Bored Ape Yacht Club – What are they?
Bored Ape Yacht Club is one of the few NFT projects created by Yuga Labs of Virginia. The BAYC project was launched in April 2021, and each token had a value of 0.08 (which was equivalent to around $185 at the time). In just a few months, the value of the Apes grew exponentially to the point that one of the apes was sold at auction for $2.25 million.
The project was created by four friends from Yuga Labs who said they wanted to test their skills and build something. Not only did they create a product that everyone wanted, but they created even more hype by giving away additional NFTs to BAYC owners.
The principle of BAYC was that every monkey needed a mate and all BAYC members received a free NFT Kennel Club. Mutant Ape Yacht Club started with the same principle on August 24, 2021. Each BAYC owner received mutant serums that allowed them to “move” their monkey, creating unique NFTs without altering the original.
Club members not only receive free NFT drops but also have access to a private Discord server and “The Bathroom” (a graffiti newsletter accessible only to those who own one of the assets and are logged in to MetaMask).
The Ape owners also seem to spend time on social media, using their NFTs as profile pictures or chatting with each other. Several celebrities have joined the club, including hip-hop artist Waka Flocka Flame, entrepreneur Gary Vaynerchuk, NBA champion Stephen Curry, influencer Logan Paul and NFL player Von Miller.
How to Buy a Bored Ape Yacht Club NFT
Below are quick steps on how to purchase the first BAYC. If you are a complete beginner, we recommend that you read these steps carefully.
Step 1: Create a Web3 wallet using MetaMask
The first thing you need to do when buying NFT digital assets is to create a Web3 wallet using MetaMask, a Google Chrome extension. MetaMask lets you easily (and securely) perform crypto transactions. The extension is available on Android, iOS, and in the browser.
To install MetaMask, follow these steps:
- Step 1: Visit MetaMask and find the “Download Now” button. The extension is available for many browsers and is also available as a mobile app. Choose the version that suits your device.
- Step 2: After installing MetaMask, click on the extension icon and select “Start.”
- Step 3: Click on “Create Wallet.” MetaMask will generate a new wallet address, which will be unique to your account. Be sure to write the key phrase carefully and keep it in a safe place. While some people might memorize it, others keep it in a safe or vault.
- Step 4: Generate a strong wallet password that cannot be easily guessed.
- Step 5 – At this point, you will need to click on the words to confirm the opening phrase. This extra step makes your account less susceptible to being hacked.
Step 2: Create an OpenSea account
Create an OpenSea account to potentially purchase a Bored Ape Yacht Club NFT. Being the first and largest marketplace for NFT, OpenSea makes it easy to find outlets available in the market with its category system. Not only can you search BAYC, but you can also search for Kennel Clubs and Mutants.
Step 3: Connect your MetaMask to OpenSea
Signing up for OpenSea is easy. All you have to do is log in to your MetaMask account on the platform by following the steps below:
- Step 1: The first thing you need to do is log in to the OpenSea site. Then click on the “Account” icon in the upper right corner of the browser, selecting “My Profile” from the drop-down menu.
- Step 2: On the next page, click on the “Login” button under the MetaMask icon to activate the browser extension in the upper right corner of the screen.
- Next Step: Make sure there is a tick next to your account before clicking the “Next” button.
- Next Step: You will need to click on the “Connect” button to end the connection on the next page.
Step 4: Buy ETH
To buy BAYC assets, you will need to invest in cryptocurrency ether (ETH). To do this, you will need to buy it from a reputable exchange available in your area. Once you have found the best exchange for your needs, you will need to follow these steps:
- Step 1 – Create an exchange account by entering your email address and generating a hard-to-guess password. Depending on the exchange, other questions may need to be answered.
- Step 2: Many reputable exchanges do their due diligence to protect their clients by verifying their identity.
- Step 3: Once your account has been verified, you will need to connect a credit card or bank account to your exchange to purchase ETH.
- Last Step: Buy enough ETH to buy your BAYC NFT and any gas fees you need to pay for the Ethereum blockchain. Please note that it may take several trades before the exchange allows you to trade larger volumes.
Step 5: Transfer ETH to MetaMask
When you have the ETH required to make future gas purchases and commissions, transfer it to your MetaMask account using your unique wallet address. You can visit etherscan.io to determine estimated gas rates (how Ethereum blockchain miners get paid).
Step 6: Find the BAYC collection on OpenSea.
Once your MetaMask account has received the ether, return to OpenSea to find an NFT BOYC available for purchase. To do this, search for avatars in the search bar or use the OpenSea filters in the left sidebar.
Make sure you are in the verified category with verified NFTs before making a purchase. Look for the verified badge (a blue icon with a checkmark) next to the collection name if you’re not sure.
Once you reach the BAYC category, you can use several filters to search for certain types of monkeys (fabulous fur, eye patch, etc.).
Step 7: Buy a BAYC NFT
Make an offer or buy the available BAYC NFT you want to buy. Understand that you may not always be able to find digital assets in this NFT collection. They are quite rare, and their owners like to keep them. That being said, check back often to see if they are available.
Step 8: Approve in MetaMask
After successfully making an OpenSea purchase, you will need to approve the transaction in MetaMask. Pay the NFT and gas fees to process the transaction.
Now that you have such a valuable asset, you want to store your non-fungible token in a physical wallet instead of relying on your browser-based wallet. While MetaMask takes steps to protect you if your computer or browser is compromised, someone else can gain access to your wallet. A sturdy wallet will keep your BOYC safe.
Nnamdi Adibe is a native English writer and can write about many things. With his writing skills, he can provide well-researched content.
Nnamdi Adibe is a prolific writer at gblogo.com. He is interested in bringing you perspectives on financial liberation, fun, and investment from the rare vantage point of experience.
He provides insights on fintech, crypto and digital assets, and sustainable finance and investments and promotes a transparent, secure, and quality digital financial future for everyone.
Determination, honesty, and responsibility are important values of Nnamdi that he tries to maintain at all times.