BAYC celebrates two years of success in the NFT jungle
BAYC marks its second anniversary as a top NFT collection thanks to its unique approach to intellectual property rights and celebrity endorsements.
A journey through BAYC’s growth and popularity
Two years ago, Yuga Labs launched the Bored Ape Yacht Club (BAYC), a collection of 10,000 unique ape avatars based on Ethereum. It has since grown into one of the most prominent NFT collections in the market.
The first batch of Bored Ape NFTs sold out within hours, generating millions of dollars in revenue. Inspired by the Planet of the Apes film trilogy, the collection’s mint price was 0.08 ETH at its inception.
Currently, the price floor for BAYC stands at 50.91 ETH, according to NFT Price Floor. With a floor cap of 509,100 ETH, the project ranks first on the platform. In April alone, BAYC generated 17,000 ETH in sales, translating to around $37.4 million.
Unique features and elite club membership
Each ape is a non-fungible token that complies with the ERC-721 standard, making integration into various marketplaces seamless. The collection does not require wrappers, which is another advantage for BAYC. Celebrity endorsements from the likes of Eminem and Snoop Dogg have also contributed to the collection’s success. The two rappers even performed as their BAYC personas at the MTV Video Music Awards last year.
BAYC ambassador JBond highlighted the project’s pioneering approach to intellectual property rights, stating that the NFT grants IP rights of the image to its owner. JBond referred to BAYC as the “face of NFTs” due to features such as universal IP and the growth of brands in the Yuga IP ecosystem.
Market performance and legal battles
Although CryptoPunks remains the leading NFT collection in terms of market cap, BAYC is a close second. OpenSea reports that BAYC has 5,646 owners, with 56% being unique holders. In its launch year, a coveted solid gold fur NFT was auctioned for 675 ETH, breaking many BAYC sales records.
With BAYC’s growing popularity, knock-offs have inevitably emerged. Recently, Yuga Labs won a legal battle against Ryder Ripps in the U.S. District Court for the Northern District of California. The court ruled that Yuga Labs is the rightful owner of the BAYC trademarks, which are legitimate and enforceable.
Expanding the NFT universe
In February, Yuga Labs launched its TwelveFold non-fungible tokens on the Bitcoin blockchain, further expanding its presence in the NFT market.
As BAYC celebrates its second anniversary, it’s clear that the project has truly gone bananas in the NFT world, swinging from one success to another.