It is difficult to live in the world without a companion, even if you are a member of a prestigious club. This is the opinion of the Yuga Labs team, the founders of the Bored Ape Yacht Club (BAYC), who launched the Bored Ape Kennel Club (BAKC), a derivative animal project of the NFT. As a result, every bored monkey in the BAYC collection has a funny NFT puppy.
BAKC startup instantly became one of the market hits. Since the airdrop in June 2021, brisk trading has begun. The excitement around the collection has not subsided so far: in terms of secondary sales for all time (more than 124 thousand ETH), it ranks 12th on OpenSea, and the floor price is a staggering 8.3 ETH. What other derivative project can boast of such merits? There are simply no analogues of such success in the market.
In today’s review, we will consider the reasons for the dizzying success of the dog collection and its prospects.
Bored Ape Kennel Club Official Links
All official references of the Bored Ape Kennel Club derivative project are the same as those of the Bored Ape Yacht Club main collection:
- Official site https://boredapeyachtclub.com
- Twitter @BoredApeYC – over 1 million subscribers
- Discord @BoredApeYachtClub – over 172K subscribers
- Instagram @boredapeyachtclub – over 672K subscribers
What is Bored Ape Kennel Club?
The Bored Ape Kennel Club is the original collection of 10,000 ERC-721 NFTs generated and stored on the Ethereum blockchain. BAKC NFTs are images of the Shiba Inu dog, which has become mega popular thanks to Dogecoin. All dogs are companions and friends of the main Bored Apes.
Bored Ape Kennel Club in numbers
- 10,000 unique Bored Ape Kennel Club Dogs were given to all Bored Apes owners for free as an airdrop on June 14, 2021,
- 398 holders of the main tokens did not take part in the minting, so at the moment there are only 9602 puppies,
- The project is ranked 12th among the best collections in terms of sales of all time on the largest NFT marketplace OpenSea.
- Total secondary sales exceeded 124k ETH (over $196m at current exchange rates),
- Floor price is 8.3 ETH (about $13k). Considering the free drop of the derivative collection, this is a staggering asset price.
- Average sales are in the range from 8 ETH to 10 ETH,
- The most expensive Bored Ape Kennel Club #8800 was sold on August 7, 2021 for 75 ETH ($216K at the time of sale).
- Total 5751 unique holders (60%),
- Only about 4% of the collection (403 pieces out of 9602) are for sale, among them the range of offers is from 8.27 ETH to 30 ETH. This shows that almost all holders see the project as a great investment prospect and are not in a hurry to part with their assets at a lower price.
- Yuga Labshas donated nearly $900,000 from its royalties to various animal charities.
Data (including exchange rates) are given at the time of publication of the article
Bored Ape Kennel Club Types and Attributes
The development team has tried to give unique features to all the tokens of Bored Ape Kennel Club. Each of them has an authentic appearance, inimitable ploy of character and unusual equipment. In short, the collection of puppies is extremely creative and diverse.
To individualize the monkeys’ barking companions, the developers used 172 different traits:
- 16 types of equipment, which can be a Japanese kunai knife, jetpack, toilet paper dispenser, rocket launcher, basketball hoop and more;
- 32 eye variations (this variety is designed to emphasize the expressiveness of NFT puppies and make their images memorable for NFT owners);
- 17 vatiations of paws that can be shod with wingtips, sneakers, boots or even fins;
- 16 types of wool (from ordinary brown fur to outrageous cyberpunk colors);
- 32 variations of the head: there may be a hat, a headband or other things on it;
- 36 forms of the mouth (dogs may sometimes beam from ear to ear, show their teeth in a threatening way, show their tongues, or even breathe fire);
- 23 variations of the neck (a butterfly knot, collar, beer keg or bandana can be used as a neck accessory).
Each dog has its unique features like the structure of the body, the type of fur and equipment. However, there’s more to it. Each image is distinguished by its background (swamp, outbuilding, bar, club, etc.) and has one of 9 themes (dog-fighter, cyberpunk, robot, zombie, etc.).
Thus, if you want to add some dog token to your NFT collection, you will have to check out a wide range of features. The one thing you should consider is the following: the rarer the features, the more expensive an NFT can cost.
Who created Bored Ape Kennel Club?
Let’s make an NFT These words launched Yuga Labs, the initiator of BAKC
Yuga Labs was founded by four friends. All of them are known in the crypto world under fictitious names, until two of them were doxed by BuzzFeed in an article in February 2022.
