How to Buy Bored Ape Kennel Club NFTs

Want to jump straight to the answer? You need Ethereum to buy NFTs which you can get today on Gemini.

Bored Ape Yacht Club (BAYC) holders were able to mint a companion dog, known as the Bored Ape Kennel Club (BAKC). The dogs were minted back in late June of 2021. To claim a dog, you had to hold a Bored Ape and pay a gas fee to mint the non-fungible token (NFT). 

Despite being overshadowed by Bored Apes and Mutant Apes, BAKC has maintained relevance on OpenSea, hovering in the top 25 by ETH trading volume. While derivative Bored Ape projects have been pumped and dumped, anything actually belonging to BAYC or BAKC has maintained value. Will BAKC be able to sustain this trend? It will likely have to show more utility to do so.

What is the BAKC?

BAKC is an NFT collection traded on the Ethereum network, stored as ERC-721 tokens. The collection of 10,000 NFTs was gifted to BAYC holders free of charge. Of the 10,000 Bored Apes, 9,600 claimed their companion. According to the BAYC website, the roughly 400 unclaimed dogs have been released into the swamp. 

More recently, holding a BAKC NFT paired with a Bored Ape or Mutant Ape boosted the amount of tokens airdropped to you in the release of ApeCoin. The release of this altcoin provided the first realized return on investment to Bored Ape holders, showed that BAKC does have continued utility in the Bored Ape ecosystem and helped confirm that NFTs can be seen as valid investments.

Source: ApeCoin

Brief History of BAKC

BAKC has been around for just over a year. The collection was released by Yuga Labs, the creators of BAYC. The BAKC mint ended on June 25, 2021, at which point the dogs were revealed to their owners. 

For the first six weeks of trading BAKC, Yuga Labs held a 2.5% royalty on secondary sales on top of the 2.5% fee through OpenSea. This additional trading fee was collected and donated to no-kill animal shelters. The fee has since been lifted, leaving only the 2.5% trading fee from OpenSea on the project.

Perks of Holding a BAKC NFT

Holding a BAKC NFT grants access to the BAYC community. Also, it boosted the amount of ApeCoins that Bored Apes and Mutant Apes were airdropped by 856 coins. Owning a BAKC NFT is also rumored to have staking perks in the near future.

While the dogs do hold some utility, their lack of uses compared to Bored Apes has been clear. This comparative lack of utility is clearly represented in the floor prices of the projects.

How to Buy BAKC NFTs

A BAKC NFT can be bought on most NFT marketplaces. The majority of trading volume for this project has come from OpenSea.

Best Hardware Wallets for NFTs

Best Hardware Wallet: Ledger

Owning a hardware wallet to safely store your NFTs and other assets is a great idea. The crypto space is vulnerable to scams, so having a set of keys that is unexposed to the internet is a great practice. Ledger is a hardware wallet that gives extra security that software wallets lack. With its user-friendly interface and top-tier security, it may be the right time to grab a Ledger.

Best Software Wallet: MetaMask

A great software wallet to use is MetaMask, which can be added as a browser extension to seamlessly connect your laptop to Web3. Installation of MetaMask connects users to OpenSea or LooksRare, where NFTs can be traded.

Current Crypto Prices

Crypto markets have been moving sideways after a sell-off in early 2022. However, the broader crypto markets have experienced a resurgence after a fearful few months. Bitcoin broke out to over $46,000 with most altcoins showing gains as well. An increase in positive consumer sentiment could be good for NFTs, at least in the short term.

Is it Worth Getting a BAKC NFT ?

NFT prices are speculative and lack utility; most of the value comes from the community and exclusive perks. The Bored Ape community is arguably the most active and influential in the NFT ecosystem. BAKC offers the lowest floor price to be part of the BAYC ecosystem but also has the least utility because BAKC NFTs do not grant you access to BAYC. Learn more about the best NFT investments at Benzinga’s Best NFT Projects and Investments.

Frequently Asked Questions