A Brief Description of BAYC
Bored Ape Yacht Club: Bored Ape Yacht Club is simply a collection of non-fungible tokens. It will be released in April 2021. The entry-level price for a Bored Ape Yacht Club NFT has dropped below $100,000 for the first time since August 2021. It’s down 78% since late April, when Bored Apes debuted at nearly $429,000.A BAYC cost 0.08 Ether (ETH), the Ethereum platform’s native cryptocurrency, at the time of launch, which was equivalent to $220 at the time. By mid-October 2022, it had sold out in 12 hours and had risen to a “floor price” of 76 ETH, or about $100,418. In March 2022, BAYC introduced ApeCoin as the official currency of the BAYC ecosystem. ApeCoin was distributed to BAYC NFT holders shortly after its launch. As previously stated, ApeCoin holders can participate in the governance process and interact with the Bored Ape ecosystem. ApeCoin DAO members will oversee future development on the team’s roadmap, which includes developing blockchain games, hosting virtual events in the metaverse, and launching physical products. Yuga Labs announced its plans to launch its own metaverse project, Otherside, in March 2022. On April 30, 2022, exactly one year after the minting of the BAYC, it officially held a sale of metaverse land (called Otherdeeds). There were 55,000 parcels of digital real estate available in total. Each cost 305 APE (approximately $6,000). Yuga Labs earned more than $300 million from the sale, which was conducted entirely in ApeCoin. Bored ape yacht club is ranked #6066 on Coinmarketcap and #1152 on Coingecko, and it is available for purchase on Binance and Coinbase.
The BAYC Team
The Bored Ape Yacht Club was created by Yuga Labs. The team consists of four pseudonymous core members: co-founders Gordon Goner and Gargamel, as well as No Sass and Emperor Tomato Ketchup, who handled BAYC’s technical aspects.
Greg Solano is the Founder of Bored ape yacht club, He attended the University of Virginia and studied MFA.
Advantages of BAYC
- Buying an ape entitles you to membership in the Bored Ape Yacht Club.
- Only 10,000 BAYC NFTs will ever be created, making them one of a kind.
- Access to additional NFT airdrops
Disadvantages of BAYC
- The price is too High
- There is no simple way to purchase BAYC using typical payment methods such as a credit card.
Use cases of BAYC
- Governance – Participate in the ApeCoin DAO by making decisions about the direction of the community and partnerships with other ventures.
- Spending – Use it as a decentralized currency, powered by the Ethereum blockchain.
- Access – Hold the tokens to be granted future opportunities as part of the community.
- Incentivization – Incorporate it into the ecosystems of new blockchain projects like games or metaverses.
