In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

A larger world that includes identity and community affiliation.

table of Contents:

Reasons for the rise

Clever narrative

Horizontal contrast

Social atmosphere + social capital

-Celebrity effect

-Identity attribution

-Community welfare

Copyright attribute

Interactive system

Limited membership

Written in the front: Nowadays, NFT price is not the only way to evaluate and measure the value of NFT. Sometimes, building a unique system with deep participation of Super Fans or Club Members can far exceed the value of digital collectibles.

In the NFT market in the past month, Bored Ape Yacht Club (hereinafter referred to as BAYC) is undoubtedly a dark horse. In June, BAYC accumulated sales of 39.71 million U.S. dollars and accumulated sales of 2,810, which surpassed the star project NBA Top Shot. , CryptoPunks and Meetbits.

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

This collection of apes and the BAYC club are sweeping the NFT world. First of all, what is BAYC?

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

The full name of BYAC is Bored Ape Yacht Club. It is a collection of 10,000 apes NFTs, including hats, eyes, looks, clothing, backgrounds and other 170 attributes with different rarities. Through programming, 10,000 unique apes were randomly combined, and each ape has a different expression and dress.

Reasons for the rise

BAYC will go on sale on April 23. At first, it didn’t receive much attention. Until May 1st, the well-known collector Pranksy paid attention to this project and announced that he had purchased more than 250 apes. From the moment he posted on Twitter, BAYC’s sales, users, and transactions have surged. After only 117 minutes, BAYC was sold out. According to the BAYC team, they have never communicated privately with Pranksy.

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles
In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

Clever narrative

The background of BAYC comes from the voices of many NFT collectors: investors in the digital field have realized their dream of wealth freedom in NFT. BAYC completes its first sale in the form of FL, that is, the price of each ape is 0.08 ETH. This provides a lower entry cost, enables all users to stand on the same starting line, and does not have to worry about the absolute advantage of investment institutions or giant whales. This fair and just way has attracted many investors.

Horizontal contrast

This is also in contrast with the Meetbits launched by Larva Labs . Meebits are 3D voxel characters generated by algorithms, which are visually similar to Minecraft avatars. Meebits was founded in May by Larva Labs. The team once launched the well-known NFT collections CryptoPunks and Autoglyphs. Larva Labs’ brand influence and its own spotlight effect paved the way for the launch of Meetbits. However, the price of Meetbits is very expensive. Out of a total of 20,000 Meebits, 9,000 are publicly sold through Dutch auctions, starting at 2.5 ETH. The remaining 11,000 rewards are given to collectors who already own Cryptopunk and Autoglyphs. Each Cryptopunk and Autoglyph can cast a Meebit for free. 

Therefore, this reward mechanism is passed from top to bottom, and the addition of Cryptopunk and Autoglyphs collectors is the fuse of the Meetbits boom. At the same time, this mechanism conveys a message that collectors will be rewarded for holding the NFT issued by Larva Labs.

Provide Meebits to CryptoPunks collectors for free, while charging others an entrance fee of 2.5 ETH. This makes wealthy collectors richer. CryptoPunks are not cheap now. According to Larva Labs market data, the cheapest Punk now sells for about 17.5 ETH (about 38,500 US dollars at the time of writing). For others, the price is high from the start. This is more like a reward for Cryptopunk holders, rather than something for new collectors.

One is for NFT collectors with sufficient funds, and the other is for beginners from bottom to top.

According to data from Opensea in July, the price of BAYC in the secondary market is rising. The current reserve price of BAYC is 2.52 ETH, and the reserve price of Meebits is 1.05 ETH. On June 1, a BAYC was sold for 49.99 ETH, with a yield of 62500%. Although this price is still lower than the highest price paid by Meebits of 303 ETH.

Community atmosphere + social capital

The rapid development of BAYC is inseparable from the role of the community. Since the BAYC project was released in April, it has rapidly grown into a huge community in a short period of time. For players holding BAYC, this is not only a collectible, but also a club. According to a BAYC user Ong commented, “The Bored Ape Yacht Club is like a college club. Everyone will connect with each other. Everyone will set the social network’s avatar as ape and follow each other. Ape follow Ape trend”.

