What Is Mutant Ape Yacht Club? How It Works? Complete Guides 2024

Launched in August 2021, Mutant Ape Yacht Club (MAYC) is an offshoot non-fungible token (NFT) collection derived from the highly popular Bored Ape Yacht Club…(BAYC) collection of Bored Ape NFTs that debuted in April 2021. A refresher: NFTs are unique digital tokens that can be used to prove ownership of an asset or item — from a work of digital art to a document or digital title. MAYC NFTs leverage the widespread ERC-721 token standard employed by the Ethereum blockchain.

The Mutant Ape Yacht Club NFT collection was created to reward Bored Ape NFT holders with a second NFT that is substantially different but based on Bored Ape traits and characteristics. These related NFTs are known as Mutant Apes. In addition, the Mutant Ape Yacht Club NFT collection was created to expand access and allow new members to join the Bored Ape Yacht Club. To gain membership to the BAYC ecosystem, you must own a Bored Ape, Mutant Ape, or another related NFT. As part of this process, Mutant Ape NFTs have become highly sought after assets in their own right.

What Is a Mutant Ape?

A Mutant Ape is any NFT that is part of the MAYC NFT collection. While the Bored Ape NFT collection has a total of 10,000 NFTs, there are twice as many Bored Ape Yacht Club Mutant Apes. Half of them were auctioned off for ether (ETH) via a process that allowed users to mint a MAYC NFT after placing a successful bid. The remaining 10,000 were allocated to the holders of Bored Apes — who in June 2021 were also gifted Club Dog NFTs from the Bored Ape Kennel Club (BAKC) NFT collection.

While the MAYC public auction was intended to be more accessible and affordable than the Bored Ape NFTs — which were selling for the equivalent of millions of USD at the time of sale — Mutant Apes were auctioned for an average price of about USD 10,000 — and sold out in only an hour. Notably, Mutant Apes netted much higher fees than the original BAYC collection, which amounted to around USD 200 per Bored Ape only four months earlier.

Here’s how it worked for BAYC members: Those who held onto their Bored Ape NFTs were airdropped Mutant Serum, an NFT that could be burned to create a Mutant Ape — a mutant evolution of their original Bored Ape. While the Serum itself can be bought and sold, you can only create one mutant variety of each Bored Ape. Released randomly, there were three versions of the Serum, with the rarest version being limited to only 8 vials. One of these rare Serum assets was sold for a sum of USD 5.8 million.

How Does Mutant Ape Yacht Club works?

The Mutant Ape Yacht Club (MAYC) is a collection of 20,000 ape-themed NFTs built on the Ethereum blockchain. It’s an extension of the popular Bored Ape Yacht Club (BAYC) collection, also by Yuga Labs. Here’s a breakdown of how MAYC works:

Two ways to get Mutant Apes:

1. Mutant Serum Airdrop: BAYC holders received an airdrop of vials called “Mutant Serums” in August 2021. These serums came in three levels of rarity: M1 (common), M2 (uncommon), and Mega Mutant (super rare). Combining a Bored Ape NFT with a serum creates a new, mutated ape NFT.
2. Public Sale: Yuga Labs also released 10,000 Mutant Apes directly for purchase in a Dutch auction. This means the price started high and gradually decreased until they sold out.

The Mutation Process:

• Using a serum on a Bored Ape is a one-way process. The Bored Ape NFT remains unchanged, and a new Mutant Ape NFT is created.
• M1 and M2 serums create Mutant Apes with some resemblance to the original Bored Ape’s traits. Mega Mutant serums result in entirely new and potentially rarer features.

Overall, MAYC serves a few purposes:

• Rewards existing BAYC holders: The airdrop gave BAYC owners a valuable new NFT and expanded their participation in the BAYC ecosystem.
• Expands the BAYC community: The public sale allowed new members to join the club through MAYC NFTs.
• Boosts the value of the BAYC ecosystem: The popularity of MAYC NFTs adds value to the entire BAYC collection.

It’s important to note that owning a MAYC or BAYC NFT grants access to a digital community and potential future benefits within the BAYC universe. However, like any NFT, the value of a MAYC NFT fluctuates based on market demand.

