JPEG of a monkey for a million dollars? CoinMarketCap Alexandria dives into the most popular NFT collection to find out the reason for its popularity. Read more!
In the midst of the growing NFT craze on the Internet, you may have seen a JPEG of the monkey looking bored as the Twitter avatar of some celebrities. The name JPEG is also, not surprisingly, Board Epiat Club. The NFT collection, which sold NFTs for at least 0.08 ETH ($ 247) by April 2021, reached a total sales of $ 1 billion in January 2022.
With Buzzfeed recently revealing the owners’ identities in a controversial report, NFTs from the collection have taken possession of several A-list celebrities. From Eminem’s choice to Steph Curry, countless celebrities have participated in the NFT hype and bought JPEGs from the Board Epiate Club for over $ 2 million.
So what is it about BAYC that made it so popular in such a short time?
What exactly is a bored ape yacht club?
To understand why so many big names are buying into this particular collection, we must first determine what this collection, or “club,” is.
According to BAYC’s official website, the club aims to offer a collection of “10,000 board APNFTs – unique digital collectors living on Ethereum Blockchain. Your board app as your Yacht Club membership card. It doubles and only gives access to members’ benefits. “
The board establishes each NFT from the Appetite Club as a digital receipt proving the holder’s ownership of it. Each NFT has its own specific traits ranging from outfits, accessories, and skin tones to expressions and moods.
The ownership of the NFT then gives special privileges to the owner and creates a secret club of the very rich people where only board app yacht club NFT holders are allowed. Monkeys are purchased using ETH and NFTs are hosted on the Interplanetary File System or IPFS, an equivalent way of sharing data. Like other NFTs, BAYC NFTs are stored on Ethereum as ERC-721 tokens.
It is important to understand that the owners of NFTs do not necessarily own the image or JPEG, nor is the JPEG of any value, but rather a certificate of ownership for which they pay millions. This certification is a member-only ticket to special parties and events hosted by their fellow BAYC NFT owners.
BAYC has gained a sectarian following since its inception, and its popularity can be gauged from its partnerships with PSG megastars and large companies. Rolling Stones Magazine, for example, recently partnered with BAYC for a special, “limited edition” monthly magazine. A Metaverse auction in Sotheby’s also included a BAYC NFT that sold for a total of $ 3.4 million, while a total of 101 NFTs sold for $ 24.4 million. Similarly, the Adidas and Animoca brands have also partnered with the NFT Collection, which has added value.
Founders Unveiled by BuzzFeed
The founding company of the collection is Yoga Labs, the owners are nicknamed Gordon Gunner, Gargamel, No Sass, and Emperor Tomato Ketchup. These funny nicknames are used to protect the identity of the owner. However, in early February 2022, a BuzzFeed article entitled “We Found The Real Names of Bored Ape Yacht Club’s Pseudonymous Founders” caused a stir in the corrupt community through technology reporter Katie Notopoulos.
The report presents the successes of the Board Appetite Club, stating that millions of dollars of total NFT collection revenue were raised first through initial sales and then through 2.5% of future commercial royalties. Furthermore, BAYC’s partnerships with Adidas and other brands are real-world deals, as opposed to the superficial status of cryptocurrency and NFTs. This puts the brand’s overall market value at $ 2.8 billion. The reporter argues that it is unwise for the owner of a billion-dollar company to be unknown to the general public. “If you don’t know who they are, how will you hold them accountable?”, The report said.
Of the four owners, the real identities of two, nicknamed Gordon Gunner and Gargamel, were revealed, while the identities of “No Sauce” and “Emperor Tomato Ketchup” are still unknown. The two founders were actually Greg Solano, 32, and Wiley Arano, 35, all of whom had professional writing backgrounds.
BuzzFeed Controversy: Doxing Accusations
When Yuga Labs, the company behind Bored Ape Yacht Club, confirmed the identities of the two founders, a backlash against BuzzFeed poured out of Web3 Twitter. The founders posted their own pictures on Twitter, alongside their NFTs, claiming that they were “Doxxed” by Notopolous. Solano captioned the pictures, “Got doxxed against my will. Oh well. Web2 me vs. Web3 me.” While Aranow Tweeted, “Got doxed so why not. Web2 me vs Web3 me.”
Doxxing is the term used when someone leaks personal information about a person in an attempt to make it easier for them to get harassed.
One of Notopolous’ reasonings behind the article was that most people believed that the BAYC NFT designs were based on discriminatory stereotypes and thus if the company ever needed to be held accountable, the hidden identities of the owners would make it impossible. As a response to this, old discriminatory tweets of Notopolous herself were dug out to divert the blame.
What Makes Bored Ape Yacht Collection So Special?
The board ape yacht collection essentially allows for the creation of a virtual universe, as is popular in Zuckerberg’s Metaverse these days. This virtual world is reserved for those who invest in it. An example of this is the “Bathroom” feature, a community drawing canvas that is available for all its members to write and draw whatever they want. Every 15 minutes, one pixel can be written on it. Like ridiculously expensive art, its value is determined not by its quality, but by its marketable “selling capacity”.
