The Bored Ape Yacht Club’s NFT avatars are a huge success on the internet, and are traded at high prices. But in fact, what is it and why is it so expensive? Find out everything you need to know about this new phenomenon that is setting the web on fire.

For several months now, the web has been invaded by monkey avatars in the style of the Gorillaz group. If you’re wondering what it’s all about, you’ve come to the right place. Through this file, discover everything you need to know about the Bored Ape Yacht Club.

Contents

  • What is an NFT avatar?
  • Generative images
  • The Bored Ape Yacht Club Avatars
  • Who are the creators of the Bored Ape Yacht Club?
  • Why are Bored Apes so expensive?
  • Mutant Apes and Bored Ape Kennel Club
  • The phenomenon of NFT avatars
  • The Bored Ape Yacht Club attracts stars and brands
  • Bored Ape Yacht Club and cybersecurity
  • How to buy a Bored Ape?
  • Bored Apes Yacht Club has raised $ 5 billion for Anreessen Horowitz
  • Yuga Labs acquires CryptoPunks and Meebits from Larva Labs
  • Universal Music Launches BAYC-Based Virtual Music Group
  • ApeCoin: Bored Ape Yacht Club’s cryptocurrency“>cryptocurrency
  • The Otherside Metaverse
  • Madonna joins the Bored Ape Yacht Club
  • Coinbase Announces BAYC-Based Movie Trilogy
  • ApeCoin gains 58% in value in two days
  • ApeCoin becomes the most expensive metaverse token on the market
  • Hacker steals 10 BAYC NFTs via Instagram
  • The future of the Bored Ape Yacht Club

What is an NFT avatar?

Before discussing the subject of the Bored Ape in more detail, it is best to return to the concept of NFTs or Non-fungible Tokens (non-fungible tokens).

NFTs are blockchain-based cryptographic tokens : a public record of transactions that cannot be tampered with. Generally, Blockchains are decentralized. This means no one owns or controls them.

 “token” or token on a blockchain is a unique sequence of numbers, which can be assigned to a “wallet”. This wallet is owned and controlled by one person.

NFTs are said to be non-fungible tokens because each one is totally unique . This is what distinguishes them from, for example, a dollar note, which can be exchanged for any other dollar note without any impact on its value. Gold and silver are fungible.

Note that NFTs can be exchanged, or sold against currencies such as the Euro and the US dollar, or cryptocurrencies such as Bitcoin and Ethereum. In general, NFTs are also “minted” on the Ethereum blockchain.

NFT avatars are images associated with specific NFTs. Platforms like the OpenSea marketplace are responsible for maintaining a list of these images, and the associated tokens.

In 2021, the fashion for avatars has truly exploded. Some images have sold for several million dollars, and social networks have been flooded with these illustrated characters. In total, the transactions reached several billion dollars in value.

Generative images

Bored Ape avatars are a type of NFT images referred to as “generative images”. One of the oldest and well-known examples are the Cryptopunk avatars of NFT pioneers Larvalabs, in 2017.

Simply put, Larvalabs generates a set of avatar images using a random generation method combining different elements of character designs. This method is reminiscent of character creation tools in video games. In this way, each image is totally unique.

The creators of a set of NFT avatars purchase the first set, and trading begins . Owners of NFTs can put them up for sale and let potential buyers bid.

The Bored Ape Yacht Club Avatars

Developed by Yuga Labs, the Bored Ape Yacht Club is a collection of 10,000 profile pictures  “minted” as NFTs on the Ethereum blockchain. Its owner receives a non-fungible token allowing him to prove that he holds the only authentic version of the image.

The illustration in question depicts a nonchalant monkey face , complete with randomly generated features and accessories. Each picture is unique.

If Bored Ape Yacht Club NFTs make a lot of noise, it’s because they sell for considerable sums. Sales of these avatars have already generated more than $1 billion .

The most expensive Bored Ape sold for $3.4 million , but the price is usually between a few hundred and a few thousand dollars. In September 2021, the developer of the Ethereum-based game “The Sandbox” purchased an NFT Bored Ape for 740 ETH which was worth $2.9 million at the time.

