The BAYC Review Covers Everything You Need to Know About the Collection, Including Whether or Not You Should Purchase It
As soon as you begin looking into NFTs, you are going to be confronted with a number of acronyms that you aren’t familiar with. The Bay Area Youth Coalition will be one of the most prominent.
It is one of the most valuable NFT projects that has ever been launched, and its name is Bored Ape Yacht Club (BAYC for short). Since its stealthy introduction in the spring of 2021, it has steadily risen to become one of the most lucrative asset classes in the entire world.
There are only 10,000 of these coveted NFTs, and the price to get one today is at least six figures higher than it was when they were first released.
But what exactly is it that makes these pictures of bored monkeys so valuable? And does the project always have such a lot of excitement surrounding it? The answer might take you by surprise.
Continue reading this article to find out everything you need to know about the Bored Ape Yacht Club NFT project, including whether or not it is too late to invest in, and whether or not you should take the plunge.
What Exactly Is BAYC?
The BAYC is a non-fungible token collection that consists of 10,000 different tokens that are not interchangeable. On the blockchain, each token has its own address, and ownership is recorded so that fraudulent activity can be avoided and property rights may be safeguarded.
The end product is a JPEG picture of an uninterested gorilla. The head and shoulder of an ape are depicted in the photographs, and they have been given human characteristics such as sailer hats, mohawks, gold teeth, and sunglasses.
However, this project is a generative NFT project, so rather than designing 10,000 unique pieces of art, it will generate NFTs. This indicates that the designer who was responsible for BAYC sketched several hundred individual elements, such as eyes, headdress, and attire.
After that, they put the design components into a piece of code and had it randomly generate 10,000 distinct images using different combinations of each characteristic. Although many of the apes share the same characteristics, no two apes are completely identical to one another.
Rarity of the BAYC
The team that was responsible for BAYC also gave each design element a certain level of uniqueness. As a result, a given characteristic can only appear a limited amount of times within a collection.
You might, for instance, have a look at BAYC #3749. It possesses six different characteristics in all. Some of the items, like the black t-shirt, were featured in the collection over three hundred times, which means that they are not particularly rare.
However, due to additional characteristics such as its laser eyes and solid gold fur, this ape ranks just 27th out of 10,000 in terms of rarity.
Collectors “minted” the NFT at the time the collection was initially made available to the public. They didn’t find out what kind of ape they bought until after all of the other items in the collection had been purchased. Therefore, individuals were purchasing without doing adequate research.
You can choose which NFT you would want to buy if any are currently available for sale on secondary marketplaces such as OpenSea, which is how NFTs are sold in today’s world. You are able to look through the whole collection and make an offer on an NFT, even if it isn’t currently up for sale on the website.
Advantages of Owning a BAYC Non-Trading Note
A BAYC NFT is, at its most fundamental level, a token that resides on the blockchain. This particular token is accompanied by an image, specifically a JPEG depiction of a cartoon monkey.
Is there any justification for purchasing and keeping one of these apes in one’s possession? Or should one focus on reselling items in order to make a profit?
To begin, the undertaking enables holders to exercise full ownership over the NFT picture they have. This indicates that if you own a BAYC NFT, you have complete creative control over how the image is reproduced.
Merchandise, stickers, artwork, and virtually anything else that your imagination may conjure up can be crafted from it. You also have the ability to sell things that incorporate your ape image because you hold the economic rights to do so.
Tyrese Haliburton, an NBA player, even had a pair of bespoke basketball shoes manufactured with his BAYC logo printed on them. While he was wearing those shoes, he turned in the finest performance of the season.
The token doubles up as a membership card in its own right. Holders are granted access to THE BATHROOM, a virtual graffiti board that allows for collaborative writing.
Also, having a BAYC entitles you to certain perks, such as flexing them. Many owners, including notable celebrities and athletes like as Steph Curry, have used a picture of themselves with their BAYC as their profile picture on various social media platforms. Have you ever considered trying to reach the same level as Steph?
A brief history of the BAT NFT
Gordon Goner, Gargamel, No Sass, and Emperor Tomato Ketchup make up the team of four fictitious entrepreneurs who worked together to build and launch BAYC. They are known by their pseudonyms, respectively.
Gordon Goner and Gargamel, the two key founders of the company, are both from Miami, and it was in a dive bar that they first met several years ago.
The group was motivated by historically significant projects such as CrpytoPunks. But what they really wanted to do was start an NFT project that incorporated gamification and membership rewards alongside crypto-based artwork.
