Bored Ape Yacht Club (Explained Simply)
What is Bored Ape Yacht Club (BAYC)?
A collection of 10,000 unique NFTs created by Yuga Labs, The Bored Ape Yacht Club offers digital collectibles minted on the Ethereum blockchain. The NFTs are created programmatically from 170 unique traits and they are stored as ERC-721 tokens. The NFT acts as a membership pass to the club since as a holder you are granted access to members-only benefits. One such benefit is access to the club’s THE BATHROOM which is essentially a collaborative graffiti board.
The Bored Ape Yacht Club smart contract runs on the Ethereum network and according to the founding team of four friends, when a person/entity purchases a Bored Ape, they are gaining membership access to a club which will continue to offer benefits over time. So as a Bored Ape owner you’re not simply purchasing an avatar or a provably-rare piece of art but something that can even act as a digital identity.
The project has garnered mainstream interest and there’s quite the hype around the projects with notable celebrities including Steph Curry, Adam Draper, Eminem, Post Malone, Jimmy Fallon, Snoop Dogg, Marc Cuban, Shaquille O’Neal, Future, and others reported to be owners.
When someone purchases a Bored Ape NFT, they own the underlying Bored Ape and artwork completely. The ownership of the NFT is mediated through smart contracts on the Ethereum network.
NFTEXP.IO is a Bored Ape community tool with the goal to liberate access to key data points within the NFT market. It is a browser-based software suite that is designed to help people understand and trade the NFT market.
RARITY.TOOLS is a website that ranks generative art and collectible NFTs by rarity. Some of the projects currently featured on the site include Bored Ape Yacht Club and CryptoPunks which is also another unique collection of digital collectibles on the Ethereum blockchain.
Originally posted on Decentralised News
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