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What's the Story Behind Bored Ape Yacht Club Creator Yuga Labs?

The organization has become a household name in the crypto industry following the immense success of its bayc nft collection..

Before the explosion of profile picture (PFP) non-fungible tokens ( NFTs ), creators and developers rarely stuck around to build utilities around their collections or projects.

Instead, they typically cashed in on a particular NFT craze and then immediately set their sights on the next lucrative opportunity. That was until Yuga Labs came along. That's the company behind the $3 billion Bored Ape Yacht Club (BAYC) collection .

Unlike most NFT projects before it, Yuga Labs introduced new and improved strategies for enabling engagement and building a sustainable NFT ecosystem. Part of Yuga Labs' success can be attributed to the company’s decision to build a community-focused blueprint for managing the BAYC brand.

Read more: What Is ApeCoin and Who Is Behind It?

That and many more achievements continue to put Yuga Labs at the forefront of the emerging NFT movement. In this article, we will explore the operations of Yuga Labs and highlight its products.

What is Bored Ape Yacht Club?

Yuga Labs is the creator of Bored Ape Yacht Club , a project consisting of 10,000 ape-themed NFTs with different traits and unique characteristics.

Like most PFP-based NFTs, BAYC was inspired by CryptoPunks , the first of many NFT projects looking to create a library of characters with unique traits and rarity levels. While this is a given, Yuga Labs has elevated the entire concept of PFP-based NFTs, such that owners of Bored Apes automatically become a member of an exclusive club, with perks ranging from early access to new offerings to the possibility of receiving the commercial usage right to purchased Bored Apes.

As such, it is easy to see why the prices of Bored Apes NFTs have continued to soar since they launched in April 2021.

At the time of writing, the floor price of BAYC (that is, the lowest price for a Bored Ape NFT) is $304,000, according to Coingecko . This is amazing when you consider the whole idea that birthed Yuga Labs and BAYC stemmed from the perceived tendencies of crypto participants of aping (jumping) into unproven investment opportunities and, in the process, making tons of money.

Yuga Lab's Apes NFT series, such as Bored Ape Yacht Club, have been bucking the trend of an otherwise sluggish market with strong sales performance of late pic.twitter.com/WCTvv2DSVC — Forkast News (@Forkast_News) March 23, 2022

The entirety of BAYC revolves around the storyline that in the distant future, these rich but bored individuals form an exclusive club and hang out in in a bar. Each ape-themed character in the NFT collection depicts the various personalities and traits you would most likely expect from a futuristic crypto club.

It’s worth mentioning that Yuga Labs is the brainchild of two friends, Gargamel and Gordon Goner , which are both pseudonyms. Interestingly, the pair decided to maintain their anonymity until only recently when a February 2022 Buzzfeed article revealed their identities as Greg Solano and Wylie Aronow.

Both had been involved in the crypto space as " hodlers " and traders since 2017. They eventually discovered that the emergence of NFTs created opportunities for them to showcase their creative sides and actively contribute to the crypto movement. To materialize their goals, they enlisted two software engineers, namely Emperor Tomato Ketchup and No Sass, as part of the project’s founding team.

What are MAYC and BAKC?

Following the success of BAYC, Yuga Labs went ahead to create a template for evoking sustained euphoria and prestige among its members. In less than a year, the company has issued other NFT collections as part of its plans to reward BAYC holders. The first was the Bored Ape Kennel Club (BAKC) , which consists of 10,000 NFTs that are a collection of unique digital dogs bred as companions to the Bored Apes and distributed to all BAYC members for free.

There is also Mutant Ape Yacht Club (MAYC) , a collection of mutant, or zombified, variants of Bored Apes. Yuga Labs airdropped mutant serums to holders of the 10,000 BAYC NFTs, which they can use to mint Mutant Apes that either share some semblance with the original form or come with very rare traits.

A new #MutantMonday profile pic @BoredApeYC #MAYC pic.twitter.com/OBiPzvpUyE — Art | artkaroon.eth (@ArtKaroon9) March 21, 2022

The rarity and traits of Mutant Apes depend on the tier of serum vial used to mutate the Bored Apes. Tiers M1 and M2 serums will most likely yield Mutant Apes that share some traits with original Bored Ape NFTs. In contrast, the M3 tier creates very unique and rare Mutant Apes that are more likely to fetch a higher price.

