What is BAYC NFT? Overview of the top blue-chip NFT collections

1. What is BAYC?

Bored Ape Yacht Club (BAYC) is a famous PFP NFT (Non-Fungible Token) collection on the Ethereum blockchain. BAYC was created by Yuga Labs and first launched in April 2021.

The Bored Ape collection includes 10,000 NFTs featuring monkeys with watches, sunglasses and many other elements, creating uniqueness and individuality for NFT owners.

BAYC is not only a digital art collection but also an art and investment community. The owner of each Bored Ape not only owns a piece of digital art, but also receives benefits such as participating in special limited events within the BAYC community.

Bored Ape Yacht Club NFTs have become one of the major phenomena in the world of blockchain and digital art, attracting attention from both the art community and those interested in investing in the blockchain space.

2. Products

2.1. Business model of BAYC NFT

Bored Ape Yacht Club (BAYC) NFT's business model is a hybrid of digital art, investment and community. Here are the important elements of this business model:

Issuing and selling NFTs:

BAYC creates and releases a series of unique digital images, each represented by an NFT on the Ethereum blockchain . BAYC is issued through mint NFT form with a starting price of 0.08 ETH. After development, this collection achieved an ATH price of up to 150 ETH per NFT.

Benefits for owners:

Bored Ape owners have certain benefits, including the right to participate in special events, the right to use their likeness in the app, and many other benefits including:

Receive token airdrops and NFTs like $APE, MAYC, BAKC
Participate in exclusive clubs and events organized by Yuga Labs

Use NFT as collateral on other NFTFi platforms like BendDAO, Jpeg'd to increase profits.

Community and interaction:

BAYC builds a large community around Bored Ape owners, promoting interaction through forums, games and special events. This community can participate in voting on changes to community decisions.

Create added value:

Creating unique and personalized elements within each NFT creates added value for both the NFT and the community. The combination of creative art and community interest distinguishes BAYC among other NFT projects.

Integrating Blockchain and Smart contracts:

The Ethereum blockchain is used to ensure the sovereignty and immutability of each NFT. Smart contracts are integrated to implement automated benefits and conditions, such as automating the auction process and benefit distribution.

Bored Ape Yacht Club's business model is not just about selling NFTs but also about building a passionate and active community around digital art and blockchain. Owner benefits, blockchain integration and community interaction play an important role in creating the appeal of this project.

2.2. Highlights of BAYC NFT

Bored Ape Yacht Club (BAYC) NFT has stood out and attracted the attention of the community with many unique features. Here are some highlights of the BAYC NFT:

Rarity

With only 10,000 Bored Apes in existence, this number is really small compared to the global population of about 8 billion people. This means that only 0.000125% of the population has the opportunity to own a Bored Ape NFT. The rarity of this collection further increases the value of each piece, especially those of unique and outstanding nature.

The diversity in the collection is also a unique point. Each monkey is designed with unique facial expressions, costumes and colors. These elements not only create uniqueness, but also create interaction and preference from the community. There are Bored Apes that are seen as independent works of digital art and are highly appreciated from an artistic and creative standpoint.

This highlights the uniqueness and limitations of Bored Ape Yacht Club, making each NFT not only a piece of digital art but also an NFT market icon, highly prized for its value and impact in the user community.

Reputation

With a limited number of Bored Apes of only 10,000, the opportunity to join Bored Ape Yacht Club (BAYC) becomes attractive and special. Sharing the same space with celebrities like DJ Khaled or Jimmy Fallon has made the community fun and unique.

BAYC has organized many special events, especially Ape Fest 2021 in New York, where Ape owners come together to enjoy the exciting atmosphere. The uniqueness of each Ape and dressing up as Ape NFTs at events creates a unique and stylish community.

Owning at least one Ape offers many benefits, including the opportunity to participate in special events with celebrities. With its high liquidity and lack of fraudulent claims, Bored Apes has become an icon in the NFT world, attracting diverse interest and engagement from the community.

Cooperate with big brands

Adidas is standing out as the most notable partner of Bored Ape Yacht Club (BAYC). They partnered with Yuga Labs LLC to release an exclusive Bored Ape Yacht Club NFT. Buyers of Adidas NFTs will receive the Bored Apes NFT featured product, and owners of BAYC and Mutant Ape Yacht Club NFTs will also be given access to a number of special Adidas NFTs.

In addition, Animoca Brands also cooperated with BAYC to develop a joint game, attracting the interest of the community. These projects not only expand the usability of Bored Ape NFTs, but also create new and unique experiences for the community.

Interact with many famous people

The appeal of Bored Ape Yacht Club is also enhanced by the investment of a series of celebrities, creating a wave that spreads through social networks. Eminem, Shaquille O'Neal, Jimmy Fallon, Gary Vaynerchuk, Mark Cuban, Post Malone and Stephen Curry are some of the names that have appeared in the Bored Apes owner community. These celebrities sharing on social media platforms about owning NFTs has increased their appeal and attracted a large fan base.

With the participation of prestigious individuals, as well as interest from the media, the Bored Ape Yacht Club NFT collection became popular and had wide coverage. This not only boosts the value of NFTs in the community but also increases the appeal of BAYC on a larger scale.

Strong community

Bored Ape Kennel Club is a unique NFT project designed specifically for the Bored Ape Yacht Club (BAYC) community of owners. Here, each Bored Ape is not only a unique work of digital art but also a source of inspiration to create a new interactive experience.

