What is the Mutant Ape Yacht Club (MAYC)?

Mutant Ape Yacht Club (often abbreviated as MAYC) is a collection of up to 20,000 unique non-fungible tokens (NFTs) residing on the Ethereum blockchain as ERC-721 tokens.¹ Launched on August 28, 2021, by Yuga Labs, the creators of the seminal Bored Ape Yacht Club (BAYC) collection, MAYC features profile pictures of cartoon apes that have been algorithmically generated with various mutated characteristics.³

The collection was created through a novel dual-launch mechanism. An initial set of 10,000 Mutant Apes was sold to the public through a Dutch auction.⁵ The remaining 10,000 can only be created by existing holders of a Bored Ape Yacht Club NFT who “expose” their original Ape to a vial of “Mutant Serum,” a separate NFT airdropped to them.³

MAYC was strategically designed as a significant expansion of the BAYC ecosystem. Its primary objectives were to reward the original community of BAYC holders with a new, valuable asset and to provide a more accessible entry point for new members to join the exclusive club, as the price of original Bored Apes had become prohibitively expensive for many.⁴ Consequently, MAYC represents a distinct tier of membership within the Yuga Labs universe, granting holders access to many of the same community benefits as BAYC owners, albeit with some distinctions.¹

The project was an immediate commercial success, generating approximately $96 million in revenue within its first hour of launch.¹ It quickly established itself as a “blue-chip” NFT collection, surpassing $1.5 billion in all-time sales volume by May 2022 and solidifying its position as a cornerstone of the broader Yuga Labs digital empire, which includes the ApeCoin token and the Otherside metaverse.⁹ The dual-launch approach was not merely a distribution strategy but a sophisticated method of economic and community engineering. By airdropping serums to existing BAYC holders, Yuga Labs delivered a loyalty dividend that increased the value proposition of its primary asset and strengthened the core community. Simultaneously, the public auction introduced a new product at a lower price point, effectively segmenting the market and expanding the user base without diluting the prestige of the original collection. This created a clear hierarchy, BAYC as the premier tier and MAYC as the more accessible tier, allowing for more precise management of brand prestige, price points, and community access within a more resilient and economically diverse ecosystem.¹

History

Conception and Purpose

The concept for the Mutant Ape Yacht Club was integral to the original vision for the Bored Ape Yacht Club, serving as the final deliverable of Yuga Labs’ “Roadmap 1.0”.³ As the floor price of the original 10,000 BAYC NFTs skyrocketed in mid-2021, the barrier to entry for the club became exceptionally high, alienating a large segment of the broader NFT community that wished to participate.¹ Yuga Labs recognized this challenge and conceived MAYC as a solution to both expand the community and reward its earliest and most loyal supporters.²

The project’s purpose was twofold. First, it was a gesture of appreciation to the BAYC holders who had propelled the collection to unprecedented success. By airdropping the means to create a new, distinct NFT for free (plus gas fees), Yuga Labs provided significant additional value to its members.³ Second, MAYC was designed to be a more affordable entry point into the ecosystem, allowing a new wave of enthusiasts to join the community and share in its benefits.¹ This expansion was a critical step in Yuga Labs’ broader ambition to transition from a single NFT project into a comprehensive “Web3 lifestyle company”.²

Launch and Initial Sale

The Mutant Ape Yacht Club collection officially launched on August 28, 2021.³ In a strategic move to ensure a fair distribution and mitigate the impact of automated bots that often plagued high-demand NFT launches, Yuga Labs kept the exact launch time under wraps until the day before the event.⁵ The launch was executed through two parallel mechanisms: a public sale and an airdrop to existing BAYC holders.

