Bored Ape Yacht Club (BAYC) Review: Is it the Best NFT Collection?

You’ve undoubtedly seen a Bored Ape Yacht Club (BAYC) NFT if you have spent time online, particularly on Twitter. It all started when celebrities began using BAYC NFTs as their profile photo on social media. One of the critical reasons why NFTs (Non-Fungible Token) are so popular right now is the Bored Ape Yacht Club. Here’s a brief Bored Ape Yacht Club (BAYC) Review:

Founded inApril 2021
FounderYuga Labs
No. of Collectables Available10,000
BlockchainEthereum
Available in MarketplaceOpenSea, Rarible

What is Bored Ape Yacht Club (BAYC)?

The Bored Ape Yacht Club (BAYC) is a collection of 10,000 collectable NFTs generated programmatically from 170 distinct qualities. An NFT is simply a way for digital goods ownership to be represented on the blockchain. BAYC’s artwork includes cartoonish apes with unique features and odd qualities.

While each ape is unique, some have qualities that increase the ape’s value. The most desired features are laser eyes, gold fur, and a king’s crown. They are ERC-721 tokens on the Ethereum network. Each Bored Ape artwork also functions as a Yacht Club membership card, granting access to members-only services. The BAYC is a project of Yuga Labs, based in the United States.

Also read, How to Mint your First NFT on FTX? [2021]

Bored Ape Yacht Club (Bayc) Review
Bored Ape Collection

Bored Ape Yacht Club (BAYC) Review: History

BAYC was launched in April 2021 by four pseudonymous developers, Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. Users were given NFT coupons but did not have the opportunity to view the art at first. As a result, the project received little interest and did not sell out. However, the initiative soon sold out as the art was sent, and people saw their NFTs for the first time. Jimmy Fallon, DJ Khaled, and Stephen Curry are among the celebrities that possess a BAYC NFT and use it as their social media profile photo.

What are the Benefits of Owning a Bored Ape Yacht Club NFT?

  • When you hold a Bored Ape NFT, you not only own the digital asset, but your token also functions as a “ticket” to the Yacht Club.
  • Few investors put money into BAYC with the expectation of earning a profit. As BAYC becomes more popular, their prices will increase. As a result, investors will buy apes with the idea of later selling them for a profit.
  • An ape as a social profile image symbolizes affluence and crypto awareness.
  • Holders also have access to future collections, airdrops, and other benefits. For example, all Bored Ape Yacht Club members received mutant serum through an airdrop. The Mutant Ape Yacht Club is a method of awarding Bored Ape holders with a completely new NFT.

Also read, What are Fractional NFTs or F-NFTs?

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Bored Ape Yacht Club Benefits

What is Mutant Ape Yacht club (MAYC)?

The Bored Ape Yacht Club has done a few things to keep owners engaged. Out of which, they launched a freebie in August: digital vials of mutant serum. Owners might combine their Bored Ape with the serum to produce a Mutant Ape, another NFT.

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Bored Ape and Its Mutant

How to buy Bored Ape Yacht Club NFT?

The simplest way to buy a Bored Ape NFT is to visit their collection on OpenSea. Here is a step-by-step guide to buying BAYC NFT at OpenSea:

  • To buy and store an NFT, you must first connect your crypto wallet to the marketplace. With OpenSea, the marketplace where most investors purchase and trade NFTs, the most widely used wallet is MetaMask.

Also read, Set up MetaMask for Binance Smart Chain

  • Send ETH to MetaMask from your trading platform. Enter your Metamask address to your trading platform’s “Send” option. To complete the transaction, enter the amount to be sent and click the Send button.
  • Go to OpenSea once you have ETH in your wallet. Connect your wallet and look for the NFT you want to buy. You can buy it right away if it has a “buy now” pricing. You may also bid on the ape if it has a bid and wait for the seller to accept. The NFT will be saved in your wallet after the deal has been completed.
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BoredApe NFT OpenSea Listing

How to Sell Bored Ape Yacht Club NFT?

The simplest way to sell a Bored Ape NFT is at OpenSea. Here is a step-by-step guide to sell BAYC NFT at OpenSea:

  • Visit the OpenSea website and login into your account.
  • In the top right-hand corner, click Profile.
  • Browse your NFT collection and select the NFT you want to sell. Select the ‘Sell option at the top right-hand corner of the page to be taken to the listing page. 
  • Select how you want to sell your NFT. Set the price, auction type, sale duration, and buyer type. 
  • Choose how long your item will be available for sale. The default settings are one day, three days, or one week, but you may use the calendar to select whatever period you like.
  • Pay fees and complete your NFT listing. 

