Bored Ape Yacht Club started slow but has quickly risen to overtake NBA Top Shot, and is seen by many in the non-fungible token community as one of the top NFT projects for years to come.
Many large NFT projects have launched in 2021, but not all have seen huge demand from the community, collectors and investors.
About Bored Ape Yacht Club: Launched on April 23 to its Discord community, Bored Ape Yacht Club saw limited demand.
When NFTs from the mint started being revealed on April 30, the project began gaining popularity on Twitter Inc TWTR. All 10,000 Bored Ape Yacht Club NFTs were sold out on May 1.
“A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. Each Bored Ape is unique and programmatically generated from over 170 possible traits, including expression, headwear, clothing and more. All apes are dope, but some are rarer than others,” according to the Bored Ape Yacht Club website.
Collectors could mint a Bored Ape Yacht Club for 0.08 Ethereum ETH/USD plus gas fees or around $220 plus fees on April 30.
Today, there are over 4,900 owners of Bored Ape Yacht Clubs.
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Soaring Value: Bored Ape Yacht Club has quickly shot up the valuation charts for NFTs. OpenSea lists the current floor of 6.8 Ethereum as the price for the lowest cost Bored Apes. This represents a value of around $15,776 based on Thursday's Ethereum price.
Recent sales of Bored Apes can be found in the 5 Ethereum and 6 Ethereum range and several at 8.3, 8.44, 9.25 and even 16 with a couple days left in auction on OpenSea.
In the last seven days, Bored Ape Yacht Club had $7.43 million in transactions, up 54% from the prior week, ranking fourth on CryptoSlam. Bored Ape #544 sold for 73 ETH ($131,509) in the last week.
Sales of Bored Apes in the last 30 days total $34.42 million, including sales for 105 ETH and 109 ETH. Bored Apes ranks third over the last 30 days in transaction value.
All-time transactions of Bored Ape Yacht Clubs stand at $92.75 million, ranking fourth and trailing only Axie Infinity, NBA Top Shot and Crypto Punks.
Many on Twitter have changed their profile pics to Bored Apes as part of the community. Mark Cuban is among those rumored to be an owner of a Bored Ape. Top Shot parent company Dapper Labs CEO Roham Gharegozlu owns an Ape.
Gary Vaynerchuk owns several Bored Apes. NBA players like Josh Hart, Tyrese Haliburton and LaMelo Ball all own Bored Apes.
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Bored Ape Kennel Club: On June 18, Bored Ape Kennel Club was launched as a members only surprise for owners of Bored Ape NFTs. Owners could mint a Bored Ape Kennel Club for free with just the cost of gas.
“It gets lonely in the swamp sometimes. That’s why every ape should have a four-legged companion,” Bored Ape Kennel Club description reads. The dogs were offered up for adoption to Bored Ape Yacht Club owners.
Bored Ape Kennel Club NFTs came with 170 possible traits and were never sold to the public, only to BAYC members.
Over the last 30 days, Bored Ape Kennel Club ranks sixth on CryptoSlam with $16.5 million in transactions. The floor price for Bored Ape Kennel Club is currently 1.99 Ethereum, or around $4,630.
Successful Project: Among the items some have pointed to as reasons for the success of the project are a detailed roadmap, identifiable online avatars, commercial usage reserved for owners, unique ownership and strong project leadership.
Owners of NFTs typically own several projects but Bored Apes seem to be the preferred avatar display. This could be due to the valuation and demand but also attributable to the strong artwork and unique characteristics.
Bored Ape Yacht Club was not an overnight success at launch, but the more it was talked about, the more people came to love the project. The Bored Ape Kennel Club project helped provide additional value and reward to Ape owners.
The real reason behind the success of Bored Ape Yacht Club is likely community.
The Bored Ape Community: Owners of Bored Ape Yacht Club NFTs have held in-person meetups in California recently. Meetups are also planned in New York.
An idea on Twitter to create a Bored Ape Brewing Company led to North Pier Brewing Company owner Jay Fettig creating Bored Ape IPA at his Benton Harbor, Michigan brewery.
The IPA features “tropical fruit and passionfruit aromas and a touch of hop bitterness” and comes with an ABV of 6%. The IPA is available on draft at the brewery and four-packs of cans will be released soon.
“I got my first Bored Ape after the mint but prior to them exploding. The community was very active and there were lots of people talking about ideas centered around the community,” Fettig told Benzinga.
Fettig owns Bored Ape Yacht Club #671 and #2,538. The brewery owner reached out to Bored Ape Yacht Club creators to use the Ape imagery on the beer labels but was unable to secure the artwork. Bulls on the Block NFT project artist Rui Duarte helped create the beer label design.
“The cool thing about BAYC is that once you own the ape, you own the IP around it and can use it to make a product or build a brand.”
Fettig would like to launch additional NFT-inspired beers in the future. Fettig said he owns “too many” other NFTs. TRI3ES, a collection of 110 handmade tribal skulls, and Royal Society of Players were mentioned by Fettig as NFT projects he loves right now.
“There’s a lot of focus on rarity and scarcity in NFTs which leads to collectability, and so we might use those mechanics with some of our drops.”
Fettig also said that his brewery would love to host a Bored Ape Yacht Club owner meet-up.
Photo: Bored Ape Yacht Club.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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