Bored Ape Yacht Club - The epitome of NFTS

Bored Ape Yacht Club (BAYC) is an NFT Collection launched with a live pre-sale on 23rd of April 2021 for a mint price of 0.08Eth. The creator of the NFT Collection, the company Yuga Labs had the advantage of releasing the Collection before the NFT market boomed in August 2021 which makes BAYC for NFT what Bitcoin is for Cryptocurrency.

With a current floor price of 103Eth, BAYC started as a project which granted access to a private online club, exclusive in-person events and intellectual property rights of the image which make the NFT owners the holders of “a unique unit of data recorded in a digital blockchain, which permanently records its provenance or sales history”.

BAYC has built a brand without advertising, search marketing or extensive social media promotion; they focused on attracting holders that believed in the long-term vision of the project and in exchange they became a brand that granted access to its members to an exclusive community.

 A unique feature embedded in the smart contract of the NFT Collections is commercial usage rights to all NFT holders. Apart from having intellectual property rights, which are transferred from the NFT seller to the new owner, BAYC owners can monetize their digital art. This has contributed to the rapid growth in adoption and has directly impacted the current value of the Collection.

Yuga Labs acquired Crypto punks and Meebites collections from Larva Labs on 11/03/2022 and all NFT holders have instantly been granted commercial rights to mirror the two NFT collections already owned by Yuga Labs: BAYC and MAYC.

On 19/03/2022 a new announcement dropped on Twitter; Yuga Labs introduced “Otherside’’. Set to launch in April 2022, the project raised a lot of speculations amongst the NFT holders and the crypto community, many think it’ll be a new NFT marketplace while others believe it’ll be a 3D gaming experience. 

A few days prior to the announcement, the Ape Coin token has been airdropped to all BAYC and MAYC NFT holders and has been listed on all major exchanges such as Binance, Coinbase and Gemini. 15% of its total supply (1 billion tokens) has been distributed to the NFT holders who have 90 days to claim up to 10.950 tokens with a value ranging from $80.0000 to $100.000. 

Token’s adoption has already started with the announcement of magazine Time on 20/03/2022: ‘thrilled we can announce that Time will be accepting Ape for digital subscriptions in the coming weeks on Time.com/HODL’’

The Ape Coin, an ERC-20 token introduced by Yuga Labs, grants its holders access to a DAO where they can vote on the BAYC ecosystem. The only condition to be eligible to vote is to hold at least 1 Ape Coin which will be verified through Wallet Authentication. Every holder will have the option to submit their own proposal which if voted in favour of can be then implemented and if rejected they can be resubmitted for future consideration.

The holders had their first voting experience today, the 25.03.2022 when they had to choose between 2 staking proposals: AIP-4 which proposed staking the APE Coin and AIP-5 which put forward the idea of staking NFTs. The voting period will end on 30/03/2022 when we will see the results of the first attempt at decentralisation.

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