How to Buy Bored Ape Yacht Club (BAYC) NFTS 2023 Guide

This article will cover how to purchase the Bored Ape Yacht Club (BAYC) and whether doing so is worthwhile.

Built on the Ethereum blockchain, the Bored Ape Yacht Club is a popular and effective NFT project with 10,000 unique apes. Celebrities like Shaquille O’Neal, Mark Cuban, Post Malone, Justin Bieber, and others have expressed interest in the collection.

The NFT has many benefits in addition to being a status symbol. The easiest way to help yourself is to keep reading if you have a strong interest in the BAYC collection and want to buy it but don’t know how.

The following steps will explain the process of how to buy a Bored Ape Yacht Club (BAYC) NFT

What is Bored Ape Yacht Club (BAYC)?

In essence, an NFT is a way to represent ownership of digital goods on the blockchain. In the case of BAYC, images are the digital goods in question. Each image has a distinct address that is kept on the blockchain. This particular address is linked to a wallet that belongs to the owner of the NFT. Holders of BAYCs can thereby confirm ownership.

10,000 original photos make up the NFT project BAYC. Although they are all ape heads, each NFT has distinguishing qualities that set it apart and indicate how uncommon it is. The overall rarity of each ape is determined by its clothing, environment, and eyes, among other features. The price of an ape increases with its rarity. Every holder of an NFT receives a singular NFT thanks to this common practice among NFT projects.

For BAYC, cartoonish apes with distinct features and bizarre traits are used as the subject matter. Some people consider the artwork to be juvenile, while others believe it belongs in the Louvre. Whichever way you look at it, many people in the blockchain community view the apes as status symbols.

Although every ape is different, some have traits that make them more rare and more expensive. Laser eyes, solid gold fur, and a king’s crown are some of the most desired features. These NFTs are significantly rarer than others. As an illustration, only 46 of the 10,000 NFTs that are currently in existence have solid gold fur. Cheaper apes sell for around $300,000, while the cheapest with gold fur costs more than $2 million. All BAYC NFTs are very expensive, but some of them have unique features that raise their price even further.

Why Are Bored Ape NFTs So Expensive?

Why are Bored Ape Yacht Club NFTs some of the most well-liked and expensive works of digital art in the cryptocurrency and blockchain industries?

The NFTs’ rarity (there are only 10,000 in existence worldwide) is the main factor, but the exclusive club perks like ownership of the full commercial rights to the NFTs, access to restricted online areas, ownership of another product, and membership in members-only events are also important factors.

In contrast to other collections, where investors and collectors are frequently constrained by terms of service and prohibited from commercially marketing the NFTs they purchase, ownership of full commercial rights is unrestricted.

Where to Buy APE NFT?

In April 2021, Bored Ape NFTs went on sale to the general public for 0.08 ETH, and the entire collection was purchased in less than 12 hours. At the moment, NFT markets like OpenSea are where the images are traded. The high-floor price BAYC collection is easily browsed by users.

A MetaMask-compatible Ethereum wallet is necessary for Bored Ape buyers. Buyers have the choice of participating in auctions or using fixed-price listings on NFT marketplaces.

How to Buy Bored Ape Yacht Club (BAYC)

You might be interested in getting an NFT for yourself now that you are familiar with the fundamentals of BAYC. It is a fairly simple process if you have enough money.

1. Open an online account. BAYC runs on the Ethereum network. This is the reason why buying Ethereum is the first step in getting an ape. Sign up for a trading platform account to do this. Gemini Trust Co. offers a selection of options, but there are many., Coinbase Global Inc. (The best ones are Webull Financial LLC, eToro, and NASDAQ: COIN due to their security, usability, and low fees.)
   Once you have a profile on one of these services, fund it by buying ETH. You will, however, require a location to keep your ETH and NFTs.
2. Purchase or download a cryptocurrency wallet. A cryptocurrency wallet is required for both buying and storing NFTs. The most popular software wallet for use with OpenSea, the exchange where most investors buy and sell NFTs, is MetaMask. For convenience, you can install OpenSea as an extension on Google Chrome.
3. Send ETH to Metamask. Once you have ETH on a trading platform, you must transfer it to your wallet. You must find your Metamask wallet address in order to do this. Your wallet contains a string of 64 letters and numbers that represents this. Copy this address and paste it into the “Send” feature on your trading platform. To complete the transaction, enter the amount to send.
   
   Currently, Ethereum is running more slowly and expensively than usual. Because of this, it could take up to 30 minutes and hundreds of dollars in gas costs for your ETH to reach your wallet. In contrast to the cost of an ape, these fees are modest.
   
