand increases as well-known names in sports, entertainment, and beyond have bought into the exclusive, expensive world of Bored Ape NFTs.
Prominent people not only flocked to buying Apes as a status symbol but immediately updated their social media avatars to show off their new purchases. Indeed, BAYC has exploded onto the scene, from digital space to magazine cover and physical art galleries.
Famous athletes from around the globe, like the three-time NBA champion Stephen Curry, bought one for $180,000 worth of Ethereum in August 2021. Even though he wasn’t the first sports celebrity to buy an Ape, his investment sparked a wave of enthusiasm among the NFT community. Joining a list of athlete owners includes fellow NBA stars Josh Hart and Tyrese Haliburton and NFL players Dez Bryant and Von Miller.
Post Malone, a singer and songwriter, purchased two Bored Ape Yacht Club NFTs for more than $700,000. His Ape has zombie fur and a cowboy hat, among other distinguishing features. Some other musicians who own Apes are Chainsmokers, Waka Flocka Flame, and Jermaine Dupri.
Source: Twitter / Jimmy Fallon
Celebrities like Jimmy Fallon had purchased an Ape for approximately $224,000 in ETH. His Ape has a blue background, a navy striped shirt, heart sunglasses, cream fur, and a sea captain’s hat. Meanwhile, Even Arizona Iced Tea bought a Bored Ape Yacht Club NFT and used it in marketing materials.
BAYC: Plans and Opportunities
Bored Ape Yacht Club is exploring opportunities beyond the current line of business by partnering with various companies. On Dec. 21st, Yuga Labs announced its collaboration with developer Animoca Brands Corporation Ltd to develop and publish a blockchain game using BAYC’s popular Bored Ape non-fungible tokens (NFTs).
Animoca Brands is a digital entertainment, blockchain, and gamification leader. The company drives digital property rights via NFTs and gaming to help build the open metaverse. The new game will be released in the second quarter of 2022 and will feature play-to-earn mechanics.
“We’re excited to work with Animoca Brands to grow the BAYC universe and expand the utility and benefits offered to all Bored Ape NFT holders,” said a Yuga Labs spokesperson.
Adidas also partners with BAYC to launch an NFT collection of physical and digital products in 2022. In line with this, the company bought a BAYC NFT, which now adorns its Twitter page.
Furthermore, BAYC has revealed plenty of exciting events in the years to come in the image labelled roadmap 2.0 that they shared on their official Twitter page on Sept. 21st.
Source: Twitter / Bored Ape Yacht Club
As the user sails down the river, a message confirms upcoming collaborations. A little further, there’s a yacht party that illustrates its first annual Ape Fest event held at New York City last Oct. 31st.
Roadmap 2.0 also shows two ape hands holding a smartphone: indicating BAYC and the Mutant Ape Yacht Club (MAYC) supporting the mobile competition. On the upper left corner of the image, the chained monkey symbolizes BAYC’s Jimmy and the Monkey puzzle. Meanwhile, a bored and a mutant ape stand together to announce the long-awaited release of 3D ape avatars.
Another exciting update on the BAYC Roadmap 2.0 is regarding huge events. Allegedly, it involves BAYC, Cyberkongz VX, and Sandbox. Reportedly, the Miami Sandbox event is set to take place in 2035, followed by a real-life Miami meeting exclusively for BAYC members.
