Expert Analyst & Reviewer
Updated on: Feb 15, 2022
Bored Ape Yacht Club is one of the main reasons why NFTs are so popular right now. It all started when famous people started putting BAYC as their profile picture on social media. Take a look at our boring ape yacht club NFT review and learn what’s the fuss about.
Everyone was wondering, why Mark Cuban, Steve Aoki, Steph Curry, and others have some cartoon apes as their profile pics. At that moment, the NFT market has exploded and soon after, people already knew about Bored Ape Yacht Club and other NFT collections like CryptoPunks.
|Floor Price||53 ETH|
What is so special about Bored Ape Yacht Club? Other than pretty cool art style, the holders have all kinds of different benefits. One of those benefits is the Yacht Club membership which grants access to members-only benefits.
Even though this collection was released in 2021, NFTs were not as popular as when BAYC came. Together with CryptoPunks, they have popularised wearing NFTs you own as a profile picture.
Each Ape is unique and has different traits such as a cigar, hat, glasses, etc. Some traits are rarer than others. Based on that, the NFTs have different prices.
What’s the point of holding a Bored Ape Yacht Club?
Well, what’s the point of owning a Picasso drawing or any other art? Except, NFTs are much more than just art. They are tokens that can serve multiple purposes.
Each Bored Ape Yacht Club holder has access to “The Bathroom”. Basically, it’s a collaborative graffiti board. You can paint a pixel on the bathroom wall every 15 minutes. It’s a way for all the holders to collaborate together.
However, this is not the only thing you can do by holding BAYC NFT. There are both public and private real-life events that Bored Ape Yacht Club founders organize. One of such events was Ape Fest NYC 2021 which started as an art gallery and ended up with an afterparty on a real yacht boat.
Also, holders get access to future collections, airdrops, and more. For example, all Bored Ape Yacht Club holders got mutant serum airdropped to them. That’s when their second, but connected collection came, Mutant Ape Yacht Club.
Mutant Ape Yacht Club NFT Collection
You might be wondering, what’s Mutant Ape Yacht Club? It’s a collection consisting of 20,000 unique mutant apes. There are two different types of apes, M2 and M3, you can get both by using a serum.
What’s the serum?
As we previously mentioned, serum was airdropped to all Bored Ape Yacht Club NFT holders, a total of 10,000 M1 serums and 10,000 M2 serums were dropped to all holders.
Once you use the serum, you can never use it again. But, what exactly happens when you use it?
Only people who hold BAYC NFT actually have a use for that serum. Basically, your ape will turn into a “mutated” one. You can see the comparison in the image down below.
In case you are wondering, no, you won’t lose your original Bored Ape. However, you can only use the serum once. That means if someone buys an ape that was already mutated, he cannot use the serum on it.
Still, some people have decided not to use their serum and posted it up for a sale on the OpenSea marketplace. Reading their official website, we’ve figured there is an M3 mutant serum as well, however, it’s super rare.
Some users already used their M3 serums and they got ape that looks much different than the other bored apes in the mutant collection. You can see it in the next image.
These ape mutants have a unique name as an asset, the name of this one is “Mega Demon”. There’s a small number of these apes, so their price is much higher than the rest of the apes. M3 serums were also airdropped to Bored Ape Yacht Club holders, however, it seems not everyone got it.
As you may have seen in the images above, Bored Ape Yacht Club are cartoon apes with random real-life objects like cigars, hats, jewelry, etc. The art is colorful, but also soothing, it’s really hard to explain it.
Bored Ape Yacht Club has plenty of different assets, actually, there are 168 unique assets used to generate 10,000 unique apes. The dimensions of each image are 631×631 in pixels. This is a bit small size if you want to do big posters out of the BAYC NFT that you own.
However, that pixel size is more than enough to use as your profile pictures. But as we said, the main focus is not on the art, but the tokens and the utility instead. Yuga Labs is constantly working on new features and events for its holders.
Recently, BAYC has partnered with Adidas. The details of this deal are still unknown, but these big companies never play around. You can see the announcement post they made in the image down below.
It seems like BAYC also expands to 3D characters and will enter some type of metaverse. Such partnerships are still new to the world of NFTs, but we are glad to see “big players” joining in. This will help attract more people into the world of NFTs.
