Bored Ape Yacht Club (BAYC) NFTs turn two
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 become ‘this big’.‘
The Ethereum-based Bored Ape NFTs completed two years in the market and remain the largest collection by market capitalization.
Why BAYC is still a hit
Bored Ape Yacht Club is a collection of 10,000 unique monkey avatars that first launched in April 2021. The first collection sold out within hours, generating millions of dollars in revenue. Bored Ape Yacht Club’s mint price was 0.08 ETH at the time of introduction.
The popular Planet of the Apes movie trilogy is credited with inspiring the Yuga Labs collection, which remains a hit today.
The current price floor for Bored Ape Yacht Club is 50.91 ETH, according to the NFT Price Floor. It sold 31 items, generating a volume of over 1600 ETH in just 24 hours, increasing the price floor by 0.81%. With a floor cap of 509,100 ETH, the project ranks #1 on the platform.
Each monkey is a non-fungible token that conforms to the ERC-721 standard, making it easy to integrate into various marketplaces. It does not need wrappers, which makes it another plus for BAYC. One of the secrets behind the amazing performance of Bored Ape NFTs is also said to be the membership in the elite club. Names such as Eminem and Snoop Dogg have often graced 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 capitalization, 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 was close to 22,500 ETH. The previous peaks of the collection were achieved in August 2021, with sales of 95,477 ETH.
BAYC’s IP offering provides another plus
BAYC Ambassador JBond took to Twitter to explain some of the unique features of the NFT. Jbond notes“BAYC was a pioneer in giving IP rights to the image to the owner of NFT.”
Emphasizing features such as 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 owners. NFT Floor Price shows the collection’s 7D high and low selling prices at 300.00 ETH and 43.00 ETH respectively, with the average 7D selling price at 51.634 ETH. In its launch year, a coveted solid gold fur NFT was auctioned for 675 ETH, shattering many sales figures from BAYC.
As the non-fungible token has become as famous as it is today due to its immense popularity, it has also entered the market. Recently, the group triumphed over Ryder Ripps in the courts. The US 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. In addition, the judge concluded that the RR/BAYC collection was intended to mislead and that Ripps’ 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.
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