BAYC’s Kennel Club: Fun pet companions for Bored apes
In June 2021, Yuga Labs announced that they would be giving holders of Bored Ape Yacht Club NFTs more value through a free NFT airdrop. In July 2021, it was revealed that these NFTs would be furry companions for the Bored Apes. Similar to how Larva Labs gave holders of CryptoPunks complimentary NFTs with Meebits, Yuga Labs is rewarding their holders with a free additional NFT. The only cost would be the gas fees needed to create the NFTs.
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Yuga Labs fulfilled its promise to reward holders of Bored Ape Yacht Club NFTs by airdropping Bored Ape Kennel Club NFTs into the crypto wallets of those who held the BAYC NFTs.
To obtain these NFTs, holders simply had to mint them by paying a small gas fee. This “adoption drive” was incredibly successful, with all but 400 of the original 10,000 Bored Apes receiving a complimentary Bored Ape Kennel Club NFT. This brought the total supply of these unique dog-like creatures to about 9,600.
Each BAKC had randomized traits, so holders who wanted to match their Bored Apes with similar traits had to do so through trading on the secondary market. Despite the initial free airdrop, the relative exclusivity of Bored Ape Kennel Club NFTs led to their high value on the open market. As of now, the floor price for a BAKC NFT is 7.5 ETH on OpenSea.
An NFT supporting a charitable dog-related cause
Yuga Labs, like its other NFTs projects, has dedicated a portion of the proceeds from secondary sales of the Bored Ape Kennel Club NFT to animal welfare. However, unlike the rest of its collections, this was not just “a portion.” It was all the money made from its first stint on the open market. Yuga Labs took a 2.5 percent royalty fee on OpenSea sales for a six-week period following the minting of these puppies, donating all of its earnings to no-kill animal shelters and other dog-centric charitable causes. The Giving Block handled its first donation, which went toward funding Wright-Way Rescue.
Following that six-week period, the royalty fee was completely waived. That is, until a late December 2022 announcement indicated that Yuga Labs would once again charge a 2.5 percent royalty fee on BAKC NFTs traded on OpenSea. This announcement comes just one day after BAYC founder Gordon Goner expressed interest on Twitter in reactivating royalties for the dog project in order to fund future development.