Bored Ape Yacht Club (BAYC) is an NFT project that has took the crypto world by storm. Launched in April 2021, BAYC quickly gained a following of crypto enthusiasts and investors, who were drew to the project’s unique and innovative approach to NFTs.
In this article, we’ll take a closer look at BAYC, including what it is, how it work, how project make money and BAYC NFT holder’s benefits.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club is a one-of-a-kind NFT project that comprises a collection of 10,000 distinct digital apes, each with its own set of unique traits and characteristics. These apes are represented on the Ethereum blockchain as ERC-721 tokens, making them effortless to trade and transfer.
Every Bored Ape is distinct, with its individual attributes such as facial expressions, accessories, and different fur patterns, randomly created, which makes them unique and exclusive.
In addition, BAYC has established a social club component as part of the initiative. Bored Ape owners are granted the access to join the Bored Ape Yacht Club, this gives them instant privileged access to exclusive events, merchandise, NFT drops and experiences.
How does BAYC Project Team Makes Money?
The BAYC project generates revenue through several income streams, which include initial sales, secondary market sales, and merchandise sales.
- Initial Sale:- During the initial sale, each Bored Ape was sold for 0.08 ETH (about $250 at the time) when BAYC launched. With 10,000 apes available, BAYC raised 800 ETH (about $2.5 million) in revenue from the sale.
- Secondary Sales:- BAYC also earns money from secondary market sales, much like other NFT projects. As Bored Ape owners sell their apes on marketplaces like OpenSea, the BAYC team earns a 2.5% commission on each sale.
- Merchandise Sales:- BAYC has also created a line of merchandise, including t-shirts, hoodies, and other apparel featuring the Bored Ape Yacht Club branding. These merchandise sales provide an additional revenue stream for the project.
- Future Revenue Streams:- Bored Ape Yacht Club has hinted at future revenue streams, such as the ability to stake Bored Apes for exclusive benefits and access to new experiences. These revenue streams could provide additional income for the project in the future.
How BAYC holders benefit from owning a Bored Ape NFT?
Exclusive Access
One of main benefit of owning Bored Ape NFT is exclusive access to Bored Ape Yacht Club. It’s a social club that offers its privileged members with exclusive access to events, merchandise, and experiences. For example, BAYC members have access to private Discord server, where they can interact with other members and participate in exclusive discussions and events. This acts like a pass to a VIP club which gained a lot of traction from popular artists/performers etc.
Bored Ape Yacht Club also host real-world events and experiences, such as yacht parties and art exhibitions. These events is exclusive to BAYC members, giving Bored Ape NFT holders access to unique experiences that are not available to general public.
Secondary Market Value
Another benefit of owning a Bored Ape NFT is the potential for secondary market value. As with most NFT projects, Bored Ape Yacht Club apes can be bought and sold on secondary marketplaces such as OpenSea. The value of each Bored Ape NFT is determined by supply and demand, with rarer apes fetching higher prices.
Since BAYC has become such a popular NFT project, the secondary market value of Bored Ape NFTs has increased significantly. For example, the floor price (the lowest price at which a Bored Ape NFT can be bought) has increased from 0.08 ETH at launch to over 65 ETH at the time of writing.
Community and Social Status
Owning a Bored Ape NFT also comes with a sense of community and social status. Bored Ape Yacht Club has created a tight-knit community of crypto enthusiasts and investors, who share a common interest in the project. By owning a Bored Ape NFT, holders become part of this community and gain access to exclusive events and experiences.
In addition, BAYC apes have become a symbol of status in the crypto world. Holding a rare or valuable Bored Ape NFT can elevate a holder’s social status among their peers and in the wider crypto community.
Conclusion
Bored Ape Yacht Club has quickly become one of the most popular NFT projects in crypto world, thanks to it’s unique approach and innovative features. By creating collection of one-of-a-kind digital apes and social club aspect to the project, BAYC has captured attention of crypto enthusiasts and investors alike.
Through initial sales, secondary market sales, merchandise sales, and potential future revenue streams, BAYC has created sustainable business model that is likely to continue generating revenue for project in years to come.
In addition, owning Bored Ape NFT comes with sense of community and social status. Bored Ape Yacht Club has created tight-knit community of crypto enthusiasts and investors, who share common interest in project. By owning Bored Ape NFT, holders become part of this community and gain access to exclusive events and experiences, while also elevating their social status in wider crypto world.
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