Guide to the Bored Ape Yacht Club (BAYC) NFT ecosystem

On April 30, 2021, the first project by the now-famous Yuga Labs, the Bored Ape Yacht Club (BAYC), an NFT collection of 10,000 ‘Bored Apes’, was launched and made public. Their first BAYC NFT was priced at 0.08 ETH (valued at about $190 at the time).

About 12 hours after its release, Yuga Labs’ NFT went viral. This led to him in one of the most famous late-night segments between Jimmy Fallon and Paris Hilton and helped raise awareness for BAYC. Celebrities like Stephen Curry, Gwyneth Paltrow, and Post Malone have started buying these profile picture NFTs as status symbols.

The popularity of BAYC NFT has made it a trendy item to showcase on social media among the wealthy.

Twitter - Jimmy Fallon
Twitter – Jimmy Fallon

The most expensive BAYC item is #2087, purchased in September 2021 for 769 ETH, $2,307,638 at the time.

Despite the explosive hype about BAYC in Spring 2021, the project has maintained its position as one of the world’s most acclaimed NFTs for digital collections, especially during this year’s crypto bear market. I’m here.

This is largely because Yuga Labs has successfully expanded the scope of the project well beyond the original NFT collection into an ecosystem that includes NFT add-ons, future metaverses, and tokens that tie together a company-wide portfolio of projects. is. “Yugaverse” together. Yuga Labs also owns his Meebits and CryptoPunks.

The lowest price on August 15, 2021 or the lowest price for all items in the collection was 13 ETH compared to the highest lowest price of 303.15 ETH on February 17, 2022.

BAYC lowest price - last 12 months
BAYC lowest price – last 12 months

What makes BAYC special?

Owning a BAYC NFT makes you a “Bored Ape Yacht Club Member”. Some of the advantages are:

  • This is an invitation to a private Discord server for BAYC members only.
  • Airdrops of NFT collections to members’ wallets that can be sold for profit.
  • Option to turn an ape into a “mutant” using a free airdrop serum. Similar to airdropped NFTs, these mutants can also be sold.
  • BAYC’s new cryptocurrency ApeCoin airdrop promotion will be offered to Bored Ape NFT holders. 90-day grace period for claims.

The data shows that BAYC transactions have not stalled despite the crypto winter of 2022. From February to May 2022, he had three spikes in trading volume and numbers. Each of these spikes had at least 45 transactions totaling at least $35 million.

Meanwhile, the lowest number of trades so far has been 2, bringing the total to just over $529,000 on February 19, 2022.

BAYC Trading Volume and Trading Volume
BAYC Trading Volume and Trading Volume

BAYC Adjacent NFT Collection

BAYC founders launched a secondary collection of NFTs to incentivize the community with rewards and giveaways. The collection includes:

Mutant Ape Yacht Club

The Mutant Ape Yacht Club (MAYC) NFT Collection is a reward for BAYC owners. A BAYC holder will not receive her MAYC NFT directly in the wallet, but a BAYC holder will receive a “special serum” NFT asset. This “special serum” gives the BAYC holder the option to create a variation of her current BAYC NFT.

Like BAYC NFTs, MAYCs are in high demand. Demand for these digital assets is measured by measuring the MAYC price floor over time. Starting August 29, 2021, the MAYC price floor started at around 4 ETH. The lowest price jumped to 1878.75% on April 29, 2022 at 79.15 ETH.

Comparing MAYC’s highest and lowest price of 79.15 ETH with BAYC’s highest and lowest price of 303.15 ETH shows that BAYC’s digital collections are more sought after. However, his MAYC price floor trajectory in the 2022 bear market proved that demand is recession-proof. Simply put, MAYC has never reached a floor price of 0 ETH since its inception to date.

