Grammy award-winning icon and pop music sensation Justin Bieber broke the internet with a $1.3 million NFT purchase. The “Sorry” hit singer bought a Bored Ape Yacht club NFT (BAYC for short) at that record-breaking price in 2022. As if that purchase wasn’t enough, he spent almost another half a million on his second BAYC NFT.
So, what is Bored Ape Yacht Club, and why are they selling like hot cakes? Bored Ape Yacht Club (BAYC), sometimes simply known as Bored Apes, are an NFT (non-fungible token) collection on the Ethereum blockchain. The BAYC NFT collection features digital avatars of apes and mutant apes generated by computer algorithms. The BAYC project was launched by Yuga Labs with a live pre-sale event on April 23, 2021.
Owners of a prized Bored Ape NFT are granted exclusive access to a private online club along with Intellectual Property Rights (IPR) for their art. The success of the BAYC project can be seen from the growth in value as well as sales, which now total over $1 billion. Celebrities like Elon Musk and Post Malone have also purchased Ape NFTs.
What is Bored Ape Yacht Club?
One of the fastest-growing technologies, Blockchain is spreading rapidly all worldwide and becoming accessible to anyone who wants to learn about it. NFT artists, creators, and people from all walks of life are now creating NFTs of unique, innovative tokens on the blockchain. With the rising popularity of digital collectibles, art is one of the most promising genres of NFT today.
The Bored Ape Yacht Club was launched in 2021, by developer Yuga Labs. It is a collection of 10,000 images of seemingly-bored apes with random visual traits such as fur, eyes, mouth, background color as well as accessories including clothes, earrings, and hats.
Such kinds of generative NFT collections started becoming popular in 2021. The value of these NFTs is not limited to mere images, as they also come along with certain perks and privileges reserved only for the owners.
According to the description provided on their website – “BAYC is a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.”
Bored Ape Yacht Club website
Every Bored Ape is unique and has been created programmatically from a combination of more than 170 possible traits. These traits include facial expressions, headwear, clothing, accessories, apparel, and so on.
Although all apes are equally dope, some are rarer than others. Launched in April last year, the Bored Ape Yacht Club had 10,000 NFTs for sale, each valued at 0.08 Ether or around $190 back then. NFTs are generally associated with digital art pieces sold individually.
But collections like BAYC let their owners utilize their NFTs and display them as profile pictures on social media. No wonder, the Bored Ape Yacht Club has since become the second most valuable NFT collection in the world. It comes second only to CryptoPunks launched in 2017, considered the OG or ‘original’ NFT collection.
The Bored Ape Yacht Club NFT collection was created by a group of four friends who set out to create some crazy apes, test their developing skills, and try to make something dope. Just with any other NFT-based digital art, Bored Ape NFTs aims to provide its owners a unique and original artwork.
The BAYC collection has been minted on the Ethereum blockchain and consists of 10,000 unique NFTs, which are recorded on a digital blockchain with their provenance or sales history. Besides being a unique digital asset to flaunt on social media, Bored Apes also function as a membership token to the exclusive Yacht Club. Owners get access to a digital graffiti board, known as “The Bathroom”, a kind of collaborative canvas where all Bored Ape owners can draw their own graffiti on the digital walls.
Bored Ape Yacht Club Price Right Now
The entry price for a Bored Ape Yacht Club NFT is $228,677 or 83.69 ETH, as of the 4th of March 2022. BAYC entered the New Year on 1st Jan 2022 at a price of 60 ETH (around $222,000) and sold around 69 NFTs on day 1. There has not been a wide fluctuation in the prices this year so far, with its value falling below the $200,000 mark just once in the last week of February.
Bored Ape NFTs are among the most expensive in the NFT space right now – via Binance
On the other hand, Bored Ape NFTs were sold for as high as $313,085 at the beginning of the first week in Feb ’22. As for as the last 24-hour BAYC trading volume, it currently stands at $1,059,871 USD with 4 sales.
Weird trades keep happening around the global markets every now and then. Most of the time, they are usually a sign of goofy business. Take, for example, the case of the person who purchased a CryptoPunk NFT for a staggering $530 million, from none other than himself. The whopping yet bizarre transaction was carried out with the help of multiple wallets held by the same owner.
Somewhat similar was another, that proved financially devastating for its owner. It was a case of “fat-finger error”, that is when people do an online trade for either the wrong amount or the wrong item.
The unlucky owner intended to list his Bored Ape NFT for 75 ETH, or around $300,000. Unfortunately, he ended up accidentally listing it for just 0.75 Ether, which was a hundredth of the original price.