Celebrity effect

First, it is the celebrity effect. Many celebrities started to buy apes, which made the project more attention. For example, NBA player LaMelo ball, NBA chairman Daryl Morey, DJ duo Bassjackers, DJ 3lau and many Chinese stars including Chen Bolin, Wu Jianhao and Shawn Yue. They have used BAYC’s works as their avatars on social media. These celebrities aroused public interest in NFT and BAYC.

Identity attribution

Second is the identity attribute. Unlike Avatar, Bored Ape NFT is more like an identity card when socializing. Because players will use this type of NFT as the social avatar of the NFT, it helps the holder to obtain additional social capital. It is the same as BAYC. Of members resonate.

Community welfare

BAYC highlights the community element. Owning a Bored Ape NFT will enjoy the unique benefits of club members. For example, enter the “bathroom” function of the collaborative graffiti board on BAYC’s official website. The BAYC bathroom contains a canvas, which can only be used by users whose wallet contains at least one Bored Ape NFT. This is a place where you can paint or create at will.

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

Bored Ape Yacht Club bathroom

At the same time, the project also created The Bored Ape Kennel Club . In order to reward club members, each club member can adopt a Club Dog NFT from Bored Ape Kennel Club. The adoption is free, and you only need to pay a gas fee. The announcement triggered a surge in the price of Club Dog in the secondary market. At that time, the reserve price of BAYC soared to 3.85 ETH. Currently, the reserve price of a single Club Dog is 0.5ETH.

In addition, BAYC purchased a piece of land in The Sandbox game. On this land, the project team will build a place for club members only. The BAYC team airdropped a wearable hoodie to the wallet of each Bored Ape NFT user on June 18. This allows BAYC members to quickly identify their peers in Metaverse. Players can display virtual parties on Decentraland.

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

BAYC community members have established additional projects and additional projects, such as the’Bored Ape Kids Club’, where someone will make a children’s version of Bored Ape, and in the beauty salon, you can use new things to make your Bored Ape “remodeled” “Hair and so on.

Copyright attribution

Generally speaking, the copyright of NFT does not belong to the buyer. The ownership and commercial use rights of BAYC will be granted to the buyer when a transaction occurs. BAYC grants Bored Ape NFT holders the full commercial use right to use, copy and display the purchased collections, as well as use it to produce creative derivative works.

People often ask, why buy NFT collectibles and what is the point of it? In addition to price speculation, are there other sources of revenue? BAYC is a good use case. The picture below shows the peripheral products issued by the owner of Ape, including shoes, stickers, T-shirts, etc. Some peripheral short sleeves even reach $3,000 per piece. The owner can make money from it. Through the transfer of copyright, BAYC has evolved into a trendy brand, which is what makes it unique.

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

Interactive system

In-depth analysis of BAYC: a logical system beyond the value of digital collectibles

The above future planning increases the social influence of BAYC or the source of income for the owner. For example, there is still a treasure hunt that will start in less than a month. According to the latest official news, the winner will get rewards of No. 10 Ape, No. 10 Club Dog and 5 ETH. BAYC has launched liquidity pools on NFTX and NFT20, adding DeFi elements to NFT, owners will increase the source of income. At the same time, BAYC officially released the community Grant project, which rewards creators who are creating BAYC up to three thousand dollars. In contrast, many Meebit holders expressed their concerns about Larva Labs’ lack of interaction.

Limited membership

Combining NFT with limited membership, NFT will become more and more closely related to brand marketing. It is not difficult to explain that many perfume and luxury brands are also entering this market. For example, Rook Perfumes’ Metaverse NFT provides buyers with the opportunity to participate in the production of their own custom scents. Rook Perfumes consultant Melissa Gilmour said that more than 30 people have joined the brand’s NFT project. In addition to private Telegram groups, NFT owners can test and vote on the smell of samples. The selling price of NFT is approximately US$700 each.

Nowadays, brands are seizing the minds of a small group of people, building a highly loyal product system, and finally promoting products through influencers in various fields.

However, is this a marketing model with a new look and an old core, or it can become a future that changes user participation and experience.

Only time will give us the answer.

But through BAYC, we can be sure that as the NFT collectibles community continues to mature, players are becoming more and more interested in practical items. What they hope to get is not just a digital artwork, but a The larger world of identity and community belonging.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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