The founders recognize the value of NFT as an artistic medium; yet, they placed a much greater emphasis on its practical applications. They desired for holders of NFTs to have the ability to “do something” with such holdings.
As a result, the Bored Ape Yacht Club was established. The concept of “ape-ing” into an opportunity in the bitcoin market without first conducting significant study is where the name derives from. People do get lucky and make it big every once in a while.
Even while some of the team members had some experience with cryptocurrencies and NFTs, none of them were competent enough to establish a large-scale NFT project with unique smart contracts.
It was an educational experiment full with both dread and anticipation at the same time. However, in the end, the team was successful in launching the project and provided early access customers with a presale event that lasted for a full week.
The first purchase price was 0.08 ETH, which was equivalent to approximately $300 in today’s value. The presale was extraordinarily slow, with only a few tickets being sold over the course of several extremely lengthy days.
But after that, the presale was over, and the general public was given access to the mint. They ran out of stock on that day.
The People Who Make Up BAYC
The Bay Area Youth Coalition has exploded onto the world stage. Due to the fact that these apes are currently dominating mainstream culture all over the world, even people who are not aware of what NFTs are are likely familiar with the photos of these apes.
However, despite all of this, the identities of the company’s founders continue to be concealed. This kind of thing happens all the time in the crypto and NFT world. You would think, though, that somebody would want to take credit for all of the fame that the project has garnered considering how successful it has been.
Yuga Labs is the name of the Web3 company that the group has established. However, even their website does not provide any information regarding the team.
You can rest easy knowing that these founders care about their holders because they have launched many NFT initiatives since the release of BAYC and have created a significant amount of value for their community. In addition, the team has created a significant amount of value for their community.
Performance of Prices on the BAYC NFT
On the day the BAYC NFT was launched, the cost to purchase one was 0.08 ETH, which was equivalent to around $300 at the time.
After reaching its funding goal, the project moved forward with remarkable speed. A few months later, in August 2021, the floor for BAYC ranged from $40,000 to $80,000 depending on the market conditions. The floor price was approximately 250,000 dollars in January of 2022.
The floor price is the minimum price that you can anticipate paying for a non-exchange-traded security. If you buy at the floor price, you are most likely purchasing the apes that are the least rare of those that are available.
Apes with a rarity score that is significantly greater than average are fetching prices that are significantly higher than the base price. A few BAYC NFTs have already been sold for prices that are greater than one million dollars.
Although buying in during the beginning of the mint’s operation would have resulted in the most profitable investment of your life, it would still be a good idea to do so at the current price of $50,000.
Hype for the BAYC Project
Within the first half year, BAYC quickly rose to prominence as the most sought after NFTs among celebrities.
Due to the fact that he was given his NFT as a present in May of 2021, famed investor and owner of the Dallas Mavericks Mark Cuban is a member of the Bay Area Yacht Club (BAYC). The famous television host Jimmy Fallon is a BAYC member as well.
In August of 2021, Stephen Curry shelled out a pitiful sum of approximately 180,000 dollars to get his BAYC. For a while, he used a photograph of an ape as his profile picture on the social networking site. The big man himself, Shaq, utilized a photo from his MAYC as his profile picture on his website.
DJ Steve Aoki is a devotee of the NFT, and he purchased his ninth Bored Ape in January of 2022. In addition to that, he is in possession of some Mutant Apes.
Famous people in the music industry who own and have shared their BAYCs include The Chainsmokers, Future, Post Malone, DJ Khaled, Rich the Kid, Marshmello, and Mike Shinoda from Linkin Park, amongst many others.
Kingship is a band that will perform in the metaverse that was just founded by Universal Music Group. The band will feature four different Bored Apes.
Rolling Stone Magazine is another one of BAYC’s partners, and the band was featured on the magazine’s cover. Additionally, they have worked together with the bands Arizona Iced Ted and Addidas.
And there are no signs that the BAYC will be slowing down anytime soon. This rapidly expanding brand will continue to have a significant impact on the world in 2022 and beyond.
Where Does BAYC Plan to Go in the Years Ahead?
The squad has not slowed down since the spring of 2021, when they sold all of their BAYC NFTs and reached their sales goal. Since then, they have introduced an additional three NFT collections.
The Mutant Ape Yacht Club was the first to open. This project was conceived with the intention of transforming the original apes into psychedelic creatures that were modeled like the originals.
