Bored Ape Yacht Club (BAYC) NFT Ecosystem

A membership-based community built around 10,000 NFTs; all on Ethereum. 

DWR Score:

Analysis by Ray | #001 | December 28, 2021

Table of Contents

Research Summary


Built by four pseudonymous founders at Yuga Labs LLC in the USA, the Bored Ape Yacht Club (aka BAYC) was meant to be a testament of the team’s artistic prowess and a challenge to build something “ridiculous” in the blockchain space. The BAYC is a membership-based community built around 10,000 provably rare, programmatically generated NFTs of apes on the Ethereum network. Owning a ‘bored ape’ NFT grants exclusive access to the club and all its perks.

The BAYC team has introduced a few iterations of a roadmap for its ecosystem, with milestones that included community contests, games, merchandise drops, in-person events, and hints at future utility. A couple of the largest developments in the BAYC ecosystem to date were the free Bored Ape Kennel Club NFT drop for bored ape holders and the introduction of the Mutant Ape Yacht Club NFTs – a lower-tiered version of its bored ape predecessor to entice new participants to join the club (at a lower price).

Also, no recent technical issues were identified within the code produced by the core development team.


Since the initial launch of the bored ape NFTs on April 23, 2021, at a mint price of 0.08 ETH, the bored ape floor price has rocketed up to 60 ETH. For an objectively rare bored ape, the last sale price was as high as 769 ETH (or approximately $3mm as of December 28, 2021). Over the previous 90-day period, the project has done about 1,135 ETH (or $4.4mm) worth of sales volume per day.


With a community of 500k+ strong across its social platforms, the BAYC members include notable public figures such as:

  • Jimmy Fallon
  • Post Malone
  • Stephen Curry
  • Logan Paul
  • Marshmello
  • Mark Cuban
  • Lil Baby
  • Shaquille O’Neal and many more.

Currently, the bored apes span across 6,000 unique Ethereum addresses.

A gamechanger for the industry, the BAYC may be the most valuable NFT project that exists today.

Based on the research conducted, the BAYC appears to be a fundamentally strong NFT project.



What is the URL of the official cryptocurrency project website?

Are there any obvious errors on the website (broken links, misspelling, grammar, etc.)? 

No obvious spelling, grammar, etc. mistakes were found on the official website pages.

Is comprehensive documentation available for the project?

The official cryptocurrency project website has direct links to resources, including guides with FAQs, relevant blog posts and news articles. Additionally, the project has its own whitepaper.

Project Use-Case and MVP

What problem is the project trying to solve?

The BAYC was created by four friends who set out to “make some dope apes, test [their] skills, and try to build something (ridiculous)”.

What is the project’s solution to the problem the project aims to solve (aka use-case)? 

The project intends to be a membership-based site for collaboration and additional benefits. The Bored Ape NFTs act as a membership pass to the club.

Is there a working product (MVP)?

Since inception the BAYC project has successfully launched four NFT sets, completed community contests, merchandise drops, collaborations with other NFT projects, minigames, treasure hunts and meetups (among other things).

The Team

Is there a known development team for the project?

Yuga Labs LLC appears to be the entity behind the project. Recently, the identities of two of the pseudonymous founders was revealed.

Where is the development team headquartered?

The company was registered in Delaware, USA. A headquarters address was not identified.

Are there known sustainable incentives to grow/retain developers?

Per an independent research report, Yuga Labs LLC is entitled to secondary sale royalties of the NFT assets they released. Specific, official metrics were not identified. Furthermore, the company raises money through its NFT drops, merchandise sales, commercial rights, and brand deals.

Audits and Recent Issues

Has the codebase undergone a 3rd party audit by a reputable company/extensive public testing?

The codebase appears to have been reviewed by independent actors.

Does the project have any known, recent (within the last 6 months) technical issues?

No recent technical issues were identified for the project.


Is there a clear roadmap for development?

Multiple roadmap iterations were identified for the BAYC ecosystem.

Have any significant milestones within the roadmap been reached?

Yes, milestones mentioned within the roadmaps have come to fruition and more activations are in the pipeline. 


NFT Origination

What is/are the NFT asset(s) available for this project?

  1. Bored Ape Yacht Club (bored apes)
  2. Bored Ape Kennel Club
  3. Mutant Ape Yacht Club (mutant apes)
  4. Bored Ape Chemistry Club

When was the project’s NFT(s) launched?

  • The BAYC presale took place on April 23, 2021.
  • The BAKC mint began June 18, 2021.
  • BACC serums were airdropped on August 28, 2021 and the MAYC went live on this same day.

How do NFTs come into public circulation?

Bored Ape Yacht Club (bored apes)

Bored apes were made openly available to the public. Each ape cost 0.08 ETH at the time of the mint.

Bored Ape Kennel Club

For one week, each club member was able to “adopt” a Club Dog NFT from the Bored Ape Kennel Club. Claiming the token was free (not including the ETH gas fees).

The only way to adopt one was to claim it by having a Bored Ape in your wallet. You could have claimed one random Club Dog for each Bored Ape you owned.

Once a dog had been claimed by a Bored Ape, that token could not be used to claim another canine again. The unclaimed NFTs were “burned”.

Mutant Ape Yacht Club (mutant apes)

A collection of up to 10,000 Mutant Apes that can only be created by exposing an existing Bored Ape to a vial of MUTANT SERUM (see Bored Ape Chemistry Club).

The other 10,000 Mutant Apes were available to mint in a public Dutch Auction. The price to mint a Mutant started at 3 ETH, and gradually reduce to .01 ETH over the course of 9 hours.

Bored Ape Chemistry Club

A snapshot of all Bored Ape token holders was taken at 4pm ET on 8/28/21, and all mutant serums that will exist have been airdropped at a random distribution to corresponding wallets. A total of 10,000 Mutant Serums have been airdropped to all BAYC token holders.

