BAYC Ape NFT news
A quick explanation of what BAYC is and the latest news.
Carita.S
What is BAYC?
The Bored Ape Yacht Club (BAYC) is widely regarded as one of the top NFT projects of all time.
What started as a straightforward NFT project quickly became a global phenomenon.
At some point, even celebrities like Eminem or Jimmy Fallon were showcasing their ape NFT on national television.
That makes us wonder what is the Bored Ape Yacht Club or BAYC and what made it so famous.
Defining the Bored Ape Yacht Club
The Bored Ape Yacht Club is a non-fungible token collection built on the Ethereum blockchain. The BAYC NFT project was released on April 30th, 2021, and featured pictures of cartoon apes, all of which were generated by an algorithm.
What makes the project special and the subject of many ape NFT news is that aside from owning the NFT, every person purchasing it would also gain access to an exclusive club.
Once you own the BAYC NFT, you would have IP rights for the image and access exclusive events that would take place in person.
At first, the project was made by 4 friends, with codenames Gargamel, Gordon Goner, No Sass, and Emperor Tomato Ketchup.
What was made for fun quickly became one of the most impressive NFT projects in the world.
The importance of BAYC in the NFT world
At its peak, the Yuga Labs company that made the Ape NFT was valued at $4 billion. Not only that, but some of these NFT projects were close to $1 million, and some were valued at a higher price than that.
At its core, the project had 172 assets and 10000 unique apes deriving from that image. Every NFT was sold for 0.08 ETH each, but their value skyrocketed once many celebrities purchased them.
Once you bought the BAYC NFT, you would also have complete rights to use the NFT in any media project and even create a TV series if you so desire.
The Bored Ape Yacht Club did have its fair share of legal issues since the US Securities and Exchange Commission started an investigation because the company was offering security offerings that were not registered. Yuga Labs also had a class action lawsuit filed against them!
What are the latest ape NFT news?
The Bored Ape Yacht Club is still one of the most expensive NFT projects.
However, the ape NFT news show that by July 2023, the floor price of the BAYC NFT is down 88% from ATH compared to the peak price.
Despite the decline, you will still find a lot of excitement regarding the ape NFT project because there are still plenty of people involved in the ecosystem with a true passion for it.
While the BAYC NFT is not as appealing as an investment these days, it’s safe to say that it’s one of the most interesting NFT projects in recent years.
It was at the forefront of the NFT world for a very long time, and it also shows that any NFT project can easily blow up and generate plenty of profits.
Sure, it wasn’t without its fair share of issues, but the Bored Ape Yacht Club shows the true potential of NFTs and what they can become in the future with enough investment/marketing.
Website: https://boredapeyachtclub.com/
Twitter: https://twitter.com/BoredApeYC
Opensea: https://opensea.io/collection/boredapeyachtclub