Public Sale

A total of 10,000 Mutant Apes were made available to the public through a Dutch auction.5 This auction format was deliberately chosen to prevent a “gas war,” a scenario common in 2021 where intense demand for a limited supply of NFTs would cause Ethereum network transaction fees to spike to extreme levels, leading to failed transactions and a poor user experience for many.4 The auction began with a starting price of 3 ETH (approximately $9,732 at the time) and was programmed to gradually decrease in price over a nine-hour period, allowing the market to determine a fair value.4 However, the demand was so immense that the entire collection of 10,000 NFTs sold out in under an hour, with the final sale price settling around 2.79 ETH.11 This public sale alone raised approximately $96 million for Yuga Labs.³

The selection of a Dutch auction and a semi-stealth launch was a direct and calculated response to the technical limitations and adversarial market dynamics of the Ethereum network during the 2021 NFT boom. Standard “first-come, first-served” mints frequently led to severe network congestion as users competed to have their transactions processed first, often paying exorbitant gas fees. A Dutch auction, by contrast, incentivizes participants to wait for a price they find acceptable, which naturally distributes the minting activity over a longer period and reduces the likelihood of a single point of network failure. This demonstrated Yuga Labs’ sophisticated understanding of both market economics and blockchain infrastructure, reinforcing its reputation as a competent and community-focused team.

Airdrop

Simultaneously with the public sale, Yuga Labs took a snapshot of all Ethereum wallets holding a Bored Ape Yacht Club NFT.4 Based on this snapshot, 10,000 “Mutant Serum” NFTs were airdropped to these wallets, with each BAYC holder receiving one serum per Ape owned. This airdrop enabled them to create their own Mutant Ape by applying the serum to their original Bored Ape, at no cost other than the requisite Ethereum gas fee for the transaction.3

Creation Mechanics: The Mutant Serums

The creation of a Mutant Ape from an existing Bored Ape is facilitated by a unique set of NFTs known as Mutant Serums. These serums are not merely a mechanism but a distinct and tradable collection themselves, adding another layer of economic activity and strategic decision-making to the Yuga Labs ecosystem.⁵

The Bored Ape Chemistry Club

The 10,000 Mutant Serum vials are collectively known as the Bored Ape Chemistry Club.⁸ As standalone NFTs, these serums can be bought and sold on secondary marketplaces like OpenSea, creating a vibrant sub-economy.⁵ This allows BAYC holders who received a serum via airdrop to choose between using it to create a Mutant Ape or selling it for a profit. It also allows non-BAYC holders to purchase a serum, though only a BAYC owner can actually use it.⁸

Serum Tiers and Rarity

The Mutant Serums were distributed in three tiers of scarcity, each designed to produce a different level of mutation and visual rarity when applied to a Bored Ape.³ The rarity of the serum directly correlates to the rarity and, consequently, the market value of the resulting Mutant Ape.

M1 Serum: This is the most common tier, with a total supply of 7,500 vials.³ When an M1 serum is used, the resulting Mutant Ape retains the core traits of the original Bored Ape but displays mutated features. These mutations can include subtle but distinct changes like faded or discolored fur, dripping skin, or accessories that appear to come alive.⁸
M2 Serum: This is the uncommon tier, with a supply of 2,492 vials.³ M2 serums produce more pronounced and visually dramatic mutations than their M1 counterparts. While the resulting Mutant Ape is still recognizable as a variation of the original, the transformations are more significant, often completely altering the Ape’s appearance.⁸
M3 (Mega Mutant) Serum: This is the rarest and most coveted tier, with an extremely limited supply of only 8 vials ever created.³ Applying an M3 serum to a Bored Ape triggers a complete and radical transformation, resulting in a “Mega Mutant Ape.” These Apes are described as visually grotesque and entirely unique, bearing little resemblance to the original and possessing a set of hyper-rare attributes that place them in the highest echelon of value within the entire MAYC collection.⁵

The serum mechanic represented a significant evolution from the standard static PFP NFT model by introducing elements of gamification and asset productivity. It transformed the BAYC NFT from a passive collectible into a dynamic “factory” capable of generating new, valuable assets. This presented BAYC holders with a complex strategic dilemma: they could use the serum to mint a new MAYC NFT, an act of long-term investment in the ecosystem; sell the serum on the secondary market for immediate liquidity; or hold the serum as a speculative asset, betting on its future appreciation.⁸ This decision-making process is a form of gameplay, requiring holders to assess risk, opportunity cost, and market sentiment. By making the BAYC a productive asset, something that does something rather than just is something, Yuga Labs established a new paradigm for NFT utility that influenced many subsequent projects to incorporate similar mechanics of crafting, breeding, or asset generation to foster deeper holder engagement.

