You’ve probably heard of One Direction fan clubs, but what about The Bored Ape Yacht Club (BAYC)? The Bored Ape Yacht Club is a collection of 10,000 uniquely outfitted cartoon apes for sale as non-fungible tokens (NFTs). All ten thousand BAYC images sold out on the first day, totaling over 2 million dollars in profit.
Bored Ape Yacht Club
The collection has already seen a hundred million dollars in trading, with the lowest prices starting around fourteen thousand dollars. Even sports stars Steph Curry and Marlon Humphrey have joined the BYAC; each paying over $150,000 US dollars.
Co-founders of BAYC, Gargamel and Gordon Goner, met while drinking at a bar almost 10 years ago. Before starting their NFT collection, Gargamel was working as a writer/editor and Goner was a cryptocurrency day trader. They were inspired by Cryptopunks and Hashmasks but wanted to make something that could grow over time; unlike other NFT avatar collections at the time.
“We were seeing the opportunities to make something with a larger story arc.”Gargamel, Co-founder of Bored Ape Yacht Club
On the official Instagram there is a map and a note; eluding to a possible bonus mystery story. It’ll be interesting to see how the collection story will play out for apes lucky enough to join the club.
Their first ideas included NFT “girlfriends” and a shared digital canvas. They soon realized that both ideas weren’t the best. First, because owning girlfriends online sounded creepy, and second, that the first drawing on their shared canvas would likely be a dick. But, why apes? Goner says it has a double meaning. It’s because they like apes, and “aping in” is when you risk a significant amount of money.
Photo by Bored Ape Yacht Club
The co-founders brought on two other programmers, No Sass and Emperor Tomato Ketchup, to handle the necessary blockchain coding. They also hired professional illustrators, who were tasked with creating individual features and clothing items. When you purchase an ape, it will be randomly generated from an algorithmic program. Things like rainbow fur, laser eyes, and togas are rare, making some apes more valuable.
What is an NFT?
If you still don’t know what an NFT is, don’t get down: it’s confusing at times. NFT stands for non-fungible token. The token is digital “art” that people sell and trade. They can have attached benefits like tickets to an event or a giveaway, which Gary Vee and Doja Cat have previously offered. You can use digital currency, like Bitcoin, to buy NFTs from different creators.
NFT Clubs and Communities
Whether it’s reserving a table at the club or buying a VIP concert ticket, people love to pay for exclusivity. This fact benefits the resale value of NFT communities and club members as the collection becomes more popular. In recent months, the BAYC collection has inspired similar clubs for NFT avatars such as ducks, penguins, and cats.