A popup will appear after completing the steps, requiring you to confirm a signature request to finalize your NFT listing.

That’s it! You have successfully put your NFT on OpenSea for sale! It will display in your Profile under the ‘Activity’ page.

Also read, Different Types of Crypto Wallets

Is it a smart idea to invest in the Bored Ape Yacht Club?

Why would someone invest in NFT? In the same way as evidence of ownership is crucial in the offline world, it is vital in the online world. NFT is essentially a token that proves you hold the proof of ownership. You have a potentially valuable digital asset if you have evidence of ownership because you are the only one who genuinely possesses the original. However, there are additional reasons why BAYC NFTs can be valuable, such as:

  • Only 10,000 Bored Apes were created. As a result, there is limited availability.
  • The last and most essential aspect is the community that has grown up around a BAYC collection. The Bored Ape Yacht Club has planned gatherings in New York, California, Hong Kong, and the United Kingdom. Recently, a celebration for the owner was conducted in New York with a real yacht party and a concert including Chris Rock, Aziz Ansari, and The Strokes.
  • BAYC is strategically working with other companies such as Adidas and recently announced a partnership with Animoca Brands, a Hong Kong-based software business focused on blockchain gaming, for future play-to-earn (P2E) games.

Related read: Is NFT Euphoria Coming to End or Gaming Sector will Carry the Torch?

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Jimmy Fallon’s Tweet

Pros & Cons

Pros Cons
Only 10,000 BAYC NFTs will ever be created, making them one-of-a-kind.Bored Ape Yacht NFTs are so pricey that the transaction costs involved in buying them are too high
Buying an ape entitles you to membership in the Bored Ape Yacht Club. You can have access to a club, the perks and offers that will grow over time. There is no simple way to purchase BAYC using typical payment methods such as a credit card.
The NFT market is still in its infancy, and connecting with a concept like a blockchain and decentralization remains difficult for the ordinary individual.

Related read: How to get a Free NFT (Non-Fungible Tokens or NFTs)?

BAYC Alternatives

Cryptopunk: 

CryptoPunks, released in 2017, is considered one of the first NFT collections. The project comprises 10,000 randomly produced 24×24 pixel images with random characteristics such as a person wearing a hat or smoking a pipe. 

Prime Ape Planet PAP: 

Prime Ape Planet has attracted a whopping 100,000+ Discord members in less than 24 hours. It is unusual in the NFT space. The project’s high worth stems from a mix of high-quality art and metaverse-ready design. 

Related read: 10 Biggest NFT MarketPlaces to Mint a Collection

Doodles: 

Doodles is a collectable NFT initiative driven by the community. Doodle NFTs have over a hundred fascinating qualities like faces, hair, headgear, bodies, and backdrops. On the Ethereum blockchain, each Doodle is a one-of-a-kind, non-fungible token (NFT).

CLONE X – X TAKASHI MURAKAMI:

Clone X is a 20,000 next-gen Avatar created by RTFKT and Takashi Murakami. Clone X NFTs are 3D-based. The term 3D says it all since buyers of NFTs will have access to 3D data from which holders can modify the NFT properties and express themselves appropriately. 

Conclusion

Some of you may believe NFTs are absurd but the Bored Apes aren’t going away anytime soon. In the realm of NFTs, the Bored Ape Yacht Club is an exciting development. These NFTs, however, are not cheap. So, it may make sense for newcomers to search for less-priced NFTs to practice with. It is generally not a brilliant idea to invest your life savings in an ape, but if you have the money and are ready to take the risk, an ape may be worthwhile to acquire.

Frequently Asked Questions

Where is a bored ape yacht available for sale?

Bored Ape Yacht Club NFTs are available on the marketplace like Opensea and Rarible.

Is there a BAYC Coin?

No, the BAYC platform is not affiliated with any cryptocurrency or token. The best approach to invest in the rising popularity of the Bored Ape is to buy one of the 10,000 unique NFTs.

What is the most expensive and cheapest BAYC?

How do you mutate a Bored Ape?

Apes can only have one mutation. Therefore, a Mutant can be obtained in two ways. The first method is MUTATION, which involves introducing a Bored Ape to a vial of Mutant Serum. The mutant serum is divided into M1, M2, and Mega Mutant.

Can we get a free Bored Ape Yacht Club NFT?

No, you cannot get BAYC NFT for free.

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Shivalli Rawat

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