NFT Use-Case

What is/are the intended use(s) of the NFT asset(s) within the project?

Bored Ape Yacht Club (bored apes)

A set of 10,000 provably rare art pieces programmatically generated from over 170 unique traits and stored as ERC-721 tokens hosted on IPFS. Ownership and commercial usage rights were given to the consumer over their NFT. On the BAYC official website, members get access to The Bathroom (a members-only graffiti board). Additional features are given to the ape holders through continued roadmap activations.

Bored Ape Kennel Club

There are 10,000 total Bored Ape Kennel Club NFTs. Each BAKC dog is stored as an ERC-721 token on the Ethereum blockchain and hosted on IPFS. Every dog in the kennel club is unique and programmatically generated from over 170 possible traits, with some traits being rarer than others. The BAKC collection had a 2.5% royalty fee associated with secondary sales on OpenSea. All proceeds generated from the fee were donated to charity. After six weeks, the 2.5% fee from OpenSea was removed entirely.

Mutant Ape Yacht Club (mutant apes)

With a collection of 20,000, the MAYC was a way to reward ape holders with an entirely new NFT—a “mutant” version of their ape—while also allowing newcomers into the BAYC ecosystem at a lower tier of membership. Mutants represent the final tier of membership into the BAYC ecosystem.

Bored Ape Chemistry Club

Outside of the public Dutch Auction, the only way to create a MUTANT is when a Bored Ape ingests a vial of mutant serum. There are three tiers of mutant serum vials: M1, M2, and Mega Mutant (M3) NFTs. Serum vials are burned upon use, and a Bored Ape can only ingest a serum of a given vial-type once. This means that any given Bored Ape can be exposed to an M1, M2, or M3 vial, resulting in three different mutations of that Bored Ape.

How is the NFT asset’s rarity determined (if applicable)?

Across the BAYC, BAKC, and MAYC rarity is determined by the prevalence of common to one-of-a-kind artistic traits that make up a NFT in a set.

The BACC rarity is influenced by the serum tier (M1, M2, or M3 respectively).

NFT Validation and File Storage

Which blockchain infrastructure does the NFT project utilize?

The BAYC project was launched on the Ethereum network. 

How are the NFT files stored?

The Bored Ape NFT images are stored on IPFS. Here is an example.

NFT Supply

What is the ratio of the outstanding NFT supply to NFT owners?

As of December 28, 2021, there are approximately:

  • 1.67 Bored Ape Yacht Club (bored apes) per wallet; 10k total NFTs
  • 1.88 Bored Ape Kennel Club NFTs per wallet; 9.6k total NFTs
  • 1.58 Mutant Ape Yacht Club (mutant apes) per wallet; 17.4k total NFTs

Bored Ape Chemistry Club holders – 

  • 1.8 M1 Serums per wallet; 1.8k total NFTs
  • 1.3 M2 Serums per wallet; 823 total NFTs
  • 1 M3 Serum per wallet; 4 total NFTs

On average, what is the daily trading volume of the NFT asset(s) over the previous 90-day period?

The average daily volume, over the previous 90-day period of the NFT assets belonging to the BAYC ecosystem, is as follows (the price of ETH was $3,858.18 as of December 28, 2021):

  • Bored Ape Yacht Club (bored apes) = 1,135 ETH per day / $4,379,034.30 per day
  • Bored Ape Kennel Club = 98 ETH per day / $378,101.64 per day
  • Mutant Ape Yacht Club (mutant apes) = 737 ETH per day / $2,843,478.66 per day
  • Bored Ape Chemistry Club = 82 ETH per day / $316,370.76 per day



Which industry or community does the cryptocurrency project aim to serve?

The BAYC mint was open to any participants.

What is the size of the official project social media pages (Reddit, Telegram, Twitter, YouTube)?

  • Currently, the BAYC has 90k+ Discord Members with 18k+ online.
  • There is also 401k+ followers on the official Twitter page.
  • The YouTube channel has 2.25k subscribers.

Are the social media posts and reactions related to the project recent and do they appear organic? 

Members in the BAYC community appear to be real participants who have engaged recently. 

Are community members generating their own independent content to promote the project (YouTube, TikTok, Etc.)?

There are independent Twitter accounts posting about the BAYC, as well as YouTubers creating original content for the project.

Partnerships and Investors

Does the project have any notable partnerships?

The BAYC has done a collaboration with Adidas. 

Does the project have any notable investors?

Some notable holders of NFTs deriving from the BAYC ecosystem include Jimmy Fallon, Post Malone, Stephen Curry, Logan Paul, Marshmello, Mark Cuban, Lil Baby and Shaquille O’Neal.


What is the project’s governance process (if any)?

At present, all decisions are made by the team that created the project. However, per a roadmap released for the BAYC, a DAO is in the pipeline.


What are the most prominent directly competing projects?

As of December 27, 2021, the top competing NFT projects are: CryptoPunks, Decentraland, Art Blocks Curated and The Sandbox.

experience, feedback, survey-3239623.jpg

DWR Score

Based on the research conducted, the project appears to be fundamentally strong. 

View the full Bored Ape Yacht Club (BAYC) fundamental analysis package for the scoring criteria.

Fundamental Analysis Package

Get the full Bored Ape Yacht Club (BAYC) Fundamental Analysis Package #001

The package contains the following original documents in high definition:

  • The Dark Paper (.pdf) – project fundamental analysis and research
  • Scoring Rubric (.xlsx) – project scoring and criteria
  • QC checklist (.xlsx) – peer-review criteria and scoring

Below are sample images of the Bored Ape Yacht Club (BAYC) Dark Paper.

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