More than just a cool name, the Bored Ape Yacht Club, is one of the most successful NFT collectible projects made of 10.000 unique NFT profile pictures of randomly generated ape characters with unique traits and accessories. The collection is minted on the Ethereum blockchain and was launched in April 2021 by Yuga Labs. The unique NFTs provide the owners with lots of benefits and grant access to an exclusive NFT community. If you want to know more about the Bored Ape Yacht Club, continue reading as we explain more about this unique NFT project.
How did the bored ape yacht club originate?
Like many other profile picture projects, the bored ape collection was inspired by CryptoPunks, the first project looking to create a collection of characters with unique traits. The original two founders of the club came up with the idea of rich apes living in a swamp clubhouse and decided to launch an NFT project by hiring a freelance illustrator to make the unique features of the apes. Then, partnered up with two engineers to create Yuga Labs which in turn delivered an impressive collection of ape characters.
What’s special about the bored ape yacht club?
Not two images are alike, the apes are generated from 170 unique assets, that is apparel, fur color, background color etc. were all created individually and then combined together by an automated system that created the NFTs. The bored apes’ project sold out soon after it was launched and each ape had a cost of 0.08 ETH around 190$ at the time; however, acquiring one of these NFTs today in the secondary market can be quite expensive. The floor price to acquire one of these characters sits around 85.5 ETH around $145,000 according to NFT Price Floor. The most expensive ape sold for 769 ETH around 3 million dollars in September, 2021. A lot of celebrities have bought into the hype of these monkeys as well including Shaq O’Neal, Paris Hilton, Snoop Dog, and many others.
But, surely a picture by itself can’t be worth thousands or millions of dollars, right? What makes the bored apes so special? The real value is in the benefits it provides. The profile picture works as a membership card that identifies the owner as a member of the club. As with all NFTs, you get ownership and commercial rights over your character; however, these unique NFTs can grant you access to exclusive Bored Ape Yacht Club Parties, exclusive rights to future NFT drops, and entrance to a private discord server and into the bathroom, a canvas accessible only to club members, a sort of collaborative artwork where member can paint a pixel every 15 minutes.
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