The Complete Guide to Bored Ape Yacht Club
Bored Ape Yacht Club, also known as BAYC, is without a doubt one of the most well known NFT collection the world has seen to date.
Every Bored Ape Yacht Club NFT doubles as your ticket into the most bananas metaverse, giving this NFT collection more utility and purpose than most can offer.
The Bored Ape Yacht Club collection consists of 10,000 NFTs that live on the Ethereum blockchain.
The team behind this legendary collection put in an incredible amount of attention to detail, planning, and tokenomics, resulting in what could be the ultimate NFT collection.
Many people compare Bored Ape Yacht Club to a gentleman’s club, but the reality is far from that.
In fact, these apes will strip you of your suit and cigar, giving you a banana and a crazy pair of sunglasses in return.
Let’s ape into the crowning achievement of the NFT space in 2021, the Bored Ape Yacht Club!
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club is a collection consisting of 10,000 unique NFTs, that reside on the Ethereum blockchain.
The collection launched in 2021 through a minting process, where punters could pick up their own Bored Ape Yacht Club NFT for 0.08ETH.
These ERC-721 tokens were gobbled up in a matter of minutes, and have gone on to become one of the most sought-after NFT collections in the world
All Bored Ape Yacht Club NFTs were hand illustrated using computer software, then thrown into a smart contract algorithm that smooshed together all those juicy traits to create the first batch of 10,000 apes.
Once the minting process was complete, the team launched what is known as the Bored Ape Yacht Club Bathroom.
The Bathroom is a blank canvas where anyone that has access to a wallet with at least 1 Bored Ape Yacht Club NFT can paint a pixel on the wall every 15 minutes.
Many have compared this to a crazy collaborative NFT art experiment, drawing together creative ideologies from the wealthiest and luckiest people in the NFT world.
Given that, for the first few weeks of The Bathroom’s existence, the walls were covered in phallic symbols, which is to be expected, of course.
After all, it’s the crypto world.
Now, The Bathroom has become a hive of creativity, even spawning ideas for other NFT collections along the way.
As the community-driven roadmap continues to unfold, we’ll see more incredible features, like The Bathroom, become accessible to Bored Ape Yacht Club holders.
There is only one item left on the Bored Ape Yacht Club original roadmap still to be completed.
This, of course, is the infamous Bored Ape Yacht Club puzzle.
Simply put, there’s a special treasure hunt and the first person to solve the clues and find the treasure will win 5ETH.
At the time of writing, nobody has managed to solve the puzzle.
There are plenty of more epic features coming to the Bored Ape Yacht Club metaverse, with an exciting token drop expected in Q1 2022 – stay tuned!
What are Bored Ape Yacht Club Traits?
When it comes to traits, Bored Ape Yacht Club doesn’t mess around.
Traits directly impact the value of an NFT, with rarer traits commanding a higher value.
The combination of traits also impacts the price value of an NFT, meaning that even if you do have a single rare trait, it might not move the needle too much if the other traits are common.
So, let’s begin by looking at the various traits that we see in the Bored Ape Yacht Club NFT collection.
There are 7 trait categories, and each category has a range of traits that were selected at random.
For example, there are 8 background traits and there are 43 clothes traits attached to various Bored Ape Yacht Club NFTs.
Generally speaking, the more traits in a trait category, the rarer NFTs can get.
What we mean by this is that every Bored Ape Yacht Club NFT has a clothe trait, but because there are 43 of these clothe traits, you’ve got a better chance at finding a Bored Ape Yacht Club NFT that shares a clothe trait with fewer other NFTs from the collection.
To put this into perspective, there are 42 Bored Ape Yacht Club NFTs that have “Black Suit”, while 1,291 NFTs have a “Purple” background.
This makes the “Black Suit” more desirable as less Bored Ape Yacht Club NFTs have it attached, but this scarcity is born out of more variety and choice in the clothe trait department.
In total, there are 168 traits that Bored Ape Yacht Club NFTs can share.
The following table breaks down the trait categories and the number of possible traits from each category.
|Trait Type||Number of Traits|
A Bored Ape Yacht Club NFT doesn’t have to have a trait from a trait category, meaning that you can get Bored Ape Yacht Club NFTs with a single trait or all 7 traits.
And that brings us nicely to how trait combinations impact the value of Bored Ape Yacht Club NFTs.
How Does Trait Combination Impact Bored Ape Yacht Club Value?
As you already know, the combination of traits on an NFT can cause the price to rise or fall dramatically.
Generally speaking, the fewer NFTs that share a trait, the more expensive Bored Ape Yacht Club NFTs with that trait become.
For example, the “Laser Eyes” trait is only on 0.69% of all Bored Ape Yacht Club NFTs.
As a result, Bored Ape Yacht Club NFTs with this trait have a higher lowest price.
The cheapest Bored Ape Yacht Club NFT with “Laser Eyes” right now is going for 185ETH.
Throw in a few more rare traits such as “Solid Gold” (0.46%), Phoneme L (2%), and Sushi Chef Hat (2%) and the price quickly jumps up above 1,000 ETH.
Most of the more expensive Bored Ape Yacht Club NFTs have 4 or 5 traits, so we’d say this is the sweet spot when it comes to number of traits.
But, that’s not to say that having a Bored Ape Yacht Club NFT complete with 7 common traits is a bad thing.
All it takes it for someone popular to get their hands on a common trait to suddenly make it become popular, so don’t think your Bored Ape Yacht Club NFT is worthless just because 15% of other Bored Ape Yacht Club NFTs have the same trait.
