The Bored Ape Yacht Club (BAYC) is an exclusive membership project backed by the ApeCoin (APE) token that is offered to all owners of the Bored Ape Yacht Club NFT.
BAYC is one of the market’s most forward-thinking NFT enterprises, with one of the best returns on investment ever recorded for early investors.
Each NFT from the collection of 10,000 BAYC NFTs had a mint price of 0.08 Ethereum when it was released in April 2021. Each BAYC NFT had an average floor price of about 60 Ethereum by December 2021. The floor price of ApeCoin (APE) was over 100 ETH after the airdrop.
The developers also produced a few derivative sets, including the Bored Ape Kennel Club and the Mutant Ape Yacht Club, that BAYC members could claim for free. This was a very effective way for Yuga Labs to scale the project and raise capital for future growth; these derivatives rewarded BAYC holders while creating additional markets for people wishing to join the BAYC fold with a less-valuable variation; this was a very effective way for Yuga Labs to scale the project and raise capital for future growth.
In just a few months, the BAYC turned a couple of hundred bucks into hundreds of thousands of dollars.
The BAYC universe, its role in the evolving NFT landscape, and ApeCoin are all explored in the following Bored Ape Yacht Club guide.
Cryptopunks Are Laying The Groundwork
Cryptopunks is a long-running initiative launched by Larva Labs in June 2017 that distributed 10,000 profile image NFTs, all of which were available for anyone to claim.
What is the purpose of profile pictures?
The NFT profile image movement is powered by overtones of affiliation and association– think of it as retaining a similar sort of car in a vintage auto club. Higher-ticket profile images are more likely to indicate standing, and because NFT possession is verifiable, it carries some weight.
Cryptopunks started a trend in the NFT ecosystem by releasing 10,000 NFT profile images and a web-based community directory.
For the average NFT buyer, cryptopunks have typically been an aspirational asset. The Bored Ape Yacht Club and other projects iterated the Cryptopunk subculture by offering patrons highbrow asset rights, which Cryptopunks did not.
In other words, BAYC holders had complete IP rights to do whatever they want with their NFTs, a dramatic contrast to the Cryptopunk type, whose inventors, Larva Labs, had the entire prison right to go after Cryptopunk holders if they infringed on the greater logo’s copyright.
Yuga Labs (BAYC developers) purchased the CryptoPunks holding company Larva Labs (together with the Cryptopunks IP) on March 17, 2022; the first thing Yuga Labs did after purchasing the IP was to drop all infringement cases against Cryptopunks owners.
Yuga Labs is credited with a moral victory in the NFT community, indicating a shift toward a less litigious and more open and inclusive NFT ecosystem.
The Apeverse
ApeVerse NFT is a decentralized financial payment network that uses the blockchain to recreate the traditional payment stack. To promote programmable payments and the creation of open financial infrastructure, it uses a basket of fiat-pegged stablecoins that are algorithmically stabilized by its reserve currency ApeVerse. The network has transacted an estimated $299 billion for over 2 million members as of December 2020.
Yuga Labs is constructing a powerful NFT environment.The creators’ brains were revealed, thanks to a leaked pitch deck.The Yuga Labs team revealed that it is constructing metaverse, video games, launching additional NFTs and selling metaverse land while proposing BAYC to Andreesen Horowitz (a16z) a major venture financing firm.
Yuga Labs aims to create the most powerful NFT brand we’ve ever seen, and it’s a living case study on Web 2.0 vs. Web 3.0.
Web 2.0 enterprises seek to extract value from their consumers in exchange for a product, service, or experience, and then pass that value along to stakeholders (often venture capitalists, angel investors, or private equity funds).
Web 3.0 enterprises want to keep wealth circulating in their community of users, the token holders are the direct stakeholders in Web 3.0.
Early-stage investing has traditionally been a privilege reserved for accredited investors in the United States.
The accredited investing standards are difficult to enforce with blockchain technologies since a web of crypto wallets, DAOs, and other crypto investment vehicles can buy any token or digital asset they choose.
What Is ApeCoin? A Guide On The Bored Ape Yacht Club Token
ApeCoin is an ERC-20 governance and utility token designed to support a decentralized web3 community in the APE ecosystem. ApeCoin, as the ecosystem’s open-source protocol layer, underlies several significant use cases:
Governance: Holders of ApeCoin are eligible to participate in the ApeCoin DAO.
Spend Unification: As the ecosystem’s utility token, any member can spend the open currency without the need for centralized intermediaries.
Unique Gains and Services: Token holders get access to exclusive gains and services.
Identification: Because APE is embedded into services and games, third-party developers are incentivized to join the APE ecosystem.
It’s not a stretch to compare ApeCoin to the “Chuck E Cheese” token of the Bored Ape Yacht Club. Holders can use ApeCoin to purchase merchandise, play games (to earn more ApeCoin), and spend it in a variety of ways.
Yuga Labs also established an ecosystem fund, with ApeCoin serving as a DAO token that allows ApeCoin holders to vote on ecosystem events and money distributions. Holders can also write recommendations for what they want to see happen, which the community will vote on.
Yuga Labs gave ApeCoin DAO a one-of-a-kind NFT of a blue Bored Ape Yacht Club logo, which includes all intellectual property rights and privileges in the logo. The ApeCoin DAO will vote on how the IP should be utilized.
If you had a qualifying NFT and were airdropped ApeCoin, and then sold it for $13.69 on the day of the airdrop:
One Bored Ape Yacht Club NFT: 10,094 APE (about $138,237.17)
NFT: 2,042 APE, $28,021.28 at the time. One Mutant Ape Yacht Club NFT: 2,042 APE, $28,021.28 at the time.
One Kennel Club NFT was worth 856 APE tokens at the time, or $11,718.64.
You gained a multiplier against the amount of allocation if you had many Bored Apes and Mutants.
The remaining tokens will be distributed to project backers, Yuga Labs and its creators, and a donation to the Jane Goodall Legacy Foundation.
How To Buy Apecoin?
There are a few options accessible right now if you only want to buy APE. Many exchanges are planning to support APE, and DeFi swaps are one way to get it. The most effective strategies
are listed below.
Right now, you can purchase APE on any of the following exchanges:
APE can also be purchased over most DeFi protocols.
Conclusion
The Bored Ape Yacht Club ecology will be fascinating to watch, as it will set a number of precedents:
How would a venture-backed Web 3.0 company the size of Yuga Labs generate value to both token holders and investors?
Will ApeCoin be able to support the entire ecosystem and maintain its value?
How will the enormous BAYC machine’s value production propagate to other areas of crypto?