How To Buy Bored Ape Kennel Club NFTs • Benzinga
Want to jump straight to the answer? You need Ethereum to buy NFTs which you can get today on Gemini.
Holders of the Bored Ape Yacht Club (BAYC) were able to create a companion dog, known as the Bored Ape Kennel Club (BAKC). The dogs were minted in late June 2021. To claim a dog, you had to hold a Bored Ape and pay a gas fee to mint the non-fungible token (NFT).
Despite being overshadowed by Bored Apes and Mutant Apes, BAKC has maintained its relevance on OpenSea, hovering in the top 25 by ETH trading volume. While Bored Ape spin-off projects have been pumped out and scrapped, anything that actually belongs to BAYC or BAKC has retained its value. Will BAKC be able to maintain this trend? It will probably take more utility to do so.
What is BAKC?
BAKC is an NFT collection traded on the Ethereum network, stored as ERC-721 tokens. The collection of 10,000 NFTs was offered for free to BAYC holders. Of the 10,000 Bored Apes, 9,600 claimed their mate. According to the BAYC website, the approximately 400 unclaimed dogs were released into the swamp.
More recently, holding a BAKC NFT paired with a Bored Ape or Mutant Ape has increased the number of tokens dropped to you when exiting ApeCoin. The release of this altcoin provided the first ROI realized for Bored Ape holders, showed that BAKC has continued utility in the Bored Ape ecosystem, and helped confirm that NFTs can be considered valid investments.
Brief history of BAKC
BAKC has been around for just under a year. The collection was published by Yuga Labs, the creators of BAYC. The BAKC mint ended on June 25, 2021, when the dogs were revealed to their owners.
During BAKC’s first six weeks of trading, Yuga Labs held a 2.5% secondary sales royalty on top of the 2.5% fee through OpenSea. These additional trading fees were collected and donated to non-kill animal shelters. The fee has since been waived, leaving only OpenSea’s 2.5% trading fee on the project.
Benefits of holding a BAKC NFT
Holding a BAKC NFT gives access to the BAYC community. Also, it increased the amount of ApeCoins that Bored Apes and Mutant Apes dropped by 856 coins. Rumor has it that owning a BAKC NFT will also have staking benefits in the near future.
While dogs have some use, their lack of use compared to Bored Apes is clear. This relative lack of utility is clearly represented in the floor prices of projects.
How to buy NFT BAKC
A BAKC NFT can be purchased on most NFT marketplaces. The majority of the trading volume for this project comes from OpenSea.
- Open an account online.
Buy ETH through a crypto exchange like Coinbase Global Inc. (NASDAQ: COIN) or Gemini. Once you have purchased ETH on these exchanges, you may need to wait a few days before you can send them off the exchange.
- Buy or download a wallet.
Next, download a software wallet to be able to buy, sell and bid on OpenSea. Hardware wallets are also nice to have as they can keep NFTs safe after purchase.
- Send ETH to MetaMask.
Next, you will need to send your Ether tokens from the exchange you purchased them on to your Ethereum wallet. This will cost a transaction fee of around $5 to $10, depending on market conditions.
- Make your purchase.
Once MetaMask is funded with ETH, connect your wallet to an NFT exchange and start browsing. To buy an NFT, use the buy it now feature to buy the NFT at its current asking price. You can also bid for NFTs; to do this, you convert ETH to Wrapped Ether (WETH).
Best Hardware Wallets for NFTs
Best Hardware Wallet: Ledger
securely through the Ledger Hardware Wallet website
Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.
- ERC-20 Tokens
- All experience levels
- Easy to install and use
- Supports over 1,500 different digital resources
- Long battery life
- Bluetooth Connectivity Features
Having a hardware wallet to securely store your NFTs and other assets is a great idea. The crypto space is vulnerable to scams, so having a set of keys that is not exposed to the internet is a great practice. Ledger is a hardware wallet that provides additional security that software wallets lack. With its user-friendly interface and high-level security, now might be a good time to grab a big ledger.
Best Software Wallet: MetaMask
A great software wallet to use is MetaMask, which can be added as a browser extension to seamlessly connect your laptop to Web3. Installing MetaMask connects users to OpenSea or LooksRare, where NFTs can be traded.
An upcoming land auction for the BAYC metaverse could impact the price of BAKC. If the Metaverse proves successful, the entire collection is likely to scale up. If the metaverse doesn’t live up to the hype, the reverse would likely happen.
Current Crypto Prices
Crypto markets have been trending sideways after a sell off in early 2022. However, broader crypto markets have seen a resurgence after a scary few months. Bitcoin surged above $46,000 with most altcoins also posting gains. An increase in positive consumer sentiment could be good for NFTs, at least in the short term.
Is it worth getting a BAKC NFT?
NFT prices are speculative and lack utility; most of the value comes from community and exclusive perks. The Bored Ape community is arguably the most active and influential in the NFT ecosystem. BAKC offers the lowest price floor for being part of the BAYC ecosystem, but also has the least utility because BAKC NFTs don’t give you access to BAYC. Learn more about the best NFT investments on Benzinga’s best NFT projects and investments.