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  1. 1. What are these cryptocurrencies?
  2. 2. Bitcoin - the story of a technological revolution
  3. 3. Satoshi Nakamoto, who is the creator of Bitcoin?
  4. 4. Vitaly Buterin – the creator of Ethereum
  5. 5. What is Blockchain, and how does it work?
  6. 6. What is an NFT token?
  7. 7. What is money?
  8. 8. Cryptocurrencies vs fiat money, which will win?
  9. 9. What is DeFi (Decentralized Finance)?
  10. 10. DeFi: opportunities, advantages and disadvantages of decentralized finance
  11. 11. What is an altcoin?
  12. 12. Stablecoins - What are they?
  13. 13. Cryptocurrency wallet - what is it?
  14. 14. Why do we talk about bull and bear markets?
  15. 15. Security in the crypto market - what rules are worth following?
  16. 16. What is the seed phrase in cryptocurrencies?
  17. 17. Dogecoin and memecoin - what are they?
  18. 18. What is a Ponzi scheme?
  19. 19. What is a Soft and Hard Fork?
  20. 20. Blockchain - examples of use
  21. 21. Is blockchain safe?
  22. 22. Smart Contracts - what are they?
  23. 23. What is Ethereum? 
  24. 24. Liquidity in the cryptocurrency market
  25. 25. What is cryptocurrency mining?
  26. 26. What is the mining difficulty?
  27. 27. Inflation and its effects on financial markets
  28. 28. What is compound interest, and how does it work?
  29. 29. Cryptocurrency wallet diversification
  30. 30. Blockchain and NFT games - how to make money on them?
  31. 31. Decentralized Apps – what are they?
  32. 32. What is Proof of Work (PoW) and what is Proof of Stake (PoS)?
  33. 33. What is Proof of Burn (PoB)?
  34. 34. What is the Proof of Authority (PoA) consensus mechanism?
  35. 35. What Are Privacy Coins and Are They Legal?
  36. 36. What is CBDC - central bank digital money?
  37. 37. What is Cryptocurrency Airdrop all about?
  38. 38. What are the types of blockchain networks?
  39. 39. Key differences between ICO, IEO and STO
  40. 40. What is IoT - the Internet of Things?
  41. 41. What is the difference between Circulating Supply and Total Supply?
  42. 42. Everything you need to know about gas fees in Ethereum!
  43. 43. The most important cryptocurrency acronyms/slang you need to know!
  44. 44. Halving Bitcoin - what is it, and how does it affect the price?
  45. 45. What is the Fear and Greed index for cryptocurrencies?
  46. 46. APR versus APY: what is the difference?
  47. 47. Snapshot from the world of cryptocurrencies - what is it?
  48. 48. Know your customer (KYC) and Anti-money laundering (AML) what are they in the cryptocurrency industry?
  49. 49. What is a whitepaper? What is its purpose, and how do you write it?
  50. 50. How do you transfer cryptocurrencies?
  51. 51. What is EURT? How does it work?
  52. 52. What is an Initial Farming Offer (IFO)?
  53. 53. What is Regenerative Finance (ReFi)?
  54. 54. Bitcoin Pizza Day
  55. 55. What Is Stagflation and Why Does It Have a Negative Impact on the Market?
  56. 56. What are decentralized DAO organizations, and how do they work? What are DAO tokens?
  57. 57. CyberPunks - the story of the most popular NFT collection in the crypto industry!
  58. 58. Michael Saylor, Self-Proclaimed Bitcoin Maximalist
  59. 59. AI blockchain - a new look into the future?
  60. 60. The Bored Ape Yacht Club (BAYC) - the story of the popular NFT collection!
  61. 61. Who is Changpeng Zhao, CEO of Binance?
  62. 62. What is blockchain network congestion, and how does it work?
  63. 63. Azuki NFT collection guide: everything you need to know about it!
  64. 64. Who Is Craig Wright, the Alleged Creator of Bitcoin?
  65. 65. What Is Bitcoin (BTC.D) Dominance?
  66. 66. What is WorldCoin? Everything you need to know about this cryptocurrency!
  67. 67. Who is Brian Armstrong - CEO of Coinbase?
  68. 68. The 10 most expensive non-fungible tokens (NFTs) ever!
  69. 69. Web3's most popular social media platforms! Will they replace the platforms we know?
  70. 70. Cryptocurrency wallets: Hot Wallet vs. Cold Wallet - key differences!
  71. 71. Gavin Wood: Blockchain Visionary and Co-Founder of Ethereum
  72. 72. The memecoin story: madness or great investment?
  73. 73. Blockchain versus databases: key differences!
  74. 74. NFT Art: The digital art revolution - history and examples!
  75. 75. Who is Galy Gensler and the SEC? How does the Securities and Exchange Commission (SEC) affect the cryptocurrency market?
  76. 76. On-chain analysis in the cryptocurrency world: Everything you need to know about It
  77. 77. What are utility tokens and what use do they have in the cryptocurrency sector?
  78. 78. Can you pass on your cryptocurrencies after death? How do you pass on a cryptocurrency inheritance?
  79. 79. What is the Howey test? What application does it have in cryptocurrencies?
Lesson 60 of 79
In Progress

60. The Bored Ape Yacht Club (BAYC) – the story of the popular NFT collection!

Do you still remember the year 2021? Apart from the COVID-19 pandemic, we associate it with non-convertible tokens. Back then, they were one of the hottest trends to conquer the digital asset sector. They even gained global recognition, and the collections issued outperformed each other in an effort to become the best.

