When it comes to crypto collections, not all are made in the same manner. The Bored Ape Yacht Club NFT collection, in particular, is gradually becoming a household brand, not just among those who already know about it but also among the mainstream media. With its expanding popularity, it, like CryptoPunks, is progressively usurping the throne of the leader.
Since its inception in June 2021, the Bored Ape Kennel Club (BAKC) initiative has made headlines, and its popularity shows no signs of abating. BAKC NFTs, an extension of the Bored Ape Yacht Club project, employ the ERC-721 token standard on the Ethereum blockchain to verify scarcity and monitor NFT ownership.
So, what makes Bored Ape Kennel Club unique? Let’s find out with Coincu through this article. We’ll look at the history of BAKC, the project’s purpose to promote social good, and how to buy BAKC NFTs. We’ll also give you the lowdown on web3’s favorite doggos to get you started in the fascinating world of BAKC NFTs.
What is the Bored Ape Kennel Club?
The Bored Ape Kennel Club (BAKC) is a collection of 9,602 NFTs developed using dog characters that share features with the Bored Ape Yacht Club (BAYC). Yuga Labs is the company’s owner. The BAKC set was released in June 2021, barely two months after the BAYC set.
This collection was created so that the monkey owners in the BAYC collection would have a companion character because the Yuga Labs crew adores dogs. As a result, they launched the BAKC collection. Yuga Labs guarantees that no more collections involving dog characters will be released in the future.
The Bored Ape Kennel Club is a novel new idea in the field of non-fungible tokens (NFTs). Every BAYC member may adopt a one-of-a-kind, procedurally created dog from the BAKC, which is held as an ERC-721 token on the Ethereum blockchain and hosted on IPFS. With a total of 9,602 NFTs accessible, each dog in the kennel club is unique and has over 170 potential qualities, some of which are more unusual than others.
Yuga Labs, noted for its high-quality and visually attractive designs, developed the artwork for the BAKC line. The collection includes a range of lovely doggos with distinct and attractive characteristics such as the back, backdrop, paws, hair, lips, and neck.
With a total volume of 262,192 ETH and a floor price of 3.74 ETH, the collection is a huge success. In conclusion, the NFTs from the Bored Ape Kennel Club are a fun, distinctive, and apparently attractive collection that will be highly sought after by NFT collectors and animal lovers alike. The BAKC is a must-have for anybody interested in the field of NFTs, with procedurally created dogs and high-quality artwork.
Overall, the Bored Ape Kennel Club is a novel and humorous idea that will appeal to both NFT collectors and animal enthusiasts. It’s a very valuable series because of the programmed creation of unique canines, and the artwork is guaranteed to please. The idea of having a companion animal is intriguing, and the fact that it’s free (you just have to pay for gas fee) is a huge plus for the current community.
Highlights
BAKC has the following distinguishing features:
- Inherit the BAYC collection’s community and prosperity.
- BAKC was not for sale and was only airdropped to BAYC holders, yet it nonetheless ranked among the top 20 most valuable NFT collections in the market.
- Yuga Labs also gave BAKC holders an ApeCoin (APE) airdrop.
Traits
The entire NFT collection is made up of over 170 different features ranging from coat color, eye and mouth position as well as various accessories like hats, glasses, shoes, etc. Each NFT is made up of 8 different attributes, including:
- Back has 16 different types including: Service Vest, Beer Kegs, Basketball Hoop,…
- Background has 5 different types including: Swamp, Outhouse, SS Monke Biz,…
- Eyes has 32 different categories including: Closed, Happy, Anime, Sad,…
- Feet has 17 different types including: Cast, Rain Boots, Combat Boots,…
- Fur has 16 different types including: Tan, Black, Brown,…
- Head has 32 different types including: Sea Captain’s Hat, Fez, Cowboy Hat,…
- Mouth has 36 different types including: Hot Dog, Beer Can, Bone,…
- Neck has 23 different types including: BAYC Collar, Red Collar With Bone, Hawaiian Bandana,…
Each attribute has a different number and rarity, of which the NFT with the Head attribute is the rarest Party Hat with only a maximum of 33.
Key Metric
NFT Name: Bored Ape Kennel Club
- Ticker: BAKC
- Blockchain: Ethereum
- Token Standard: ERC-721
- NFT Contract: 0xba30E5F9Bb24caa003E9f2f0497Ad287FDF95623
- Max Supply: 9,602 BAKC
Ultility
- Access to the BAYC ecosystem offers the ability to earn awards and get unique access to communities and events.
- Using intellectual property (IP) rights, owners may monetize their NFTs by making and selling products that resembles the NFT.