Serum Type	Total Supply	Rarity	Typical Visual Effect
M1	7,500	Common	Retains original Ape traits with mutated features (e.g., faded fur, dripping skin).
M2	2,492	Uncommon	More prominent mutations, retaining core traits but with significant visual changes.
M3 (Mega Mutant)	8	Extremely Rare	Creates a completely different, often grotesque, Mega Mutant Ape with unique, rare attributes.

The Mutation Process

The process of creating a Mutant Ape via serum is executed through a dedicated smart contract on the official Yuga Labs website.³ A user must have both a Bored Ape NFT and a Mutant Serum NFT in the same Ethereum wallet to initiate the transaction.

Upon execution, the smart contract performs two key actions:

It mints a brand new MAYC NFT, which is then sent to the owner’s wallet. The traits of this new Mutant Ape are determined by the original Bored Ape and the tier of serum used.³
It “burns” the Mutant Serum NFT, permanently removing it from circulation. A serum can only be used once.³

Crucially, the original Bored Ape Yacht Club NFT is not altered or affected in any way during this process.³ The owner retains both their original BAYC and the newly created MAYC. Furthermore, a single Bored Ape can undergo mutation with each of the three serum tiers once. This means one BAYC NFT has the potential to create up to three distinct Mutant Apes: one from an M1 serum, one from an M2, and one from an M3.⁴

The Collection

The Mutant Ape Yacht Club consists of up to 20,000 NFTs, each a unique piece of digital art. The collection’s value and hierarchy are determined by a complex system of traits and the extreme rarity of its most elite members, the Mega Mutants.

Traits and Attributes

Each Mutant Ape is defined by a unique combination of procedurally generated traits across several categories: Background, Clothes, Earring, Eyes, Fur, Hat, and Mouth.¹⁴ The rarity of an individual MAYC NFT, and therefore its market value, is directly tied to the rarity of its specific traits within the overall collection.¹

For example, certain traits are exceptionally scarce. An M2 Stunt Jacket is present in only 0.4% of the entire collection, making any Mutant Ape possessing this attribute highly sought after and valuable.⁸ Collectors and traders can analyze the rarity of these traits using tools available on major NFT marketplaces like OpenSea or specialized rarity-ranking websites.¹⁴

Mega Mutants

The rarest and most valuable NFTs within the Mutant Ape Yacht Club are the Mega Mutants. These are visually distinct from all other Apes and are defined by their extreme scarcity. The total possible supply of Mega Mutants is 13.¹⁵

The creation of these 13 Apes followed two distinct paths, a design choice that maximized market engagement by appealing to different types of collectors.

Serum-Based Creation: Eight of the Mega Mutants can only be created by applying one of the eight ultra-rare M3 (Mega Mutant) Serums to an existing Bored Ape.¹⁵ This created a deterministic but capital-intensive path for high-net-worth collectors, or “whales,” to acquire a top-tier asset.
Public Mint Allocation: Five additional Mega Mutants were randomly included among the 10,000 Apes sold during the public Dutch auction.¹⁵ This introduced a “lottery ticket” effect, where any participant in the public sale had a small but non-zero chance of minting a multi-million-dollar asset for the initial auction price. This probabilistic path broadened the appeal of the public sale immensely, driving significant hype and participation beyond those simply looking to acquire a standard Mutant Ape.

This dual-path strategy for creating the collection’s rarest items was a sophisticated market design. It simultaneously catered to deterministic, high-end collectors who value certainty and the broader market of speculators drawn by the allure of a life-changing, luck-based outcome. This created multiple, concurrent narratives of value and excitement around the collection’s launch. Notable Mega Mutant types include the “Mega Demon,” “Mega Radioactive,” and “Mega Jelly,” which have commanded some of the highest sales prices in the collection’s history.⁴

Market Performance and Valuation

The Mutant Ape Yacht Club quickly established itself as a dominant force in the NFT market, achieving significant financial milestones and generating massive trading volumes that underscored its “blue-chip” status.

