Hi, I‘m Dhruv – an NFT investor and enthusiast who has been deeply involved in the NFT space since early 2021. I‘ve witnessed firsthand the meteoric rise of profile picture projects like the Bored Ape Yacht Club from niche curiosities to mainstream acceptance today as digital pop culture phenomena and crypto status symbols.
In this in-depth guide, I‘ll cover everything you need to know about the massively popular NFT collection taking the world by storm. Here‘s what I‘ll touch on:
- What exactly are NFTs and why projects like BAYC represent the future
- The origins and creation story behind the beloved Bored Apes
- Utility benefits and ownership perks conferred to holders
- Analysis of the uniquely vibrant and engaged BAYC community culture
- Investment prospects and business model nuances beyond just JPG flipping
- Step-by-step instructions for purchasing your own Bored Ape
- Speculation on what the future may hold for this juggernaut brand
Let‘s get started!
What are NFTs and Why BAYC Matters
Non-fungible tokens (NFTs) took the world by storm in 2021 as interest skyrocketed in these digital assets representing verifiable ownership of unique online media works like art, music, videos, tweets and more.
Profile picture (pfp) NFT collections have emerged as a particularly popular application—they are essentially crypto-collectibles depicting cool avatar artworks that you can use as your social media icons. Top tier projects like BAYC, CryptoPunks and Azuki function as prestige brands, with owning one signalling you as part of the in-crowd online.
The Bored Ape Yacht Club matters because it has fast become the face of the entire NFT space to mainstream audiences. As one of the earliest profile pic sets to reach astronomical success, BAYC paved the way for the influx of pfp projects today. Its iconic art style, celebrity connections and headline-generating sales have made it a flagship showcase of what makes NFTs so significant and game-changing.
Origins and Creation Story
The Bored Ape Yacht Club is the brainchild of four friends operating under the entity Yuga Labs:
- Gargamel (@gargamel) – community manager
- Gordon Goner – art director
- Emperor Tomato Ketchup (@emptomketchup) – artist
- No Sass – engineer
The four sought to capitalize on the NFT hype by launching a high-quality art-focused NFT project centered on community development and long term value.
They released the BAYC collection on April 23, 2021 composed of 10,000 randomly generated apes—each with unique attributes across clothing, facial expressions and more. The variations occur across over 170 carefully curated traits, including some ultra rare ones like the legendary solid gold fur. Only a handful of apes contain such desirable traits that collectors covet.
The creators leaned heavily into the mythos and lore of an exclusive membership club for elite crypto-enthusiasts. They expanded the project later on by releasing spinoffs like the Mutant Apes derived through an NFT "serum" and the Bored Ape Kennel Club depicting shiba inu dogs. These ancillary releases rewarded existing holders, further building out the BAYC extended universe.
Utility and Ownership Perks
So what does owning a Bored Ape NFT actually get you beyond just a cool profile picture?
Community Membership
First and foremost, it functions as your access pass into an exclusive club and community. As a BAYC holder, you gain access to member benefits like:
- Entry to their private online Discord group for conversations with other elite NFT owners
- Admission to THE BATHROOM—a collaborative digital graffiti board for members
- Access to exclusive real world events, parties and experiences for holders
Owning such a coveted social token becomes a badge of honor signaling you as someone "in the know" about what the next generation of cultural tastemakers are into.
Commercial Usage Rights
In addition to social capital, you also own full commercial rights to utilize your NFT artwork however you please. For instance, holders are already selling Bored Ape merch items or employing their apes across branding for side business projects. There is an opportunity to license out official partnerships as well.
Metaverse Interoperability
The BAYC ecosystem also boasts future interoperability with the cryptocurrency metaverse.
The founders are building a multiplayer title called Otherside where players can actively use their NFT apes across a gaming virtual world. This will further increase the utility derived from owning a Bored Ape.
Future Project Drops
As one of the most respected brand names in NFTs, BAYC enjoys privileged early access to promising new launches across the space as well—whether hot project token airdrops or early land sales in upcoming metaverse worlds.
Community Analysis
The Bored Ape Yacht Club community has developed a cult-like aura of exclusivity and prestige unprecedented in NFT history. It‘s both a status symbol for celebrities and crypto-elite as well as a passion hub for art and NFT enthusiasts writ large.
Celebrity Members
The list of celebrity BAYC holders is frankly staggering, including A-listers like:
- Eminem
- Snoop Dogg
- Post Malone
- Jimmy Fallon
- Steph Curry
- Serena Williams
- DJ Khalid
- Lil Baby
Owning a Bored Ape signals you as running with the in-crowd of creators and tastemakers dictating what is fashionable in music, sports and entertainment. It has become a marker of social status as well as an investment vehicle similar to collecting rare vintage watches or wines. Celeb endorsements also drive investor FOMO and price speculation when they inevitably resell.
Passionate Community
But beyond the high profile whale investors, what makes the BAYC brand so beloved is the grassroots community cultivated from launch. Discord conversations feature over 15,000 deeply engaged members discussing everything NFT related under the sun—new drops, price movements, brand deals, floor sweeps and more.
BAYC channels represent a tight-knit space bridging both crypto insider circles as well as mainstream audiences just learning the ropes. There is a palpable culture being forged daily across these niche art passion pods.
Philanthropy & Events
Yuga Labs has also prioritized charity efforts, raising funds for various wildlife conservation institutes through the sale of NFTs like the endangered orangutans depicted across the BAKC Kennel Club collection.
