NFT
The NFT stands for Non-Fungible Token. NFTs are a new type of digital asset that can be bought and sold, but each one is unique. The most famous example of an NFT Collectible is Bored Ape Yacht Club or Bored Ape NFTs. In contrast to cryptocurrencies like Bitcoin or Ethereum that behave like traditional currency, each Bored Ape is unique and cannot be replaced by another copy if lost or destroyed.
NFTs are more like a digital collectible than a cryptocurrency since you can buy/sell them as you would any other type of asset.
Bored Ape Yacht Club
Bored Ape Yacht Club (BAYC), or often colloquially called Bored Apes, is an Ethereum-based NFT collection of profile pictures of cartoon apes that are generated by an algorithm.
The Bored Ape NFT gives its owner access to a private online club, exclusive in-person events and intellectual property rights for the image.
Mutant Apes NFT
The Mutant Ape Yacht Club NFT collection was created to reward Bored Ape NFT holders with a second token that includes traits and characteristics based on the original.
These related NFTs, the Mutant Apes were created to expand access, allowing new members to join the Bored Ape Yacht Club.
In order to join the BAYC ecosystem, you must own a Bored Ape or Mutant Ape NFT. As a result of this increased demand for these assets, the price of Mutant Apes has also soared.
Mutant Apes are a special subset of the Bored Ape NFTs. Though there are 10,000 unique entries in the Bored Ape collection, twice as many of Mutant Apes exist apart of the Mutant Ape Yacht Club Collection.
Half of them were auctioned off for ether (ETH) via an “mint and sell” process in which users could earn a mintable token by placing successful bids.
The remaining 10,000 Mutant apes were allocated to those who held Bored Apes.
While the Mutant Apes NFT public auction was intended to be more accessible and affordable than Bored Ape’s NFTs — which were selling for millions of dollars at the time —Mutant Apes were auctioned for an average price $10,000. They sold out in only one hour.
Those who held onto their Bored Ape NFTs were rewarded with Mutant Serum, a secondary NFT that could be burned to create a Mutant evolution of the original Bored Ape — a Mutant Ape.
While the Serum can be acquired and sold, you are only able to create one new mutant version of each Bored Ape. Released randomly with three varieties—the rarest of which is limited to just eight vials—one copy of such serum was recently auctioned off for USD 5.8 million dollars.
There’s a new category of digital art that is based on generating variations in a theme and issuing them as collectible digital assets with utility.
There’s a new category of digital art that is based on generating variations in a theme and issuing them as collectible digital assets. The Mutant Apes NFT are issued by the Bored Ape Yacht Club.
This new category of digital art makes use of a technique called “in-game mutations” to generate variations in an original theme with each mutation forming a different token that can be collected.
Each token has an associated description and image, so you can see exactly what your purchase will look like before purchasing it.
It’s a new category of art that is based on generating variations in a theme and issuing them as collectible digital assets. Each piece gives its owner access to exclusive private online clubs, in-person events and intellectual property rights for the image itself.
It’s called NFTs, short for Non-Fungible Tokens. NFTs are like ERC721 tokens but with the added benefit of being unique and tradable like stock shares or baseball cards.