It’s difficult to say what makes the Bored Ape Yacht Club collection valuable. In general, it’s a combination of three factors. Involvement of celebrities and influencers, community strength, and member benefits. Here is a quick overview of the BAYC for you.
NFTs, or non-fungible tokens, are a form of digital asset that has grown in popularity in recent years, with NFT artworks fetching millions of dollars. NFTs can be anything digital (drawings, music, and more), but the current buzz is focused on exploiting the technology to sell digital art. Purchasing an NFTs assigns you ownership of a unique piece of digital work that tracks Ethereum’s blockchain as a public ledger. To help you gain insight into this growing trend, the following is a quick overview of the Bored Ape Yacht Club NFT collection.
The Bored Ape Yacht Club
The Bored Ape Yacht Club offers 10,000 Bored Ape NFTs, which are one-of-a-kind digital valuables that live on the Ethereum blockchain. Designed by Yuga Labs, each ape has its distinct personality that hangs above the original image of a bored ape. When you purchase a Bored Ape, you receive an avatar or a proven-rare work of art and membership to a club with growing privileges and options, such as access to an exclusive Discord server and ‘The Bathroom’ a digital location that serves as a collaborative graffiti board.
Members of the club are given free NFTs from the same stables, which they can resell. As a result, it’s similar to a private online community of ape owners with exclusive privileges. Furthermore, your Bored Ape can act as your digital identity and offer possibilities for you in the internet world. According to data from CryptoSlam, Bored Ape NFTs have now generated more than $758 million in trading volume.
How does Bored Ape Yacht Club work
BAYC has introduced new lines of NFTs, NFT enhancements, and an exclusive club for BAYC holders since their first mint. These advancements have maintained an interest in the project, resulting in exceptional NFT sale prices. BAYC’s NFT collections are made by creating several variants from the same template, including attributes such as varied fur types, face expressions, outfits, and accessories.
These properties are displayed in OpenSea, the primary trading platform for NFTs. In addition, the property and the proportion of NFTs in the collection that share the property are listed on the page for a specific NFT. Less than 1% of the population is considered rare.
Final Word – Future Outlook
It’s difficult to say what makes BAYC or any other NFT collection valuable. In general, it’s a combination of three factors—involvement of celebrities and influencers, community strength, and member benefits. Furthermore, owning a Bored Ape NFT grants you complete commercial rights, allowing you to use it in various ways. According to the organization on Twitter, the NFT collection Bored Ape Yacht Club will debut its crypto coin in early 2022. In addition, the team is collaborating with Horizon Labs and Fenwick and West’s legal team to prepare strategies for the token’s debut.