The Bored Ape Yacht Club (BAYC) is a collection of 10,000 Bored Ape NFTs based on the Ethereum blockchain. Each Bored Ape NFT features a profile picture of an ape that also serves as a membership card to the Yacht Club itself.
The BAYC was created by two anonymous founders whose identities have only recently been discovered. It is now known that writer Greg Solano and cryptocurrency day trader Wylie Aronow launched the project in April 2021, with the Bored Ape Yacht Club now considered the most expensive NFT collection.
Bored Ape NFTs sold for approximately $190 when first released but have now appreciated in value many times over. Talk show host Jimmy Fallon purchased a Bored Ape in late 2021 for $216,000, while socialite Paris Hilton shelled out over $300,000 for her NFT.
BAYC has also attracted interest from investors, with VC firm Andreessen Horowitz in talks with owner Yuga Labs to potentially value it at more than $5 billion.
How does the Bored Ape Yacht Club work?
With each Bored Ape membership, NFT owners receive several members-only benefits. This includes access to the graffiti board THE BATHROOM where users can draw a pixel in a collaborative art experiment for the crypto sphere.
There are also perks for community members such as exclusivity, private events, and additional benefits that are unlocked via roadmap activations. Thirty of the 10,000 Bored Apes have also been set aside for use in giveaways and puzzle rewards.
Every Bored Ape NFT is generated by an algorithm with over 170 possible traits, including attire, headwear, facial expression, and accessories. Some of the rarest Bored Apes feature laser eyes, gold fur, or a crown and have sold for millions of dollars.
NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on the InterPlanetary File System (IPFS).
How to purchase a Bored Ape NFT
Here is the step-by-step process for purchasing a Bored Ape NFT:
- Open an account – to be able to purchase Ethereum, open an online account on a trading platform such as Coinbase or eToro.
- Purchase or download a crypto wallet – to purchase and store NFTs, a cryptocurrency wallet is then required. MetaMask is the preferred option here for NFT sales in the OpenSea marketplace.
- Send ETH to Metamask – using the 64-letter and number wallet address, enter the amount of ETH to be sent to Metamask. Consider performing the transaction at a more optimal time if gas fees are excessive.
- Purchase the Bored Ape – in the final step, connect the wallet to the NFT platform OpenSea and locate a Bored Ape to purchase. Some apes will have a “buy now” price while others will be sold to the highest bidder.
Key takeaways:
- The Bored Ape Yacht Club (BAYC) comprises a collection of 10,000 Bored Ape NFTs based on the Ethereum blockchain.
- Every Bored Ape NFT is generated by an algorithm with over 170 possible traits, including attire, headwear, facial expression, and accessories. Some of the rarest combinations have sold for millions of dollars.
- To purchase a Bored Ape NFT, open an account to purchase Ethereum and a crypto wallet to make purchases in the OpenSea NFT marketplace. Then, send ETH to the wallet and purchase a Bored Ape by choosing between two price formats.
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