Do you remember 2021? Apart from the pandemic and lockdowns, the internet was flooded with images of apes being sold for hundreds of thousands of dollars. Sounds absurd? The world of NFTs (Non-Fungible Tokens) became one of the biggest trends of that time. Leading this phenomenon was Bored Ape Yacht Club (BAYC) – a collection of ten thousand unique images of bored apes. These digital pictures attracted the attention of celebrities and investors, with prices skyrocketing. But why were these apes worth so much? What made them a status symbol in the crypto world?
Bored Ape Yacht Club – An Exclusive Digital Club
Each ape in this collection is a unique file stored as an NFT on the Ethereum blockchain. NFTs (Non-Fungible Tokens) represent digital assets that cannot be copied or replaced with another identical item. In practice, owning a Bored Ape NFT granted access to exclusive communities, live events, and even the commercial rights to the image.
Some apes were rarer than others, featuring unique accessories like laser eyes, golden fur, or unusual backgrounds. The rarest ape was sold in 2021 for $3.4 million.
How Was the Collection Created?
BAYC was developed by four friends from Miami: Greg Solano and Wylie Aronow, along with two developers known as “Emperor Tomato Ketchup” and “No Sass.” The creators remained anonymous for a long time.
The inspiration behind the collection was a vision of the future where early cryptocurrency investors had already made their fortunes, leading to boredom. The idea was that they would spend their time on yachts, discussing investments. This led to the concept of “bored apes,” symbolizing this imagined reality.
The artwork was designed by an artist known as All Seeing Senca, and each ape was created using a random generation process to ensure uniqueness.
Why Were BAYC NFTs So Expensive?
Several key factors contributed to the collection’s high value:
- Limited supply – only 10,000 tokens, increasing exclusivity.
- Strong community – owners gained access to private forums and events.
- Celebrity involvement – buyers included Justin Bieber, Paris Hilton, and Stephen Curry, attracting more attention.
- Investment potential – many people bought apes hoping to resell them for a profit.
However, not all investments paid off.
What Happened to BAYC After the NFT Boom?
By 2022, the NFT market began to slow down. Prices dropped, and some investors who bought NFTs at peak prices suffered losses.
BAYC still exists, and its creators continue to expand the ecosystem with projects like ApeCoin, a cryptocurrency tied to BAYC. However, prices have significantly fallen—while they once sold for hundreds of thousands of dollars, today their value is closer to tens of thousands.
BAYC Extensions – New Projects
Following BAYC’s success, its creators introduced additional collections:
- Mutant Ape Yacht Club – mutated versions of the apes, created using “Mutant Serum.”
- Bored Ape Kennel Club – a collection of digital dogs available to BAYC owners.
- ApeCoin – a cryptocurrency used within the BAYC ecosystem.
However, there were also challenges. BAYC became a frequent target for hackers, with many owners losing their NFTs due to scams and phishing attacks. The project was also criticized for promoting exclusivity and consumerism.
Are NFTs Still a Good Investment?
NFTs have proven to be more than just digital images—they provide access to communities and exclusive events. However, the market has changed significantly since BAYC’s peak.
- Today, the NFT sector is much quieter than in 2021.
- BAYC prices have dropped, but the collection remains relevant.
- The future of NFTs depends on their real-world applications, such as gaming, virtual worlds, and ownership verification.
For investors, this means higher risks. While NFTs can still be profitable, the chance of repeating BAYC’s massive success is slim.
Summary
Bored Ape Yacht Club remains one of the most famous NFT projects, symbolizing the digital revolution in collectibles. While its popularity has declined, the collection still exists and continues to evolve.
