Bored Ape Yacht Club (BAYC) – Top 11 Frequently Asked Questions

BORED APE YACHT CLUB

Don’t know why people are talking about the Bored Ape Yacht Clup? Well here’s the place to start! We’ve compiled the most frequently asked questions about the BAYC and provided easy to understand answers so that you can understand what all the hype is about.

Table of Contents

What is the Bored Ape Yacht Club? What are Bored Apes?

The Bored Ape Yacht Club, known as BAYC for short, is an NFT collection. The BAYC NFT collection consists of 10,000 unique, digital collectibles. These digital and collectible trading cards feature different ape characters known as “Bored Apes.” The Bored Ape Yacht Club has become one of the most popular NFT collections to date, driving massive media attention and social media hype.

The creators were inspired by the 1980-90s music era and the seascapes of Miami, Florida. To make these larger edition collections, creators will make a template and use computer algorithms to generate new variations based on different traits. The BAYC collection is generated from over 170 possible traits, such as background colour, fur types, facial expressions, clothing, and jewelry. Each NFT will be ranked on rarity, making some more valuable than others.

The story behind the Bored Ape Yacht Club takes place in 2031. In this fictional world, crypto investors who “aped in” a decade ago have grown exceptionally wealthy. Now, these crypto investors have taken the form of unimpressed Bored Apes and are riddled with the disillusionment of success. The Bored Ape characters are experiencing existential boredom, now unsure of how to spend their wealth and free time.

A “Bored Ape” also doubles up as a Bored Ape Yacht Club membership, giving exclusive access to future drops, merch, and events. The membership extends to their members-access only areas, such as “The Bathroom,” a collaborative graffiti wall that members can access by connecting their MetaMask wallet to the BAYC website. These benefits are designed to increase over time as the BAYC develops and expands. But the most noteworthy benefit to owning a Bored Ape is that it grants you full commercial rights to your Bored Ape and the ability to monetize it. 

The BAYC NFTs are an Ethereum-based collection, with each one stored as an ERC-721 token on the Ethereum blockchain. Upon the initial launch the floor price for a Bored Ape NFT was 0.08 ETH, but currently stands above 90 ETH due to its popularity among celebrities and the Web3 community.

You can browse, buy, and sell the Bored Ape NFT collection on OpenSea and Rarible

Beyond the Bored Ape Yacht Club, the ecosystem has expanded to include the Mutant Ape Yacht Club, the Bored Ape Chemistry Club, and the Bored Ape Kennel Club.

Who created the Bored Ape Yacht Club?

Crypto start-up firm, Yuga Labs, is the parent company responsible for the creation of the Bored Ape Yacht Club NFT collection. Yuga Labs have a mission to create a media empire centred entirely on NFTs, and the BAYC collection was the first step to realizing this ambition. The BAYC collection launched on April 29, 2021 – getting off to a sluggish start. The NFTs were originally priced at 0.08 ETH per ape, approximately $190 at the time. It wasn’t until the popular NFT trader, Pranksy, tweeted about his newly purchased Bored Apes a week later to his large following, that the collection then sold out in 12 hours.

Having started out as a pseudonymous project, two of the BAYC team members were later outed in February 2022. After this, all the founders took the decision to publicly state their real identities on Twitter.

The team consists of:

However, none of the BAYC creators were responsible for the design of the Bored Apes. The lead artist behind BAYC’s original collection is a woman who goes by the name of “Seneca” or “All Seeing Seneca.” Other artists have contributed to the project too, and these include Thomas Dagley, Migwashere, and more, who chose to remain anonymous. 

On March 11, 2022, Yuga Labs expanded its NFT ecosystem further by acquiring CryptoPunks and Meebits from Larva Labs.

When did the Bored Ape NFTs come out?

The Bored Ape Yacht Club NFT collection launched on April 29, 2021 with a surprise pre-sale launch in Discord. The NFTs were originally priced at 0.08 ETH per ape, approximately $190 at the time. The collection got off to a sluggish start. It wasn’t until the popular NFT trader, Pranksy, tweeted about his newly purchased Bored Apes a few weeks later to his large following, that the collection then sold out in 12 hours. You will now find the Bored Apes trading on the secondary NFT market via OpenSea and Rarible.  

Since the initial Bored Ape NFT launch in April 2021, Yuga Labs have expanded the BAYC ecosystem to include the Mutant Ape Yacht Club, the Bored Ape Chemistry Club, and the Bored Ape Kennel Club. On March 17, 2022, BAYC launched the APE token, an ERC-20 governance token. APE will be used to power the ecosystem and serve as its native currency. It will also grant access to exclusive merch and events.