Who are the creators of the Bored Ape Yacht Club?

In February 2022, the mysterious creators of the Bored Apes Yacht Club finally revealed their identities. Until now, only the Yuga Labs entity has been known since the club was created in April 2021. The company itself was founded in February 2021, and has 11 employees.

The Bored Ape Yacht Club was created by Greg Solano and Wylie Aronow, two thirtysomethings based in Florida . The two are childhood friends, and their identities have been revealed from Yuga Labs’ public recordings. The company’s CEO, Nicole Muniz, has also confirmed that Solano and Aronows are the founders of the club.

Both are also rumored to be active on social media under pseudonyms . Solano’s nickname would be Gargamel, while Aronow’s would be Gorgon Goner. Both started the Bored Ape Yacht Club to break into the crypto realm via NFTs. They then took to Twitter with their Bored Apes avatars.

However, the NFTs themselves were drawn by a 27-year-old graphic artist nicknamed Seneca . She is the main NFT artist of Bored Ape.

Two other co-founders participated in the creation of the club, but their identity remains secret at present. Their social media handles are No Sass and Emperor Tomato Ketchup .

Why are Bored Apes so expensive?

The value of NFT Bored Apes avatars is purely speculative . It is totally subjective, like the price of a costume worn by Johnny Hallyday, a guitar by Jimmy Hendrix or the first edition of a Pokémon card.

However, prices did not reach such highs by chance. Celebrities and other web influencers have played a key role in the rise of this new fashion. Athletes, musicians and other influencers choose these NFTs as avatars on Twitter.

Actress Gwyneth Paltrow posted a tweet on the BoredApeYC, while Jimmy Fallon interviewed Paris Hilton about it. Likewise, rappers like Snoop Dogg and Eminem got into it. The latter spent $462,000 to acquire an avatar. It was enough for the general public to take an interest in the phenomenon, and immediately give it a certain value.

However, joining the Bored Ape Yacht Club also provides certain benefits. As the name suggests, it is actually a private company . Owning one of these NFTs allows you to become a member of the club.

Members can access a private Discord server, and be invited to exclusive parties where they can meet celebrities. On social media, owning a Bored Ape has become a status symbol.

Mutant Apes and Bored Ape Kennel Club

Owning a Bored Ape grants access to other NFTs, which can be resold for massive sums. Thus, Yuga Labs has offered a Bored Ape Kennel Club dog NFT to all Bored Ape owners.

Subsequently, the firm also launched the “mutant serum” NFTs  to generate the Mutant Ape Yacht Club. Each Bored Ape owner was given a serum to generate a Mutant Ape NFT for free.

In parallel, in August 2021, Yuga Labs also launched 10,000 new Mutant Apes available over the counter for a price of 3 EHT. In less than an hour, the entire stock had sold out for $96 million.

The phenomenon of NFT avatars

In addition to the Bored Apes, other NFT avatars such as the Crypto Punks and the Lazy Lions are creating buzz and snatching up high prices. We can also mention the collections of NFT Profile Pices (PFP) from World of Women or Cool Cats.

This phenomenon is particularly linked to the desire to own something unique in the era of mass production. Even if it is ultimately just a line of code on a blockchain, it is a way to stand out from the crowd.

Joining an exclusive club alongside world famous stars is also an attractive prospect. This fashion is therefore a continuation of the rise of influencers on social networks.

Obviously, the attractive and colorful design of the avatars also plays a role in the success of this new fashion. Just as successful packaging can boost product sales, these avatars make people want to buy related NFTs.

Finally, the fashion for NFTs is ultimately just another gold rush . As with cryptocurrencies, early investors have a chance to make a fortune if the phenomenon gains momentum. They will be able to sell their avatars to newcomers, for tenfold prices compared to the initial investment…

The Bored Ape Yacht Club attracts stars and brands

Within months, the Bored Ape Yacht Club has become the most popular NFT profile picture collection. The floor price of this collection exceeded that of CryptoPunks for the first time in December 2021.

