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The Bored Ape Yacht Club (BAYC), created by Yuga Labs, claims that when it first came out two years ago, it had ‘no idea’ it would grow to be ‘this big.‘
The Ethereum-based Bored Ape NFTs completed two years in the market and remain the biggest collection by market capitalization.
Why BAYC Remains a Hit
Bored Ape Yacht Club is a collection of 10,000 unique ape avatars that first launched in April 2021. The first collection sold out within hours, generating millions of dollars in revenue. The Bored Ape Yacht Club’s mint price was 0.08 ETH at the time of its introduction.
The popular Planet of the Apes film trilogy is credited with inspiring the Yuga Labs collection, which is still a hit today.
The current price floor for Bored Ape Yacht Club is 50.91 ETH, according to NFT Price Floor. It sold 31 items, generating a volume of over 1,600 ETH in just 24 hours, raising the price floor by 0.81%. With a floor cap of 509,100 ETH, the project ranks #1 on the platform.
Each ape is a non-fungible token that complies with the ERC-721 standard, making it simple to integrate into various marketplaces. It doesn’t need wrappers, making it another plus for BAYC. One of the secrets behind the stellar performance of Bored Ape NFTs is also said to be its elite club membership. Names like Eminem and Snoop Dogg have often adorned BAYC outfits. The two rappers performed as their Bored Ape Yacht Club personas at the MTV Video Music Awards the previous year.
Meanwhile, according to NFTGo, CryptoPunks continues to be the leading NFT collection in terms of market cap, but Bored Ape Yacht Club is a close second.
So far in April, BAYC generated 17,000 ETH in sales, worth around $37.4 million. Last month, the sales figure stood close to 22,500 ETH. The previous peaks by the collection were achieved in August 2021, with sales of 95,477 ETH.
BAYC’s IP Offerings Another Plus
BAYC ambassador JBond took to Twitter to explain some of the unique features of the NFT. Jbond notes, “BAYC pioneered granting IP rights of the image to the owner of the NFT.”
Emphasizing features like universal IP and the growth of brands in the Yuga IP ecosystem, JBond called BAYC the “face of NFTs.”
OpenSea notes that BAYC has 5,646 owners, of which 56% are unique holders. NFT Floor Price lists the collection’s 7D top and lowest sale prices at 300.00 ETH and 43.00 ETH, respectively, with the 7D average sale price being 51.634 ETH. In the launch year, a coveted solid gold fur NFT was auctioned for 675 ETH, shattering many sales BAYC figures.
With the non-fungible token becoming as well-known as today due to its enormous popularity, its knock-offs have also entered the market. Recently, the group triumphed over Ryder Ripps in the courts. The U.S. District Court for the Northern District of California determined that Yuga Labs is the rightful owner of the BAYC trademarks and that those trademarks are legitimate and enforceable based on the summary judgment. Additionally, the judge concluded that the RR/BAYC collection was intended to deceive and that Ripps’s use of BAYC trademarks does not qualify as fair use.
Meanwhile, in February, Yuga Labs also launched its TwelveFold non-fungible tokens on the Bitcoin blockchain.