Crypto art and avatars are examples of non-fungible tokens, as are virtual real estate and trade cards. Not all crypto collectibles are made equal, especially when it comes to these. The Bored Ape Yacht Club NFT collection, in particular, is quickly becoming a household name – not just among the in-the-know, but also among the general public. Rather than make fun of or even criticize the art world, it just makes a profit off of its existence. With its growing popularity, it appears to be on the verge of dethroning current leaders like CryptoPunks.
The collection's distinct, almost instantly identifiable design has snatched up a sizable following. Celebrities and influencers including musician Eminem, TV host Jimmy Fallon, billionaire entrepreneur Mark Cuban, and basketball star Stephen Curry are among them. This has just added to the buzz, resulting in skyrocketing costs. Professional traders have been buying them on OpenSea and reselling them for up to tenfold profit in the previous year.
What is the NFT Collection of the Bored Ape Yacht Club?
The Bored Ape Yacht Club is a non-fungible digital art collection of 10,000tokens (NFTs). Each image features a cartoon ape in profile, dressed in a variety of colors and attributes and displaying distinct facial expressions. The collection was released in April 2021, and it sparked a lot of curiosity and purchases among celebrities. The collection's worth has increased by thousands of percent since its inception. On social media profiles, Bored Ape NFTs are frequently utilized as profile pictures. Apart from that, these NFTs are often used as membership cards for an exclusive social club.
The buzz around this NFT collection is causing its price to rise. FOMO might drive up prices even further, especially if more celebrities invest.
With the debut of CryptoPunks in 2017, the NFT space saw its first breakthrough. When the crypto market crashed, however, their popularity swiftly faded. When investors returned to the crypto world a few years later, the groundwork for NFTs had already been laid. The entire area immediately regained popularity.
Similarly, the CryptoPunks collection saw a rebirth, with the most valuable NFT selling for more than $11 million. The ongoing development of the metaverse, in which NFTs will play a key role as certificates of ownership of goods, other items, and virtual land in the digital world, is currently fueling the popularity of NFTs.
Who Is the Bored Ape Yacht Club's Founder?
The Bored Ape Yacht Club is operated by Yuga Labs LLC. When BAYC first started, it had four key members: No Sass, Gargamel, Emperor Tomato Ketchup, and Gordon Goner, all of whom worked behind aliases. The team currently has 11 individuals of all nationalities and cultures, showcasing how designers and entrepreneurs from many backgrounds can work together and serving as an example to the rest of the globe.
Every member of the team is tremendously enthusiastic about NFTs, having spent the most of their lives immersed in video games. They see the importance of NFTs in the future and are already working on other initiatives that will hopefully make an indelible impact on the NFT industry.
The team is now working on a blockchain gaming product that uses NFTs, leveraging their extensive gaming experience.
Celebrity Effect
Fallon showed off his ape on Monday in his Tonight Show when he had Paris Hilton as a guest. Moments before, Hilton said that she had recently bought a Bored Ape of her own, which Fallon showed to a bewildered crowd.
Beyond celebrities, Bored Ape Yacht Club is becoming more and more of a brand that isn't on a chain. For its first NFT project, Adidas worked with BAYC. In January, a BAYC mobile game was released, and last year, an ape from the Club was on the cover of Rolling Stone magazine because of the project.
Everything about NFTs is a fight. The Bored Ape Yacht Club, like everything else, isn't any different. People who own and trade NFT art are jealous of people who don't. People who don't have NFT art are confused and afraid. When you see that someone sold their Bored Ape NFT for $3,066 by accident, it makes you sad. Cryptocurrency and NFTs are both very volatile. That makes people who don't like what they call a bubble think that it will eventually fall apart.
Bottom Line
They have developed a community of like-minded individuals who utilize NFTs as membership cards for the BAYC collection. The project's team has come up with new NFTs and events to keep the community involved. It's too early to tell how the NFT ecosystem will evolve further, but the signs are encouraging.
