The Bored Ape Yacht Club is one of the most successful NFT projects (BAYC). The most expensive NFT in the collection fetched a whopping $3.59 million (769 ETH). Famous people who own BAYC NFTs include Eminem, Jimmy Fallon, Stephen Curry, Snoop Dogg, KSI, Lil Baby, and Post Malone.
What is NFT?
NFT is an abbreviation for Non-Fungible Token. Each token is one-of-a-kind and can represent anything ranging from music to art to video game collectibles to real-world objects or even a ticket to an experience.
The Bored Ape Yacht Club (BAYC) is a 10,000 NFT club that provides its members with access to a private neighborhood as well as ownership of a one-of-a-kind cartoon ape character.
The advantages of owning a BAYC NFT BAYC go beyond simply collecting trading cards with funny ape cartoons on them. Each BAYC NFT owner is granted the right to use it for commercial purposes, allowing them to create products. The tokens serve as ID cards for both real-world private events and an online clubhouse that resembles a cool dive bar.
Each NFT is an excellent investment because it can be sold for a high price.The group established the Bored Ape Kennel Club, where BAYC members can “adopt” a dog that resembles a bored ape. These dog NFTs can also be sold for a lot of money.
They also created digital vials of mutant serum. Owners can create the Mutant Ape by combining the Bored Ape and the Mutant Ape, which can be sold for a high price. You may be curious about who runs the Bored Ape Yacht Club.
The BAYC team maintains anonymity by using aliases such as Gargamel, Gordon Goner, Emperor Tomato, and No Sass. They have since founded Yuga Labs, a Web 3.0 company.
Why is the Bored Ape Yacht Club so popular?
Because ape NFTs are so holy, I don’t own any, and I don’t think most of us do either. I’m most impressed by BAYC’s ability to seemingly generate a good name and a large number of fans out of thin air. So I was curious as to what made them so popular that they outsold NFTs.
I’ll use Malcolm Gladwell’s book The Tipping Point to explain what’s going on. According to Gladwell’s theory in The Tipping Point, every significant trend can be traced back to three major causes:
- According to the Law of the Few, a small group of people (connectors, mavens, and salespeople) spread information like wildfire.
- A concept must be interesting, easy to remember, or addictive in order to be sticky.
- The context principle refers to the situation that piques a person’s interest.
- Even if we do not adhere to the framework to the letter, we can still assess BAYC’s success using these three criteria.
What will become of the Boring Ape Yacht Club?
At the moment, BAYC is a lifestyle brand. The team held its first-ever annual Ape Fest from October 31 to November 6, 2021. It included a charity dinner in New York, a pop-up shop with exclusive merchandise, a yacht party, a warehouse party, and a gallery party. Community gatherings have also taken place in the United Kingdom and Hong Kong. This demonstrates that BAYC has an impact all over the world. When Rolling Stone mentioned the famous Bored Ape, it became much more culturally significant. They collaborated with adidas on the new NFT project and are now developing their own mobile game.
The Future Of the Bored Ape:
Yuga Labs’ event planner brand, according to Goner, a music and content developer, “wants to be a Web 3.0 lifestyle company” and has no plans to stop. The effects of BAYC extend beyond NFT and cryptocurrencies, as well as the original owners of Bored Ape. Soon, everyone, including those who are not members of the club, will be able to experience the BAYC brand. Membership will become more desirable and valuable as a result. This is how they intend to create a brand that will last rather than just be a fad.
BAYC has developed a strategy for determining what factors contribute to the success of an NFT project or brand, which has inspired other creators to do the same. Fancy Bears Metaverse and Azuki both employ a similar strategy for developing a brand and a community.