The project is launched in April 2021. The owners of Bored Ape NFT have access to intellectual property rights for the image, private online clubs,and exclusive in-person events.
These non fungible tokens are very popular among celebrities. Justin Bieber and Snoop Dogg are amongst some famous personalities who own this NFT. The website of Bored Ape Yacht Club informs that this collection was created by four friends who wanted to create something different which could be used for digital art.
Exploring the Uniqueness of Bored Ape Yacht Club NFT
There are 10,000 unique NFTs derived from 172 unique assets. This NFT also acts as a membership card to Yacht Club. At the time of its launch, the NFTs were sold for 0.08 ether, each around $190 and were sold out in 12 hours.
The NFT holders have full commercial rights to their ape. Whoever owns Bored Ape can spin it with whatever film, music, TV, book, or media. This quality is what makes it distinct from other NFTs.
After Bored Ape NFTs became popular, Yuga Labs hired many employees. This included social media managers, artists, Discord community managers and a CFO. The company was aiming to be a Web3 lifestyle company, and it released the second assets like Bored Ape Kennel Club, Mutant Ape Yacht Club, and Mutant Serum. This has increased the BAYC worth, bringing in more users into the ecosystem, and rewarding previous holders and investors.
Uncover the Analytics of the Bored Ape Yacht Club
BAYC has a floor price of 36.36 ETH, total volume of 1.32M, market cap of 365.33K, and has 5,529 holders. As per the chart on nftgo.io, the chart showed a market cap of 430,813.82 ETH and volume of 233.46 ETH on June 22,2023, while the market cap on June 28, 2023 is 365,326.92 ETH and volume of 181 ETH.
The lowest price at which the NFT was sold is 37.5 ETH(5817) and the highest price at which it was sold is 6,969 ETH (4378). The recently listed collectibles includes 6579 sold at a price of 39.8 ETH, 5403 sold at price of 40.6 ETH, and 3295 sold at 59 ETH.
The owner distribution chart shows there are 4,471 owners of 1 item, 783 owners for 2-3 items, 226 owners for 4-10 items, 32 owners for 11-25 items, 10 owners for 26-50 items, and 8 owners for more than 51 items.
Diving in Related News and Controversy
On April 25, 2022, the official Instagram account of the company was hacked and a phishing link was posted on it. Four Bored Ape NFTs, and ten more from related collections by Yuga Labs were stolen. This was estimated around $3 Million. It became a headline that time with $1 Million worth of funds transferred into the hackers account.
On April 30, 2022 Yuga Labs launched metaverse. Latest, in January 2023, it launched an endless runner game called Dookey Dash for holders of the BAYC NFTs. In this, the highest scorer gets a golden key NFT.
In October 2022, Yuga Labs was investigated by the U.S Security and Exchange Commission. A lawsuit was also filed against the company on December 8, 2022 alleging their product is an unregistered security.
Allegations of racism were also made against BAYC. American rapper Fredddie Gibbs, record executive Damon Dash and 8chan founder Friedrick Brennan have stated they believe this NFT is racist. However, the founders of Bored Ape Yacht Club have denied such allegations.
Summary
BAYC has gained a lot of praise from celebrities and famous personalities like Samantha Hissong, Emma Roth, and Roman Kraussl who describe it as visually pleasing, digital identity, fashionable and interesting looking. This NFT with 10,000 collectibles has now become iconic.
Source: https://www.thecoinrepublic.com/2023/06/29/bored-ape-yacht-club-collection-re-defines-nft-digital-art/