The Bored Ape Yacht Club has a suspiciously low number of boating chances while having a large number of Apes that seem bored or uninterested—10,000 of them, to be exact—in the form of NFTs. Now, one Bored Ape NFT holder—who also happens to be a boat owner—plans to alter that by launching a decentralized yachting club.
What is Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC), which is often referred to informally as Bored Apes or just Bored Ape, is a collection of non-fungible tokens (NFTs) that was constructed on the Ethereum network. The collection is comprised of profile photographs of cartoon apes that have been created procedurally by an algorithm.
Yuga Labs is the firm that Bored Ape Yacht Club reports to as its parent. After being issued for the first time on April 20, 2021, the project was made available for live pre-sale beginning on April 23, 2021. Owners of a Bored Ape NFT are given entry to an exclusive online club, invitations to exclusive in-person events, and rights to the image’s intellectual property.
BAYC’s latest initiatives
The Bored Yachts Club intends to establish a decentralized, NFT-gated yachting platform to provide its members with the opportunity to charter actual yachts in a variety of locations around the globe, with the revenues from these charters being donated to charitable organizations. The effort will begin with “Lady Amanda,” the only boat owned by club founder Jad Comair. However, the long-term objective is to recruit other yacht owners while allowing them the freedom to donate monies to charitable organizations of their choosing.
Melanion Capital is a French investment business that established a Bitcoin-themed exchange-traded fund (ETF) focusing on crypto sector firms in 2021. The CEO and the founder of Melanion Capital are Comair. According to his statements to Decrypt, he started investing directly in the most prominent cryptocurrency much earlier, in 2014.
An NFT, or non-fungible token, is a kind of blockchain token that may be used to represent ownership of an object. Over the last few years, the market for digital products such as Bored Ape-style profile photos, digital artwork, and collectibles has exploded. The market generated a total of $25 billion in trade volume in only the year 2021, and the Bored Ape Yacht Club is considered to be one of the most remarkable achievements in this sector.
Comair, an avid art collector, drew into non-fungible tokens (NFTs), and he has said that he discovered an affinity with the celebrity-packed Bored Ape Yacht Club as a sort of digital identity, in addition to the possible financial prospects.
Latest updates on the yacht
Bored Ape NFT holders are granted wide permission to utilize their artwork in the creation of derivative works and projects of any kind, courtesy of Yuga Labs. Others have used their Apes to produce items like clothing, toys, food and marijuana packaging, and even themed restaurants that serve fast food. Comair decided to transform his ape into a made-up version of the yacht’s mascot and fake skipper.
There is no official connection between the Bored Yachts Club and Yuga Labs, and participants do not need to have a genuine Bored Ape NFT to purchase and make use of one of these NFT membership permits. His ownership of an ape came long before the conception of a decentralized marketplace for boat rentals.
Comair expresses the hope that the platform will attract additional yacht owners from all over the world. This, according to Comair, can help fulfill the dual purpose of letting those yacht owners fill up empty charter windows when the boat is not being rented) while also contributing to charitable organizations in the process. In addition, because boats are able to operate on international seas outside of the authority of land-based authorities, Comair views the Bored Yachts Club as a possible stepping stone to a “crypto city” of sorts that is connected to a port.