The acquisition of CryptoPunks and Meebits

On March 11, 2022, Yuga Labs expanded its NFT ecosystem further by acquiring CryptoPunks and Meebits from Larva Labs. It will interest you to note that both collections are two of BAYC’s most prominent competitors in terms of value and following. And so, it is safe to say that this move cements Yuga Labs’ position at the top of the PFP NFT market.

With this deal, Yuga Labs now owns all IP rights, brands and copyright of the CryptoPunks and Meebits collections along with 1,711 Meebits NFTs and 423 CryptoPunks.

How does Yuga Labs operate?

As mentioned earlier, Yuga Labs focuses on creating a community-focused business that looks to create more utilities for NFT holders. For the team, the goal is to keep pushing the boundaries of what an NFT ecosystem can become, which is why their products and services are strategically designed to build and preserve the exclusivity of the BAYC community.

Some of the features and services put in place by Yuga Labs are:

• Holders are offered commercial rights over their NFTs, including Bored Apes, Mutant Apes, Bored Ape Kennel Club, CryptoPunks and Meebits. As such, members can create merchandise and leverage other means of monetizing their NFTs.
• BAYC often releases merchandise exclusive to Ape owners.
• Yuga Labs historically prioritizes BAYC members when allocating new NFTs or launching new products.
• Yuga Labs has a history of involving NFT holders in some of its decision-making processes, particularly when it comes to donating to charity.
• Yuga Labs has introduced ApeCoin (APE), an ERC-20 token, as a utility and governance token that would further democratize the BAYC ecosystem and allow members to access services within and outside the ecosystem. To implement full decentralization, ApeCoin was launched by ApeCoin DAO, an entity made up of council members that would execute the decisions of the community.
• Yuga Labs now has a $4 billion valuation thanks to a recent $450 million funding round led by Andreessen Horowitz (a16z). The team plans to use the funds to create a metaverse project and a game that will encapsulate all of the NFT collections it owns. According to the team, the plan is to launch a gamified and interoperable metaverse , called Otherside, where users can connect to the broader NFT world. This product will most likely go live sometime in April 2022.

How does ApeCoin work?

According to the project’s bio on Twitter , ApeCoin is a “governance and utility token used to empower a decentralized community building at the forefront of web3.”

Yuga Labs hopes that ApeCoin can become the anchor for the BAYC economy and governance system. The goal is for it to function as a governance and utility token in the BAYC ecosystem. Holders can not only use the token to vote on policy changes but also use it to purchase items both in the digital realm and real world.

And as mentioned earlier, the votes and decisions of the BAYC community will be administered by the board of ApeCoin DAO, which will also act as the committee members of Ape Foundation, another organization that will handle day-to-day operations. More specifically, the board consists of high-profile individuals. They include Reddit co-founder Alexis Ohanian; Amy Wu, head of crypto exchange FTX’s venture arm; Maaria Bajwa of Sound Ventures; Animoca Brands’ Yat Siu; and Dean Steinbeck of Horizen Labs.

Looking at the structure that powers ApeCoin, it is clear that Yuga Labs has strategically removed itself from the operations of ApeCoin DAO for legal reasons. However, this has not stopped the team from allocating or receiving a share of the total supply of ApeCoin.

Interestingly, 160 million APE has been allocated to Yuga Labs, of which 10 million APE will go to charity. Another 80 million APE goes to the founders of BAYC and Yuga Labs. Also, 140 million APE was allocated to “launch contributors,” which will most likely include Yuga Labs' investors and partners.

Read More: What is ApeCoin and Who Is Behind It?

Andrey Sergeenkov

Andrey Sergeenkov is an independent writer in the cryptocurrency niche. As a firm supporter of blockchain technology and decentralization, he believes that the world craves such decentralization in government, society, and business. Besides CoinDesk, he also writes for Coinmarketcap, Cointelegraph, and Hackernoon, whose audience voted Andrey as the best crypto author in 2020. Andrey Sergeenkov holds BTC and ETH.

• Internet Culture

Bored Ape Yacht Club NFTs Explained

This collection of 10,000 cartoon apes has become the poster child of NFTs. Right now, the cheapest you can buy one for is $150,000.

Bored Ape Yacht Club NFTs cost $190 at launch last April. Now they go for over $400,000.

