What is Mutant Ape Yacht Club? The Mutant Derivatives for Bored Apes
The Bored Ape Yacht Club needs little introduction after taking the NFT world by storm, from a .08 Ethereum mint price to a $1 billion market cap. On August 28, the Bored Apes’ long-awaited Mutant Ape counterparts finally released, and the Mutant Ape Yacht Club was created.
Mutant Apes are created by Yuga Labs as derivatives of original apes, using M1 and M2 serums, distributed to all Bored Ape owners, some of which are now available on the secondary market. After the serums had been distributed, public minting for 10,000 more Mutant Apes opened at 3 Ethereum. Days later, the floor of Mutant Apes is at 5.5 Ethereum.
“From the moment we launched the BAYC, the culmination of Roadmap 1.0 has been clear—the introduction of Mutants,” Bored Ape Yacht Club said in a statement on their website. “We have always envisioned Mutants as a second (and final) tier of club membership.”
Let’s explain exactly what Mutant Ape Yacht Club is and how it was born from the Bored Ape Yacht Club.
What are Mutant Apes?
The announcement date of Mutant Apes added fuel to the already burning fire of the Bored Ape Yacht Club market. The floor prices soared as people continued to buy into BAYC. Even NBA superstar Steph Curry joined in on the fun the night before the Mutant Ape announcement.
At the launch of Mutant Ape Yacht Club, Bored Ape owners were airdropped a serum of a varying degree they could use on their ape to mutate it. M1 was the most common at 7,500 total, M2 rarer at 2,492, and the rarest of them all was the Mega Mutant Serum, with only eight.
If an ape owner used an M1 or M2 serum, their ape would retain the original traits but with a varying intensity of mutation. If the owner was lucky enough to get a Mega Serum, all bets were off on what would happen to the ape. As of today, a Mega serum has sold for 350 ETH and there are only four left in the world that haven’t been used.
As of writing, just over 5,000 of the serums have been used.
The Mutant Ape Public Sale Surprise
Once the serum airdrop was over, the team dropped some even bigger news. They announced that there would be 10,000 more mutants available to the public to mint in a dutch auction starting at 3 Ethereum. A dutch auction meant that the price would slowly drop until every mutant was sold out, about 30 minutes later.
This gave people who did not have an original Bored Ape or were priced out of buying one a chance to get into the BAYC. The additional 10,000 mutants sold out quickly considering it was a stealth drop, without a formal announcement tweet. The price never got much lower than 2.6 Ethereum.
This announcement was met with excitement from many who could finally get their first Ape, but others were not exactly thrilled. Some felt slighted and annoyed that more people would be allowed into the BAYC, even if they didn’t have an original ape. However, Bored Ape Yacht Club now has thousands of new members, and upwards of $96 million in capital to move their brand forward.
“Everything going forward occurs with the intention of accruing utility and member’s-only benefits to Bored Apes foremost, but also Mutants, and to a lesser extent, Bored Apes with BAKC companions,” the Bored Ape statement said. “We have ambitious goals for the utility we will offer across the ecosystem, but it’s important to be clear: Apes are, and will always be, the top tier of BAYC membership.”
You can read more about the team’s thought process to expand the club on their website.
The Mutant floor quickly shot up to 7 Ethereum, which meant ape holders were basically airdropped a free $25,000 or more for a rare apes.
What’s Next for the BAYC?
With the release of the mutants, memberships to the Bored Ape Yacht Club are now closed. Owning a mutant gets you into the BAYC, but you will not always receive the same benefits and opportunities as Ape owners.
For example, the upcoming treasure hunt, which is valued at over $200,000, is for original Ape owners only.
The Yuga Labs team has teased Roadmap 2.0 saying that every Ape and Mutant owner will be receiving a 3D model to be used in the metaverse. They continue to impress with every announcement and continue to work hard even after the massive amount of success the project has had. After the sale of Mutant Apes, they have more firepower to follow through and expand on future plans.