Bored Ape Yacht Club Floor Price
The price floor of a Bored Ape Yacht Club NFT right now is 83.69 ETH or $228,677. With a total of 3 sales, its 24-hour trading volume is 258.5 ETH or $742,924. Bored Ape price floor has fallen by around 20% in the last 30 days, as on March 4, 2022.
The highest sale of a Bored Ape NFT in the last week was for $590,248. The BAYC project has a floor cap of 830,000 Ether or 2,208,638,300 USD. With a currently listed ratio of 6.96%, it has a maximum supply of 10,000.
NFT Floor Price Definition
As NFTs are non-fungible cryptographic tokens that depict objects with unique traits, every NFT has a unique value and price. NFT suppliers are mainly creators and sellers of crypto trends which consist of digital artwork.
In NFT markets, floor price means the minimum cost a buyer needs to spend to buy NFTs within that NFT collection. It’s the lowest price to purchase any of the collectible items in an NFT project and is updated in real-time. Floor price can only be decided by the owners of NFTs or an NFT project who is listing NFTs for sale.
Economists use the term “floor price” to describe the lowest purchase price of a service, good, or commodity. Floor price is one of the most widely used parameters in the NFT space to determine the market value of an NFT. Bored Ape Yacht Club, one of the most popular NFT collections right now has a price floor of $228,677.
This is the cheapest price one can buy a Bored Ape NFT at. There is one way a buyer can purchase a Bored Ape for less than the floor price – by making an offer. The chances that the offer will get accepted by the seller are low though. In spite of the rare chances, customers do have the option to make an offer or raise a bid to the seller.
BAYC Floor price and trends – via Twitter
What makes the proposition interesting is that all such offers are time-sensitive and can even be made at a price lower than the floor price.
The floor price of an NFT collection is the cheapest price of any NFT in that project. But that doesn’t always mean that you should only buy the cheapest one out of the entire collection. The most important aim of establishing a floor price is to attract first-time buyers and beginners to become an owner and be a part of the project.
As far as customers’ bank balance is concerned, cheaper NFTs are within the reach of a larger customer base. Another crucial advantage of floor price is that the NFTs benefit from increased visibility in the market space when sorting them on the basis of price. The market trends also suggest that the floor price for potential categories often rises much faster than the moderately priced ones.
To buy NFTs for less than 1 ETH, you can check out smaller NFT marketplaces like Crypto.com’s marketplace.
Bored Ape Yacht Club Price Chart
With celebrities and artists joining the BAYC bandwagon, the value of this project is only likely to see an upward trend as of now. As for the sales statistics, ten percent of the Bored Ape Yacht Club NFTs were sold for $223k or less and half of the sales were for less than $254k. The top ten percent of the tokens went for $367k or higher.
In early September 2021, auction giant Sotheby’s sold a set of 101 Non-Fungible Tokens from the Bored Ape Yacht Club collection for a mighty 24.4 million USD. This was one of the biggest NFT sales of all time. As for BAYC owners, the perks of being a member include access to an online Discord community where owners can meet fellow club members.
The median price of BAYC sales in the last 7 days was $245K
These members can even include famous celebrities, artists, and even professional sportspersons. Owning a Bored Ape NFT also gives the members a special opportunity to acquire additional, high-value NFT collectibles, before they are listed for sale to the general public.
For example, in Bored Ape Kennel Club, a series of dog NFTs were first sent out to the Board Ape owners, before being thrown open for general sale.
Bored Ape NFT Price Prediction 2024
If the NFT bull market picks up again, we could expect the BAYC floor price to once again retest its all time high (ATH) of over 100 ETH – it hit 118 ETH in February 2022. That may first require Bitcoin to reclaim $45,000 which is acting as resistance, and Ethereum to once again reclaim $4000.
Even if the crypto markets need time to consolidate and trade sideways in 2022 – 2023 given the current political climate with the Ukraine-Russia crisis and a selloff in stocks, a major bullish event on the horizon is the next Bitcoin halving in 2024.
The last Bitcoin halving helped spark the 2021 bull run from around $10k to $65k, and historically other Bitcoin halving events have been followed to bullish impulse moves to the upside, breaking out to new highs.
It’s anyone’s guess what an estimated Bored Ape NFT price prediction for the future will be, but interest in crypto, blockchain tech and all its emerging asset classes – decentralized finance (DeFi), the Metaverse and NFTs doesn’t seem to be on the decline.
USD and ETH Bored Ape NFT price history – via Coingecko
The highest Bored Ape NFT price ever seen was one that sold for $2.3 million dollars (769 ETH at the time of sale), which was Bored Ape #2087.