Celebrities followed the fashion , and many stars chose to use a Bored Ape NFT as their avatar on the networks. We can cite athletes such as NBA stars Stephen Curry, Josh Hart, Tyrese Haliburton, or NFL players Dez Bryant and Von Miller. Among the musicians, Eminem, Steve Aoki or Timbaland have also invested.

Big brands have also followed the trend. Iced tea brand Arizona Iced Tea purchased an NFT Bored Ape Yacht Club and uses it in its marketing materials. However, this usage has been criticized by Yuga Labs.

In December 2021, Adidas purchased a Bored Ape as part of an investment in the Metaverse . The firm also launched a comic book featuring the character.

Additionally, in October 2021, Yuga Labs signed a partnership with music producer Guy Oseary to expand the brand into other entertainment formats. A month later, Universal Music Group formed the virtual band Kingship , inspired by Gorillaz and consisting of Bored Apes.

Another key moment in the rise of NFT profile pictures is the introduction of a verification system by Twitter in January 2022. Subscribers to the Twitter Blue service can have their NFT images verified to get a hexagonal frame and add a link to the NFT on OpenSea.

A nice way to demonstrate that a right click is not enough to copy an NFT image . However, a large part of the Twitter community criticized this initiative.

Bored Ape Yacht Club and cybersecurity

Given the sky-high prices for Bored Apes images, it’s no surprise that cybercriminals are looking into this phenomenon. Many phishing attacks have been carried out in an attempt to steal these NFTs.

In December 2021, a Twitter user said he lost all his monkeys to a phishing attack. Then, in January 2022, a security breach in the OpenSea marketplace allowed a user to obtain Bored Apes and other NFTs for tens of thousands of dollars less than the floor price.

How to buy a Bored Ape?

Bored Ape Yacht Club NFTs are available through secondary markets, the best known of which is OpenSea . To buy an NFT Bored Ape Yacht Club, Bored Ape Kennel Club or Mutant Ape Yacht Club, simply go to the page dedicated to one of these projects on OpenSea to view the complete collection.

Some are offered for a fixed price, others sold at auction . It is necessary to have an Ethereum wallet such as MetaMask to buy NFT on the site. Of course, you also need to hold enough ETH in the wallet to cover the purchase price and transaction fees.

Bored Apes Yacht Club has raised $ 5 billion for Anreessen Horowitz

According to a February 2022 Financial Times article, Yuga Labs is seeking to raise between $4 billion and $5 billion from investment firm Andreessen Horowitz.

The negotiations are in terms, and the terms of the agreement could change. However, if Andreessen Horowitz agrees to fund the project, it would be the first institutional investment in the Bored Ape Yacht Club project.

Recall that this investor has notably financed technology companies such as Facebook and Airbnb . It is also a major shareholder in the Coinbase cryptocurrency exchange platform and the OpenSea platform dedicated to NFTs.

Yuga Labs acquires CryptoPunks and Meebits from Larva Labs

On March 14, 2022, Yuga Labs announced the acquisition of CryptoPunks and Meebits from Larva Labs. The startup therefore now controls three of the most popular and expensive NFT collections on the market. The Bored Apes collection represents billion in trading volume, and the CryptoPunks collection has over $2.2 billion.

Larva Labs co-founders Matt Hall and John Watkinson believe Yuga Labs is in the best position to continue scaling the CryptoPunks and Meebits projects. Both are convinced that this company will remain one of the main players in the decentralized web.

As a reminder, CryptoPunks was one of the first NFT projects . There are over 10,000 iterations of this collection on the Ethereum blockchain. The floor price currently starts at 69.95 ETH or approximately $181,000.

Meanwhile, the Meebits collection has amassed $227 million in trading volume on OpenSea . The floor price is at 4.7 ETH, or around $12,000.

Universal Music Launches BAYC-Based Virtual Music Group

kingship

The famous label Universal Music has acquired several NFTs from the Bored Ape Yacht Club, with the aim of creating a virtual music group for the metaverse: Kingship .