Sales History and Milestones

The collection’s launch was an immediate blockbuster, generating $96 million in its first hour.¹² This momentum continued, with MAYC surpassing

$1 billion in total secondary sales volume in less than a year and reaching $1.5 billion by May 2022.¹ The launch had a seismic impact on the entire NFT market; on the day following the drop, the OpenSea marketplace recorded its highest-ever single-day trading volume at $322 million, largely driven by the frenzy of MAYC secondary sales.¹²

The collection’s monthly sales volume peaked during the height of the NFT bull market in early 2022, reaching an all-time high of approximately $261.16 million in April 2022.¹⁹ The floor price, the cost of the cheapest available NFT in the collection, has experienced significant volatility. After the initial launch, the floor price stabilized in the 4 to 7 ETH range before experiencing a dramatic surge in late 2021 and early 2022, peaking at over

40 ETH.¹¹ In the subsequent market downturns, the floor price has corrected significantly, mirroring the broader trends in the cryptocurrency and NFT markets.¹⁹

Notable Sales

The peak valuation of the MAYC ecosystem is best illustrated by a series of high-profile, multi-million-dollar sales of its rarest assets: the Mega Mutant Apes and the M3 Serums. These transactions highlight the immense speculative interest and capital that flowed into the collection.

Item	Price (ETH)	Price (USD at time of sale)	Date
MAYC #4849 (Mega Demon)	350 WETH	~$1.1 Million	August 29, 2021
MAYC #1796 (Mega Radioactive)	335 ETH	~$1.08 Million	August 30, 2021
MAYC #6957 (Mega Jelly)	250 ETH	~$944,000	September 1, 2021
M3 Mega Mutant Serum	888 ETH	~$3.6 Million	December 26, 2021
M3 Mega Mutant Serum	1,542 ETH	~$5.8 Million	January 2, 2022

Ecosystem and Holder Utility

Ownership of a Mutant Ape Yacht Club NFT extends far beyond possessing a piece of digital art. It serves as a digital key to a sprawling and continuously evolving ecosystem, granting holders a “stack” of utilities that encompass social access, commercial rights, governance power, virtual property, and decentralized finance (DeFi) capabilities. Yuga Labs has executed a deliberate, multi-year strategy of incrementally layering new forms of utility onto its assets, systematically transforming them from static collectibles into dynamic, multi-faceted instruments of a digital economy.

Membership and Community Access

At its core, owning a MAYC NFT grants membership to the broader Bored Ape Yacht Club ecosystem, albeit at a tier distinct from original BAYC holders.¹ This membership includes several key social benefits:

Exclusive Discord Server: Holders gain access to a private, token-gated Discord server, which serves as the central communication hub for the BAYC and MAYC communities. This is where official announcements are made, and members can network and interact.⁷
THE BATHROOM: A unique, members-only feature is access to “THE BATHROOM,” a collaborative digital canvas where each Ape holder can draw a single pixel every 15 minutes. It functions as a piece of communal, evolving digital art.²³
In-Person Events: Membership provides the opportunity to attend exclusive real-world events, most notably the annual ApeFest, a multi-day festival featuring musical performances and networking opportunities for holders.⁵

Commercial Rights and Licensing

Yuga Labs grants MAYC holders full intellectual property (IP) and commercial rights to the specific Mutant Ape NFT they own.¹ This is a significant utility, as it allows owners to build brands, create merchandise, or license the image of their Ape for various commercial ventures, effectively turning the NFT into a personal brand asset.²⁵

To formalize and support this utility, Yuga Labs launched the “Made by Apes” platform in July 2023. This service allows BAYC and MAYC holders to apply for and receive an official on-chain license for their commercial projects. This license serves as a verifiable certification of authenticity, confirming that the product or service is legitimately associated with an authentic Ape NFT.²⁷

Integration with ApeCoin

The utility of MAYC was significantly financialized with the launch of ApeCoin ($APE) on March 17, 2022.⁷ ApeCoin is the official ERC-20 governance and utility token for the entire Yuga Labs ecosystem.

Airdrop: At launch, a substantial portion of the ApeCoin supply was airdropped to existing NFT holders. Each MAYC NFT was eligible to claim 2,042 APE tokens.⁷ If a Mutant Ape was held in the same wallet as a Bored Ape Kennel Club (BAKC) companion NFT, the pair could claim a total of 2,898 APE.³⁰
Governance: Holding APE grants membership in the ApeCoin DAO (Decentralized Autonomous Organization). This gives token holders the power to vote on governance proposals that shape the future of the ecosystem, including how the DAO’s treasury is allocated, what projects receive funding, and the rules that govern the community.³¹ This layer of utility transformed the MAYC from a simple collectible into a political and economic instrument within a decentralized framework.