- Gargamel – Greg Solano, creative writer and editor;
- Gordon Goner – Wylie Aronow, Solano’s friend, storyteller;
- Emperor Tomato Ketchup – Kerem, software engineer;
- No Sass – Zeshan, software engineer.
How created Bored Ape Kennel Club?
BAKC is not the first creative NFT product from Yuga Labs. Its most sensational project was the Bored Ape Yacht Club collection. As soon as it appeared in the crypto space, it had the effect of a tsunami that destroyed all the forecasts of skeptics.
The crypto community still remembers the boom in the NFT market in March 2022, when the prices for BAYC NFTs skyrocketed (one token cost $200,000).
Paris Hilton herself was interested in Bored Apes, and the world-famous rapper Eminem purchased one of the tokens for 123.4 ETH and set it as his profile picture on Instagram.
However, even before this unheard-of triumph, in June 2021, Yuga Labs was able to attract the attention of crypto enthusiasts. The company announced an airdrop for NFT holders of Bored Apes.
When BAKC tokens appeared in the wallets of all BAYC collectors, they had only to mint their puppies by paying a nominal gas fee. On June 25, minting of BAKC NFTs was finished.
Only 398 of the 10,000 NFT holders of the original collection did not participate in the minting. Because of this, the final number of released puppies was limited to 9602 pieces.
Community members who added BAKC tokens to their collections were delighted with the new acquisitions. Here is a tweet posted by BBA.eth, a well-known influencer, whale owner of Bored Apes and WoW co-founder:
I'm probably sounding like a fanboy but @BoredApeYC exceeded all my expectations with Bored Ape Kennel Club.
The dogs look great and execution is flawless.
And what I love the most is that it will allow new people to join the club by getting a more affordable dog. pic.twitter.com/RYu5Y8Fb6V
— BBA.eth (@ape6743) June 18, 2021
Bored Ape Kennel Club Idea
In an interview, Gargamel said that Bored Ape Kennel Club is one of Yuga Labs’ most innovative projects.
While the entire NFT space was thinking about profit, the creators of BAKC decided to simply give an NFT to each member of the community, and donate all royalties from sales to charity. Since everyone was addicted to Dogecoin in the early 2020s, they thought it was time to give “a dog to every ape.”
There is no better gift than a dog, according to Gargamel. It is a symbol of trust, loyalty and devotion. With this gift, the founders of the company wanted to make it clear to the community that they are not going to quit what they started and think about the long-term perspective of NFT.
For 6 weeks after minting the NFT puppies, Yuga Labs received a royalty of 2.5% on sales through OpenSea (plus a 2.5% transaction fee on the OpenSea). All revenues were donated to fund charities and animal shelters such as The Giving Block and Wright-Way Rescue.
In August 2021, information appeared on the official BAYC account about a donation of 66.45 ETH (over $200,000) to the Orangutan Outreach organization, which cares about protecting orangutans in the forests of Borneo and Sumatra.
The company donated totally about $900,000 to various animal charities.
Why is the Bored Ape Kennel Club collection popular?
Bored Ape Kennel Club won the hearts of the crypto community, despite the lack of a big hype around the fluffy collection.
Here are the main ingredients for the success of NFT dogs from the BAKC collection:
- Free issue of tokens.It was a nice surprise for all community members when Yuga Labs allowed to mint new tokens for free (excluding gas fees).
- Bright visual image. All NFT-tokens from the BAKC collection are made at a high artistic level.
- Wide coverage of the audience’s interests. Representatives of the BAKC set are striking in their diversity: among them you can find both quite familiar four-legged pets and dogs made in a futuristic style.
- The Shiba Inu dog is associated with the lucrative Dogecoin cryptocurrency, which is a symbol of reliability for many crypto enthusiasts.
- The big name of Yuga Labs and the BAYC ecosystem. For all market participants, Yuga Labs is the undisputed leader of the industry, which really creates the largest ecosystem in the NFT market. Each of their products finds strong reactions, noisy discussions and rave reviews.
- Opportunity to take part in charity events to protect animals.
