Frequently Asked Questions on Bored Ape Yacht Club

What do Paris Hilton and Eminem  have in common? Very few – except that they are all members of the Bored Ape Yacht Club, a collection of NFTs that is transforming from Internet curiosity to an influential brand. There are 10000 Bored Ape Yacht Club NFT, each with different characteristics and costumes. You can see the three above. The one in the middle with the captain’s hat? It’s Jimmy Fallon’s. He has paid more than $200000 for it.If you’re an audience of Fallon’s tonight show, you may already know it’s Fallon’s because he showed off his apes with guest Paris Hilton on Monday’s show. Not long ago, Hilton revealed that she had recently bought her own boring ape, which Fallon showed to a confused audience.

What makes Bored Ape Yacht Club such a big deal? Well, first of all, the lowest entry fee is 94 ether, or about $288000. Moreover, there are only 10000. As more and more celebrities buy, this fixed supply is considered to be more and more valuable.

If you spend any time online, especially on twitter, you may have seen the boring ape man Yacht Club NFT. Stephen Curry, Eminem and even Adidas brands used Bored Ape NFTs as profile images. They are both avatars and tickets to an online social club. Bayc was launched in April at the price of 0.08 Ethereum (about $190) each. The owners of  BAYC either knew enough about cryptocurrency, or were rich enough in the early days of the NFT boom. Now the series has gained cultural weight.

In addition to celebrity purchases, the Bored Ape Yacht Club  is gradually becoming a non-chain brand. Adidas cooperated with BAYC in its first NFT project. BAYC’s mobile game was launched in January, and an ape of the club appeared on the cover of Rolling Stone magazine last year.

Like other things related to NFT, the Bored Ape Yacht Club is controversial. Apes inspire jealousy among people who own and trade NFT art, but confusion and suspicion among people who don’t own NFT. Like cryptocurrencies, NFTs are highly volatile. This leads detractors to predict that their so-called bubbles will eventually collapse. Here’s what you need to know about the collection.

Are There 10000?

In summary, there are two types of NFT art. First of all, you have one-off visual works, which are sold as non-fungible tokens, just like paintings in real life. Think of BeepleNFTs, which sold for up to $69 million at Christie’s. Second, you have NFT collections, such as the Bored Ape Yacht Club. A bit like Pokemon cards, these cards use a template and produce hundreds or thousands of changes, each arranged according to the degree of rarity. In the case of BAYC, there are 10,000 apes, each with different “attributes” – different fur types, facial expressions, clothing, accessories and so on.

These properties are displayed on OpenSea, the main platform for NFTs trading. On any given NFT page, its attribute will be listed and the percentage of NFTs in the collection that share that attribute. Generally, anything less than 1% is considered rare. For example, look at the three apes at the top of this article. On the right, you will see a rare “pure gold” fur feature. Among 10000 apes, only 46 have this characteristic, and these 46 apes are particularly precious.

As mentioned earlier, the “reserve price” of this project – the price you will pay for an ape with ordinary characteristics – is 94 ether. Apes with golden fur characteristics are rare, so the price is much higher. One of them sold for $1.3 million in January. Another ape with golden hair and laser eyes, which are less than 1%, sells for $3 million.

BAYC is the largest NFT project of its kind, recently surpassing CryptoPunks. Cryptopunks is a collection of 10000 8-bit avatars created in 2017. It has gained most value because it is an OG NFT collection. Other notable collections include Doodles, CyberKongz,  and Cool Cats.

What is Next?

Bored Ape Yacht Club is slowly expanding from NFT to become an “off chain” brand – that is, a brand outside the blockchain. The Bored Ape man is integrating himself into the fashion world. Adidas launched its first NFT project, into the metaverse, in cooperation with several NFT brands, of which the bored ape Yacht Club is the most important. Adidas also bought the NFT of the Bored Ape Yacht Club , which now has the logo on its twitter page. In January, a mobile game “ape vs mutant” was launched in the app store and Google’s play store.

What Makes BAYC Valuable?

This is a complex problem. The short answer is that, like real-world art, value depends largely on the viewer’s eyes. Let’s start from scratch. The Bored Ape Yacht Club  was launched by a team of four pseudonym developers at the end of April. Gargamel, Gordon goner, Emperor tomato ketchup and no sass. It took 12 hours, and all 10000 were sold out. The price was 0.08 ether, or about $190. As you can see in the price chart below (the price on the y-axis is in ether), the price increased steadily from April to July, and then soared in August.

What makes BAYC or any other NFT collection valuable is very subjective. In general, it is a mixture of three things. The participation of influencers or celebrities, the strength of the community and the effectiveness of members.

The first is obvious. When celebrities own an NFT, it makes others want one. One example is Jimmy Fallon. The “Tonight Show” host bought a bayc on November 8 (for $145000), and a few weeks later, he used it as a personal photo on twitter, where he has 50 million fans. This has led to a burst of hype and sales, which is reflected in the increase in sales and prices you see on the right side of the figure above.

Second, utility. Most NFT projects claim to provide some kind of utility, whether entering the game of making money or choosing to exchange NFT for relevant cryptocurrency. Another high-value collection, CyberKongz, won a bad reputation for allowing two Kongs  to breed a babykong NFT.

The Bored Ape Yacht Club  did a few things to keep the owner interested. First, it created the Bored Ape Yacht Club, which provides the owner with the opportunity to “adopt” a dog NFT that imitates the characteristics of boring apes. Another free gift is in August: Digital vials of mutant serum. They can create a boring ape with a mutant NFT serum. Both kennel clubs and mutant ape NFT sell at high prices. In recent weeks, the mutant ape Yacht Club series has exploded, and the reserve price has risen from about 4 ether in November to 20 ether ($60000).

The last and most important is the community built around the collection. The bored ape yacht club organized parties in New York and California, as well as bored ape parties in Hong Kong and the UK. In November, a weekend celebration for owners was held in New York, including a real yacht party and a concert. Chris Locke, Aziz Ansari and the strokes all appeared.

There is a business aspect to developing a community. Any kind of art is the value that people are willing to pay for it. In NFT collections, the reserve price is basically equal to the price that the least invested members are willing to sell. People believed they held community tokens, and fewer people listed their apes for sale. Selling your ape is not only an NFT, but also a community pass.

In addition, once the collection reaches a certain value level, it becomes a symbol of identity. People in cryptocurrency and NFT use profile images on twitter, discord and other platforms, just as a CEO wears Rolex. You can download the JPG of bored ape, just as you can wear a $10 Rolex Shanzhai version. However, in both cases, people will know.