A membership-based community built around 10,000 NFTs; all on Ethereum.
QC by Dave Sing
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
- Mark Cuban
- Lil Baby
- Shaquille O’Neal and many more.
Currently, the bored apes span across 6,000 unique Ethereum addresses.
A game-changer for the industry, the BAYC may be the most valuable NFT project that exists today.
Potential Red Flags
Community – Yuga Labs has central control of the project. However, a DAO appears to be in the pipeline.
View the Bored Ape Yacht Club (BAYC) Dark Paper for a detailed scoring breakdown.
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