Holders of BAYC have the ability to “mutate” their existing BAYC by making use of another token known as Mutant Serum. The combination of these two results in the creation of a new NFT from the MAYC, while your existing Bored Ape is unaffected by the event.
The Bored Ape Kennel Club is the third and most recent effort to come out of the BAYC family. The plan was to provide every ape in the marsh with a companion animal that had four legs. As long as each BAYC paid for their own gas costs, they were all given the opportunity to mint a free BAKC NFT.
Because there was no open sale, the only BAKC NFTs that were put into circulation came from people who already owned BAYC. All of the royalties that are made from secondary sales are given to rescue organizations.
A cooperation to build BAYC’s very own play-to-earn game has also been revealed by the company.
It is reasonable to anticipate that BAYC will cultivate more significant collaborations within the media sector, with the goal of contributing to the development of a buzz surrounding both BAYC and the NFT area in general.
We should also anticipate that the BAYC team will keep working on the development of new projects, which will be open to participation from both existing holders and the broader public.
Optional NTF Collection to Take Into Consideration
If you were in the know in the beginning of 2021, you might have been able to purchase a BAYC NFT for a few of hundred dollars. But nobody foresaw the expansion that would occur throughout the course of the project.
During the summer of 2021, while the NFT market was experiencing a gold rush, a select few projects saw their prices skyrocket. It’s a terrific thing for people who already have it, but it’s not so great for people who are interested in buying in.
There are many other collections available to invest in if you don’t have nearly enough money for BAYC, which is something that the majority of people don’t have.
There is no one who can predict which initiatives will eventually become the next BAYC. However, many other projects boast enormous communities, significant price potential, outstanding art, and a wide range of utility options. The following are some NFTs that should be purchased in 2022.
BAYC Derivatives
Projects are considered to be derivative when they draw inspiration from previous projects yet add their own special spin to the mix. There are a huge number of BAYC derivatives available today.
Apes: Superlative Apes, Apocalyptic Apes, Ape Kids Club, and Desperate Ape Wives are some examples of television shows that have the potential to be successful.
Doodles is an NFT project that has already been around for quite some time. However, it did not become available until October of 2021. In January 2022, the floor price was always around 10 ETH, which is equivalent to $33,000.
The artwork is beautiful in its use of color and its understated elegance. Those that are in possession of a Doodles NFT will almost certainly use it as their profile picture when they are using the internet.
Alien Frens
10,000 lovable extraterrestrial Frens, each of which belongs to one of four species (colors). Having an Alien Fren gives you access to a variety of special content, including merchandise, in-game and real-world events, invasions, comic novels, and games.
CryptoMories
It is not long. That is the kind of thing that CryptoMemories will bring to your mind. 10,000 skeletons that you will take great pleasure in possessing. In addition to this, they have one of the most engaged communities of holders, which is expected to contribute to an increase in value.
Should You Purchase BAYC Stock?
A blue-chip investment would be something like BAYC. It has established a strong position for itself as one of the current leaders in the NFT space. The price is expected to keep to up until 2022 and beyond, especially as more and more well-known people, such as celebrities, professional athletes, and other noteworthy persons, buy them up.
The purchase of a BAYC NFT serves as both an investment and a prestige symbol simultaneously. Only 10,000 of these were made in total. And everyone covets having one of their own.
They are not going to become unfashionable any time in the near future.
Should you make an investment in one then? It is a wise choice to go ahead and make a buy if you are financially able to do so in a relaxed manner. It’s comparable to having your own home in many ways. As the market goes through cycles, price action may be subject to fluctuations.
On the other hand, there is no indication that demand for them or their value will ever decrease. Rather, it has the potential to turn out to be a sound investment for the long term as the NFT market continues to expand and become more widespread.
However, if you don’t quite have the cash or if you need to sell off other assets in order to buy one, you should give it a lot of thought before making a decision. Take your time making a choice. You should never gamble with money that you can’t afford to lose.
And if you do decide to give it a try, you should search carefully for the ideal one to buy because it will end up being a reflection of who you are.
The BAYC Is Not Going Anywhere
Even though BAYC was not the first generative NFT project to be introduced, it is widely considered to be among the most important and valuable of its kind. It has achieved legendary status in the world of popular culture in a span of time that is measured in months rather than years, and it is still widely consumed, both by ordinary people and by celebrities.
You don’t have to be a famous person in order to take advantage of one, but you probably do need to be famous in order to pay for it.
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