NFTs have been around for five years, but the nonfungible token boom only truly began in 2021. It coincided almost perfectly with the launch of Bored Ape Yacht Club, a collection of 10,000 cartoon ape NFTs that's come to embody the whole industry. BAYC has over the past year become a bellwether for NFTs, just like bitcoin is for the crypto market at large. 

When NFTs were at their hottest, in April , the entry price for Bored Ape Yacht Club NFTs was $400,000. Following the crypto crash, caused by the Federal Reserve's hiking of inflation rates to tackle inflation , that's fallen closer to $150,000. Far from the all-time-high, but insane considering these NFTs sold for about $200 apiece last April. 

You've probably seen a BAYC, even if you didn't realize you were looking at one.

Bored Ape owners currently using their NFT as a Twiter profile picture include Timbaland (1.6 million followers), Eminem (22.6 million followers) and footballer Neyman Jr. (55 million followers). Jimmy Fallon and Paris Hilton are also BAYC holders, discussing their Apes in a (cringey) Tonight Show segment . Justin Bieber made headlines with his purchase of a $1.29 million Bored Ape Yacht Club NFT in February. 

In June, Eminem and Snoop Dogg released a video clip in which the rappers are depicted by their respective Bored Apes . 

Name my ape! Drop your suggestions below 👇 @BoredApeYC #BAYC #BoredApeYachtClub #NFTs pic.twitter.com/pwFynGy9QJ — jimmy fallon (@jimmyfallon) November 17, 2021

BREAKING: @Eminem just bought BAYC #9055 for 123.45 ETH ($461,868.42) WELCOME to the BAYC 🤗 pic.twitter.com/UvQFntDa8Q — m0rgan.ethᵍᵐ 💎🙆🏼‍♀️🆘 (@Helloimmorgan) December 31, 2021

Yuga Labs, the company behind the NFT collection, has already expanded the ecosystem to include a cryptocurrency (Ape Coin). More importantly, it's developing a "metaverse" MMORPG game called "Otherside." People holding Bored Ape NFTs are betting that the brand will completely break through and go mainstream. Already it's collaborated with brands like Adidas and Gucci, and last year a Bored Ape  graced the cover of Rolling Stone magazine . 

Like everything else to do with NFTs, the Bored Ape Yacht Club is contentious. Apes inspire jealousy among those who own and trade NFT art but confusion and suspicion among people who don't. Their value is instrinsically tied to ether, the second biggest cryptocurrency. That means NFTs like BAYC are likely to lose their lustre if crypto collapses -- something critics have prophesized for years. 

Here's what you need to know about the collection.

10 of the 10,000 Bored Ape Yacht Club NFTs. Each has different attributes, some rarer than others, that makes them unique. 

Wait, what are NFTs again?

NFT is short for nonfungible token. These are tokens verify ownership on the blockchain. In essence, an NFT is like a certificate of authenticity for a fancy watch or the deed to a house. It certifies that the digital asset -- in this case a cartoon picture of an ape -- is legitimate, and denotes who the owner is.

The most ubiquitous criticism of NFTs is that they're useless because pictures can simply be right-clicked and saved for free. The point of NFT technology is that it makes public who the owner of an asset is. The idea is that anyone can buy a Mona Lisa print for a few bucks, but only one person or institution can own the original. Everyone in the world can save a BAYC jpeg on their computer, but only one person can own the NFT. 

Whether that makes NFTs valuable is a judgement call. Some people think they'll revolutionize the internet, at last allowing digital goods to be bought and sold like real-world, physical products. Others think they're an environmentally-costly ponzi scheme. 

Why are there 10,000 Bored Apes?

Broadly speaking, there are two types of NFT art. First, you have one-off visuals that are sold as non-fungible tokens, just like paintings in real life. Think the  Beeple NFTs that were sold at Christie's for as high as $69 million. Second, you have NFT collections like the Bored Ape Yacht Club, which are mostly designed to be used as profile pictures on social media. The latter have become the dominant style, where most of the money is spent. 

Pioneered by CryptoPunks in 2017, NFT collections are a little like Pokemon cards. You have a set amount -- usually between 5,000 and 10,000 -- which all have the same template, but each has different attributes that make them unique. In the case of BAYC, there are 10,000 apes, each with varying fur types, facial expressions, clothing, accessories and more. Each attribute has a rarity component, which makes some much more valuable than others. 