Who drew the Bored Apes?

bayc

The lead artist behind BAYC’s original collection is an Asian-American woman who goes by the name of “Seneca” or “All Seeing Seneca.” Seneca is a New York based artist who graduated from the Rhode Island School of Design.

The BAYC founders explained that Seneca was responsible for developing some of the major Bored Ape traits like the grinning mouth, the popping eyes, and the beanie. These traits contributed towards the desired look and feel of the Apes: existential boredom. She was recognised in Coindesk’s Most Influential 2021 for her work. Seneca is now using her website to raise awareness of her contributions to the BAYC. Her website displays some of her early Bored Ape sketches.

Seneca was not the sole artist of the Bored Apes. Other artists have contributed to the project too, and these include Thomas Dagley, Migwashere, and more, who chose to remain anonymous.

How many Bored Apes are there?

The BAYC NFT collection consists of 10,000 unique, digital collectibles. These digital and collectible trading cards feature different ape characters known as “Bored Apes.” 

The creators were inspired by the 1980-90s music era and the seascapes of Miami, Florida. To make these larger edition collections, creators will make a template and use computer algorithms to generate new variations based on different traits. The BAYC collection is generated from over 170 possible traits, such as background colour, fur types, facial expressions, clothing, and jewellery. Each NFT will be ranked on rarity, making some more valuable than others.

The BAYC collection launched on April 29, 2021 via a pre-sale launch in Discord. The NFTs were originally priced at 0.08 ETH per ape, approximately $190 at the time. The collection got off to a sluggish start. It wasn’t until the popular NFT trader, Pranksy, tweeted about his newly purchased Bored Apes a week later to his large following, that the collection then sold out in 12 hours.

You can browse, buy, and sell the Bored Ape NFT collection on OpenSea and Rarible.

Beyond the Bored Ape Yacht Club, the ecosystem has expanded to include the Mutant Ape Yacht Club, the Bored Ape Chemistry Club, and the Bored Ape Kennel Club.

How to buy Bored Ape NFTs?

what is bored ape yacht club

Here’s a step-by-step guide for buying a Bored Ape Yacht Club NFT:

  1. You must have Ethereum (ETH) tokens before you can buy a BAYC NFT. So the first step is to buy some Ethereum from any crypto exchange. 
  2. You will need a crypto wallet for buying and storing your Bored Ape. MetaMask is the most widely accepted wallet for NFTs. It’s also the wallet you’ll need for integrating with the BAYC members-only access. You can download and sign up to MetaMask wallet.
  3. Now, send ETH to your MetaMask Wallet. You will need enough to cover the price of the Bored Ape NFT and gas fees.
  4. Choose an NFT marketplace where BAYC NFT is listed. OpenSea is the most popular one.
  5. Select your favourite Bored Ape and click to buy. If it’s a bid option, put a bid and wait for the seller to accept it. 

Please note that the current floor price for a BAYC NFT is 94 ETH (as of May 2022).

Where to buy Bored Ape NFTs?

Bored Ape NFTs are only available on the secondary NFT market, having sold out upon the initial launch in April 2021. The current floor price for a BAYC NFT is 94 ETH (as of May 2022).

You can browse, buy, and sell the Bored Ape NFT collection on OpenSea and Rarible.

How much do Bored Ape NFTs mint for? How to mint a Bored Ape NFT?

The current floor price for a BAYC NFT is 94 ETH (as of May 2022).

Here’s a step-by-step guide for minting a Bored Ape Yacht Club NFT:

  1. You must have Ethereum tokens (ETH) before you can sell a BAYC NFT. So the first step is to buy some Ethereum from any crypto exchange. 
  2. Make sure your crypto wallet is connected to an NFT marketplace where BAYC NFTs are listed. OpenSea is the most popular one.
  3. Navigate to the top-right of the page, click on your profile icon. Then click “Profile.”
  4. Select the Bored Ape NFT you would like to sell from your wallet. Click the “Sell” button from the listing page.
  5. Choose the price, type of sale, and duration for the sale.
  6. Review the breakdown of potential sale fees. This will usually include OpenSea’s Service Fee of 2.5% and a Creator Earnings of 10%, for a total of 12.5%.
  7. Confirm the sale to complete the listing of your Bored Ape NFT. You should also receive a pop-confirmation.

How much are Bored Apes worth?