By comparison, a rare CryptoPunk sold for $23.7 million – suggesting BAYC NFTs do potentially still have some room to grow in value. Works of art have also been sold as NFTs for even higher prices than Punks or Apes – read our article on the most expensive NFTs.
Yuga Labs acquires CryptoPunks and Meebits
On March 12th 2022 it was announced that the creators of BAYC and parent company Yuga Labs had acquired the intellectual property rights of CryptoPunks and Meebits NFTs from Larva Labs, and would be responsible for further growth of those popular NFTs.
Both Punks and Meebits are top 10 NFT projects (CryptoPunks usually #2) by floor price and floor cap so with those under the umbrella of the makers of Bored Ape NFTs, that should be bullish for all three.
Yuga Labs is reportedly valued at $5 billion and Larva Labs praised them as ‘the best at what they do’ in terms of growing NFTs in value and reaching mass awareness. The floor price of Bored Ape NFTs rose to 86.75 ETH on the news, seeing a spike in volume.
BAYC floor price increase after the news – via NFTpricefloor.com
Bored Apes Yacht Club value – Why is it high?
Blockchain technology, which lies underneath NFTs, is one of the most advanced and innovative technologies which exist right now. This is why NFTs are also seen as a connection between the real-world and blockchain technology. This diverse ability of Non-Fungible Tokens makes them as valuable as expensive they are.
Despite the amazing technology NFTs embody, they have often been termed as a scam and a fraud, ever since they arrived in the digital space. Citing that anybody could just ‘right click and save’ a copy of an image of these cartoon monkey NFTs and thus own one without purchasing. Other detractors have labeled them as useless and worthless.
Ardent gamers and NFT enthusiasts are not a fan of such theories. There are gamers who are in fact earning as high as $2000 a month, simply by playing for 2 hours a day. They say money can’t buy everything; it seems to be the case with NFTs as well. There has been quite an increase in the number of members-only clubs coming up with popular NFT projects.
Bored Ape NFT owners become the esteemed members of such elusive clubs, with exclusive access to private parties and events hosted only for fellow BAYC NFT holders. Imagine getting to meet Stephen Curry and Jimmy Fallon at a BAYC members-only party, just because you also own a Bored Ape NFT that you purchased for $400, in 2021.
Talking about other perks, BAYC has clarified that Bored Ape NFT holders will have complete commercialization rights to their Ape. This means that anyone who owns a Bored Ape NFT can convert and market it into a film, music, TV, book, or media project. The owners are thus free to build a brand around their NFT if they want to.
These privileges are lucrative enough, but NFT creators and developers wanted to up the game even more. To add another level of novelty to these unique tokens, developers started creating bespoke characters as NFTs.
As a result, you can now have created and purchased, an avatar that represents you and only you, and can’t be replicated. How exotic that sounds. All this has only been possible with the help of blockchain technology and NFTs. This is how the idea and business of digital identity become ever so expensive and realistic.
Several benefits of BAYC NFTs
The reason behind Bored Apes Yacht Club’s rising popularity and value isn’t that difficult to comprehend if we realize the novelty, demand, and development of Non-Fungible Tokens in the digital world. Bored Ape hasn’t been around for too long and yet they have multiplied a thousand-fold in terms of both price and popularity, within a few months.
Some may still ask the obvious question – what makes a collection of pixelated art so special and valuable? With the astronomical expansion of the digital world, everyone these days is particular if not obsessed about their online image. People no longer just want to look good, but also appear good in their profile pictures, bios, headers, and other digital spaces.
When international brands like Adidas and music legends such as Eminem buy and flaunt their Bored Ape Yacht Club NFTs on social media, you know it is a phenomenon of sorts.
How to buy Bored Ape NFTs?
NFTs are often sold at auctions, such as Sotheby’s and Christie’s, where potential buyers make a bid for the NFTs they want to buy. Some websites now also have the option for customers to purchase NFTs at a set price. With a variety of NFT platforms on the market, choosing the best NFT marketplace can be confusing.
Most NFTs today are bought with the native currency of the Ethereum network, that is Ether (ETH) and there is a reason behind it. As with most cryptocurrencies, Ether can be converted from USD on crypto exchanges such as eToro, Crypto.com, Binance and Coinbase.
Unlike BTC though, which is mostly utilized just as a cryptocurrency and a payment gateway, blockchain networks like Ethereum let customers build apps that can store their private data and set rules to process advanced financial transactions.