These properties are displayed on OpenSea, the main platform where NFTs are traded. On any given NFT's page, its properties will be listed as well as the percentage of NFTs in the collection that share the property. Usually, anything under 1% is considered rare. For instance out of 10,000 apes only 46 have solid gold fur, making these particularly valuable.

Each NFT has traits which are ranked by rarity, making some more valuable than others. 

As noted, the "floor price" for the project -- what you'll pay for an ape with common traits -- is currently about $150,000 (85 ether). Apes with the golden fur trait are rare, and so sell for much more. One sold in January for $1.3 million . Another  with gold fur and laser eyes , two sub-1% traits, went for $3 million.

BAYC is the biggest NFT project of this kind, recently eclipsing CryptoPunks , which is credited as the first "pfp" (profile picture) collections. Other notable sets include CyberKongz, Doodles and Cool Cats .

What makes Bored Ape Yacht Club valuable?

This is a complicated question. The short answer is that they're status symbols , and like all status symbols their value comes from perception and branding rather than utility. Just like a CEO may try to communicate business acumen with a Rolex or a luxury suit, people who trade NFTs display their success with a Bored Ape Yacht Club NFT. Their argument is that NFTs are better status symbols than real-world items, since when used as profile pictures they can be seen by millions of people on Twitter and Instagram.

Let's start at the beginning. Bored Ape Yacht Club was launched last April. It took 12 hours for all 10,000 to sell out at a price of $190 (0.08 ether). The price of Bored Ape NFTs rose steadily until July, when they spiked dramatically and the collection became a blue-chip set.

What makes an NFT collection successful is highly subjective. Broadly, it's a mix of four things: Influencer or celebrity involvement, mainstream potential, utility for members and community appeal.

The first and second are obvious. When famous people own an NFT, it makes others want to own one too. When celebrities like Jimmy Fallon and Justin Bieber bought into Bored Ape, it caused a run in sales and hype -- and hype is what the NFT market is all about. People buying into BAYC today, at a steep price of over $150,000, are likely to believe that the brand could one day adorn more than celebrity social media accounts: Netflix shows, popular games and Hollywood movies are the goal. 

Thirdly, utility. Most NFT projects claim to offer a utility of some sort, which means it does something other than act as a profile picture. That can be access to play-to-earn games or the option to stake an NFT in exchange for an associated cryptocurrency. 

Bored Ape Yacht Club has done a few things to keep owners interested. First, it created the Bored Ape Kennel Club , offering owners the opportunity to "adopt" a dog NFT with traits that mimic those of the Bored Apes. Another freebie came in August of 2021: Digital vials of mutant serum. Owners could mix their Bored Ape with the serum to create a Mutant Ape Yacht Club NFT (see below). 

The advent of this second collection last August is when the Bored Ape brand really popped. Seen as doing innovative things with NFT technology, and coinciding with a huge amount of money entering the space that month, Bored Ape Yacht Club started to be seen as the premiere NFT brand. 

Both Kennel Club and Mutant Ape NFTs now sell for a lot. The Mutant Ape Yacht Club collection entry point is about $30,000, while Bored Ape Kennel Clubs are selling for about half that. (Remember, these were free to BAYC holders.)

A Bored Ape and its Mutant Ape counterpart. 

Last but not least is the community that's built around a collection. NFTs double as membership cards to holder groups. The more valuable people find belonging to that community, the less they'll want to sell their NFT. Bored Ape Yacht Club has organized meetups in New York and California, and there have been Bored Ape get-togethers in Hong Kong and the UK, too. This past June, BAYC holders were treated to "Ape Fest", a festival that included performances from Eminem, Snoop Dogg, LCD Soundsystem and Amy Schumer.

But "community value" also extends to financial self interest. The higher the floor price on a collection, the more crypto-rich traders you can expect to be holders. These savvy investors trade information within locked Discord groups, providing valuable (sometimes insanely valuable) tips to one another. Sell your NFT and you'll no longer be privvy to such tips. 

Eminem is the latest celebrity to flaunt a Bored Ape Yacht Club NFT as a social media profile picture.

Who's behind the Bored Ape Yacht Club?

The Bored Ape Yacht Club was developed by Yuga Labs. At the time, Yuga Labs consisted of four people, all of whom went by pseudonyms. There's Gordon Goner and Gargamel, who are the two co-founders, and two friends who helped on the development side, No Sass and Emperor Tomato Ketchup.

