The last 2/3 years NFT's have taken the internet by storm. Transferring value tied to digital art seems to have been a hit with the world, this could only be the beginning if you're considering a success metaverse in the future. Make room for the latest trend of NFT's being collected Bored Ape Yacht Club.
Bored Ape Yacht Club recently did a deal with sports brand Adidas to launch more creative BAYC NFT's
Many don't "get" NFT's, theres nothing to understand about NFT's really. A Picasso has value because the art market places value on this artist and his artwork. This is simply why his work sells for millions, rather than some other painter from Spain who in some peoples opinion may be more talented.
Photo Courtesy: BoredApeYachtClub.com
Cryptopunks as of late have been going for more than Warhol and Picasso's work. Nonetheless, NFT's has come with its odd form of digital art, I mean a digital grey rock selling for 600K .. it's odd.
But understand this industry is still fairly new, so the influx in speculation is going to be there. I believe down the line, things will slowly fade out and those NFT's collected by the rich, auction houses and funds will more than likely hold their value in the future.
What are Bored Ape Yacht Club?
"The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain" the official website states. To say things in a more simple form, Bored Ape Yacht Club are funny, emotional, unique pictures/JPEG's of apes.
Similar to Cryptopunks, the creators decided on the same number of 10,000 unique digital NFT's. If you're confused, don't be .. these are another collection of NFT's in the space of the digital art world with a large increasing following.
Bored Ape Yacht Club's first batch of N.F.T.s made more than two million dollars. Since then, the collection has seen nearly a hundred million dollars in trades. The cheapest apes have often been sold for close to fourteen thousand dollars. The project has sparked a wave for N.F.T. clubs in recent months.
Each unique Bored Ape has a different expression, outfit or perhaps prop in the photo. There's no duplicates of one, so if you claim a Bored Ape Yacht Club ape, you technically have a 1/1 of one.
This is adding on to the scarcity of only 10,000 Bored Ape's. This trends follows the success of NBA Top Shots and Cryptopunks, two other famous Ethereum based NFT collections. To view the entire collection, visit their website gallery.
Photo Courtesy: BoredApeYachtClub.com
Up to this point, avatar projects used low-resolution imagery that was often pixelated. This is in keeping with eight-bit video game design. The figures, whether of ghosts, monkeys, or people were very generic. Bored Ape Yacht Club however, used rich, detailed iconography that was inspired by its founders.
The setting of an Everglades "yacht club" (an ironic appellation) was meant to evoke places like Churchill's Pub, a well-worn Miami music venue that creators Gargamel and Goner frequented.
This entire trend of unique scarce NFT collections selling for so much all started in 2017 with CryptoKitties. CryptoKitties, a game on Ethereum that lets players buy, collect, breed, and sell virtual cats, was developed by Canadian studio Dapper Labs. This is the first attempt to use blockchain technology for leisure and recreation.
Bored Ape Yacht Club vs Cryptopunks
They're very similar, the biggest difference amongst the two has to be the pixelated appeal of cryptopunks and I guess that they've been around for longer. Both collections seem to share the similarities of funny bored expressions characters.
At the moment of this article, BAYC Ape's are more affordable than Cryptopunks. The cheapest Cryptopunk today is going for just over $250,000 vs Bored Ape Yacht Club ape's which you can definitely find under $100,000 at the time of this article at least.
But the prices have been hiking up in the last few weeks. Theres a Bored Ape that can possibly fetch 12 Million or more being sold by famous auction house Sotheby's on Sept 2nd. Though Cryptopunks still claims the highest buy/sell Volume on NFT trading platform Opensea. As stated earlier both collections hold a limited supply of 10,000 rare NFT's.
Photo Courtesy: BoredApeYachtClub.com
Who Created Bored Ape Yacht Club?
The creators of Bored Ape Yacht club was Yuga Labs, the digital collectibles company. Gordon and Garagmel are both the co-founders of the unique looking expressional bored apes.
“We were thinking, we have this club, this dive bar, what kind of people do we imagine would go into this bar? Who do we want? What kind of club would we ourselves want to be a part of?” one of the Bored Ape co-founders, who goes by the pseudonym Gargamel, tells The Verge. “After a long night of brainstorming, it came to [Gordon, another co-founder] in a dream: Bored Ape Yacht Club.” This was the idea behind the various unique looking Bored apes.