Role in the Otherside Metaverse

Mutant Apes are a foundational element of Otherside, Yuga Labs’ ambitious gamified metaverse project.¹³

Land Ownership: During the highly anticipated initial land sale for Otherside on April 30, 2022, every MAYC holder was entitled to claim one Otherdeed NFT for free (plus gas fees). These Otherdeeds represent parcels of virtual land in the metaverse. A total of 20,000 Otherdeeds were specifically allocated for MAYC holders, linking each Mutant Ape directly to virtual real estate.³³
Playable Characters: Yuga Labs has confirmed that all MAYC NFTs will be rendered as fully playable 3D avatars within the Otherside game when it launches.⁷ This utility attaches the value of the MAYC not just to its status as a collectible but to its future role within a massive, long-term interactive entertainment platform.

ApeChain Integration and Staking

The most recent and technologically sophisticated layer of utility was added with the development of ApeChain, a dedicated blockchain designed to power the Ape ecosystem with lower transaction fees and higher speeds.¹³ Launched in 2024 as a Layer-3 network built on Arbitrum, ApeChain provides the infrastructure for the next phase of the ecosystem’s growth.³⁵

In April 2025, the ApeCoin staking protocol was migrated from Ethereum to ApeChain, introducing a novel utility for MAYC holders via “Shadow NFTs”.³⁶ This innovative system allows a holder to stake APE tokens that are committed to their MAYC NFT on the high-speed ApeChain without ever having to move the valuable MAYC NFT itself off the secure Ethereum mainnet. A “shadow” version of the NFT is created on ApeChain to represent the staked position, while the original asset remains in the owner’s wallet.³⁵ This mechanism provides the benefits of DeFi yield generation while mitigating the significant security risks associated with bridging high-value assets across different blockchains, a common point of failure and exploitation in the Web3 space.³⁸ This final layer effectively transforms the MAYC into a yield-bearing instrument within its own native, secure DeFi environment.

Cultural Impact

The Mutant Ape Yacht Club has had a profound cultural impact, extending beyond the confines of the NFT community into mainstream media, celebrity culture, and the sociology of digital communities.

Celebrity Adoption

Like its predecessor, MAYC has been embraced by a wide array of high-profile individuals, whose adoption has significantly amplified the collection’s visibility and cultural cachet. Notable celebrity owners include:

Shaquille O’Neal, former NBA superstar (MAYC #14452) ⁵
Snoop Dogg, rapper and prominent Web3 figure ⁵
Lil Baby, rapper (MAYC #10259) ³⁹
Steve Aoki, DJ and music producer ⁵
Shawn Yue, actor and singer ³⁹
Taylor Gerring, Ethereum co-founder, who famously purchased an M3 Serum for a record-breaking $3.6 million ⁴

Community Perception and Projects

Within the Web3 community, MAYC is widely regarded as the primary and most legitimate entry point into the prestigious Yuga Labs ecosystem for individuals who may be priced out of acquiring an original Bored Ape.⁸ This has positioned it as a status symbol in its own right and an object of aspiration for many NFT collectors.

However, the explicitly tiered membership structure has also fostered a complex and stratified social dynamic within the community. The economic design of MAYC as a “lower tier” naturally translated into a social hierarchy. Discussions on community forums and social media reveal a palpable sense of this structure, with BAYC holders sometimes perceived as the “elite” and MAYC holders as an aspirational but distinct class. This has occasionally led to debates over the equitable distribution of perks and a feeling of being “shamed” for holding a Mutant instead of a Bored Ape.⁴¹

This social stratification has led to the organic formation of distinct sub-identities and community-led initiatives. The most prominent of these is the Mutant Cartel, an independent organization founded by MAYC holders with the explicit goal of enriching the BAYC universe from a mutant-centric perspective. The Cartel aims to spin a complementary narrative, create value specifically for Mutant Ape holders, and “cultivate creativity and profits for Mutants,” functioning as a grassroots movement to build a unique culture and advocate for its members’ interests within the larger ecosystem.⁴ This phenomenon illustrates that NFT communities are not monolithic; the economic design choices made by creators can have profound and lasting sociological consequences, leading to the emergence of digital class consciousness, sub-cultures, and internal politics that mirror complex real-world societal structures.

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