A few months ago we wrote a guide that explained what on earth the Bored Ape Yacht Club (BAYC) collection of NFTs actually is.
This collection of digital apes live on the Ethereum blockchain and is 10,000 strong, with each having a set of unique traits that hang over the original image of an ape looking bored.
In an interview with Verge, one of the Bored Ape co-founders, who goes by the pseudonym Gargamel, spoke of how the idea dawned on him and his co-worker Gordon in a unique experience:
“We were thinking, we have this club, this dive bar, what kind of people do we imagine would go into this bar? Who do we want? What kind of club would we ourselves want to be a part of? After a long night of brainstorming, it came to Gordon in a dream: Bored Ape Yacht Club.”
For a month now, there has been speculation about the possibility of BAYC flipping CrytoPunks in terms of NFT floor price, or the sale of the cheapest member of the collection, and last week it finally happened.
According to Cointelegraph, the price of the cheapest Bored Ape NFT for sale was at 53.9 Ether (ETH) on December 23rd, or $215,067, while the minimum asking price for a CryptoPunk was 52.69 ETH, worth $210,239.
These figures are likely to go up and down as the two collections jostle for the top spot, but BAYC’s floor price had been steadily increasing over the past few months in contrast to CryptoPunks’ steady decline.
BAYC was also in the news recently because a distracted trader accidentally sold one of the collectables for a hundredth of its market price.
Max, who goes by the username maxnaut, said the mistake happened after “a lapse of concentration” when he accidentally listed the NFT for 0.75 eth ($2,844) instead of 75 eth ($284,495). One of the more expensive typos in history.
“I list a lot of items every day and just wasn’t paying attention,” he told CNN.
He said that the NFT was instantly bought by an automated account, which later resold the piece for 59.99 eth ($227,558).
“I saw the error as my finger clicked confirm, but a bot sent a transaction with over 8 eth of gas fees so it was instantly sniped before I could click cancel. I have no animosity to the botter, it’s just part of the game,” he added.
Elsewhere, Adidas became the latest international brand to get involved in the BAYC. They purchased a Bored Ape avatar named Indigo Herz who sports a banana yellow Firebird tracksuit, a matching bucket hat, and a set of heart-shaped glasses.
“Us becoming a part of the Bored Ape Yacht club with Indigo Herz was more about symbolising us stepping in to join what’s already happening as opposed to just tossing something into the metaverse from the outside,” Tareq Nazlawy, senior director of digital growth at Adidas, told Complex.