   You can postpone sending your Ether to your wallet until a more convenient time if you notice that transaction fees are high. Around $10 is a reasonable amount to spend on a transaction fee, and you can typically find it cheaper late at night or on the weekend.
4. Make your purchase. Go to OpenSea once you have ETH in your wallet. This NFT platform is home to BAYC. Find the NFT you want to buy and connect your wallet. If it has a “buy now” price, you can purchase it right then. You can also place a bid on the ape if one has been placed and wait for the seller to accept. The NFT will be saved in your wallet once the trade has been completed.

Read more: How to Buy Terra Luna

Best Crypto Wallets for NFTs

Learning how to purchase a Bored Ape NFT is just as crucial as learning how to store your NFTs. Check out these 2 outstanding wallets for NFT storage.

Best Hardware Wallet: Ledger

Private keys required to send digital currency are kept on physical devices called hardware wallets. The wallet’s funds are locked if the physical device is not present. Many people believe that the safest way to store cryptocurrency and NFTs is in hardware wallets.

All Ethereum-based NFTs are supported by the hardware wallet brand Ledger. It offers the Nano S and Nano X models. Basic features are offered by the Nano S, whereas the Nano X supports ease of use with Bluetooth connectivity and a bigger screen. Your Ledger wallet can even be used to store NFTs!

Best Software Wallet: MetaMask

Private keys are online-stored by software wallets. MetaMask is a software wallet that goes above and beyond to protect the security of your money, even though it isn’t as secure as this.

All data stored on MetaMask’s servers is encrypted. Every piece of information can be accessed using a password that also supports two-factor authentication. For more effective and secure trading, you can also affix a hardware wallet to your MetaMask.

Brief History of Bored Ape Yacht Club (BAYC)

On April 23, BAYC officially debuted. Users did not initially get to see the art; instead, they were given vouchers for the NFTs. As a result, the project did not garner much interest or sell out. However, the project quickly sold out once the artwork was distributed and users saw their NFTs for the first time.

At the time, the cost of each ape was 0.08 ETH, or less than $200. With the highest sale in October coming in at $3.4 million, it’s safe to say the seller saw a respectable return on their investment.

BAYC is the work of an unnamed Yuga Labs team. However, there is no longer any evidence of malicious intent because the creators interact with the community on a regular basis.

Celebrities have been drawn to BAYC, and notable individuals have invested in and promoted the endeavor. NBA players Steph Curry and Shaquille O’Neal are among the well-known owners of the BAYC, along with billionaire businessman Mark Cuban, Post Malone, and Justin Bieber. Check out our article on famous people who own BAYC NFTs to see the complete list.

Perks of Holding Bored Ape Yacht Club (BAYC)

The main benefit of owning a BAYC NFT is the elevated social standing it confers. The use of an ape as your Twitter profile picture is a sign of wealth and crypto expertise. You become a famous celebrity if you own an ape in addition to having the means to buy one.

Another reason to buy a BAYC NFT is the community, in addition to social standing. During a recent gathering in New York City, there was a yacht party, media coverage, and a performance by fellow BAYC holder Lil Baby. Without a doubt, the occasion was a lavish provocation to the cryptocurrency community.

In addition to status and exclusivity, some people invest in BAYC in an effort to profit. The floor price, or minimum price an NFT is listed for, rises as BAYC gains popularity. As a result, investors will buy gorillas with the idea of later selling them for a profit.

There is also a digital board created by BAYC called “the bathroom.” Owners of apes are free to create whatever they want on a digital whiteboard in the bathroom. Even though this benefit is not very substantial, it nonetheless conveys exclusivity.

Read more: How to Buy Land on the Sandbox

Current Crypto Prices

Cryptocurrency has had a rocky start to 2022, but there has recently been a recovery that may or may not last. NFTs have seen continued price growth over the past few months, even though bitcoin is still trading far below its all-time highs. To keep track of your investments, it’s a good idea to use a portfolio tracker since both the NFT and cryptocurrency markets are open for trading 24 hours a day, 7 days a week.

Is It Worth Buying a Bored Ape Yacht Club (BAYC) NFT?

BAYC is a highly speculative project. Even though prices have increased significantly over the past few months, a crash could happen at any time. The exclusivity and media attention account for the majority of the value of the apes. Although investing your life savings in an ape is probably not a good idea, if you have the cash and are willing to take a chance, an ape might be something you want to get.

Summary: BUY BORED APE YACHT CLUB (BAYC) NFTS

The NFT market has seen transactions worth tens of billions of dollars, and the amount is growing daily. One of these initiatives is the Bored Ape Yacht Club (BAYC). One of the most well-known NFT projects to date, the project quickly rose to fame. The project combines elements of exclusivity, community, and social capital to produce a captivating and well-known NFT project.

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