No one knew how big the Bored Ape Yacht Club NFTs would become when Yuga Labs released them in 2021. There were, however, glimmers of its potential. When the price was 0.08 ETH, the 10,000 Bored Apes project sold out in less than 12 hours.

Fast forward almost a year, and the floor price has risen to around 100 ETH, with a trading volume of over $1 billion. The nascent NFT space has come to be known as Bored Ape. The question is how all of this came to be.

The Beginnings of Ape Boredom

The first coin was minted on April 23, 2021, around 9:56:11 pm UTC, by the Bored Ape Yacht Club. While it sold out quickly after launch, the first month wasn’t exactly a success, with only 35 secondary market transactions.

At this point, the average price was $313.07. However, by August, it had begun to show its potential, with over 3,300 transactions and an average price of $89,602. As the value of the BAYC increased, so did interest in them. They’ve been featured on top media platforms like CNN and the New Yorker in less than a year.

What contributed to the success of the Bored Apes Yacht Club?

In a space where hundreds of NFT avatar collections are launched almost every day, Bored Apes has remained the best-performing, with no other similar NFT project even coming close. While it’s impossible to pinpoint exactly what makes Bored Apes so popular that it’s become a benchmark, there are a few possibilities. They are as follows:

Market Entry at an Early Stage

Even though Bored Apes isn’t as old as Crypto Punks, which dates back to 2017, BAYC was still a pioneer. It arrived at a time when NFT was only beginning to gain traction. When it first launched in late April, OpenSea had 37,000 active wallets. The number had risen to 116,000 by August of the same year.

Due to a variety of factors, the NFT space was just beginning to gain traction at the time. Beeple sold his record-breaking NFT art for over $69 million in March 2021, and 9 CryptoPunks sold for $17 million in May. Both trades were facilitated by Christie’s, and the launch of Bored Apes in the middle of these two major trades was one of the catalysts.

Commercial Exclusive Rights

Unlike most NFT projects, where users have no commercial rights to their assets, BAYC grants full and exclusive rights to its holders. This means they can do whatever they want with their NFTs, which many are already doing.

Some holders, such as Jim McNeils, have formed a band with Bored Apes, while others, such as Jenkins the Valet’s owners, have created a backstory for their NFT, allowing them to sign media partnerships. The freedom that BAYC members have in how they use their assets has contributed to the NFT’s increased value and transformation from an ordinary avatar art to a marketable brand.

Some of the world’s most famous people, from celebrities and musicians to sports stars, own Social Capital Bored Apes NFTs. As a result, the BAYC has become an exclusive social club open only to those who can afford to own a Bored Ape.

Owners of Bored Apes use it as their profile picture on social media to express their boredom. It’s even easier to verify the originality of the NFT used with Twitter’s NFT profile picture feature. The fact that celebrities like Justin Bieber, Pop Malone, Eminem, Steph Curry, Neymar, Jimmy Kimmel, and others own Bored Apes NFTs and share them with their fans has boosted its value significantly.

Attached Advantages

The creators of Bored Apes had a plan for bringing the project to the public’s attention. The collection’s utility and popularity grew as a result of its goals, which allowed it to grow beyond just being a blockchain artwork. The release of ‘Caged Apes,’ for example, is one of the goals. Others include the Mutant Ape serum drop, Liquidity Pool, 5 ETH treasure hunt, exclusive merchandise for BAYC members, and the release of ‘Mutant Apes.’

Furthermore, the release of secondary assets such as Bored Ape Kennel Club, Mutant Serum, Mutant Ape Yacht Club, and others has increased the value of BAYC and attracted more people to the ecosystem.

In the NFT Space, BAYC serves as a reference.

The rapid success of BAYC has made it the ideal reference point for both enthusiasts and critics in the NFT space. On the one hand, some argue that its utility is the only reason for its nearly 150,000 percent increase in value since mint.

Some, on the other hand, believe it encapsulates everything NFT stands for: greed, speculation, and fraud, rather than art. Regardless of one’s point of view, it’s clear that Bored Apes has become a cultural phenomenon. They truly represent NFT space and its potential more than any other NFT collection before or after them.


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