Since November 2021, Universal has been investing heavily in this project. All group members are NFTs . We do not know the total sum paid by the firm, but two of the Bored Apes already cost $ 125,000 each last November.

At the end of March 2022, the label announced that it had paid over $360,000 in ethereum to buy a Bored Ape called Manager Noet All. He will be the leader of the group . This acquisition by a label of the stature of Universal demonstrates the growing influence of the Bored Apes Yacht Club…

ApeCoin: Bored Ape Yacht Club’s cryptocurrency“>cryptocurrency

After the success of its NFT collection, the Bored Ape Yacht Club has just launched its own cryptocurrency : ApeCoin (APE) . This token has been available for purchase on platforms like CoinBase since March 18, 2022, and NFT BAYC holders also received it for free.

This cryptocurrency will serve as a token for the Bored Ape Yacht Club and all derivative projects. It is overseen by the ApeCoin DAO, whose members are elected by ApeCoin holders.

“The Board” will be responsible for reviewing the DAO’s proposals and implementing them. The first Board will serve 6 months, then DAO members will vote annually for new members.

It is an open-source Economy 3.0 project , based on blockchain. In particular, it will be possible to use it in the future metaverse of Yuga Labs: Otherside.

This token will be used both to vote for the future of BAYC , to access exclusive content and events, and can of course be used as currency.

ApeCoin is an ERC-20 token , which means it is based on the Ethereum blockchain. The amount of tokens in circulation is limited to 1 billion, and all of them were minted at once.

The tokens were split this way: 62% went to NFT holders and DAO treasury, 16% went to Yuga Labs and charities, 14% to launch contributors, and 8% to founders of the Bored Ape Yacht Club.

If you want to invest in ApeCoin, all you have to do is go to an exchange like Binance, Coinbase, KuCoin, Huobi, Kraken, Bybit or FTX. The price of the token is currently hovering around €10…

The Otherside Metaverse

On March 20, 2022, Yuga Labs released a video teaser for their future metaverse: Otherside . This trailer features a Bored Ape who fishes up a poisonous potion and downs it in one go. Immediately, a flying creature grabs him and carries him in the air. We also see a CrypoPunk, a Mutant Ape, an avatar from World of Women and a Cool Cat.

According to a leaked document, Yuga Labs plans to create  “ a metaverse that will make all other metaverses obsolete . ” This virtual universe will be centered on video games, and will bring together creatures from the various NFT collections held by the startup.

This leaked document also reveals a narrative framework . All intelligent life on Earth has been transported to a strange world created by an ancient race of celestial creatures. It would be possible to buy land in this new world during the month of April 2022.

However, according to one of the founders, the project would have changed significantly since the drafting of this leaked document. Yuga Labs intends to surprise everyone once again.

At the same time, the Animoca studio to which we owe The Sandbox has revealed that it is working on a secret project with the Bored Ape Yacht Club. This is most likely the Otherside metaverse…

Madonna joins the Bored Ape Yacht Club

madonna bored ape

One of the most renowned American superstars has just joined the Bored Ape Yacht Club: on March 25, 2022, Madonna revealed on Instagram that she had acquired a Bored Ape NFT worth half a million dollars .

The singer said she joined the metaverse by purchasing the Bored Ape #4988 , complete with pink fur and a funny hat…

In the same publication, Madonna thanks the MoonPay company . The latter is responsible for buying NFTs on behalf of celebrities, and acquired that of Madonna for 180 ETH, the equivalent of 564,000 dollars.

Coinbase Announces BAYC-Based Movie Trilogy

Where will the Bored Ape Yacht Club phenomenon stop? On April 14, 2022, cryptocurrency exchange Coinbase announced a BAYC-based movie trilogy titled “The Degen Trilogy  . ”

Along with the announcement comes a call for members of the Bored Ape Yacht Club to submit their character NFTs and story ideas. They can make their proposal on a microwebsite dedicated to the film at this address . Holders of the chosen monkeys will receive the equivalent of $10,000 in their Coinbase account in ApeCoin or BitCoin.

