Decentralization and blockchain technology has come a long way, these are not only being used for the sake of transferring funds from one place to another in an anonymous and completely decentralized way but now the extent of their application can be seen in the virtual markets as well including non-fungible tokens, Decentralized apps and the associations with Metaverse.
People are finally getting the whole picture painted in front of them that is not only limited to the transactional regime of cryptocurrencies or the movement of funds from one place to another but has a lot more to offer including non-fungible tokens, decentralized apps, but most security and compliance, interoperability and scalability of infrastructure regardless of what specific orientations you are dealing with on a decentralized platform.
One such element that has grown an incredible number of people around it is the Bored Ape Yacht Club, it is a non-fungible token club consisting of about 10,000 or so non-fungible tokens that are directly influenced by apes where each and everyone has a unique set of traits. You would find that some of these traits are pretty common which means that these will be available in a majority of these tokens whereas some of these are quite unique and rare which means that any collector who could get their hands on such a rare non-fungible token would really want to get it off of your hands for a handsome price.
You can definitely become a member of the Bored Ape Yacht Club and can score your first purchase by purchasing a non-fungible token with the help of an ape coin. This is an extremely wild concept at the moment and people are literally ready to pay a horrendous amount of money just to get their feet into the club and to become their validated members. Multiple non-fungible tokens are being created either by the club members or people who are new to this whole paradigm, these are made available for selling instantly over the platform and if you have the money then you can definitely buy these and store them off onto your own crypto wallet or a blockchain system for future use.
If it wasn’t enough the Bored Ape Yacht Club members were able to transform their apes into the mutant apes via the help of a serum which was made available by the club back in the day via an AirDrop. these newly minted mutant apes were also available for sale as soon as they got muted for approximately 3 Ether coins each. you must be thinking that there are literally hundreds of non-fungible token clubs out there so why one should care to become a member of Bored Ape Yacht Club?
The reason behind the success of Bored Ape Yacht Club is because it has taken a very common approach and turned it into something unique, it has developed in matters of non-fungible tokens and has made them exclusive only to the club members. Only a small number of people were able to do so which is why Bored Ape Yacht Club is not only a reputable club when it comes to non-fungible tokens but a great marketplace to explore if you are really interested in non-fungible tokens.
By becoming a member you would get access to exclusive features made available by the club along with various other benefits, it is not highly unlikely that Bored Ape Yacht Club has maintained the hype for non-fungible tokens all these years long and it continues to do so even still.
How are NFTs Changing the Crypto Space?
You might have enjoyed looking at a piece of art in your life, may it be a sculptor, painting, or some other form of art. It goes without saying that you can’t put a price on art, because of the fact that it is unique and falls in line with the overall personality and the process of the artist who has developed it. Art in itself is a business and one that continues to grow even to this date. Now that you have understood what art is and how valuable it is in the literal sense of the word, now try to understand digital art and how it is also unique and valuable just like conventional art.
Digital art is known as a non-fungible token, it represents a unique drawing, sketch, or painting that was created digitally and rests on one of the many blockchain systems out there chosen by the artist themselves. Now a single piece of digital painting could be broken down into millions of pieces with each piece referring to a single non-fungible token or it could be divided into thousands based on the original interest of the artist and how the whole deal came into being.
Similarly what the Bored Ape Yacht Club is offering to its club members is a single piece of an elaborative ape painting or digital copy, thus referring it to as a single NFT. You can buy a single non-fungible token or buy a plethora of these based on your interest or the type of money you have on yourself. Non-fungible tokens have become the bread and butter of the crypto space, people definitely wanted to rise above the conventional sense of using cryptocurrencies for just the transfer of money from one place to another or trading them and the non-fungible tokens have definitely provided them with an opportunity that investors like to explore.
The non-fungible token business is all about capturing the essence as well as the imagination of the user because if you don’t then your business model is not going to work and needs some refinement. The Bored Ape Yacht Club is definitely doing something different than many other non-fungible token clubs out there or else it would have been out of the business by now.
What is Bored Ape Yacht Club?
As explained earlier, Bored Ape Yacht Club has roughly a collection of about 10,000 unique non-fungible tokens which represent apes and these are developed right on the Ether blockchain. Each and every non-fungible token that you would be able to find in this club is extremely unique and different from the one that you might have looked at before. And this is the success formula that this club is embarking on when it comes to non-fungible tokens, each token enjoys a certain class of rarity which will virtually depend on the background of the token or what the art is showcasing, clothing of the art itself and the action that it is performing within the picture.
Yuga Labs initially started the Bored Ape Yacht Club back in the day with a distinctive goal in mind which was to provide the users and people who are willing to invest in the non-fungible token space with something that is unique, has some incredible value, and could be resold for a profit. Initially, it was decided that the club won’t be exclusive and anyone would be welcome to join but with people not taking non-fungible tokens seriously and believing it to be a Ponzi scheme it was later decided that the club must be exclusive so that only the individuals are investors and artists who truly respect the field could join the club and interact with each other at a better note.