Beginners in the crypto space might think that buying an NFT is a complex process, thankfully it is only as tough as ordering your favorite meal online. To begin with the process of purchasing an NFT, you first need to set up an NFT wallet to store your cryptocurrency.
A crypto-wallet is basically a personal address on the blockchain, that although can be seen by anyone, can only be accessed by its owner. eToro is one of the most popular platforms that offers digital wallet services.
eToro wallet
To avoid raking up losses and making mistakes, prospective buyers must conduct thorough research and analyze their investment plans carefully.
Start with choosing a wallet that best suits your needs. One of the advantages of a eToro wallet is its compatibility with not just Google Chrome browser but also with Android as well as iOS apps. Being compatible with nearly every webpage on the Ethereum blockchain, eToro is a highly versatile wallet option.
After your digital wallet has been safely set up and activated, the next job is to buy Ether or ETH. This can be done in a few ways. The easiest way is to buy Ether from the wallet provider only if they have that option. If not, another way is to transfer the Ether that you may already have elsewhere to the new wallet through a crypto exchange.
Buying Ethereum on eToro
eToro and Crypto.com are two of the most popular choices when it comes to cryptocurrency exchanges as they are secure and well established.
Once you’ve bought enough ETH to buy the NFTs you want, shop around for an NFT marketplace that lists them.
Where are Bored Ape NFTs Listed for Sale
One of the best NFT marketplaces to buy a Bored Ape Yacht Club NFT is OpenSea.io, which houses BAYC.
The next step is to connect your wallet and select the Bored Ape Yacht Club NFT you want to buy. You will be able to purchase the NFT immediately if it has a “buy now” price listed. Or else, it may have a current bid, in which you can make a bid on the NFT and wait for the seller or owner to accept.
In that case, if your bid is accepted and the transaction has been processed, you will finally be the proud owner of a Bored Ape Yacht Club NFT. Finally, your BAYC NFT will be safely stored in your wallet.
Bored Ape alternatives
If you’d like to invest in NFTs at a more affordable price point, you can also buy NFTs for as little as $1 at auction on smaller marketplaces. The following marketplaces are associated with crypto exchanges so are secure to use, and have cheap alternatives to Ape NFTs:
Update – an up and coming NFT collection in 2022 is the Lucky Block Platinum Rollers club, ownership of which gives you a chance to win daily jackpot prizes.
FAQs
What is a Bored Ape?
The Bored Ape Yacht Club, or simply Bored Ape, is an Ethereum-based non-fungible token collection. The collection comprises profile images of apes that are created by an algorithm. The parent firm of Bored Ape Yacht Club is Yuga Labs.
Which Bored Ape NFT has been sold for the highest price?
Bored Ape #232 was sold for a stunning whopping 1080.69 ETH ($2.85 million) on the night of January 30, 2022. The transaction occurred on LooksRare, an NFT marketplace. The army green background, a seaman's hat, sleepy eyes, a smoking jacket, a clean bored mouth, solid gold fur, and sleepy eyes on the bought Ape NFT make it one of the extremely unusual NFTs in the collection.
Can you purchase Bored Ape with Ethereum?
Bored Ape is an NFT collection on the Ethereum Blockchain and yes, you can purchase a Bored Ape NFT using Ethereum.
Who are some of the celebrities who own Bored Ape Yacht Club NFTS?
The Bored Apes collection of NFTs is the most popular by volume, followed by the Mutant Apes and the CryptoPunks. Some of the celebrities who own the Bored Ape NFT include Justin Bieber, Jimmy Falon, Post Malone, Neymar Jr, Kevin Hart, Snoop Dogg, Steph Curry etc.
Why are Bored Ape NFTs so expensive?
The 10,000 digital avatars in the Bored Apes collection are a rare collectible. Each Ape has a distinct set of 170 features, such as facial expression, headgear, and attire. Although each Ape is unique, some are more uncommon than others. Some features, such as golden fur and laser eyes, are so uncommon that they are found in less than 1% of all Apes. The Apes' price rises as a result.
What is the floor price of Bored Ape NFT right now?
The floor price of Bored Ape at the time of writing the article is 73.5 ETH or $187,790.43.
What does NFT Floor Price mean?
The floor price in the NFT market is the cheapest amount of money you can spend to join a project (own a NFT). The floor price is set by the person who owns an NFT in a certain project and is selling it for a lower price than all other vendors in that project.
Bored Ape NFT Owners have access to what kind of ‘Exclusive Content’?
The website of Bored Ape contains a clear roadmap of what they hope to accomplish when they fulfill their various sales percentage objectives. Airdropping five 'Caged Apes' is one of the unique content benefits they've already provided to their NFT holders.
