A Pillar of the BAYC Universe: Meet the Mutant Ape Yacht Club
Some NFT collections are popular like Mutant Ape Yacht Club (MAYC). Second only to its Bored Ape predecessors, MAYC NFTs embody the same prestige as other blue-chip projects, with the bonus of being directly connected to the vast universe built by Yuga Labs.
Although MAYC has become prominent, many enthusiasts remain ignorant of the origins and influence of the coveted collection. Yes, mutant apes are a staple of the era, but the subtle factors that make them truly unique are often glossed over in the annals of NFT history.
Why were Mutant Apes released in the first place? How have they been able to raise the standards as well as bored apes? Are there uses for MAYC NFTs beyond their monetary value? With this guide, we aim to answer these questions, and complement the BAYC history books
What is Mutant Apes Yacht Club?
Mutant Ape Yacht Club comes as a collection of 20,000 Mutant Ape-themed NFTs, created on August 28th, 2021. As a second expansion to the Bored Apes ecosystem, MAYC was created to bring more collectors into the BAYC ecosystem. Since its launch, the collection has gained considerable popularity and now stands as a pioneer in the PFP NFT market.
Before MAYC, there was only BAYC, which launched in April 2021, and Bored Ape Kennel Club, which launched in June 2021. With the PFP (profile picture) NFT market exploding in the summer of 2021, developers were looking for new and innovative ways to release their Avatar projects with the spotlight of the era after MAYC was awarded with new mechanics.
Each NFT in the collection is based on an original Bored Ape NFT and created by a process described by Yuga Labs as “exposing existing Bored Apes to a vial of mutant serum.”
Basically, holders of Bored Apps had the option to add their unique NFT to Serum NFT (more on these later) through a smart contract integration. This pairing mechanism – which is still far more effective after redeeming most mutants – effectively destroys the serum token and creates a new, mutant-inspired NFT in the image of the original Ape. Without actually changing the primary NFT in any way.
Half of the 20,000 NFTs in the MAYC collection were created this way, while the other half were sold through Dutch auctions — where a sale starts at a fixed amount and then drops down to the final sale amount over time. The auction started at 3 ETH (about $10,000 at the time) and was set to drop to 0.01 ETH in nine hours. But the auction didn’t build in the full nine hours, only lasting roughly an hour and reaching a final price of around 2.79 ETH by the time all mutant apps were built.
Who created the Mutant Ape Yacht Club?
Where did the Mutant Ape Yacht Club begin? Along with Yuga Labs, of course BAYC’s parent company. Yuga Labs aims to build a media empire entirely centered around NFTs, and the BAYC NFTs were the first step in fulfilling this ambition, with MAYC to follow.
How to buy MAYC NFT
Of course, like anything Yuga Labs drops, the MAYC NFTs sold out at record speed. After the 10,000 mutant serum airdrop ended, the Dutch auction went into effect, which, again, only lasted an hour. Nowadays, the only way to get a mutant app is to buy one directly through a secondary sale on prominent NFT marketplaces (OpenC, Look Rare, RareBall, etc.). Otherwise, you could buy an unmutated bored ape and a serum to convert it, but that would probably set you back over $100,000…
What is mutant serum?
Naturally, members of the existing Bored Ape community were the first to receive mutant powers, and this was via an airdrop. Before the MAYC public Dutch auction, each BAYC holder was airdropped one mutant serum per owned Bored Ape. With these serums, holders were encouraged to change their NFTs and create new ones or hold and sell the serum for profit.
Mutant Serum is a collection of NFTs that act as a catalyst to create a mutant ape. They exist under the umbrella of the Bored Ape Chemistry Club and come in three different varieties: M1, M2 and M3 (often known as Mega Mutant Serum). While anyone can buy and sell mutant serums, only those who own Bored Apes are able to use them to create mutant apes.
Each type of mutant serum correlates with the stage of mutation that can be achieved through its use. With the M1 Serums – of which there were originally 7,500 – a base layer of modified properties would be added to the bored ape. Users can watch an Ape’s fur begin to fall apart and its appendages come to life. With M2 – limited to 2,492 – more pronounced mutations are available, drastically and sometimes completely changing the look of the boring ape.
But, whether you apply M1 or M2 serum, the modified properties still preserve most of the base app. If an Ape has a party hat, the hat will simply change, not disappear completely. The same goes for other features such as expression, fur color, clothing and other accessories. It’s almost psychedelic.
On the other hand, the Mega Mutant Serum, once activated, will completely change Bored Ape’s base characteristics. Once an M3 serum is used, an Ape transforms into, you guessed it, a Mega Mutant These mega mutants are extremely rare. With only eight M3 serums produced, both serums and mega mutant NFTs are frequently found million dollars.
Pathways of mutant ap nfts
Considering Mutant Apes is tied directly into the Bored Apes and Yuga Labs ecosystem, it’s easy to see why these NFTs have become so valuable. Even with a supply of 20,000, the minimum price of a MAYC NFT has consistently remained above $20,000 for the better part of the collection’s existence.
Of course, this was not always the case. In the months following MAYC’s August 2021 launch, the project struggled to gain significant traction. Until early 2022, floor prices often bounced between 5 and 7 ETH — just a few ETH more than the tokens available through the Dutch auction.
Yet, in addition to becoming a prominent beneficiary of its relationship with Yuga Labs, Mutant Ape Yacht Club is a unique entity that derives its value not only from its parent company, but from factors outside of market conditions.
For one, MAYC has made it possible for more NFT enthusiasts to join the Bored Ape ecosystem than previously thought. Bored Ape NFTs have unfortunately remained expensive and elusive to the average Joe, but Kennel Club NFTs and then Mutant Apes have seen significantly lower entry barriers at one point or another, bringing new levels of accessibility to the coveted BAYC community.
Likewise, Mutant Apps has gained popularity and accessibility among those outside the NFT space — perhaps surpassing Bored Apps in this regard. Since several clothing brands and other companies use Mutant Apes as brand ambassadors, even those with minimal familiarity with Web3 can feel a kinship with the MAYC brand.
Putting aside the controversy that has built up around Yuga Labs and Bored Apes, it’s hard to discount MAYC as anything other than a unique, innovative, and now historic part of the NFT market. And with all those accolades, the collection will likely remain revered for years to come.
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