Over the last few years, cryptocurrency and other decentralized forms of finance have seen a massive surge in interest. It seems like practically everyone and their uncle has bought in at one point or another, and the current skyrocketing popularity of NFTs only further supports this. They truly are becoming the ‘next big thing’ within the world of alternative currency.
But like with anything else, not all NFTs are created equal -- both literally and figuratively. Some collections simply appear to have an innate edge over the competition, garnering a higher value, impact, or interest than would usually be seen in the niche. It all comes down to public perception, and there’s none who do better here than the all-too-mysterious Bored Ape Yacht Club.
Does the name sound familiar? It should. The Bored Ape Yacht Club (also known as the BAYC) is an NFT project that has taken the world by storm. Post Malone, Eminem, Stephen Curry, and even Jimmy Fallon have all reportedly bought into the collection, along with dozens of other top celebrities and cultural icons. It’s huge, widely known, and now worth more money than any of us are likely to see in a lifetime. But how did it all start? After all, the BAYC practically popped up overnight and it does tend to feel rather cloak and dagger. Surely there’s a story to tell there.
Well, there is and an interesting one at that, although probably not as secretive as you might expect. The story of the Bored Ape NFT collection actually starts like many do: as an idea conceived by two friends. The friends in this particular tale are Greg Solano and Wylie Aronow, two thirty-something Florida residents who’d previously only gone by the pseudonyms Gargamel and Gordon Goner before having their identities revealed by Buzzfeed late last Friday.
Solano and Aronow had both individually acquired an interest in cryptocurrency during early days and found the idea of creating an NFT collection appealing. It only made sense for them to team up, so they did. After deciding to work together, the concept of “rich apes living in a swamp clubhouse” began to form, and the pair reached out to others who could bring their idea to life. One freelance artist, two co-founders called No Sass and Emperor Tomato Ketchup, and the formation of Yuga Labs later, the Bored Ape Yacht Club was born.
Created with the intent to give NFT collectors a community of their own to call home, the BAYC is more than just another grab-bag of digital assets. However, that side of the crypto project is indeed the more visible one, and for obvious reasons. It is what the public sees, and it’s come a long way in the past year.
The collection had a relatively humble beginning. Its late April 2021 market appearance consisted of 10,000 computer-generated apes, each with a flat price of .08 ETH that would’ve translated to about $320 at the time. That kind of launch was generally considered to be a fair one -- not overly impressive but enough to make the NFT project worth such a new company’s valuable time and energy.
Yet Yuga Labs and its ragtag team were about to be in for a shock. Thanks to the collection’s cool artwork and 12-hour sellout, interest exploded. It took practically no time at all for the NFTs to appear on Rarible and other secondary markets where buyers were more than happy to purchase the digital apes at a premium. The floor price near-instantly surpassed the original .08 ETH fee and by December, was already up to right under 50 ETH, or about 225,000 USD. Another month later and some of the BAYC’s rarer avatars found themselves going (and selling!) for a few million Sotheby’s auction house.
In just under eight months, the Bored Ape NFTs had become a roaring success despite many’s expectations that it would quickly crash and burn. And indeed, the BAYC is now bigger than ever. Some of the most famous names imaginable have acquired an ape to call their own, every major publication from Rolling Stone to Forbes has provided coverage on the Club, a mobile game has recently launched, and Adidas has even partnered up with the BAYC for a bold leap into the NFT game.
In other words, big things are happening. The Bored Ape Yacht Club is no longer just an insulated non-fungible token project; it’s a full-out, mainstream brand. Simultaneously exclusive and yet culturally-significant, the profitable creation is bound to only grow from here. There’s no telling what will happen next, but we do know it’ll be worth sticking around for.
But like with anything else, not all NFTs are created equal -- both literally and figuratively. Some collections simply appear to have an innate edge over the competition, garnering a higher value, impact, or interest than would usually be seen in the niche. It all comes down to public perception, and there’s none who do better here than the all-too-mysterious Bored Ape Yacht Club.
Does the name sound familiar? It should. The Bored Ape Yacht Club (also known as the BAYC) is an NFT project that has taken the world by storm. Post Malone, Eminem, Stephen Curry, and even Jimmy Fallon have all reportedly bought into the collection, along with dozens of other top celebrities and cultural icons. It’s huge, widely known, and now worth more money than any of us are likely to see in a lifetime. But how did it all start? After all, the BAYC practically popped up overnight and it does tend to feel rather cloak and dagger. Surely there’s a story to tell there.
Well, there is and an interesting one at that, although probably not as secretive as you might expect. The story of the Bored Ape NFT collection actually starts like many do: as an idea conceived by two friends. The friends in this particular tale are Greg Solano and Wylie Aronow, two thirty-something Florida residents who’d previously only gone by the pseudonyms Gargamel and Gordon Goner before having their identities revealed by Buzzfeed late last Friday.
Solano and Aronow had both individually acquired an interest in cryptocurrency during early days and found the idea of creating an NFT collection appealing. It only made sense for them to team up, so they did. After deciding to work together, the concept of “rich apes living in a swamp clubhouse” began to form, and the pair reached out to others who could bring their idea to life. One freelance artist, two co-founders called No Sass and Emperor Tomato Ketchup, and the formation of Yuga Labs later, the Bored Ape Yacht Club was born.
One of many artworks from Bored Ape Yacht Club available at Open Sea.
Created with the intent to give NFT collectors a community of their own to call home, the BAYC is more than just another grab-bag of digital assets. However, that side of the crypto project is indeed the more visible one, and for obvious reasons. It is what the public sees, and it’s come a long way in the past year.
The collection had a relatively humble beginning. Its late April 2021 market appearance consisted of 10,000 computer-generated apes, each with a flat price of .08 ETH that would’ve translated to about $320 at the time. That kind of launch was generally considered to be a fair one -- not overly impressive but enough to make the NFT project worth such a new company’s valuable time and energy.
Yet Yuga Labs and its ragtag team were about to be in for a shock. Thanks to the collection’s cool artwork and 12-hour sellout, interest exploded. It took practically no time at all for the NFTs to appear on Rarible and other secondary markets where buyers were more than happy to purchase the digital apes at a premium. The floor price near-instantly surpassed the original .08 ETH fee and by December, was already up to right under 50 ETH, or about 225,000 USD. Another month later and some of the BAYC’s rarer avatars found themselves going (and selling!) for a few million Sotheby’s auction house.
In just under eight months, the Bored Ape NFTs had become a roaring success despite many’s expectations that it would quickly crash and burn. And indeed, the BAYC is now bigger than ever. Some of the most famous names imaginable have acquired an ape to call their own, every major publication from Rolling Stone to Forbes has provided coverage on the Club, a mobile game has recently launched, and Adidas has even partnered up with the BAYC for a bold leap into the NFT game.
In other words, big things are happening. The Bored Ape Yacht Club is no longer just an insulated non-fungible token project; it’s a full-out, mainstream brand. Simultaneously exclusive and yet culturally-significant, the profitable creation is bound to only grow from here. There’s no telling what will happen next, but we do know it’ll be worth sticking around for.
Leave a comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.