NFTs have been around for five years, but the non-fungible token craze will not really take off until 2021. It coincides almost perfectly with the launch of the Bored Ape Yacht Club, which brings together 10,000 cartoon ape NFTs representing the entire industry. But what is Bored Ape Yacht Club? How much it's worth? In this article, we will discuss Bored Ape Yacht Club. According to CryptoSlam, the Bored Ape NFT has now generated over $750 million in transaction volume, including subsequent variant sets.
What is Bored Ape Yacht Club?
The Bored Ape Yacht Club, developed by Yuga Labs, is a collection of 10,000 profile pictures minted as NFTs on the Ethereum blockchain. NFTs or non-fungible tokens are like a title deed for a digital item, allowing buyers to prove they own a unique version of that image.
Bored Ape owners currently using their NFTs as Twitter profile pictures include Timbaland (1.6 million followers), Eminem (22.6 million followers), and football player Neyman Jr. (55 million followers). Jimmy Fallon and Paris Hilton, who are also BAYC holders, discuss their apes on tonight's show. Justin Bieber makes headlines with the purchase of Bored Ape Yacht Club NFT for $1.29 million in February.
Bored Ape Yacht Club is not alone in this regard. Many NFT Profile Picture (PFP) collections have sprung up recently, including World of Women and Cool Cats. But the Boring Ape has found an avid collector, and there are perks.
How much it's worth?
Andreessen Horowitz, one of the biggest names in venture capital, has led a $450 million funding round in Yuga Labs. Yuga Labs is the creator of the popular Bored Ape Yacht Club NFT series. The most recent funding round valued the company at $4 billion.
How Does The Bored Ape Yacht Club Work?
The Bored Ape Yacht Club consists of 10,000 unique Bored Ape NFTs. It is built on the Ethereum blockchain and each ape is stored as an ERC-721 token. Each ape's token ID is assigned to its artwork image. Token holders can view the provenance record of their apes on the Bored Ape Yacht Club website.
These NFTs act as digital identities, giving you access to the yacht club's members' area. To access these areas, token holders must log into their Metamask NFT wallet where Bored Ape is stored.
I believe now you know what is Bored Ape Yacht Club and How much it's worth. There are many questions about the viability of the NFT sector in the crypto space, but BAYC's move is establishing the brand as more than just an art collectible.