Bored Ape Yacht Club developers operate under four pseudonyms. Their names are Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. We don’t know how long or if they were involved in an NFT project before BAYC, but they’ve managed to sell this one after just 12 hours of launching it. The price was 0.08 Ether which was approximately $180 at the time.
These developers later founded a company called Yuga Labs. This company is behind everything related to Bored Ape Yacht Club, including events, merch, and more. It was necessary for them to create it so they can create and protect the copyright of BAYC and their other projects.
The identity behind authors is still unknown, but who can blame them? They became internet sensations overnight. As long as the project keeps on updating stuff, that’s all that matters.
Other than BAYC and Mutant Ape Yacht Club, they have also published another successful collection called Bored Ape Kennel Club. Every BAYC owner got Kennel Club NFT for free. Their OpenSea profile states that all royalty they accrue on secondary sales of Kennel Club will be donated.
You can also find BAYC authors on their personal social media profiles. Gargamel is @CryptoGarga on Twitter, while Gordon Goner can be found at @GordonGoner. We can’t wait to see what the Bored Ape Yacht club will release in the future.
Bored Ape Yacht Club is on the Ethereum blockchain. Same as the other NFT collections made by Yuga Labs, they are all powered by Ethereum. This means the transaction costs are a bit high, but considering the floor price is over 50 ETH, owners probably don’t care.
However, if Yuga Labs ever decides to add more utility, transaction costs might be a problem for new users. Let’s hope Ethereum 2.0 will fix these transaction fee issues.
Which wallet you can use to hold BAYC NFT?
You can use any Ethereum wallet that supports NFTs. That includes MetaMask, but many other supported wallets. If you are unsure which one to use, check our best NFT wallets ranking.
However, the wallet also depends on the marketplace. You can only buy BAYC from secondary marketplaces. For example, OpenSea supports MetaMask, Coinbase Wallet, WalletConnect, and Formatic.
Since the minting period is over, you can only purchase Bored Ape Yacht Club for secondary marketplaces. However, not every marketplace supports BAYC NFTs. It has to be on the Ethereum blockchain and support adding external smart contracts.
What does that mean?
When minting takes place on a website instead of a marketplace, you need to import that smart contract into the marketplace. BAYC is one such project. Why is this a good thing? Because you can then sell that NFT on multiple marketplaces instead of one.
Some marketplaces don’t allow importing smart contracts, but only NFTs that are created directly on their website. This is a bad thing because it limits you from selling the tokens. You can purchase BAYC NFT on almost any NFT marketplace if it’s up for sale of course.
However, you can also place an open offer. Such offers are great because sometimes you’ll purchase NFTs for a cheaper price than the listing one. Sellers will have to accept your offer and you’ll get that NFT. OpenSea is one of the marketplaces that support such offers.
For example, if you take a look at the image down below, you’ll see what it looks like. You can use the “place bid” feature and send an open offer for BAYC you want to get. Warning, the prices are pretty high.
Every BAYC holder gets a “Yacht Club” membership card. This card grants you access to some benefits reserved only for the holders of an NFT from this collection. The first minimal thing was “The Bathroom” which we have previously mentioned.
One of the more useful utilities behind this collection is its liquidity pool. Basically, you can deposit your BAYC NFT into the pool and get $BAYC20 instead. You can use the liquidity pool to sell or buy NFTs using ETH or you can deposit your NFT into the pool and get BAYC20 tokens in return.
When you deposit 100 BAYC20 tokens into the pool, you can redeem your NFTs and the tokens get burned. These tokens can also be used for LP farming. You can do LP farming through the UniSwap with BAYC20/ETH and earn $Muse in return.
If you got a common BAYC NFT, you can add it to a pool. However, if you got a rare one, you can do a dutch auction for it. What’s a dutch auction you may wonder?
Dutch auction works in a way that you define the highest price you want to get for your NFT. The price then drops by a fixed amount every X minutes until it hits the resting price (lowest price you define). As soon as someone bids for it, he wins the item. If the price falls under the resting price, the auction is no longer active.
Other than that, there are also exclusive party events and other events only for BAYC holders. Perhaps this partnership with Adidas will bring something new to the table, who knows.
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