THE popularity of non-fungible tokens (NFTs) exploded in 2021, as Bored Ape Yacht Club became one of the leading players.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) was created by Yuga Labs and is a collection of 10,000 profile pictures to be sold as NFTs.
The NFTs come in the form of unique ape avatars, which act as a deed of ownership that members can use to prove they own the one-and-only version of the image.
In BAYC’s case, every avatar is a different disinterested-looking ape, with each one randomly generated so that no two look the same.
Behind the purchase of one of these avatars is a membership to an exclusive society or social organisation.
Yuga Labs also offered free additional NFT collectibles to members, in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club NFTs.
The initial batch of avatars sold brought in around two million dollars and has since seen almost 100 thousand dollars in trading.
The official launch of BAYC was on April 30 and within a day all 10,000 NFTs had sold out.
CryptoPunks are the original makers of Ethereum NFTs having created them back in 2017, but in the short time they’ve been around BAYC have already become the second most popular profile picture NFT on the market.
How can I buy one?
Bored Ape Yacht Club NFTs are generally available to purchase through secondary markets such as OpenSea.
If you visit the OpenSea project page you can view the entire collection of Bored Ape Yacht Club, Bored Ape Kennel Club and Mutant Ape Yacht Club NFTs available to buy.
The NFTs will either be listed at a fixed price, or up for auction and you will need to have an Ethereum wallet in order to purchase.
You will also need enough ETH – native crypto of Ethereum – to cover the purchase price and the gas transaction fee.