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NFT Monkey: Understanding the Bored Ape Yacht Club (BAYC) Collection
The term monkey NFT primarily refers to the digital artworks of the Bored Ape Yacht Club (or BAYC ), an iconic NFT collection non-fungible token ecosystem . 2021 by Yuga Labs this collection monkey-headed NFT market and attracted the attention of celebrities, collectors, and investors worldwide.
Table of Contents
What is an NFT monkey and the Bored Ape Yacht Club?
A monkey NFT refers to a Bored Ape NFT from the Bored Ape Yacht Club collection . An NFT (non- fungible ) is a unique digital asset, recorded on the blockchain , which guarantees its authenticity and ownership history. Unlike a typical monkey image, a monkey NFT is a token whose scarcity and ownership are publicly verifiable.
The Bored Ape Yacht Club is a collection of 10,000 algorithmically generated monkey NFTs monkey-headed NFTs have become status symbols within the crypto community , offering their owners exclusive benefits such as access to private events (e.g., Ape Fest ), closed online groups, and marketing rights.
History and origins of the Bored Ape Yacht Club
The Bored Ape Yacht Club collection was launched in April 2021 by Yuga Labs , founded by four friends using the pseudonyms Gordon Goner , Gargamel , No Sass, and Emperor Tomato Ketchup. Their goal was to create an NFT project that was both artistic and community-driven. The launch was an immediate success: all 10,000 NFTs sold out in less than 12 hours for 0.08 ETH each, which was approximately $200 at the time.
BAYC quickly distinguished itself through its unique world, its storytelling, and the integration of its members into an exclusive ecosystem . Access to virtual spaces, such as "The Bathroom," and the ability for Bored Ape to market their monkeys have enhanced the appeal of the NFT collection .
Why did this collection become such a huge success?
The success of the Bored Ape Yacht Club can be attributed to several factors:
- Unique works depicting monkeys in a recognizable style
- A scarcity effect, each NFT bayc being unique
- Exclusive benefits for Bored Ape holders (events, commercial rights, access to private groups)
- The enthusiasm of celebrities like Eminem , Snoop Dogg , Justin Bieber , Neymar , and Jimmy Fallon
- A strong presence on social media and in crypto
- Collaborations extensions such as the Mutant Ape Yacht Club , Otherside ( metaverse ), and the launch of the ApeCoin token
Price trends and sales records
Initially, a bored ape NFT cost 0.08 ETH (approximately $200). Demand quickly skyrocketed, driving the floor price (the minimum price to buy a Bored Ape ) to record highs. In September 2021 Sotheby 's auction , a lot of 101 Bayc NFTs sold for $24.4 million . Some Bored Ape have reached record prices, such as Bored Ape #8817, which sold for $3.4 million (819 ETH ), and others have sold for over $100,000 each.
The price floor peaked at 152 ETH (approximately $429,000) in April 2022. In 2023 and 2024 NFT market experienced a sharp correction, with the price floor falling to 27.4 ETH (approximately $53,000) and then to as low as 10.9 ETH ($34,000), representing a drop of over 88% from its peak. Despite this volatility, the Bored Ape Yacht Club NFTs remains high compared to most other NFTs .
Where can I buy an NFT monkey?
To buy a monkey NFT from the Bored Ape collection , you need to go through a platform specializing in non-fungible tokens :
- OpenSea : the best-known marketplace for NFTs BAYC
- Binance also offers the purchase and sale of NFT bored ape Yacht Club
- Blur : an emerging platform appreciated by collectors
Payment is usually made in ETH ( Ethereum ), the cryptocurrency of the Ethereum blockchain . Buyers must have a compatible wallet (e.g., MetaMask) and cryptocurrency to complete the purchase.
How to buy and sell a BAYC NFT?
Steps to buy a monkey head NFT
- Create or buy a crypto compatible with the Ethereum blockchain (MetaMask, Ledger , etc.)
- Buy ETH on a platform like Binance crypto exchange
- Transfer your ETH to your wallet
- Connect your wallet to OpenSea or another NFT marketplace
- Search the Bored Ape Yacht Club collection and select the desired NFT monkey
- Confirm the purchase by paying the displayed price (or by participating in an auction if the seller offers one).
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Selling a Bored Ape NFT
- Connect your wallet to the marketplace
- Select the NFT bay for sale
- Set a price or start an auction
- Confirm the transaction on the blockchain
- The buyer pays in ETH and the NFT is transferred automatically.
Storage and security of NFTs Bored Ape
A Bored Ape Yacht Club NFT must be stored in a crypto wallet that holds the private key guaranteeing ownership on the blockchain.
Among the solutions, offline wallets compatible with NFTs, such as Ledger , offer optimal security by isolating your private keys from the web, significantly reducing the risk of hacking or theft. Using a hardware wallet is therefore highly recommended to protect your BAYC NFTs, as several holders have already lost their assets due to fraud or online attacks. For more details on the different Ledger , we invite you to read our Ledger model comparison article .
BAYC NFTs and the Bored Ape ecosystem
Bored Bored Ape owners enjoy numerous benefits:
- Access to physical and virtual events ( Ape Fest , private parties, etc.)
- Commercial rights to their monkey NFT (creation of derivative products, use in works, etc.)
- Participation in the Bored Ape ecosystem via the ApeCoin token , used for transactions and governance
- Priority access to new projects like Otherside , the metaverse developed by Yuga Labs
In March 2022 , Yuga Labs announced the acquisition of CryptoPunks and the launch of Otherside metaverse universe where Bayc NFTs are integrated as avatars or collectibles. The ecosystem was further enriched with the Mutant Ape Yacht Club and new tokens to reward holders .
Celebrities and the BAYC collection
The popularity of the Bored Ape Yacht Club was boosted by the purchase of NFT monkeys by numerous celebrities :
- Eminem and Snoop have used their NFTs in music videos and artwork.
- Justin Bieber , Neymar , Jimmy Fallon , and Paris Hilton are among the holders
- Some Bored Ape items have sold for over a million dollars , reinforcing the premium image of the Bored Ape collection
Why buy a monkey NFT?
NFT bored ape Yacht Club yachts are sought after for:
- Their collector value and rarity
- Access to an exclusive ecosystem
- Their resale potential at high prices
- Their role in the metaverse and virtual universes
- The social prestige associated with owning a monkey-headed NFT
For those looking to invest in the most well-known NFTs, BAYC remains a benchmark, although the value of NFTs is very volatile.
Conclusion
The Bored Bored Ape Yacht Club NFT monkey is much more than just a digital image: it's a non-fungible token (NFT) registered on the Ethereum blockchain , at the heart of a dynamic and prestigious ecosystem 2021 , Yuga Labs has transformed this NFT collection into a cultural and financial phenomenon, attracting celebrities , collectors , and investors.
To buy, sell or store a bored ape nft , you need to understand the specifics of blockchain , marketplaces like OpenSea or Binance , and the importance of digital security.
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Yoann
Trained as an engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future, I am participating in its democratization by developing Crypternon.