This site is open to anyone with an account on Coinbase , and updates will be made throughout the development of the first film which is expected to take a year. A presentation of the history, winks and airdrops of ApeCoin are planned. Users will also be able to vote for their favorite scenario to create a one-of-a-kind adventure movie.

This project is part of Coinbase’s new strategy, aiming to use entertainment to draw attention to its crypto exchange platform. This series of films also aims to promote the new NFT marketplace .

The “crowdsourced” film concept  seems particularly suited for the Bored Ape Yacht Club, since this NFT project has distinguished itself from others by giving holders full intellectual property rights to the characters linked to their tokens. This is also what allowed the birth of the Kingship group.

Subsequently, Coinbase intends to launch such similar projects for other NFT collections . The firm wants to register as a major player in the Web3 movement. The first film in the Degen Trilogy is slated for release in June.

ApeCoin gains 58% in value in two days

On April 20, 2022, ApeCoin experienced explosive growth. In two days, its value increased by 58% from $10.90 to $17.20 at its highest.

This increase appears to be related to speculation about Yuga Labs’ plans for the metaverse. Rumor has it that it will be possible to buy land in Otherside for a price starting at 600 ApeCoins. Users therefore want to acquire tokens to be able to have their virtual property at the lowest price.

ApeCoin becomes the most expensive metaverse token on the market

The value of ApeCoin soared on April 27, 2022, rising 7% to $19.10 . In seven days, the value of the token increased by 22%.

This sudden surge is linked to the announcement by Yuga Labs confirming the launch of the Otherside metaverse for April 30, 2022. NFT fans are waiting for this project around the corner, and ApeCoin will serve as the official currency in this virtual world.

This is the reason why APE trading has intensified a lot. Approaching the $20 mark, ApeCoin became the leading metaverse token , surpassing Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.

This Ethereum-based token also outperformed the majority of CoinMarketCap’s top 100 cryptos. ApeCoin rose to 28th place in the ranking of cryptocurrencies by market cap, at $5.5 billion.

Hacker steals 10 BAYC NFTs via Instagram

On April 25, 2022, a hacker managed to steal more than 91 NFTs for a value of $2.8 million . A phishing attack has been launched against members of the Bored Ape Yacht Club, hacking into the club’s official Instagram account.

In order to warn users, the Bored Ape Yacht Club took to Twitter calling for no hitting anything, no clicking on any links, and no tying wallets to anything.

https://twitter.com/jatuur/status/1518590709003173888?s=20&t=OLoRIh6u3gxYCRSjG3N6-Q

After hacking BAYC’s Instagram account , the hackers used it to post a fake message about a LAND airdrop requiring you to connect your wallet. This is a reference to the club’s official roadmap, including a metaverse game with virtual pitches.

Unfortunately, as soon as users connected their wallets and approved a transaction, the website stole their NFTs . According to blockchain data, the hacker’s wallet holds 91 NFTs with a total value of $2.8 million based on the price floors of the impacted collections.

Among the stolen NFTs are four Bored Apes, six Mutant Apes, and three Bored Ape Kennel Club. The hacker also took a CloneX and elements from other collections such as EightBit, Alien Fren and Toxic Skull Club.

BAYC co-founder Garga promises to contact affected users and post a full report on the incident as soon as possible. He also specifies that the two-factor authentication was activated on the Instagram account, which makes this hack particularly strange…

The future of the Bored Ape Yacht Club

Competition is heating up in the NFT imagery market, and the Bored Apes Yacht Club will have to find a way to stay above the competition. In December 2021, Yuga Labs announced a partnership with Animoca Brands to launch a cryptocurrency-earning game.

The company will have to find other avenues to renew and expand, in order to remain fashionable . Otherwise, she risks being upstaged by a new collection…

Source

5/5 - (1 vote)

About the Author

SAKHRI Mohamed

Founder & Editor

Passionate about the web, new technologies and IT, I share on easy-tutorials.com tutorials, tips, advice, online tools and software for Windows, Mac and Linux.

View All Articles