Meet the Mutant Ape Yacht Club

Few NFT gatherings are as popular as the Mutant Ape Yacht Club (MAYC). Second only to its Bored Ape predecessors, MAYC NFTs embody the same prestige as other blue-chip projects, with the bonus of being directly connected to the vast universe being built by Yuga Labs.

While the MAYC has gained prominence, many enthusiasts remain ignorant of the origins and implications of the coveted collection. Yes, Mutant Apes is a subsidiary of Yuga, but the discerning factors that make them truly unique are often retold in the annals of NFT history.

Why was Mutant Apes released in the first place? How have they been able to rise in value together with Bored Apes? Is there a use for MAYC NFTs beyond their monetary value? With this guide, we aim to answer these questions, and supplement the annals of the BAYC history books.

What is the Mutant Apes Yacht Club?

Mutant Ape Yacht Club came as a collection of 20,000 Mutant Ape-themed NFTs, created on August 28, 2021. As the second expansion ever made to the Bored Apes ecosystem, MAYC was created to include more collectors in the BAYC ecosystem . Since its launch, the collection has gained considerable popularity and now stands alone as a frontrunner in the PFP NFT market.

Before MAYC, there was only BAYC, launching in April 2021, and Bored Ape Kennel Club, launching in June 2021. With the PFP (profile picture) NFT market exploding in summer 2021, developers were looking for new and innovative ways to release their avatar projects, with Yuga which takes the spotlight after delivering MAYC via new, new mechanics.

Each NFT in the collection is based on an original Bored Ape NFT, and was created through a process described by Yuga Labs as “exposing existing Bored Apes to a vial of mutant serum.”

Essentially, holders of Bored Apes had the ability to pair their unique NFT with a Serum NFT (more on these later) using a smart contract integration. This pairing mechanism – which is still very functional even after most mutants have been redeemed – effectively destroys the Serum token and creates a new, mutant-inspired NFT in the image of the original monkey. All without actually changing the original NFT in any way.

Half of the 20,000 NFTs in the MAYC collection were created this way, while the other half were sold via Dutch auction – where a sale starts at a set amount and then declines over time to the final sale amount. The auction started at 3 ETH (around $10,000 at the time) and was set to drop to 0.01 ETH over nine hours. But the auction didn’t make it through the full nine hours, it only lasted about an hour and reached a closing price of about 2.79 ETH when all the mutant monkeys were minted.

Who created the Mutant Ape Yacht Club?

Where did the Mutant Ape Yacht Club start? With Yuga Labs, the parent company of BAYC, of ​​course. The goal of Yuga Labs has continued to build a media empire entirely centered around NFTs, and BAYC NFTs was the first step towards fulfilling this ambition, with MAYC following close behind.

How to buy MAYC NFTs

Of course, as with anything Yuga Labs drops, MAYC NFTs sold out at record speed. After the 10,000 Mutant Serum airdrop ended, the Dutch auction went into effect, which again only lasted an hour. Today, the only way to obtain a Mutant Ape is to buy one directly via secondary sales on one of the prominent NFT marketplaces (OpenSea, LooksRare, Rarible, etc.). Otherwise, you can buy an unmuted Bored Ape and a serum to mutate it, but that will probably set you back upwards of $100,000…

What are mutant serums?

Naturally, existing Bored Ape community members were the first to receive Mutant features, and this was in the form of an airdrop. Before the public Dutch MAYC auction, each BAYC holder was dropped one mutant serum per owned Bored Ape. With these serums, holders were encouraged to mutate their NFTs and create new ones or keep and sell the serum for a profit.

Mutant Serum is a collection of NFTs that act as a catalyst to create a mutant monkey. They exist under the umbrella of the Bored Ape Chemistry Club, and come in three different variants: M1, M2, and M3 (commonly called Mega Mutant Serum). Although anyone can buy and sell Mutant Serum, only those who own a Bored Ape can use them to create Mutant Apes.

Each type of mutant serum correlates with the stage of mutation that can be achieved by use. With M1 serum – of which 7,500 originally existed – a base layer of mutated traits will be added to the Bored Ape. Users can see an Ape’s fur begin to disintegrate and accessories come to life. With M2 – limited to 2492 – more pronounced mutations become available, drastically and sometimes almost completely changing the appearance of the Bored Ape.

However, whether you use M1 or M2 serum, mutated traits still retain much of the base ape. If a monkey has a party hat, the hat will simply change, not disappear completely. The same applies to other characteristics such as expression, fur colour, clothes and other accessories. It’s almost psychedelic.

Mega Mutant Serums, on the other hand, when implemented, will completely change the basic functions of Bored Ape. When an M3 serum is used, a monkey transforms into, you guessed it, a Mega Mutant. These mega mutants are extremely rare. With only eight M3 serums ever made, both the serums and Mega Mutant NFTs pick up frequently millions of dollars.

The Path of Mutant Ape NFTs

Considering that Mutant Apes is tied directly into Bored Ape and Yuga Lab’s ecosystem, it’s easy to see why these NFTs have become extremely valuable. Even with a supply of 20,000, the minimum price of a MAYC NFT has consistently stayed above $20,000 for most of the pool’s existence.

Of course, this was not always the case. In the months following MAYC’s launch in August 2021, the project struggled to gain significant traction. Until the start of 2022, the floor price often bounced between 5 and 7 ETH – just a few ETH more than the tokens originally available via the Dutch auction.

Still, aside from becoming a standout winner with ties to Yuga Labs, Mutant Ape Yacht Club is a unique entity that derives its value not just from its parent company, but factors outside of market conditions.

First, MAYC enabled more NFT enthusiasts to join the Bored Ape ecosystem than previously thought. Bored Ape NFTs have unfortunately remained expensive and elusive for the average Joe, but Kennel Club NFTs, and then Mutant Apes have at one point or another seen the bar of entry significantly lower, bringing new levels of accessibility to it sought after BAYC community.

Similarly, Mutant Apes has gained popularity and accessibility among those outside the NFT space ⁠— perhaps surpassing Bored Apes in these respects. As several clothing brands and other companies use Mutant Apes as brand ambassadors, even those with minimal knowledge of Web3 can relate to the MAYC brand.

Putting aside the controversy that has arisen around Yuga Labs and Bored Apes, it is hard to dismiss MAYC as anything other than a unique, innovative and now historic part of the NFT market. And with those accolades in tow, the collection is likely to remain revered for years to come.