NFT 101 is a series of articles exploring some of the most exciting NFT projects. Check out some of our other articles in the series:
If you’ve ever hopped on crypto Twitter, you’ve probably come across users with colourful, animal profile pictures. Why is everyone doing this?
Changing your profile picture (pfp) to an image of your NFT shows the world that you own a unique item and belong to an exclusive community. It’s an unmistakable identifier. And right now, Bored Ape Yacht Club is one of the most popular and high-profile collections.
After a TikTok video went viral of rapper Lil Baby buying a Bored Ape and then mutating it as part of BAYC’s ApeFest, he later proudly displayed his Mutant Ape as his Twitter pfp to his nearly 6 million followers.
On an episode of the Tonight Show Starring Jimmy Fallon, the late night host announced live to the world that he had purchased a Bored Ape. Jimmy’s Ape was also on full display to his more than 51 million Twitter followers.
Most recently, Post Malone was seen buying a Bored Ape via MoonPay in the music video for his single “One Right Now” featuring the Weeknd. Posty’s zombie cowboy hat Ape was also used as his Twitter pfp too.
We were intrigued to see others join the BAYC previously, like when NBA player Steph Curry bought a Bored Ape in August. Since then, many NBA players have followed suit, buying Apes and immediately making them their pfps. Tyrese Haliburton even played an NBA game wearing custom basketball shoes with his Bored Ape on it. Prior to that same game, Josh Hart, another NBA player that owns an Ape, jabbed at Tyrese saying his NFT was better.
This level of exposure can only happen with Bored Apes, and that’s by design. BAYC famously gives commercial rights to owners as part of their membership. So if an Ape owner wanted to produce a film or TV series based around their Ape, they could do so.
Grammy-winning producer and musician Timbaland notably started an artist-owned entertainment company called Ape-In Productions (AIP). His first release? An NFT song inspired by BAYC that you can currently buy on OpenSea.
NFT community and utility
Bored Ape Yacht Club is currently the gold standard for NFT communities, consistently delighting their holders by over-delivering on their roadmap. The utility BAYC provides their holders is unmatched in the NFT space: perks have included exclusive parties, yacht meet-ups, merch, and members-only game competitions. Ape holders flew in from all over the world for NFT.NYC so they could meet for ApeFest and the Warehouse Party.
A Bored Ape is not just a jpeg--it’s a ticket into the BAYC community. You can try screenshotting it, but that won’t get you into the Yacht Club or exclusive parties. Nor would it give you access to their long-anticipated ApeCoin (APE) token.
A healthy signal for any NFT project is an owner percentage that hovers around half of the total supply. Think about it. If you were a holder, you wouldn’t want the majority of NFTs concentrated in the hands of a few whales that could disproportionately control the market.
With a total collection of 10,000 unique NFTs, Bored Ape Yacht Club is dispersed among 5,800 holders. This means that the Ape supply and ownership is truly decentralized, as all NFT collections strive to be. And though there are some famous Ape owners, they represent a small fraction of the total.
All of these indicators show that BAYC has the staying power necessary for the competitive NFT marketplace. From the earliest buyers to the newest members, the community is enthusiastic and devoted to propel the project forward.
Where to buy Bored Ape Yacht Club
Pro tip: You should never buy NFTs from unverified marketplaces or through unknown users on Discord. Be sure to read our articles How to spot and avoid crypto scams and Crypto security basics: Staying safe in Web3 before purchasing your first NFT.