Mutant Ape Yacht Club - Minimum Rate
Mutant Ape Yacht Club – Floor Price

Bored Ape Kennel Club

This NFT collection is another reward for BAYC holders. The Bored Ape Kennel Club (BAKC) collection introduces dogs that will become BAYC NFT’s best friends. In fact, this NFT collection has become an integral part of the Bored Ape NFT ecosystem. Among his four notable NFT collections in the BAYC ecosystem, BAKC has the lowest market cap at 111.68 ETH.

CoinMarketCap - Top NFT Collection
CoinMarketCap – Top NFT Collection

There are 9602 NFTs compared to 19,425 MAYC NFTs, but the lack of BAKC doesn’t mean they’re worth more than the MAYC. The second lowest starting price among its peers in the BAYC ecosystem is 7.3. These figures show that BAKC is mid-tier priced compared to his BAYC, MAYC and Otherdeed for Otherside.

Otherside for Otherside

Launched on April 30, 2022, Otherdeed for Otherside NFTs will allow users to purchase properties in Otherside, a future metaverse developed by Yuga Labs. As of August 18th, the lowest price is 1.7 ETH (approximately $3,184). Each Otherside Plot has different traits and resource production capacities, whose specific uses are still unknown.

The project’s cinematic trailer features Bored Apes living in the land of the Otherside, among other Yuga NFT collections. The teasers and images all highlight Bored Apes, teasing him for playing an important role in this world, though Yuga doesn’t explicitly state it.

BAYC collections have traditionally had high price tags, but Otherdeed for Otherside has the lowest lowest price of any collection in the BAYC ecosystem as of August 15, 2022. Currently the lowest price is 1.749 ETH compared to BAYC, MAYC and BAKC.

With 100,000 NFTs, it is less exclusive than other collections in the BAYC ecosystem. The Otherdeed NFT collection is only a few months old, but the landowner is over his 34,000. high seasCurrently, the number of Otherdeed NFT holders exceeds those of BAYC, MAYC and BAKC combined.

The latest NFT collection in the BAYC ecosystem, it ranks 3rd in terms of market capitalization among all NFT collections.

ape coin

ApeCoin is an Ethereum-based governance and utility token used throughout the Yugaverse to incentivize the decentralized community. ApeCoin holders will use a decentralized governance framework to manage the ecosystem and decide how to utilize the ApeCoin DAO Ecosystem Fund.

Since its inception in the crypto bear market, the number of unique wallets containing ApeCoin has increased.

total address
total address

The chart above shows that there are over 85,000 unique owners. This means that some people want to be part of the BAYC community even if they can’t afford to buy his expensive NFTs.

The chart below shows that the top 100 holders only account for 51% of ApeCoin’s market capitalization. In other words, ApeCoin, unlike the BAYC NFT collection, is not monopolized by the ultra-rich and whales. It is clear that private investors also make up a significant portion of his ApeCoin market cap.

Holder Statistics - ApeCoin
Holder Statistics – ApeCoin

Bored Ape Yacht Club Predictions

The BAYC NFT collection and Apecoin have shown promising figures in terms of USD trading volume and unique wallets over the last few months. From December 2021 to August 2022, the market capitalization of the BAYC collection increased from 114,302.53 ETH to 759,917.38 ETH, a 564.8% increase in nine months. This increase can be seen in the chart below.

Market Cap of NFTs - BAYC
NFT Market Capitalization – BAYC

BAYC’s market capitalization trajectory bodes well for two elements of the BAYC collection. An increase in market capitalization means that the prices of items in the BAYC collection have increased over time. Moreover, the increasing market cap indicates a sustained demand for these exclusive NFTs for the foreseeable future.

As of August 15, 2022, Bored Ape Yacht Club still ranks first in terms of largest market capitalization. It is also worth noting that only 6446 of the total collection of 10,000 items are held. This means that the rarity of his NFTs in the BAYC collection has also been the driving force behind price increases and lowest prices since launch.

Market capitalization of NFTs
Market capitalization of NFTs

The NFT space is still new and highly speculative as prices can fluctuate regardless of supply and demand. It is important to do your research before making any large investments.

This report was produced by Footprint Analytics.

Posted In: Analysis, NFT

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