Got doxxed against my will. Oh well. Web2 me vs. Web3 me pic.twitter.com/uLkpsJ5LvN — GordonGoner.eth (@GordonGoner) February 5, 2022

Got doxed so why not. Web2 me vs Web3 me. pic.twitter.com/jfmzo5NtrH — Garga.eth (@CryptoGarga) February 5, 2022

Seems like the cat is out of the bag anyway, so... Hi, I'm Kerem 👋🍅 web2 me vs. web3 me pic.twitter.com/v7i4JDCTlc — EmperorTomatoKetchup (@TomatoBAYC) February 8, 2022

Welp, here we go... Hey, I'm Zeshan. Nice to meet y'all (: Web2 me vs. Web3 me pic.twitter.com/0AnqurQ1el — Sass (@SassBAYC) February 8, 2022

All four went exclusively by their pseudonyms until February, when BuzzFeed reported the identities of Gordon Goner and Gargamel. Gargamel is Greg Solano, a writer and book critic, and Gordon Goner is 35-year-old Wylie Aronow. Both went on to post pictures of themselves on Twitter alongside their Bored Apes. Following that, Emperor Tomato Ketchup and Sass both "doxxed" themselves -- that is, revealed their identity -- by doing the same. 

The actual art was created by freelance artist Seneca , who's not part of Yuga Labs. 

What's next?

Yuga Labs has big plans for its Bored Ape Yacht Club brand, plans that are both on- and offchain. (That is, both on the blockchain and in the real world.)

Start with more blockchain stuff. In March, Yuga Labs released Ape Coin, its own cryptocurrency. All Bored Ape holders were airdropped just over 10,000 Ape Coins at launch, worth around $100,000 at the time (now about $70,000). Ape Coin will be the primary currency in Otherside, the metaverse Yuga Labs is building .

Metaverses are big, virtual spaces shared by hundreds or thousands of people at a time. They've existed for a long time, think Second Life or even Fortnite. Blockchain-integrated metaverses are different only in the sense that the land, building and items within the world are owned by users as NFTs. Yuga Labs has already sold land for the metaverse, making over $300 million in just a few hours of sales .

Out in the physical world, the Bored Apes are integrating themselves into fashion. Adidas launched its first NFT project, Into The Metaverse, in collaboration with several NFT brands, Bored Ape Yacht Club chief among them. Collaborations between Adidas and BAYC on both virtual and physical clothing are coming soon. 

Adidas is also a member of the Bored Ape Yacht Club. 

The Bored Ape Yacht Club brand has popped up in other industries too. Literally in the case of food: A pop-up restaurant in Los Angeles was recently turned into a permanent burger spot. In January, a mobile game, Apes vs. Mutants , launched on both the App Store and Google's Play Store. (Reviews have been unkind.) Another mobile game is in production , scheduled for Q2. Bored Ape figurines by Super Plastic are on the way too.

More unusual, though, is what people are doing with their apes. Owning a Bored Ape NFT gives you full commercial rights to it, and holders are taking advantage of that in some creative ways. One Bored Ape owner set up a Twitter account for his ape where he created a backstory, turning him into Jenkins, a valet that works for the Yacht Club. Jenkins is now signed to a real-world agency, and has a biography written by New York Times bestseller Neil Strauss . Universal Music Group has invested by  signing a band consisting of three Bored Apes and one Mutant Ape . 

You might think NFTs are silly -- and terrible for the environment -- but don't expect the Bored Apes to disappear anytime soon.

A Complete Guide to Bored Ape Yacht Club in 2024

Since bursting onto the scene in April 2021, one NFT collection has redefined the very fabric of what it means to be a digital community, becoming a global phenomenon that intertwines art, technology, and culture in unprecedented ways.

That collection is the Bored Ape Yacht Club.

The Bored Ape Yacht Club (BAYC) stands out not just for its striking artwork, but for its rapid rise to the pinnacle of the NFT industry , its colourful community, and its many trials and tribulations to date. Bored Ape NFTs have become highly-desirable status symbols, held by blockchain heavyweights and celebrities alike – but why are they so special, how did they become so popular, and why do they continue to capture headlines worldwide?

Here’s our complete 2024 guide to the Bored Ape Yacht Club.

What is Bored Ape Yacht Club?