The Bored Ape Yacht Club Ecosystem

The Bored Ape Yacht Club and all the associated NFT collections were created by Yuga Labs, which also purchased the intellectual property (IP) rights for the CryptoPunks and Meebits NFT collections. Yuga Labs has given full IP rights to all of these collections, allowing NFT owners to license out their NFTs for commercials, merchandise, and a variety of products. Further, BAYC NFT holders are afforded access to exclusive Mutant Ape Yacht Club merch, benefits, and members-only live events.

These BAYC-inspired crypto collectibles are part of a popular web3 community that has reached mainstream levels of adoption and notoriety. In March 2022, Yuga Labs airdropped another gift to BAYC and MAYC NFT holders — an allocation of ApeCoin (APE). APE is an ERC-20 token created for use as the primary governance and utility token within the entire Yuga Labs-connected ecosystem.

What is Ape Coin ?

ApeCoin is a cryptocurrency designed to be used within the APE ecosystem, which is centered around the Bored Ape Yacht Club (BAYC) collection of NFTs. Here’s a breakdown of ApeCoin’s functionality:

Two main purposes:

• Governance: ApeCoin functions as the governance token of the APE DAO (Decentralized Autonomous Organization). Owning ApeCoin allows you to participate in voting on decisions that affect the future of the APE ecosystem. This could include things like how funds in the APE DAO treasury are allocated or what new projects are undertaken.
• Utility: ApeCoin can be used to access certain features and benefits within the APE ecosystem. This might include things like exclusive games, merchandise, or events. It can also potentially be used by third-party developers who want to build applications or services within the APE ecosystem.

Additional details to consider:

• Built on Ethereum: ApeCoin is an ERC-20 token, meaning it operates on the Ethereum blockchain.
• Distribution: A large portion of ApeCoin was initially distributed to BAYC and Mutant Ape Yacht Club (MAYC) NFT holders. However, ApeCoin can also be bought and sold on cryptocurrency exchanges.
• Investment: The value of ApeCoin fluctuates like other cryptocurrencies, and its success is tied to the overall health of the APE ecosystem.

In summary, ApeCoin is a cryptocurrency that empowers holders to participate in the governance and utilize various features within the APE ecosystem, which is built around popular NFT collections like BAYC and MAYC.

How Does ApeCoin WorK

ApeCoin operates on the Ethereum blockchain, similar to other ERC-20 tokens. Here’s a deeper dive into how ApeCoin functions:

Core Functionality:

• Governance: ApeCoin is the backbone of the ApeCoin DAO, a decentralized autonomous organization. Holding ApeCoin grants you voting rights on proposals that shape the APE ecosystem’s future. These proposals can involve allocating funds from the DAO’s treasury, establishing rules, selecting projects for collaboration, and more. The ApeCoin Foundation, acting as the legal representative, implements the DAO’s chosen course of action.
• Utility: ApeCoin serves as a utility token within the APE ecosystem. It grants holders access to various exclusive features and benefits:
  • Games and Experiences: ApeCoin might be used to purchase in-game items or participate in exclusive games within the APE metaverse or other Web3 titles.
  • Events and Merchandise: Owning ApeCoin could grant access to special events or allow you to purchase limited-edition merchandise.
  • Services: Potential future use cases include using ApeCoin for NFT marketplace fees or other services within the ecosystem.

Technical aspects:

• Smart Contracts: Like other Ethereum-based tokens, ApeCoin leverages smart contracts to automate transactions securely. These self-executing contracts govern how ApeCoin is distributed, used, and transferred.

Additional Notes:

• Evolving Ecosystem: The specific ways ApeCoin can be used are still under development. The APE ecosystem is constantly evolving, and new use cases for ApeCoin may emerge over time.
• Payments: While not its primary function, ApeCoin can potentially be used for payments within the broader Web3 community, as it’s a standard ERC-20 token.

In essence, ApeCoin is a utility and governance token fueling the APE ecosystem. It empowers holders to shape the community’s direction and unlocks access to exclusive experiences within the ever-expanding world of BAYC and related projects.

Mutant Ape Yacht Club is a popular NFT

(Non-Fungible Token) project that features a collection of 10,000 unique pixelated ape avatars created by the artist Mutant Ape. Each ape in the collection has its own distinct traits and attributes, making them highly sought after by collectors in the NFT space. The project has gained a significant following within the NFT community, with owners of Mutant Ape Yacht Club NFTs enjoying exclusive benefits and access to special events. The project’s Discord community is active and engaging, providing a platform for collectors to connect, trade, and discuss all things related to Mutant Ape Yacht Club.