Since debuting in April 2021, one NFT collection has redefined what it means to be a digital community, becoming a global phenomenon of art, technology, and internet culture.
That collection is the Bored Ape Yacht Club.
Bored Ape Yacht Club (BAYC) stands out for its rapid rise to the peak of the NFT industry, its lauded community, and its many ups and downs to date. Bored Ape NFTs have become collectible status symbols, with countless celebrities and prominent individuals as holders – but why are they so coveted, what has been their journey, and why do they continue to capture our imagination?
Master the topic, as we explain the past, present and future of the Bored Ape Yacht Club in 2024.
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club is a collection of 10,000 NFT apes minted on Ethereum. Created by Yuga Labs, these Apes are each composed of a fusion of unique traits, such as clothing, hats, accessories and more.
Collectors of Bored Ape NFTs enjoy a range of benefits. These include access to members-only spaces, merchandise, in-person events – such as the annual ApeFest – and access to additional NFT collections and products, such as Mutant Ape Yacht Club, Otherside and more.
Holders of Bored Ape Yacht Club NFTs are also granted the commercial rights to their Ape, to use however they would like. This has led to a variety of derivative brands – many supported by the Made by Apes initiative – with one prominent example being the Bored & Hungry restaurant chain.
Bored Apes count many high-profile celebrities amongst their holders. This includes Eminem, Snoop Dogg, Jimmy Fallon and more. Many of these celebrities have set their Bored Ape as their online profile picture, or have used their ape in media products, which has boosted their visibility and demand.
The history of Bored Ape Yacht Club
Bored Ape Yacht Club minted on April 30, 2021, priced at 0.08 ETH each – roughly $190 USD at the time. Sales were modest, until Pranksy purchased several Apes and promoted the collection, leading to all 10,000 NFTs finding a home inside 12 hours.
As the popularity of NFTs exploded in late 2021 and early 2022, Bored Apes rose to become the 2nd most valuable NFT collection in the world – only behind CryptoPunks – which is a spot they’ve maintained to this day.
Bored Ape NFTs hit their all-time high on May 1, 2022, with a floor price of 128 ETH – roughly $360,000 USD at the time. Select BAYC NFTs have sold for 7-figures, with many auctioned at the likes of Sotheby’s and Christie’s. The largest Bored Ape sale took place in October 2021, when Bored Ape #8817 was sold for $3.4 million USD.
The success of Bored Ape Yacht Club has led creators Yuga Labs to mint a number of companion collections, such as Bored Ape Kennel Club in June 2021, Mutant Ape Yacht Club in August 2021, and Otherdeed NFTs for Otherside in April 2022.
The ApeCoin DAO – a decentralised cohort that supports the Bored Ape ecosystem – was formed in early 2022. They released the ApeCoin ($APE) token in March 2022, and have played a part in the creation of the ApeChain.
Yuga Labs have also expanded beyond NFTs. There’s the Otherside metaverse, endless runner game Dookey Dash, and the fabled ApeFest – an annual in-person event for Bored Ape holders.
The company has also been able to acquire other major NFT collections. Larva Labs’ CryptoPunks and Meebits entered Yuga ownership in March 2022, Beeple’s 10KTF was acquired in November 2022, and PROOF Collective – including the likes of Moonbirds – was purchased in February 2024.
Bored Apes biggest challenge came in mid-2022, when artist Ryder Ripps created the copycat RR/BAYC collection. This saw the artist be served with a lawsuit from Yuga Labs, which spurned wild theories from Ripps that Bored Apes were based on racist imagery with Nazi links – leading to a court case that was settled in Yuga’s favour in 2023.
What’s next for Bored Ape Yacht Club?
As we enter 2025, we expect Bored Ape Yacht Club to retain its spot as one of the most coveted NFT collections in the world.
The Otherside metaverse – where Bored Ape holders can interact, play games and participate in large-scale events – continues to be in development, and we hope to see access expand over the next year.
ApeChain – a purpose-built blockchain for the Bored Ape ecosystem – has been in development throughout 2024. 2025 is set to see core features of the network – such as native yield, one-click onboarding and the integration of Apple Pay – become available to users.
Top-level partnerships continue to be struck – and we anticipate more will be on the way. Bored Apes recently partnered with BMW on an exclusive merch line and the first ApeCar – a BMW 2 Series Gran Coupe with a custom Bored Ape livery, available to a lucky member of the community via a raffle.
To many, Bored Ape Yacht Club is the face of the NFT industry. As its list of partnerships, experiences and products continues to expand, BAYC’s status as one of the most desirable and coveted NFT collections in the world will only grow – and we can’t wait to see what the future has in store.
Riding crypto waves since 2012, bridging digital and physical worlds through prose.