NFTs (non-fungible tokens) are exploding in popularity, making and destroying fortunes in the blink of an eye.
With the growing use of cryptocurrencies, creatives have decided to sell their content as NFTs – and Bored Ape Yacht Club is one of the leading players in the industry.
1. What is Bored Ape Yacht Club?
Created by Yuga Labs, Bored Ape Yacht Club (BAYC) is a collection of 10,000 profile pictures sold as NFTs.
The NFTs take the form of unique monkey avatars that act as title deeds, allowing members to prove they own the only version of the image.
In BAYC’s case, each avatar is a different disinterested-looking monkey, each one being randomly generated so no two look alike.
2. Who owns the Bored Ape Yacht Club?
Behind the purchase of one of these avatars is membership in an exclusive society or social organization.
Membership gives you access to an exclusive Discord server where you can interact with the other NFT owners – including celebrity members.
Yuga Labs also offered its members free additional NFT collectibles in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club NFTs.
The first batch of avatars sold brought in around $2 million and has since grossed nearly $100,000 in retail.
BAYC officially launched on April 30th and within a day all 10,000 NFTs were sold out.
CryptoPunks are the original makers of Ethereum NFTs, having created them back in 2017, but in the short time they have been with BAYC, they have already become the second most popular profile picture NFT on the market.
Celebrities with skin are Serena Williams, Snoop Dogg and soccer superstar Neymar.
3. How to buy Bored Ape Yacht Club
Bored Ape Yacht Club NFTs are generally available through secondary markets such as OpenSea.
If you visit the OpenSea project page you can see the entire collection of Bored Ape Yacht Club, Bored Ape Kennel Club and Mutant Ape Yacht Club NFTs available for purchase.
The NFTs are either listed at a fixed price or auctioned and you need an Ethereum wallet to buy them.
You also need enough ETH – Ethereum’s native crypto – to cover the purchase price and gas transaction fee.
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https://www.thesun.ie/tech/7832075/what-bored-ape-yacht-club/ What is Bored Ape Yacht Club?