✕

Looking for a business loan

*

Thank you for your interest, our team will get back to you shortly

✕
Please Fill the Details to download

Thank you for your response

✕
Get Expert Assistance

Thank you for your response

Our representative will get in touch with you shortly.

  1. Home
  2. Crypto
  3. What Is Bored Ape Yacht Club (BAYC) And Its Advantages

What Is Bored Ape Yacht Club (BAYC) And Its Advantages

Updated on :  

08 min read.

social icons social icons social icons social icons

Similar to CryptoPunks, there is another NFT that has grabbed the attention of NFT investors around the world. Its name is Bored Ape. The idea of Bored Ape was the brainchild of two artists with pseudo names Gordon Goner and Gargamel. 

Find more in the sections below. 

What is a Bored Ape?

Bored Ape or Bored Ape Yacht Club (BAYC) is an Ethereum-based NFT project by Yuga Labs. It is a collection of 10,000 animated apes with different traits like facial expressions, hair colours, eyes, clothes and accessories. 

With its release on 23 April 2021, Bored Ape had a mere value of 0.08 ETH, which was $200 during that time. Gradually its value rose to exponential heights and even got auctioned at places like Christie’s. The highest amount from a Bored Ape sale reached $3.4 million. 

Rarer the ape, the higher its value. Apes with king’s crown, solid gold fur and laser eyes are the most sought after. Out of the total number, only 46 of these apes have solid gold fur. The cheapest of these gold-furred apes may sell for more than $ 2 million.

Advantages of owning a Bored Ape

Apart from being a high-value investment, a Bored Ape offers much more. 

If you own one of these NFTs, social status is the first thing that comes your way. Many celebrities like Madonna, Paris Hilton, Neymar, Tom Brady, etc., have put their money on this NFT asset. When a Bored Ape sells for a high price, the value of all other apes in this collection automatically rises. 

Also, if you are an owner of a Bored Ape, as a membership perk, you get access to several spin-off collections like Bored Ape Kennel Club and Mutant Ape Yacht Club.

The creators of Bored Ape have also launched a cryptocurrency called ApeCoin. It is an ERC-20 token you can use to transact in the Bored Ape ecosystem. This token also gives you the perk of voting on the Bored Ape community development decisions. 

Yuga Labs also raised almost $300 million by selling 55,000 tokenised land deals for Otherside. It is a gamified metaverse that will serve as a space for social interaction for Bored Ape owners. 

How to buy a Bored Ape NFT?

Buying a Bored Ape is as easy as buying any other NFT. You can follow these steps to buy yourself this prestigious asset:

  1. Setup a crypto wallet that supports Ethereum

As NFTs are Ethereum based, you will need to buy Ether to purchase one. There are several reputed crypto wallets in the market. You can choose one that suits you the best.

2. Open an account on a trading platform

You need to access a trading platform for buying Ether. Coinbase, Binance, Kraken, Gemini and KuCoin are some good examples. 

3. Purchase Ether and send it to your wallet

Do remember to get enough Ether as you need to pay transaction fees. 

4. Head over to an NFT market like OpenSea to buy a Bored Ape

Select a Bored Ape and click on ‘Buy Now’ or place a bid based on the type of listing. Once you complete the entire transaction, your NFT will be stored in your crypto wallet. 

Bored Ape can be a great investment if you have the necessary funds. Given the popularity and rising value of these NFTs, you can surely invest in one.