Unsurprisingly, the rising popularity of NFT led to a great demand and an even greater supply. One such popular source at the time was the Bored Ape Yacht Club (BAYC). Why have monkeys become so popular that the internet is buzzing about them? Which monkey is the most expensive? In today’s article, we have a closer look at this interesting collection of non-exchangeable tokens.

What is a collection of monkeys?

When we get right down to it, the Bored Ape Yacht Club is one such virtual club, reserved only for members of the upper classes. Of which, in turn, there will never be more than 10,000 – why? Because the entire ape collection comprises so many NFT. The tokens represent collectibles and are built on the Ethereum blockchain in the ERC-721 standard. Each Bored Ape gives its owner club membership and access to unique benefits reserved for a select few.

Each ape in the collection has its own unique features. The characters differ in their clothing, headgear, facial expressions or expressions. The monkeys are one of the most popular designs from NFT PFP. Many celebrities have invested in the project and benefited from its unique advantages.

The collection itself was launched in 2021 and strangely attracted worldwide attention. Interestingly, BAYC was not a spectacular success. It took up to 12 hours to sell out, which is described as “a very long time” in the cryptocurrency world. Today, however, the collection is valued at a large amount of USD.

How did the collection come to be founded?

BAYC was founded by four people, all from Miami, Florida. The first founders managed to remain anonymous for almost a full year before their identities were revealed. They are Greg Solano and Wylie Aronow.

According to the sources, the two met through their shared love of literature and began working together. BAYC was their vision, and the two say themselves that they were inspired by the philosophical idea of the ineffable. Greg and Wylie certainly did not work alone. They were reportedly assisted by programmers Emperor Tomato Ketchup and No Sass. Granted, the two programmers had reportedly never worked on NFTcollections before, but they managed to create several monkeys that were undoubtedly very successful. Their main motivation, they claim, was to create some tokens and test their skills. Why monkeys? Supposedly, everyone liked the animals.

None of the monkeys were drawn individually. The pieces were carefully designed by artist and designer All Seeing Senca. The pieces and design were then put into a random generator and minted. The design itself is meant to represent future millionaires whose only occupation is boredom, spending their time on a yacht, drinking alcohol and talking about their businesses. The collection is also meant to represent early cryptocurrency investors who entered the industry with an open mind, grabbed good designs and bought a Lamborghini.

So you already know why this collection is so sought after. Owning a token from this collection is more than just a regular NFT. Being a member of the Bored Ape Yacht Club is a real social status.

Justin Bieber, Paris Hilton or Stephen Curry – that’s only a small part of the celebrities who belong to this elite club. For a while, pictures of these bored monkeys appeared on the profile pictures of most celebrities. No wonder – the cheapest monkey has a ‘mere’ six-figure number. Just a few cents…

The Bored Ape Yacht Club was a great success. Not only in the crypto industry, as the collection was collaborated with the brand Adidas, among others. Since BAYC’s inception, two other ape collections have been launched – Mutant Apes Yacht Club and ApeCoin.

Unfortunately, as is common in the cryptocurrency industry, such expensive and successful collections very often fall victim to hacker attacks. This is also the case with the collection we are discussing today. Over time, there have been a lot of questions about the security of the monkeys themselves. No wonder – not everyone wants to invest their hard-earned money in something that can be stolen easily and quickly.

The collection has also been accused of consumerism and late capitalism. And all because of the way it was created.

Bored Ape Kennel Club

The makers of the collection seem to lack clubs in Miami. Owners of Bored Ape NFT had the opportunity to adopt a club dog from the Bored Ape Kennel Club collection. The said collection was launched in 2021. At that time, adopting a dog was completely free. Members who wanted to adopt such an NFT only had to pay a gas fee. The Bored Ape Kennel Club collection was never offered for sale. The only way to get them is to own an NFT Bored Ape.

While we are talking about the Ape Kennel Club, we should also mention the Mutant Monkeys. The drop of this collection took place on 20 August 2021. The community was just thrilled with the idea and the way it was implemented.

Mutant monkeys can be created in two ways. By exposing Bored Ape NFT to Mutant Serum, or by minting tokens directly during a public auction. Mutants are the final stage of BAYC membership.

Summary

The Ape team is constantly exploring new possibilities. Although most of the project’s roadmap is behind us, we do not expect the developers to rest on their laurels and stop creating anything new.

The project is regularly making changes and entering into new partnerships. No wonder – the owners of the monkeys also have the commercial rights to their NFT in addition to the tokens. So they will mobilise the team for further development!