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Historically, NFTs date back to 2014 when digital artist Kevin McCoy created the first NFT art named Quantum on the Namecoin blockchain. Since then, hundreds of thousands of his NFTs have been created on Ethereum and other blockchains. NFTs are works of art, GIFs, animations, videos, photos, music, journals, domain names, and more.
NFTs will go mainstream in 2021 and become recognized as a niche in the decentralized space. This attracted a lot of investors as individual creators and companies started launching his NFT projects. One such company is his NFT-focused blockchain company, Yuga Labs, which developed the famous Bored Ape Yacht Club BAYC.
of Boad Ape Yacht Club A collection of 10,000 unique Bored Ape NFTs minted on the Ethereum blockchain. Each unique Bored Monkey also serves as a yacht club membership card, exclusive to Bored Monkey owners only.
When the NFT Collection launches on April 29, 2021, notable NFT traders will: mischief, Bought a lot of monkeys. He then notified his followers on his Twitter that his tweet led to a sell-out within his 12 hours, after which the NFT was made available for sale on publicly traded markets.
All apes are unique, but some are more rare than others based on their attributes. Each Bored Ape is algorithmically created from over 170 potential attributes, including facial expressions and wearables such as clothing and accessories. For example, the collection includes various furs, clothing, jewelry, facial expressions, etc. Only 115 Bored Ape have cross earrings, 49 have daggers in their mouths, and 108 have cybernetic eyes as part of their unique signature.
Bored Apes’ launch price was pegged at a fair price of 0.08 ETH (around $190 at the time), so no Ape was more expensive than another regardless of its characteristics. Three months later, NFTs have grown in popularity and increased in value.
Then came the cryptocurrency summer bull market, Bored Ape NFT Soared over 400% in August 2021. At the time of writing, BAYC has a current market cap of $1,088,809.041.22 with a 24-hour trading volume of $54,643,948.40 and a lowest price of 66.9 ETH each, equivalent to $108,880.90.
The lowest price is not necessarily the general price for all Bored Apes. This can be considered the lowest price of Bored Apes on the open market listed for sale. Currently, the most expensive Bored Ape is listed at 99,999,999,999,999 ETH, which equates to $163,436,999,999,998,370. Some are listed at around 7,000 ETH, 5,000 ETH, 3,000 ETH, etc.
A total of 6,454 unique owners currently hold 10,000 NFTs from this collection.
BAYC was created by Yuga Labs and co-founded by Wylie Aronow and Greg Solano.The duo was widely known under pseudonyms Gordon Gorner When gargamelThey will then enlist Kerem aka No Sass and Zeshan aka Emperor Tomato Ketchup to form BAYC in late April 2021.
Kerem and Zeshan were software engineers, and both Gordon Goner and Gargamel were artists. Gargamel has a Master of Fine Arts (MFA) and Gordon Goner dropped out of his MFA for health reasons.
Unknown to many enthusiasts, BAYC’s quartet was not the designer behind BAYC. They just generated ideas. Seneca, commonly known as Asian-American artist. Seneca Seeing AllI drew the main characters.
Although she was not familiar with NFTs, Yuga Labs accommodated her and gave her a concept to develop the character. I didn’t know what it would be like.
Since its inception, BAYC has kept the club alive by engaging the entire community in fascinating activities. Not to bore people who gagged (jumped) into the project. Below are new elements that are regularly released into the ecosystem to attract members and maintain OG status.
The bathroom is the first and most important interaction with club members. This is a digital replica of a private planning board or whiteboard where members can freely write their ideas on the wall. The concept of this private bathroom is Shared digital canvas Bathrooms are for members only as club members can paint.
Another intriguing initiative is the concept of dog adoption. Each monkey is free to adopt a dog so they don’t feel bored or lonely in the swamp. The Kennel Club allows all her Ape’s to adopt the club’s dog as a companion free of charge (minus petrol costs). This offer ran his one week in June 2021, and members who signed up for this hire received their respective distributions at the end of the hire period.
Adopted by about 96% of Bored Ape holders dog companionand the remaining 400 unadopted dogs were left in the swamp for extinction. increase.
There are 9,602 dog NFTs with 5,550 owners and a starting price of 6.95 ETH $11,501.83. At the time of writing, BAKC has a market cap of 66,733.9 ETH ($110,440,581.81), while the club’s most expensive NFT is listed on OpenSea for 5,000 ETH (equivalent to $8,161,700).
The BAKC collection incorporates charitable donations into the NFT, with a 2.5% royalty for the first 6 weeks after launch. As announced by BAYC’s official Twitter handle in August 2021, funds from the royalties were donated to animal charities such as Orangutan His Outreach.
Another attractive model to attract BAYC members introduced into the ecosystem is the mutant serum airdrop. A snapshot of the Bored Ape holders was taken on August 8, 2021, each holder mutant serum vial.
Before the mutation began, a collection of 10,000 mutant apes had already been auctioned and sold out. This mutation was a way of showing appreciation to the BAYC members who cast the mutant apes in their sera for free. .
The M1 and M2 sera mutated bored monkeys into mutant monkeys with traces of the original bored monkey characteristics. The M3 vial mutated Bored Ape into an unrecognizable mutant, and alongside his 10,000 previously minted mutant apes, this brings his collection of 20,000 together. Mutant Ape NFTand the Mutant Ape Yacht Club was founded there.
MAYC members will consist of former BAYC members and owners or investors of 10,000 newly released Mutant Apes. MAYC currently has 19,425 NFTs and 12,962 unique holders with a market cap of 23,100 ETH $386,166,291.95 and a lowest price of 12 ETH $19,879.86.
Celebrities have become significant game changers in the cryptocurrency/NFT industry and have also served as media influencers for the project. An example is Pranksy’s tweet that led to a significant sale of Bored Ape NFTs. Since then, many celebrities have acquired this NFT and flaunted it in the media.
For example:
Communities play an integral role in the success of many projects in the blockchain industry. The project’s community doubles as foot soldiers and influencers. BAYC meetups were held in Hong Kong, New York, California and the UK.
Another factor that makes BAYC valuable is its availability to NFT holders, including club membership, bathroom access, free NFTs, membership to BAKC and MAYC. The Yuga Labs team is working tirelessly to create other utilities, so existing members will benefit greatly from future projects. This example is ApeCoin token Distributed to Bored and Mutant Apes holders.
Bored Ape owners received 10,094 $APE per NFT, Mutant Ape owners received 2,042 $APE. Imagine if the owner kept multiple of her NFTs from both collections.
Yuga Lab Starting its blockchain/cryptocurrency journey in less than two years, the company is now worth billions of dollars. Their success can be attributed to their tireless efforts to continue to develop compelling blockchain/crypto and NFT projects.
Their other projects include the $APE cryptocurrency and the Otherside Metaverse and its Otherdeed NFT.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Technical writer with a passion for blockchain and all things decentralized world.