Their team continues connecting niche NFT subculture hobbyists through nationwide events. 2022 saw the first annual ApeFest conference unfold in New York last November spanning gallery exhibitions to yacht parties. Similar gatherings have since been hosted across Hong Kong, UK and Dubai as well cementing an international community.
Investment Prospects
Demand for BAYC NFTs has skyrocketed since launch, with recent sales making the once-niche collection a valuable bluechip NFT brand. While prices started at just 0.08 ETH during minting in Spring 2021, today‘s floor (cheapest listed) hovers around 80 ETH translating to a jaw dropping $100,000 valuation!
Some ultra-rare apes containing attributes like solid gold fur or laser eyes have sold for as much as $3 million apiece at peak crypto bubble mania.
Total trading volume on secondary marketplaces for the Bored Apes collection now exceeds a staggering $1.34 billion according to DappRadar, second only to mega-brand CryptoPunks. This makes it one of the most valuable NFT collections in existence. Both prominent VC funds as well as high profile individual whales have invested heavily across the capital stack.
And this may just be the beginning—Yuga Labs seems focused on expanding the brand into far more than just digital collectibles. There are rumors of involvement in developing NFT connected metaverse gaming worlds, launching branded merchandise lines, adapting the BAYC IP into film/TV and more.
If leveraged properly, they could build Bored Apes into lucrative lifestyle media empire not unlike what Ted Lasso as a brand evolved into from humble viral video star to now multi-billion dollar intellectual property across merch, sponsorship rights and streaming content.
Step-by-Step Buying Guide
Curious to buy your own Bored Ape? Here are step by step instructions as a complete beginner:
1. Setup Wallet
First, you’ll need to install a crypto wallet like MetaMask extension to hold the NFT securely after purchase. This involves:
- Navigating to metamask.io and downloading + installing browser extension
- Creating a secure account and setting up wallet security (seed phrase backup!)
- Funding wallet with ETH to pay gas fees
2. Connect to NFT Marketplace
Next, visit OpenSea.io, the largest NFT marketplace, and connect your wallet by clicking “Connect wallet” in the upper right. This allows the platform to directly transact via your wallet when making buys.
3. Browse Listings
You’ll see the explore tab containing various NFT collections, including the Bored Ape Yacht Club page. Click into that and peruse the gallery of apes up for sale or auction currently listed by owners.
4. Select Entry Point
If purchasing as investment, consider current floor price trends over past month and whether current listings seem like a relative bargain. The choice depends on your budget and convictions on future growth outlook.
You can toggle the Price filter tabs on OpenSea to only populate apes listed within your range. Lower IDs and rarer traits raise valuations significantly.
5. Buy Now!
Once you spot an ape NFT within your price point that you enjoy, click “Buy Now” to automatically execute purchase transaction via connected wallet. Gas fees apply here which cost around $50 on Ethereum.
Afterwards your new NFT will show under the “Collected” tab on OpenSea portfolio! Welcome to the club 😎
Future Outlook
The past year has seen astronomical growth in terms of BAYC brand recognition, sales activity and outsized community energy. But what does the road ahead look like?
In a recent Discord AMA, Project Architect Emperor Tomato Ketchup affirmed they are still in the very early stages of their ambitions for the Bored Apes universe:
"We intend to expand the brand significantly over the next 10 years. That includes introducing many more characters, stories, experiences and a lot more."
Teased developments down the line include:
- Launching a play-to-earn multiplayer metaverse game called Otherside where owners can actively use their NFTs
- Releasing additional limited edition NFT collections like the upcoming Party Animals mutants
- Potential involvement in high profile metaverse virtual land sales by other developers
With bluechip status cemented as one of the earliest NFT brands to cross into mainstream consciousness, BAYC seems poised to remain a juggernaut project informing crypto‘s interplay with pop culture for the foreseeable future. Expect more new milestones soon that will again leave observers incredulous at how digital monkies selling for millions could make sense – yet likely pave way for accelerated mass adoption down line.
However, there are still outstanding risks as well around frothy market exuberance, community governance disputes after growth phase bottlenecks, and potential regulatory hurdles across certain jurisdictions. Prospective investors would do well to proceed cautiously and not bet their entire net worth on speculative assets at cycle price peaks.
Conclusion
As one of the first profile picture projects to demonstrate bluechip caliber early traction and longevity, Bored Ape Yacht Club remains a gold standard in the NFT collector world today. What initially began as experimental generative artwork minting online has rapidly morphed into a full blown global phenomenon bridging crypto-natives with mainstream audiences.
Celebrity connections, social capital appeal as a status symbol, and a genuinely vibrant community has cemented BAYC’s reputation as the face of NFTs as an exciting new emerging software-powered culture. While observers outside crypto may still express skepticism on multimillion dollar cartoon JPG evaluation markups, trends continue pointing decisively towards more fashion icons, musicians and brands incorporating elements of digital ownership into business models.
Yet hype cycles can spin out of control quickly without more foundational underlying support. Current extraordinary valuations likely already price in high future growth expectations. As with all speculative assets, it pays to tread carefully and remain vigilant to not overextend yourself jumping onto trends too late.
But for those intrigued to explore further – preferably after more learning – resources like this guide aim to provide an accurate lay of the land to navigate judiciously. Please reach out with any other questions!