It depends. The price of a Bored Ape largely depends on its rarity. With 10,000 NFTs in the BAYC collection, creators will make a template and use computer algorithms to generate new variations based on different traits. The BAYC collection is generated from over 170 possible traits, such as fur types, facial expressions, clothing, and jewellery. Each NFT will be ranked on rarity, making some more valuable than others.

The BAYC NFT collection is sold out and is now only available to trade on the secondary NFT market. NFT prices on the secondary market are set by a floor price. At the time of writing (May 2022), the floor price for a Bored Ape is 94 ETH.

When the BAYC collection originally launched on April 29, 2021, the Bored Ape NFTs were priced at 0.08 ETH each, approximately $190 at the time. The floor price for a Bored Ape has skyrocketed since the launch due to its increasing popularity among celebrities and the Web3 community. Celebrities such as Jimmy Fallon, Paris Hilton, Stephen Curry, Kevin Hart, and Justin Bieber have taken to Twitter to showcase their Apes to their followers.

Are Bored Apes randomly generated? And if yes, how are they generated?

Yes, the Bored Ape Yacht Club NFTs are randomly generated. There are 10,000 NFTs in the BAYC collection. To make these larger edition collections, creators will make a template and use computer algorithms to generate new variations based on different traits. The BAYC collection is generated from over 170 possible traits, such as fur types, facial expressions, clothing, and jewellery. Each NFT will be ranked on rarity, making some more valuable than others. 

The lead artist behind BAYC’s original collection is an Asian-American woman who goes by the name of “Seneca” or “All Seeing Seneca. Seneca was responsible for developing some of the major Bored Ape traits like the grinning mouth, the popping eyes, and the beanie. These traits contributed towards the desired look and feel of the Apes: existential boredom. She was recognised in Coindesk’s Most Influential 2021 for her work. Seneca is now using her website to raise awareness of her contributions to the BAYC. Her website displays some of her early Bored Ape sketches.

Seneca was not the sole artist of the Bored Apes. Other artists have contributed to the project too, and these include Thomas Dagley, Migwashere, and more, who chose to remain anonymous.

What is next for Bored Ape Yacht Club?

Since the initial Bored Ape Yacht Club NFT launch in April 2021, Yuga Labs have expanded the BAYC ecosystem to include:

Yuga Labs released their BAYC 2.0 Roadmap in September 2021, which they have been delivering. On March 17, 2022, BAYC launched their own cryptocurrency – $APE token. APE is an ERC-20 governance token that will be used to power the ecosystem and serve as its native currency. It will also grant access to exclusive merch and events. 

To run alongside the $APE token, Yuga Labs launched the first BAYC metaverse on April 30 2022, called Otherside. The launch of Otherside included 200,000 plots of land available for purchase, in the form of NFTs called “Otherdeeds.” Owners of Otherdeed NFTs can participate in prototype builds, demos, and tests that will influence the final game design and experience. Bored Ape Fest 2022 has also been scheduled for June 20, 2022 in New York City, US. 

In other BAYC news, Coinbase has announced it’s working on a three-part movie called “The Degen Trilogy” based upon the NFT collection. Coinbase are urging Bored Ape NFT holders to submit their Ape’s for casting to appear in the movies.

Bored Ape Yacht Club (BAYC) - Top 11 Frequently Asked Questions - - 2022

Want to maximise the returns on your crypto investments? Join The Free Wealth Mastery Report to Receive Weekly Insights on Altcoins, NFTs, Airdrops and DeFi!

Want to maximise the returns on your crypto investments? Join The Free Wealth Mastery Report to Receive Weekly Insights on Altcoins, NFTs, Airdrops and DeFi!

Bored Ape Yacht Club (BAYC) - Top 11 Frequently Asked Questions - - 2022
:fire::fire::fire:TOP RECOMMENDED CRYPTO SERVICES :fire::fire::fire:
 

:moneybag: BINANCE: BEST EXCHANGE FOR BUYING CRYPTO IN THE WORLD
:point_right: 10% OFF FEES & $600 BONUS ►► https://cryptolark.co/10


:rocket: BYBIT: #1 EXCHANGE FOR TRADING
:point_right: 0% SPOT FEES AND $4,450 IN BONUSES ►► https://cryptolark.co/BYBIT100


:lock: BEST CRYPTO WALLET TO KEEP YOUR ASSETS SAFE
:point_right:  BUY LEDGER WALLET HERE ►► https://cryptolark.co/LEDGER

Related Articles