Bored Ape Yacht Club is a collection of 10,000 cartoon-style NFT apes minted on the Ethereum blockchain. Created by Yuga Labs , these Apes are algorithmically generated from a vast array of traits, such as clothing, hats, accessories and more, making each one distinct in appearance and rarity.

Holders of Bored Ape NFTs join an exclusive club, with members enjoying a range of unique perks. These include access to members-only online spaces, exclusive merchandise, in-person events – such as the annual ApeFest – and access to their growing portfolio of additional NFT collections and products, such as Mutant Ape Yacht Club, the Otherside metaverse and more.

Collectors of Bored Ape Yacht Club NFTs are also granted the commercial rights to utilise the image of their Ape however they would like. This has led to a vibrant ecosystem of derivative brands – many supported by the official Made by Apes initiative – including the Bored & Hungry restaurant in Long Beach, Forever Apes, Bored Goods and many more.

Bored Apes have attracted attention from many high-profile celebrities, including Eminem, Snoop Dogg, Jimmy Fallon and more. Many of them have either set their Bored Ape as their profile picture on social media apps, or use their ape in prominent mainstream media, which has gone a long way in boosting their visibility, appeal and prominence.

The history of Bored Ape Yacht Club

BAYC minted on April 30, 2021, priced at 0.08 ETH each – roughly $190 USD at the time. Initial sales were modest, until prominent NFT collector Pranksy purchased several Apes and promoted them, leading to all 10,000 NFTs being purchased within 12 hours.

As NFTs exploded into mainstream popularity in late 2021 and early 2022, Bored Apes rose to become the 2nd most valuable NFT collection in the world – only behind CryptoPunks – and is a spot they’ve maintained to this day.

Bored Apes hit their all-time high on May 1, 2022, with a floor price of 128 ETH – roughly $360,000 USD at the time. Individual BAYC NFTs have sold at much higher prices, including in high-profile auctions at Sotheby’s and Christie’s , with the biggest being the sale of Bored Ape #8817 in October 2021 for $3.4 million USD.

The success of Bored Ape Yacht Club has seen creators Yuga Labs mint a number of related NFT collections since, including Bored Ape Kennel Club in June 2021, Mutant Ape Yacht Club in August 2021, and Otherdeed NFTs for the planned Otherside metaverse in April 2022.

The ApeCoin DAO – a decentralised governance framework that supports the Bored Ape ecosystem – was formed in early 2022. This led to the release of the ApeCoin ($APE) cryptocurrency token in March 2022, providing another vehicle for Bored Apes to continue their growth.

These achievements have also allowed Yuga Labs to expand outside of NFTs. There’s the aforementioned Otherside metaverse – which as of writing, is still in its members-only testing phases – endless runner game Dookey Dash in January 2023, and their famed ApeFest events – an annual convention for Bored Ape holders.

This expansion has included the acquisition of other major NFT collections. Larva Labs’ CryptoPunks and Meebits collections entered Yuga ownership in March 2022, Beeple’s 10KTF was acquired in November 2022, and the entire PROOF Collective – including the likes of Moonbirds – was purchased in February 2024.

It hasn’t all been sunshine and rainbows. Bored Apes biggest challenge came in the middle of 2022, when artist Ryder Ripps created the copycat RR/BAYC collection. This was met with a lawsuit from Yuga Labs, which spurned wild speculation from Ripps that Bored Apes contained coded racist imagery and “neo-Nazi dog whistles” – leading to a court case that was eventually settled in Yuga’s favour  in 2023.

What’s next for Bored Apes?

As 2024 draws to a close and we enter 2025, all signs point to Bored Ape Yacht Club retaining its position as one of the most prominent NFT collections in the world.

The Otherside metaverse – where Bored Ape holders can interact, play games and participate in large-scale events – continues its developments, with ever more regular testing events being held in recent months.

ApeChain – a purpose-built blockchain for the Bored Ape community – has been in the works for the best part of 2024, with 2025 looking to be the year in which its core features – such as native yield, one-click onboarding and Apple Pay integration – go live.

Finally, Bored Apes recently struck a partnership with car manufacturer BMW , which included both an exclusive merch line and the release of the first ApeCar – a BMW 2 Series Gran Coupe with a custom BAYC livery, available to 1 lucky member of the community.