Bored Ape Kennel Club Roadmap
Since BAKC is not a standalone project, its fate largely depends on the future of the BAYC brand. In January 2022, John Locke, one of the fans of the project and a crypto enthusiast, found paw prints on some projects from the BAYC roadmap:
Why I bought a #BAKC tonight ? If we think Mutant are cheap compare to the OG ape, look how the Kennel are really undervalued … there is literally no hype around but when you check the roadmap the paw is on 3 project. Who knows what @BoredApeYC is making for them 👀! pic.twitter.com/d5KXm4QXt3
— John Locke 🔮 (@intotheNFTverse) January 9, 2022
However, it is still unknown exactly what ideas were implemented with the involvement of BAKC NFT tokens. But this is the case when the holders fully trust the team due to their undeniable reputation.
Bored Ape Kennel Club ecosystem
Bored Ape Kennel Club does not have its own ecosystem as it is a derivative collection from the main BAYC collection. And if you look at the brand as a whole, you’ll understand that the cute puppies are part of the global BAYC ecosystem. It also includes the Mutant Ape Yacht Club derivative collection and the OtherSide metaverse. All of these are top projects, and their sales exceeded one hundred million dollars.
How much does Bored Ape Kennel Club cost?
Initially, on June 14, 2021, NFTs were distributed to all BAYC holders as a free airdrop at a ratio of 1/1. At the end of August 2021, the collection entered the top twenty most successful projects. The total amount of transactions with these tokens amounted to $29 million, which was 67% higher than in July. As a result, in the first three months, the collection of barking companions raised more than $ 94 million. Amazing numbers for initially free dogs. But all competent investors understood that this is a very profitable and promising investment.
To visualize the price dynamics, we made a cut at the average price for 1 NFT:
- in August 2021 – 3.6 ETH,
- in October 2021 – 2.7 ETH,
- in December 2021 – 5.6 ETH,
- in March 2022 – 8.8 ETH,
- in June 2022 – 7.1 ETH,
- in September 2022 – 7.2 ETH.
- in December 2022 – 8.5 ETH.
Now (January 2023) the minimum price is 8.3 ETH. On average, the latest sales are in the range of 8-10 ETH. And the total volume of secondary sales amounted to more than 124k ETH (about $196 million).
Most Expensive Sales of Bored Ape Kennel Club
The most expensive sales are led by the following NFTs from the Bored Ape Kennel Club collection:
- #8800 sold on August 7, 2021 for 75 ETH ($216K at the time of sale).
- #1840 sold on February 10, 2022 for 50 ETH ($153K at the time of sale).
- #5908 sold on January 29, 2022 for 50 ETH ($130K at the time of sale).
- #6050 sold on August 9, 2021 for 50 ETH ($150K at the time of sale).
Where to buy Bored Ape Kennel Club?
Currently, Bored Ape Kennel Club can only be purchased on the secondary market on such marketplaces as OpenSea, LooksRare.
How to buy Bored Ape Kennel Club?
- Remember that initially you need to connect your crypto wallet with self-storage to the marketplace of your choice.
- Next, find the official collection using the search bar on the marketplace,
- Analyze and choose the NFT you want to buy; click on it and then on the “Buy” button.
- Or you can bet on the token you like. Make sure you leave enough ETH for gas or transaction fees. If the seller approves your bid, the deal goes through.
Should you invest in Bored Ape Kennel Club?
The most far-sighted members of the NFT community are in a hurry to get four-legged pets. In their choice, they are guided by the following considerations:
- Dependence of the project on the main NFT brand BAYC, which is popular with both ordinary crypto fans and celebrities. That is, each newsbreak relating to the main collection will lead to correlation the price of BAKC NFTs;
- The name of Yuga Labs is already a reason to invest. Today, this company is an absolute leader of the industry;
- Anticipated future benefits from BAYC in the form of favorable stakingterms;
- Opportunity to become the owner of a unique digital pet that increases the status of an NFT collector;
- Exclusive access to communities and events in the Bored Ape universe;
- Obtaining full ownership of art objects, which is provided when purchasing BAKC NFT collection tokens.
Opinion of NFTMetria
The BAKC NFT project is unique. Four-legged pets brighten up the dull everyday life of Bored Apes from the BAYC collection and give them a lot of positive emotions. NFT puppies also may bring benefits to their holders in the real world, for their value increases due to the active growth of the ecosystem and their status among the members of the community. The cute little dogs bring significant income to NFT collectors and grant significant privileges within the metaverse, promising even greater goodies in the future. In addition, it’s quite prestigious to be a member of an elite closed NFT club engaged in charity.