Five years ago, nonfungible tokens (NFTs), were an obscure concept that was only used by a handful of crypto enthusiasts. But, things changed in 2021, when NFTs became mainstream. The niche has disrupted many industries since then, including the gaming and art markets.
Although there are many NFT projects today, each one trying to outperform another, a handful of them like the Bored Ape Yacht Club, (BAYC) have made a huge impact on some investors’ lives in a relatively short time.
Happy Birthday, Bored Ape Yacht Club
Saturday, April 23, 2022, marked BAYC’s first anniversary, and some avid Ape holders like web3 enthusiast Chris Jourdan, AKA Captain Zwingli, looked back to the early days of the NFT project and how it helped pushed “the web3 space forward” and became “a cultural phenomenon.”
Yuga Labs launched Bored Ape Yacht Club, a collection of 10,000 Bored Ape Non-Ferrous Technology (NFTs) in April 2021. However, unlike other NFT projects which used bonding curve offer (BCO), participants in the BAYC Public Minting paid a flat price for each Ape of 0.08ETH (around $190).
According to Captain Zwingli, BAYC’s founders’ decision to adopt a fair, flat price distribution for the collection contributed greatly to the project’s success in its early stage.
It all began with the founders’ decision to ditch the popular bonding-curve launch model in favor fair and flat priced distribution.
This can’t be overlooked
1) The magic that happened a week later at mint out night would not have been possible on bonding curve
2) Set the new norm
— Captain Zwingli (@ChrisJourdan) April 23, 2022
Before the public launch, however, the BAYC deployer contract created the first 30 apes. They were distributed to the founders of the Web3 ecosystem. On April 23, 2021 the public was able to mint the remaining 9,970 Apes.
Surprisingly, at some point the floor price of this collection fell around 40% from the minting prices, while the least expensive Bored Ape traded for 0.03ETH ($70).
BAYC Surges 173x in One Year
After one Ape sold for 0.16ETH in secondary sales, all 10,000 Apes were minted within a week. The BAYC Collection began to attract crypto investors. In the weeks that followed, prices soared.
Not long after, mainstream investors began to join the BAYC bandwagon. They included celebrities and large corporations. This helped increase the popularity of the NFTs and their floor price.
The floor price for the BAYC collection at present is 139ETH, or approximately $403,000. This represents a ROI of more 173,600%. The most expensive BAYC NFT is not included in the floor price. Bored Ape #8817 record-setting $3.4 Million was paid for this Ape, while other notable and rare Apes were purchased at $2.3 million.