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In the flourishing NFT space, BAYC remains a Top Noche name.
Non-Fungible Tokens (NFTs) have become massively popular last year, which apparently proved to be a booming period for the concept. More and more currently popular NFT projects emerged in 2021. One such significant NFT project is the Bored Ape Yacht Club (BAYC). And the company behind this trendy NFT project is Yuga Labs.
What is Yuga Labs:
Yuga Labs is a popular NFT and Cryptocurrency marketing and development company that started with the launch of the Bored Ape Yacht Club (BAYC) project. The company has since sold Bored Ape NFTs with emerging to be a platform facilitating the development of more NFTs projects and development solutions.
And the company has grown quite considerably as its BAYC project became the most valuable NFT Project by Market Cap earlier in 2022.
A Backstory of Yuga Labs
The Yuga Lab core team comprises four members who are friends in real life and choose to use pseudonyms and remain behind ape avatars. The pseudonyms of these core members are, Garagmel, Emperor Tomato Ketchup, Gordon Goner, No Saas.
The utilization of Apes in the Bored Ape Yacht Club is something that was inspired by the history of people addressing themselves as apes in cryptocurrency. According to the founders, they played games like World of Warcraft, Star War Galaxies, etc. For them, the metaverse seemed like a new era of gaming experiences.
Yuga Labs: It’s More than BAYC!
But Yuga Labs is just not limited to the Bored Ape YC project, as it has expanded itself pretty well with the launch of Ape Coin, acquisition of some other NFT projects, etc.
This month, Yuga Labs acquired the intellectual property of the CryptoPunks and Meebits NFT collections from Larva Labs, which means now Yuga Labs own these brands with a copyright in the art and other property rights.
Mutant Ape Yacht Club is another separate NFT project by Yuga Labs that is a unique collection of 20,000. The collection was released in August last year. Along with this, BAYC makers launched an NFT called Serum, and holders of the Bored Ape card can add the Serum and mint them into Mutant Ape. They benefit not only the MAYC holders but BAYC ones as well.
ApeCoin:
Yuga Labs recently announced the launch of the native governance token for the Bored Ape project called ApeCoin. The focus of this coin would be to be utilized for Yuga Labs’ expansion of the BAYC into the Web3 and Gaming space.
ApeCoin was launched by ApeCoin DAO, which is a decentralized autonomous organization officially affiliated with the BAYC franchise. ApeCoin DAO’s Board consists of various popular names from the crypto space like Reddit co-founder Alexis Ohanian and FTX’s Army Wu. Both of whom would serve for a period of six months, and then the token’s holders would elect new members for one year term.
Though ApeCoin DAO is not equal to Yuga Labs or BAYC project because the latter two are centralized entities. The initial plan of the ApeCoin DAO is to utilize the money from the sale to develop an ecosystem sound the coin, including game development, merch production, events, and apparently an NFT marketplace also.
The total supply of the ApeCoin is 1 Billion, out of which 62% is allocated to the ApeCoin community, and 15% is available for the BAYC NFT holders to claim.
Yuga Labs airdropped the ApeCoins for the ones who held one of their NFTs, and a major thing that happened was someone found a way to claim the airdrop without even initially owning an NFT and managed to claim around $1 million to themselves.
At the time of writing, the ApeCoin has a value of $12.84, and it witnessed its All-Time High on March 17 when it hit $39. The coin has gained a lot of attraction from the investors that it maintains its positions among the top 50 coins and tokens by market cap. ApeCoin has a current market cap of $3,561,239,628
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club(BAYC) is an Ethereum based collection of 10,000 unique Bored Ape NFTs. Created by Yuga Labs, the Bored Ape Project features animated Apes with unique and distinct characteristics. It was launched in April 2021 and gained quite a popularity quickly in a short time.
The unique feature about the NFTs is that no two NFTs could be alike. In the case of BAYC, each ape is generated from more than 170 possible characteristics, that includes expressions, headwear, clothes, body color, etc. And the Apes with the rarer traits can be more expensive in comparison to others.
Owners of the Bored Ape NFTs are facilitated with access to a private online club, exclusive in-person events, and intellectual property rights for the image.
An individual’s Bored Ape doubles as their Yacht Club membership card. BAYC is on its way to becoming an off-chain brand, something that exists out of blockchain. It has popular names and brands like Adidas, Eminem, Justin Bieber, Gwyneth Paltrow, Jimmy Fallon, etc., associated with it. Only recently, Madonna acquired a BAYC NFT.
BAYC NFTs sales continue to rise constantly; some of the most viewed Bored Apes among the NFT enthusiasts are #3368, #9996, #3650, etc. Among the most expensive BAYC, NFTs is #8229 with a floor price of 15,000 ETH. The most favorites Bored Apes for the BAYC NFT freaks are #4591, #3650, etc.
Earlier in mid-march, Yuga Labs teased the new Bored Ape Yacht Club metaverse by tweeting a trailer and highlighting, see you on the other side in April, which is powered by ApeCoin. And this seems to be another upcoming fascinating experience for Bored Ape Yacht Club (BAYC) fans as its creators have signified its new BAYC metaverse.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