This was it, the recipe for success that Bored Ape Yacht Club needed to make its battle cry to not only win within the non-fungible token space but truly provide people with a platform that is worth investing their time, energy, and focus in. The first few sales that the club secured were truly terrific, people loved the idea along with the uniqueness of this whole charade and to this day the club enjoys multiple requests on a daily basis from people wanting to become its member but it can only allow so many people who have access to its exclusivity which is why the screening process is extremely rigorous and only after proper scrutiny would you get the membership of this club.
Working Mechanism of Bored Ape Yacht Club
Each and every ape that gets minted for the bored ape yacht club or by the club itself is automatically given an ERC721 NFT token status right there on the Ether blockchain. Each and every token also retains the prospect of the non-fungible token which means that each and every token is completely unique from the rest and is interchangeable with any other NFT or crypto based on the total value of the NFT itself proposed by the manufacturing authority.
For an ape NFT to represent the bored ape yacht club, it must have seven distinctive elements or attributes to it, otherwise, it won’t belong to the club itself, and neither it would be exclusive. These seven attributes are the background, clothes, earrings, eyes, fur, hat, and mouth. There is a set of distinctive backgrounds used by the club itself when it comes to the development of new tokens. The new NFT that is to be built should only have one of these backgrounds or it won’t be a proper NFT that represents the club.
As for the other attributes mentioned above, all of these have to be unique for them to represent or take part in the minting of a new NFT that will represent the bored ape yacht club. The looks and styles for each and every attribute can be a bit different compared with the other tokens that are already available exclusively by the club itself. There can be a few revisions to an identical or same ape NFT which means that there could be more than one NFT that has the same attributes but there are some that are present in extremely limited numbers thus ferociously supporting their rarity.
The rarity of the ape NFT is inclined with the overall price that is to be decided for the NFT in question. If the attributes used are rare and the ape NFT itself is only available in limited stock then it means that the price is going to be higher and if a collector wants to have their hands on it then they would have to pay the expected amount and the fact that a rare NFT is not selling for a considerable period of time will have no dent on its rarity or neither it would be able to bring its price down. This is why the club in itself is so much exclusive that people literally yearn to have its membership.
Benefits of Bored Ape Yacht Club
The most incredible advantage of becoming a member of Bored Ape Yacht Club is that you would be able to participate in the exclusive events of the club and would get access to even the most recent non-fungible tokens that are not made available to anyone outside the exclusive membership list. Other than that you would be able to explore all the non-fungible tokens that were ever made available in the club and would also get first access to new tokens as soon as these are made available.
Not only this but you would also be able to upgrade your non-fungible tokens should a proper way or upgrade is made available. There were two new clubs founded after the success of the Bored Ape Yacht Club. these were mutant ape yacht club and the bored ape kennel club, both of these clubs allowed members from the Bored Ape Yacht Club to take part in their transitions and other exclusive aspects without having to pay an additional fee, these clubs offer non-fungible tokens that are relatively higher in price as compared to Bored Ape Yacht Club but still it allows members of Bored Ape Yacht Club to take part in whatever transition that the club is having at the moment.
Mutant Ape Yacht club
This specific club contains all the non-fungible tokens from the Bored Ape Yacht Club but with a twist. it means that the overall theme of these tokens is completely changed and is made zombielike, the very word mutant here means that the attributes of the non-fungible tokens that come from the Bored Ape Yacht Club are going to be changed for the users. A mutant serum vial, which was a marketing trick used by the Bored Ape Yacht Club was dropped to the original members so they can use these serum vials to upgrade or mutate the present ape non-fungible tokens at hand thus becoming an exclusive member of the mutant club.
If you’re thinking that there was some kind of pattern or a clear-cut agenda on the basis of which this serum was made available to the people then you are clearly wrong. There was no set pattern and these serum vials were given to people randomly, if this serum was given to an existing non-fungible token of an ape then it would create a new mutant ape that would have the same traits as the original one but with a graphic twist, changing the very look of the ape itself when the serum was applied.
This added to the overall rarity of these apes and the price tag which was stamped on these was also revised. according to many reports, this mutant club is going to be the final membership prospect from Bored Ape Yacht Club, and from now on the whole team will be focusing more on increasing the benefits of the club to the members and adding much more utility to the whole crusade.
What is the Mutant Arcade?
This is yet another offering proposed by Bored Ape Yacht Club which tends to increase the overall attractiveness of the club and lure in even more users than the club already has. The story of the non-fungible tokens and the atmosphere that these create are part of the reason why the club is so famous and holds an incredible spot among the crypto community.
If you really give in to the experience then you would come to know that it is something that comes with the proper theme, the story behind the non-fungible token that you hold in your hand, and to provide you with the experience of the Bored Ape Yacht Club has even inaugurated an arcade which is an in-game experience which provides you with more focus and exposure to the NFT that you are holding at the moment and the power to do more. If you are a fan of non-fungible tokens and an investor who truly aspire to add value to the community then you are in for a treat.
At present, the club might not be looking for new members but you can definitely apply and see their response regarding your request to join. If there is a slot available and your portfolio is fitting to the community guidelines of the club then you would definitely be awarded it or otherwise, you would be given a revision list regarding things that you need to do for the sake of becoming an active member.
It might sound like a bit of a hassle but generally speaking, when you become a member and get to see all these exclusive benefits thrown at you and the access to the newest and greatest non-fungible tokens that you receive is just out of this world, it makes all this endeavor that you have to go through worth it.
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