When an NFT collection becomes as legendary as Bored Ape Yacht Club has, even the most mundane item from the collection can become worth a small fortune.
How Can You Trade Bored Ape Yacht Club NFTs?
Everyone wants to get their hands on a Bored Ape Yacht Club NFT, and for good reason – they’re so cool.
For some people, they want to hodl them or show them off by using it as their profile picture.
Others want to trade Bored Ape Yacht Club NFTs and work their way up to the ladder.
Hodling Bored Ape Yacht Club NFTs is pretty straight forward, so right now we’re going to take a look at how you can trade Bored Ape Yacht Club NFTs.
To begin, you’ll either need a Bored Ape Yacht Club NFT or some Ethereum to buy one.
If you need to buy a Bored Ape Yacht Club NFT, the floor price is currently 82ETH, so you’ll need some deep pockets to get started.
Once you’ve bought your Bored Ape Yacht Club NFT, it’s time to start trading Bored Ape Yacht Club NFTs.
You can then list your Bored Ape Yacht Club NFT for sale.
You’ll want to list it for sale at a higher price than you originally bought it, plus add in a little extra on top for the gas fees.
You can then use the profits from that trade to buy another Bored Ape Yacht Club NFT, or potentially two, depending on how well you did with the trade.
Simply rinse and repeat this as many times as you want to, just don’t forget to factor in gas fees and platform fees.
What Was the Most Expensive Bored Ape Yacht Club?
There is more than 300,000ETH in trade volume for the Bored Ape Yacht Club NFT collection, so it comes as no surprise that some of these NFTs go for millions of dollars.
According to OpenSea at the time of writing, the most expensive Bored Ape Yacht Club NFT to ever sell was for 769ETH.
At the time of writing, that’s worth a little over $2.4 million – not a bad deal on an NFT minted for 0.08ETH!
The Bored Ape Yacht Club NFT in question here #2087.
Bored Ape Yacht Club #2087 has 4 traits, and 3 of those are shared with less than 10% of other Bored Ape Yacht Club NFTs.
It has Purple (13%), Angry (4%), Trippy (0.77%), and Bored Cigarette (7%) as its traits.
This combination had created a funky looking Bored Ape Yacht Club NFT, and it’s pretty clear why it went for so much money.
Will this be the most expensive Bored Ape Yacht Club forever? No.
There are many more Bored Ape Yacht Club NFTs for sale at higher prices, with the most realistic price being 15,000ETH.
What we mean by “realistic price” is one where people haven’t simply opted for the maximum value OpenSea supports, or 69,420/420,69.
Ahh crypto, when will you ever grow up?
Where Can I Find Bored Ape Yacht Club For Sale?
The Bored Ape Yacht Club NFT collection is a series of ERC-721 tokens, and was integrated to the OpenSea marketplace.
This means that you’ll be able to find all the Bored Ape Yacht Club NFTs for sale at OpenSea.
It takes a few minutes to set up your own account and connect your wallet, then you can browse, bid on, and buy all the Bored Ape Yacht Club NFTs your heart desires.
Not all Bored Ape Yacht Club NFTs are for sale by their owners, but you can still browse through them on OpenSea.
If you see one that you like and the owner hasn’t listed it as for sale, you can always put in a bid.
If your bid is high enough and the owner agrees, they could accept it and you could be the owner of your own Bored Ape Yacht Club NFT – now that’s an accolade you’ll want to shout from the rooftops.
You may find Bored Ape Yacht Club NFTs up for sale in many marketplaces.
How Can I Buy Bored Ape Yacht Club?
If you want to buy a Bored Ape Yacht Club NFT, then you’ll need to dig deep into your pockets, as they don’t come cheap.
Right now, the best way to buy a Bored Ape Yacht Club NFT is to head on over to OpenSea and dive into the Bored Ape Yacht Club collection.
You will need an Ethereum wallet that’s able to store ERC-721 tokens, such as TrustWallet or MetaMask.
Pair your chosen wallet with OpenSea by using the menu in the top right-hand corner, approving the pair request.
Make sure that you’ve got enough Ethereum in the wallet to cover the cost of buying the Bored Ape Yacht Club NFT in question, plus gas fees and platform fees.
Then all you need to do is find a Bored Ape Yacht Club NFT that you want, and can afford, then hit buy.
You’ll have to approve the transaction in your wallet, and once you’ve done that, the NFT will appear in your wallet.
If you don’t think a Bored Ape Yacht Club NFT is worth what the seller is asking for, you can always opt to make a bid.
Bids will be locked in escrow until the bid is accepted, rejected, or timed out.
If the bid is rejected or timed out, your funds will become spendable once more.
Bored Ape Yacht Club NFT Collection Conclusion
Bored Ape Yacht Club is without a doubt one of the hottest NFT collections around.
The roadmap looks incredibly promising, and we’re going to see new features and functions drop in the metaverse as 2022 rolls on.
The team behind Bored Ape Yacht Club has already been drafted in to help out major brands across the globe with their NFT ventures, meaning that these guys really are seen as the top dogs.
The artwork is great, the price action is fantastic, and the fanbase is out of this world.
It appears as if the Bored Ape Yacht Club hype is going to carry on growing from here, especially with the launch of a new token in Q1 2022 – stay tuned for that!
If you’ve got the cash to spare, a Bored Ape Yacht Club will always make a nice addition to your NFT collection!