Since its debut in April 2021, the Bored Ape Yacht Club (BAYC) has spun a captivating tale around its quirky, cartoonish monkeys. These 10,000 NFTs, created by Yuga Labs, are digital collectibles on the Ethereum blockchain with distinct characteristics.
The monkeys have become a symbol of status and digital identity in the crypto industry. BAYC is a flagship NFT collection of the controlling company Yuga Labs, which also owns renowned projects such as the CryptoPunks, Mutant Apes, Meebits, Moonbirds and others. The project initially launched in April 2021 at a mint price of 0.08 ETH, or about $150. The floor price for the collection skyrocketed to 128 ETH ($370,000), with the highest sale being a $3.4 million auction on Sothebys. BAYC experienced a 93% decline from its all-time high, but is holding a resilient floor price around 9 ETH, approximately $35,000, for the last month. It still holds the position of the second most valuable NFT collection by market capitalization. Each Bored Ape NFT acts as a kind of membership card, granting access to exclusive benefits, including participation in the Otherside metaverse and other Yuga Labs projects.
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A custom made blockchain set to stop the downward spiral
In the past, NFTs have been declared dead several times after the NFT hype died down. But the reality is that projects have been able to raise large amounts of capital, which they can use to improve their infrastructure. The Bored Ape Yacht Club raised a whopping $450 million in 2022. This capital is being actively invested in the creation of the metaverse "Otherside" and its own Layer 3 (L3) blockchain on Arbitrum. The ApeChain is primarily designed for gaming. It aims to provide low and consistent transaction fees and superior performance to foster a robust gaming ecosystem within the YugaLabs community and across a network of partners.
THANK YOU to everyone who came out to our first Project Dragon playtest today.
We had well over a thousand of you running and gunning around Meetropolis as your apes, meebs, and voyagers. The start of something beautiful imo.
We're building this game in public, and we're doing… pic.twitter.com/zlSZmsf7sV
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) July 27, 2024
The Curtis testnet on ApeChain was launched on July 15th and Yuga Labs is running a large on-chain test within the Yuga Labs ecosystem. At the end of July, the first test of the "Project Dragon" game environment took place with over 1,000 players. Despite some lag and bugs, the feedback was overwhelmingly positive and well-received by the community.
Strengthening the brand with new partnerships
There seems to be a lot to discover under the hood. Some BAYC members at a panel discussion at NFC Lisbon hinted at a large number of confirmed partnerships with the ApeChain dedicated to crypto gaming. One notable non-crypto partnership was announced earlier this year with the Alpine Formula 1 team. The partnership aims to bridge the gap between Web3, live events and real-world utility. Pixel Vault, a company focused on building Web3 gaming experiences that also raised over $100 million in 2022, announced a partnership with the Apechain.
Pixel Vault's on-chain game attracted a thousand users who played for an average of 2.5 hours. Attracting new communities and active users to the Apechain. Apparently, the chain already has nearly 13.5k accounts and is approaching 800k transactions. On-chain gaming leverages blockchain technology to provide players with a play-to-earn medium and use their existing NFTs as in-game assets. The high number of transactions and the amount of time individuals spend playing provide an interesting revenue stream.
Below, a BAYC holder from Switzerland gives an insight into the Yuga Labs ecosystem and describes why he strongly believes in the project. Oliver sees BAYC as more than just digital art. He sees it as a gateway to a vibrant and historic community within the NFT space. His involvement reflects a broader passion for the evolving landscape of Web3, art and gaming.
How would you describe the Bored Ape Yacht Club? Is it more than a “jpeg” on the blockchain?
GM! BAYC is a Home and a culture of a different kind of mindset. Is it more than a jpeg - well, that is always up to the holders, but for most people, it is indeed just a jpeg. It’s a ticket to an exclusive club, to vibes, to a unique community and for being part of NFT history.
What made you initially join the Bored Apes?
I am a sailor, I love yacht clubs and crypto. BAYC is reflecting and uniting a certain spectrum of identity and characters in the jungle of the digital age. FOMO meet cool factor!
Are you also a part of other NFT communities?
Yes, e.g. Cyberkongz, Meebits and more, with the apeish desire to get in to Punks.
Which upcoming developments in the Bored Ape ecosystem were you most excited about?
About the IRL Club House for sure. Thinking how it could look like, makes me go bananas. All about expansion! Games (e.g. Dookey Dash), new collabs, Made by Apes projects...
In your opinion, has Yuga Labs delivered on its promises?
I will say yes at the opening of the IRL Club House. Apes need a Home.
Which factors do you believe to have been most influential in the continued price decline of the Bored Apes ecosystem?
- There was more money to be made in crypto than in NFTs.
- The ecosystem is complex and under construction with uncertain outcomes.
- Some expectations regarding partnerships, collabs or tangibles where not met.
What’s the current sentiment in the community like? Do the remaining people believe in a revival of the Yacht Club?
Together strong and looking forward to BAYC Fest in Lisbon. Do we believe in a revival? In yuga we trust and we believe in vibration; vibration does not stop.
Where do you see NFTs in general headed over the next few years?
I see them grow alongside crypto and become more and more a vital part in Web3, Art, Gaming and far beyond.
Oliver is a member of the Bored Ape Yacht Club (BAYC) and the Swiss NFT Association. He has had an eventful career, including serving as a Close Protection Officer (CPO) and instructor from 1996 to 2001, and working for the Swiss Federal Intelligence Service from 2001 to 2003. Since 2004, he has been self-employed with Wirz Protection, specializing in physical security consulting. Oliver is engaged in the BAYC community and other prominent projects such as CyberKongz and Meebits. As a sailor, he finds the Bored Apes particularly appealing for its unique blend of exclusivity, culture and digital identity.
