Bored Ape Yacht Club: The Billion Dollar NFT Collection

Introduction:

Bored Ape Yacht Club, often colloquially called BAYC, is a non-fungible token (NFT) collection built on the Ethereum blockchain. The collection features profile pictures of cartoon apes that are procedurally generated by an algorithm. The project launched in April 2021 by parent company Yuga Labs, and has since become one of the most successful and valuable NFT collections in the market.

The Concept 

The BAYC collection was created by four friends who “set out to make some dope apes, test [their] skills, and try to build something (ridiculous).” According to the BAYC website, the NFTs were created to provide their owners with “original” artwork, and to give them full commercialization rights to their ape. This sets BAYC apart from other NFTs, as it allows the owners to spin their Bored Ape into any film, music, TV, book, or media project they want.

The Launch 

The BAYC collection exists on the Ethereum blockchain and contains 10,000 unique NFTs derived from 172 unique assets. The NFTs were originally sold for 0.08 ether each, around $190 at the time of their April 2021 launch, and were sold out in 12 hours. Upon purchase, owners are granted access to a private online club, exclusive in-person events, and intellectual property rights for the image.

Bored Ape Yacht Club: The Value 

As of 2022, Yuga Labs, the parent company of BAYC, is valued at US$4 billion. This is due in large part to the sales of the Bored Ape NFT collection, which has totalled over US$1 billion. Various celebrities have purchased these non-fungible tokens, including Justin Bieber, Snoop Dogg, Gwyneth Paltrow and others.

Bored Ape Yacht Club: The Founders 

The founders of BAYC go by the pseudonyms “Gargamel,” “Gordon Goner,” “No Sass,” and “Emperor Tomato Ketchup.” In February 2022, the identities of “Gargamel” and “Gordon Goner” were revealed to be Greg Solano and Wylie Aronow, respectively. Solano and Aronow are writers and editors, while “No Sass” and “Emperor Tomato Ketchup” are programmers. The founders came up with the concept of a shared digital canvas for BAYC, which was likened to a bathroom at a dive bar, and created a science-fiction storyline centered around it.

Conclusion: 

BAYC has become one of the most successful and valuable NFT collections in the market, thanks to its unique concept, engaging community, and talented founders. With a total value of over US$1 billion, BAYC has proven that there is a huge demand for NFTs that focus on the art and community engagement. The future looks bright for BAYC and its dedicated community of supporters.To buy your Ape or see prices visit Opensea!