Specifically, Bored Ape Kennel Club creates an opportunity for each BAYC owner to adopt a "companion puppy" for free, on the condition of paying an Ethereum gas fee. Not only does this make keeping a "puppy" fun, but it also opens up the possibility of owning a whole new NFT to add to a personal collection.

The uniqueness and creativity of Bored Ape Kennel Club not only enriches BAYC's content but also creates strong interaction and connection within the community. Bored Ape owners are not only NFT holders, but also become members of a strange and humane animal club.

3. Team member

Bored Ape Yacht Club (BAYC) is an NFT collection developed by Yuga Labs, a company founded in 2020 that specializes in the creation and development of artwork in the form of NFTs. Yuga Labs is not only famous for BAYC but also has other collections such as Mutant Ape Yacht Club (MAYC), Otherside, and has acquired CryptoPunks and Meebits NFTs.

Information about the artists behind the NFT works in BAYC is kept confidential by Yuga Labs, with no specific disclosures. However, according to the Blockchain Council, authors with stage names such as Gargamel, Gordon Goner, Emperor Tomato Ketchup and No Sass contributed to the creation of the digital painting in Bored Ape Yacht Club.

4. Investors

On March 22, 2022, Yuga Labs announced an impressive result when they successfully raised Seed Round capital for up to $450 million, bringing the company's valuation to $4 billion. This capital call is led by A16z, a famous investment organization. In addition, other investors have also participated, including Animoca Brands, The Sandbox, Thrive Capital, and several other potential partners.

The large amount of money that Yuga Labs collected in this Seed Round is a testament to the traction and reputation that the Bored Ape Yacht Club project is gaining in the blockchain community and NFT market. The participation of leading investors such as A16z also sets a positive signal about Yuga Labs' potential and importance in the ever-expanding industry of digital art and blockchain.

5. NFT Key Metrics

5.1. General information

NFT collection name: Bored Ape Yacht Club
Classification: PFPs
Total number of NFTs: 10,000 NFTs
Blockchain: Ethereum
Number of features: 7
NFT contract: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D

5.2. BAYC NFT Sale & Allocation

In contrast to DeFi projects that often deploy a token sale model to distribute tokens, NFT projects often use minting to open and sell NFTs. Yuga Labs held a minting event for Bored Ape Yacht Club (BAYC) on April 23, 2021, where participants could purchase BAYC NFT for 0.08 ETH.

Currently, detailed information about the distribution of BAYC NFT to parties is not publicly available. Therefore, there is no specific information on how many NFTs were sold. However, if we assume that all 10,000 NFTs were sold for 0.08 ETH, Yuga Labs could collect a total of 800 ETH (equivalent to about 2 million USD) by April 2021. This demonstrates the success of the minting event and the appeal of Bored Ape Yacht Club in the NFT community.

6. How to buy BAYC NFT

6.1. BAYC trading platform

Bored Ape Yacht Club (BAYC) NFTs can be bought and sold through various NFT Marketplaces such as Opensea, LooksRare, Blur, X2Y2. Among these, Opensea is currently the exchange with the highest liquidity, providing many options and flexible trading features.

If you want to overview and compare prices of all BAYC NFTs listed on exchanges, users can also use tools like Gem.xyz or Uniswap NFT Marketplace. These platforms help users track and compare NFTs from various sources, creating convenience in the process of searching and shopping for NFTs according to their desires.

6.2. BAYC storage wallet

Bored Ape Yacht Club (BAYC) is a type of NFT that follows the ERC-721 token standard. This means users can store BAYC NFTs in any Ethereum wallet that supports NFT display, like Metamask , Trust Wallet, SafePal, BitKeep. This provides flexibility to users when managing and conducting transactions related to Bored Ape Yacht Club across different wallet platforms.

7. Development roadmap

As a unique digital art project, Bored Ape Yacht Club (BAYC) has undergone many important events and updates during its development. Below is a more detailed description of some specific events and key stages:

April 23, 2021 - Initial Minting Event:

BAYC NFT went on sale via an initial minting event on April 23, 2021 at a price of 0.08 ETH per NFT. This is the first opportunity for the community to shop and own Bored Ape NFTs.

Collaborations and special events:

BAYC regularly collaborates and hosts special events to reward the community. These events may include giveaways, special offers, and interactive opportunities.

Ecosystem development:

Through the stages, BAYC has not only focused on developing NFTs but also expanding its ecosystem. This includes creating side projects like Bored Ape Kennel Club, a unique combination of NFTs and virtual worlds.

Update new features:

Yuga Labs continuously improves BAYC's features and user experience. This update may include new interactive features, improved user interface, and other improvements.

March 22, 2022 - successful capital call:

Yuga Labs announced the successful raising of 450 million USD in the Seed Round, valuing the company up to 4 billion USD, with the lead of A16z and the participation of many other large partners.

March 2023: BAYC cooperates with Gucci to develop and expand business.

8. BAYC's information channel

Website: https://boredapeyachtclub.com/

Twitter: https://twitter.com/BoredApeYC

9. Conclusion

In short, the Bored Ape Yacht Club (BAYC) NFT is not just a digital art collection, but a phenomenon in the blockchain world. BAYC's uniqueness, innovation in community interaction and attractiveness have distinguished it in the investment market and attracted the interest of many people. BAYC is not just an NFT, but a symbol of the fusion of art and blockchain technology, opening up new vistas in the cryptocurrency and digital art space.

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