Bored Ape Yacht Club has become much more than a simple NFT collection – it’s become the face of the NFT industry. With its growing list of partnerships, experiences, products and more, BAYC has become one of the most adored, respected and honoured NFT collections in the world – and we’ve got a feeling that they’re only just getting started.

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What Is Bored Ape Yacht Club?

• Understanding BAYC
• BAYC's High Value
• More Than an NFT

The Bottom Line

• Cryptocurrency
• Strategy & Education

Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.

Bored Ape Yacht Club, popularly called BAYC, launched in 2021, is a collection of 10,000 non-fungible tokens (NFTs) on the Ethereum blockchain . These NFTs are graphical representations of cartoon-like apes with specific traits. The characters have combinations of backgrounds, earrings, clothes, fur, eyes, expressions, and more that make them all unique.

Key Takeaways

• Bored Ape Yacht Club is a non-fungible token (NFT) collection of 10,000 cartoon-like apes.
• At launch, each Bored Ape Yacht Club token cost 0.08 Ether (ETH), or $220; by mid-October 2022, they cost 76 ETH, or approximately $100,418.
• BAYC was developed in April 2021 by Yuga Labs, whose founders use the pseudonyms Gordon Goner and Gargamel.
• Rarity and celebrity endorsement drove the high price of the BAYC collection. 
• Some consider BAYC a status symbol, and celebrities like NBA star Stephen Curry, singers Eminem and Snoop Dogg, and late-night show host Jimmy Fallon own one.

History of Bored Ape Yacht Club (BAYC)

The Bored Ape Yacht Club NFT was launched in 2021 at the pinnacle of the cryptocurrency bull market. Yuga Labs developed the Bored Ape Yacht Club. The Yuga Labs team comprised four core members who appeared under these pseudonyms in the early days of the launch: Gordon Goner and Gargamel (co-founders), No Sass, and Emperor Tomato Ketchup, who handled the technical aspects of BAYC.

BuzzFeed, a news publication, broke a story in February 2022 revealing two of the co-founders’ identities. This led the other two core members to also give up their incognito status and post pictures of themselves on X (formerly Twitter).

On March 11, 2022, Yuga Labs acquired the intellectual property for rival NFT collections CryptoPunks and Meebits, giving it ownership of the brand and logo of each of those NFT collections. CryptoPunks is one of the earliest NFT projects and was among the most valued NFT collections on the NFT marketplace OpenSea. It had a total trading volume of 1 million ETH before it was delisted in February 2022 for a copyright violation.

In a historic moment in September 2021, Sotheby’s , one of the world’s largest auction houses, closed its online auction for 101 Bored Ape Yacht Club NFTs at a price of $24.4 million.

Early Fundraising and Interest

In a fundraising round led by venture capital firm Andreessen Horowitz, the Yuga Labs team raised $450 million. In March 2022, it was reported to be valued at $4 billion. Yuga Labs planned to use the capital to expand its activities and accelerate brand growth.

When launched, a BAYC NFT cost 0.08 Ether (ETH), the native cryptocurrency of the Ethereum platform. That was equivalent to $220 at the time. It sold out within 12 hours. By mid-October 2022, it had climbed to a “floor price” of 76 ETH, or approximately $100,418. An NFT's floor price is the minimum price allowed for an NFT within a collection.

BAYC garnered interest from a few celebrities, who purchased the NFTs at inflated prices. Some high-profile stars who flaunt their BAYC include “Tonight Show” host Jimmy Fallon, who bought Bored Ape #599; NBA champions Steph Curry and Shaquille O’Neal; singers Snoop Dogg, Eminem, and Justin Bieber; and world-class soccer player Neymar Jr.

Contrary to popular belief, the images are not the non-fungible tokens. The tokens are a hashed version of the image's metadata, and the images are stored (hosted) elsewhere. The tokens are transferred when rights to the images are sold.

What Makes BAYC Valuable?

Whether the Bored Ape collection is truly worth millions of dollars has been hotly debated. Some believe the high valuations are simply based on speculation. But, in fact, rarity, demand, celebrity endorsements, perks, and project development have driven the collection’s value.

The array of BAYC’s unique traits and accessories are used to measure its value. The term “rarity” gauges how unusual an NFT is within a collection with an assigned number. In the BAYC collection, there are more than 160 traits, and each ape may have four to seven trait categories. These traits are background, clothes, earrings, eyes, fur, hat, and mouth.

