The Bored Ape Yacht Club is a limited NFT collection where the tokens double as membership to a yacht club. Bored Apes can be purchased with Ether on OpenSea and other exchanges.
Launched on April 23 to a Discord community, Bored Ape Yacht Club (BAYC) started slow but has since become an internet phenomenon. The brand website offers ten thousand unique iterations of the cartoon primates for sale NFTs, and they have increased in average price from a few hundred dollars to a few thousand dollars since taking over the OpenSea leaderboard.
The BAYC is a NFT collection that demonstrates the utility of digital tokens beyond artwork. They can be digital keys that unlock exclusive or unique experiences, both online and offline.
The Yacht Club mainly consists of access to Discord and Telegram chat groups and a fun, digital graffiti wall called THE BATHROOM. Bored Ape has traded over $70 million in sales since May. The first 10 NFTs were sold out immediately, and the other 10,000 NFTs were all sold out by May 1.
Kyle Swenson, a twenty-five-year-old clothing reseller in Orlando, Florida, is the founder of the unlikely BAYC community. "Each Bored Ape is unique and programmatically generated from over 170 possible traits, including expression, headwear, clothing and more. All apes are dope, but some are rarer than others,” said Swenson on his website.
Brands are discovering that NFTs are a relatively cheap and accessible way to engage niche audiences with engaging experiences. NFTs are becoming popular is they allow luxury brands to widen their audiences without lowering the prices of their flagship products. NFTs are often sold at lower price points to engage fans, and they may or may not change in value over time as a collectible item.
Buying a Bored Ape is more than buying a JPEG; you could be acquiring a small fraction of the rights to the entire BAYC franchise, and open yourself up to an entire world of connections and experiences.