BAYC Derivatives Explored
Bored Ape Yacht Club (BAYC) derivatives are slightly modified versions of the original BAYC Non-Fungible Token (NFT) digital art. The modified NFTs or derivatives have recently gained demand in the digital market. Well, you now know what BAYC derivatives are. But what about the 'Bored Apes' in Bored Ape Yacht Club?
In simple terms, BAYC is a collection of digital art commonly known as non-fungible tokens (NFT). The art features Ape cartoon profile images generated by a computer algorithm. The BAYC art collection is built on the Ethereum blockchain and launched on 23 April, 2021.
Four friends, Greg Solano, Wylie Aronow, Zeshan Ali, and Kerem Atalay, founded Yuga Labs, the BAYC parent company. According to Aronow, the name 'Ape' is derived from the term 'aping in', used in cryptocurrency, like Dogecoin, to mean buying a new NFT or currency after its launch without doing thorough research.
Why are BAYC derivatives so popular?
Currently, there is increased publicity around NFTs and their derivatives that has attracted millions of buyers keen on making a profit. Also, the fact that one can use their Bored Ape as an avatar on social sites makes these NFTs appealing to many. In addition, exposure by celebrities, collaboration with big brands, and scarcity have jointly made BAYC derivatives very popular.
Are the derivatives valuable?
More often than not, original NFT collections are out of bounds to many traders who fail to get on board early on. This drives traders and creators to make their most desired and popular NFT collections derivatives. By doing so, they also enjoy the hype around the original collections and make huge sales after minting them. However, this approach is not sustainable, and many derivatives do not last long.
Currently, the price floor of a Bored Ape is $86,788, equivalent to 57.75 ETH, and still one of the best and most popular NFTs in the market. This basically gives these derivatives an upper hand when it comes to value.
Although many are still speculating on cryptocurrency's value stability and Anti-Money Laundering (AML) security measures, things don’t look like they are changing any time soon.
Author: Rose Kigwaini
Rose Kigwaini is a passionate award-winning content writer who specializes in SEO editorial and blog content for websites. She is a fervent learner and enjoys learning new skills whenever an opportunity arises.