- Users will be able to Stake BAKC in the future to earn APE tokens.
- Usage as an avatar on social networking sites.
- JPEG’d, NFTfi, Arcade, and other NFT lending services accept it as collateral.
- Holders of a Bored Ape Yacht Club NFT at the time of the airdrop received a BAKC NFT for free. The BAKC also airdrop ApeCoin to holders from time to time.
- Each BAKC NFT comes with a set of randomized traits, making them unique.
- The relative exclusivity of BAKC NFTs has led to a high value on the secondary market.
- Compared to other NFTs in the Bored Ape Yacht Club pantheon, BAKC NFTs have a lower cost of entry.
- Holders can trade their BAKC NFTs on the secondary market. This allows them to potentially earn a profit or match up with similar traits.
Allocation & sale schedule
Yuga Labs decided to appreciate and encourage BAYC holders by gifting them 100% of NFT BAKC. This differs from the typical opening sale procedure used by previous collections.
Nevertheless, the opportunity to mint NFT BAKC for free is only available for one week. The NFT BAKC will never be formed if there are no holders of the BAYC mint at this period. Since 398 BAYC NFTs were not minted as NFT BAKCs, only 9,602 NFT BAKCs were produced.
How to buy a Bored Ape Kennel Club NFT?
To own BAKC NFT, users can buy on NFT exchanges such as Opensea, LooksRare, or X2Y2. In addition, there are synthetic NFT exchanges such as Blur, OpenSea Pro, etc., to make it more convenient for users to find and buy.
Team
Yuga Labs, the company behind the successful Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Otherside collections, constructed and developed BAKC. Yuga Labs also bought two well-known NFT collections, CryptoPunks and Meebits NFT, from Larva Labs in March 2022.
Roadmap
- June 17, 2021: Bored Ape Kennel Club officially launched and airdropped for BAYC holders.
- July 28, 2021: Each BAKC holder will receive 1 basketball from Round21 company.
- March 17, 2022: ApeCoin (APE) is airdropped to the entire BAYC family, including BAKC.
- December 21, 2022: Yuga Labs announced that BAYC/MAYC if holding more BAKC will receive additional benefits when minting NFT commemorating the JimmytheMonkey movie.
- January 19, 2023: BAYC/MAYC has an additional benefit to upgrade the event ticket limit if holding more BAKC.
Investors and partners
Investors
On March 22, 2022, Yuga Labs closed two rounds of investment for a total of $450 million. This transaction was spearheaded by a16z and drew the interest of several other investors, including Animoca Brands, LionTree, and others. Yuga Labs has shown the commercial attractiveness of BAKC. NFTs with a corporate value of up to $4 billion.
Partner
Currently, BAKC has not disclosed any information about its partners. We will update you as soon as we have the latest information about BAKC’s partner team.
Conclusion
Finally, the Bored Ape Kennel Club has had a big influence on the world of NFT. They provide members with one-of-a-kind digital canines while also supporting animal welfare initiatives. The designers of the Bored Ape Yacht Club, Yuga Labs, have built a dedicated community that appreciates innovation, uniqueness, and pragmatism. The BAKC NFTs have offered an access point into the Yuga Labs ecosystem while also increasing the total value of the BAYC brand. BAKC NFTs’ randomized features, exclusivity, and tradability have made them desirable to both traders and collectors.
While it is just a project created by Yuga Labs as an airdrop incentive for BAYC holders, BAKC connects with the community by donating revenues to groups that help dogs. This is still a rather outstanding collection growth, particularly since BAKC is 100% airdropped to BAYC with no mint cost necessary. Several BAYC holders sold them in the early phases, maybe because BAYC is a side collection and was airdropped as a free currency. BAKC, on the other hand, had a strong rebound in early 2022 and reached the ATH price at that time. The collecting price has reduced dramatically as a result of the NFT market’s collapse in 2023.
The BAKC airdrop, in which qualifying BAYC members got free NFTs to assist with animal welfare issues, was well accepted by the community and contributed to the project’s reputation. As compared to other NFTs in the Bored Ape Yacht Club collection, the BAKC NFTs feature a reduced entrance fee. Having a BAKC NFT allows you to possess a one-of-a-kind and exclusive digital canine that may gain value over time.
Ultimately, the Bored Ape Kennel Club has proved the ability of NFTs to promote relevant causes while providing its members with unique and valuable digital products. The BAKC collection has shown that digital dogs may be as precious and adored as their real counterparts. The Bored Ape Kennel Club exemplifies the importance of community and innovation in the realm of NFTs.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
Source: https://news.coincu.com/195995-bored-ape-kennel-club-review/