Plus, celebrities like Chainsmokers are included in the experience.
Owning NFT is more or less a status symbol that rich people can display while a monkey also gives its owners a sense of individuality as each monkey is completely unique in its characteristics and no two people buy one. Can The interest of celebrities in the board app yacht club has made it a trend, or something that is “cool”, so buying a monkey is also a sign of how trendy one is, as the saying goes. Anyone is a part of it. Clubs like social media influencer Paris Hilton, rap legend Eminem, megastar athlete Shakeel O’Neill, or business tycoon Mark Cuban.
You can also check out the newly launched BAYC Token, ApeCoin!
In addition, with every celebrity who buys NFTs from the board app yacht club, the club welcomes a whole new class of potential customers who are celebrity-influenced people. This has increased the overall value of BAYC and thus, for the innumerable rich people, it is a source of investment like a stock exchange. They buy the NFT at its current price, which, according to Yoga Labs’ reported investment talks with the Anderson Horowitz firm, could potentially increase to about $ 5 billion. This means that selling these NFTs in the future can bring back more than 100% profit.
Special Benefits For Members of the Club
Below are some of the privileges that a board member club member has access to.
- A special Discard server where only BAYC members are allowed.
- Randomly distributed free additional NFT collectibles that are sent to members’ wallets. After that they can be sold for a good amount.
- Tickets for members of a yacht club with unknown benefits. One of the benefits released was a community graffiti board called “Bathroom” for digital art. It delights the members in the appearance of BAYC’s universe.
- Ability to convert your monkeys into “mutants” using free air-dropped serum. These mutant monkeys can also be sold at about 3 ETH.
- Exclusive games like Mutant Arcade add to the special atmosphere that BAYC offers.
- Recently, BAYC launched ApeCoin, which has been shipped to board app NFT holders.
Celebrity Endorsement: Honest Recommendation or Advertisement?
In a January 2022 episode of the Tonight Show in which Jimmy Fallon co-starred with Paris Hilton, host Jimmy Fallon revealed that Paris Hilton “taught him what they [NFTs]” after which Praised Hilton and added him to the list of 50 Most Influential People in NFT Space.
Fallon coincidentally led the conversation and then he and Hilton both revealed that they owned NFTs from BAYC, including Fallon Board Ape # 599, the “Sea Captain” monkey who is now also his Twitter avatar. Is, and owns the Hilton Board App # 1294…
This class, however, seemed strange to many critics, who called it “the most uncomfortable current class of tonight’s show.” Justin Bieber appears to be buying Ape NFT for 1.7 million or Jimmy Fallon is approving NFTs in an effort to boost BAYC’s sales of 46.6 ETH, which is approximate ً 220k.
The Los Angeles Times says tonight’s show violates Comcast’s conflict of interest policies. Comcast owns NBC Universal, and the seemingly “relaxed” talk about BAYC on the NBC show could add to the growing value of the board app yacht club.
The success and popularity of the Board Epiat Club, therefore, can be attributed to some extent to the celebrity credentials it has achieved. Now, whether this endorsement is unintentional or intentional is a controversial issue.
Issues With Bored Ape Yacht Club
Board app yacht clubs and similar NFTs are not very popular but are ridiculed by critics. The following are some of the issues raised against the Board Epiat Club:
- Undisclosed of its other two founders.
- Non-disclosure of celebrity endorsement, if any.
- Most celebrities seem to have raised their voices in favor of the Board Epiat Club.
- An example of this is Jimmy Fallon’s interview with Paris Hilton.
- These shameless endorsements turn the tide of public opinion and could be a major factor in increasing the net worth of BAYC.
- Distinguished stereotypes of monkeys in the NFT collection.
- Monkeys are seen wearing heavy chains and playing with gold teeth.
- This is something that many people recognize as a digital black fee, as well as a historical comparison of a particular breed of monkey. Yoga labs deny racist motives
- Manipulate the public in investment. Cryptocurrency and NFT are definitely adding value.
- However, they are also unreliable and can reduce the price at any time.
- To the public, however, NFTs are presented as the ultimate way to make money through celebrities that have no effect, so that more and more people invest in them so that they can add value.
Future prospects for BAYC
The board app yacht club is currently the most popular NFT brand there. This means that it dominates the NFT charts. However, recent efforts by the company, especially the most profitable ones, seem to be trying to establish BAYC in the Web2 space.
BAYC’s partnership with the Animoca brands to develop a game that will apparently pay consumers to play the game. This way of earning money from the game seems promising as it will attract more and more users. The company BAYC is working to expand the universe into the real-life corporate world because of the billions of dollars it has invested in. In addition, its current investment negotiations with Anderson Horowitz firm could potentially make it worth $ 5 billion.
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