The most expensive Bored Ape in the collection, BAYC #8817, was auctioned in October 2021 for $3.4 million on Sotheby’s Metaverse marketplace, an online platform dedicated to rare and extraordinary NFTs. BAYC #8817 had the Solid Gold Fur trait—making it a relatively rare variety of the NFT. Other characteristics of the #8817 token are the Silver Hoop Earrings and the Wool Turtleneck.

Celebrity Endorsement

BAYC has enticed several celebrities and brands to own pieces of its NFT collection. Adidas contributed to the hype surrounding the NFT collection by launching “Into the Metaverse,” its native digital collectible, in partnership with Bored Ape Yacht Club, Gmoney, and PUNKS Comic.

Following the partnership launch, BAYC uploaded an image of a Bored Ape wearing an Adidas jacket on X. Gmoney tweeted a silhouette picture that displayed the Adidas logo. PUNKS Comic tweeted a picture of a character wearing a shirt bearing the Adidas logo.

Other celebrities, beyond those already mentioned, who bought BAYC include billionaire Mark Cuban, prominent X personality and DJ Steve Aoki, X personalities and musicians Post Malone and Mike Shinoda, and producer and songwriter Timbaland.

Perks and Development 

One of the distinctive features of the Bored Ape NFT, compared with other NFT collections, is the perks. Owners of Bored Apes have exclusive access to a private Discord group where they chat, network, and build relationships with other Bored Ape members, including celebrities who own a Bored Ape. Ape holders also have access to “The Bathroom,” letting them draw whatever comes to mind on a virtual bathroom wall every 15 minutes.

ApeCoin is the official currency for the Bored Ape ecosystem and is used to purchase BAYC merchandise, event tickets, and more. ApeCoin DAO is a decentralized autonomous organization whose members—every ApeCoin holder—govern the DAO’s treasury and decide on future projects by voting on proposals.

Also, owning a Bored Ape is considered a status symbol among many individuals, contributing to its popularity among a certain crowd.

The Future of Bored Ape Yacht Club

Bored Ape Yacht Club has a community of active members, and the NFTs are actively traded on marketplaces. The ApeDAO consistently votes on funding for different project proposals and is searching for ways to further involve itself in Web3 development.

As of July 2024, the BAYC appears to be positioning itself for the future, but what that future entails is anyone's guess. While funded and apparently popular among a specific crowd, the project has somewhat faltered in finding its place in the market after its initial successes.

How Much Are Bored Ape Yacht Club NFTs Worth?

The price floor for BYAC on July 25, 2024, was 9.30 ETH, which was about $30,000.

What Does a Bored Ape Give You Access To?

A Bored Ape NFT gives you access to the project's Discord channel and ApeCoin, which can be used in governance activities within the ApeDAO.

What Happened to Bored Ape Yacht Club?

The NFT collection still exists, and there is trading activity, but the NFTs in the collection have dropped in value compared to their highs in 2021. In July 2024, many were priced between $28,000 and $36,000, with a few in the $40,000 range.

BAYC has evolved into more than a profile-picture (PFP) NFT. It has set a new standard and pace for other NFT collections with the various additions and the project's evolution. Yuga Labs has introduced products built on the blockchain as well as physical products from the Bored Ape collection.

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Yuga Labs. “ Let’s Make a NFT .”

Decrypt. “ The Biggest Celebrity NFT Owners in the Bored Ape Yacht Club .”

X. “ @BoredApeYC: Apr. 23, 2021 .”

BuzzFeed News. “ We Found the Real Names of Bored Ape Yacht Club’s Pseudonymous Founders .”

X. “ @TomatoBAYC: Feb. 8, 2022 .”

X. “ @SassBAYC: Feb. 8, 2022 .”

X. “ @yugalabs: Mar. 11, 2022 .”

OpenSea. “ CryptoPunks .”

Sotheby’s. “ Samsung’s State-of-the-Art 98 Inch Neo QLED TV on View at Sotheby’s .”

X. “ @Sothebysverse: Oct. 26, 2021 .”

X. “ @BoredApeYC: Nov. 28, 2021 .”

X. “ @gmoneyNFT: Nov. 28, 2021 .”

ApeCoin. “ ApeCoin Is for the Web3 Economy .”

Animoca Brands. " Animoca Brands Update on Financial Position as of 31 March 2024 ."

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