In- depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Non-fungible tokens (NFTs) continue to break the circle in mainstream media, the most famous of which are veteran blue-chip projects such as Punk and BAYC. BAYC and other projects are no longer exclusive to insiders. Some Hollywood big names, many first-line stars, stars, and large companies will proudly show off their BAYC, which undoubtedly promotes the popularity and price of BAYC NFT.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

The success of the “Bored Ape Yacht Club” NFT series of the boring ape has made its follow-up sectors, such as: Land, Metaverse, ApeCoin, etc., emerge one after another, forming an extremely huge Web3 ecology.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

The Rise of “Apes”

Yuga Labs, a Web3 marketing company, with BAYC as its brainchild, is an exclusive collection of 10,000 programmatically generated NFTs with different combinations of 170 different characteristics.

“BAYC” will go on sale on April 23, 2021, at a price of 0.08 ether (ETH) each, which was worth about $190 at the time. BAYC didn’t get a lot of attention at first, until one day on May 1, the well-known collector Pranksy paid attention to the project and announced that he had purchased more than 250 apes. From the moment he tweeted, BAYC saw a surge in sales, users, and transactions. BAYC sold out after only 117 minutes.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

The NFT holding BAYC is also equivalent to holding the membership card of the BAYC ecosystem and obtains exclusive benefits for members. Needless to say, it’s so popular that Hollywood A-listers and the best players in the NBA are spending big bucks to own BAYC NFTs.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

The price of NFTs has skyrocketed as big-name celebrities like Justin Bieber, Eminem, Paris Hilton, Snoop Dogg, and Post Malone get their own avatars of Bored Ape. The cheapest Bored Ape currently listed on OpenSea sells for about 145 ETH, which is close to 270W RMB.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Following the successful launch of BAYC and the sale of all 10,000 NFTs, Yuga Labs created “Mutant Ape Yacht Club” and “Bored Ape Kennel Club” and airdropped BAYC holders.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Ape Coin

As BAYC quickly gained traction and evolved into the exclusive membership ecosystem it is today, Yuga Labs turned its attention to creating a Decentralized Autonomous Organization (DAO) to serve as the backbone of the burgeoning community.

Ape Foundation, as the base layer of ApeCoin DAO, is responsible for the daily management and project management within the ecosystem. The Ecological Fund pays the Ape Foundation’s fees as directed by the DAO and acts as the infrastructure for ApeCoin holders to participate in the governance process.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

ApeCoin (APE) is an ERC-20 token used for governance and transactions within the Ape ecosystem. Holders can participate in the ApeCoin DAO, transact with other participants, and gain access to exclusive ecological services, game activities and items.

Yuga Labs has capped the supply of ApeCoins at 1 billion, and these Toekn are gradually unlocked over a 48-month window. 150 million Toekn will be airdropped directly to BAYC and MAYC holders at launch, while a total of 470 million Tokens will serve as the DAO’s treasury and ecosystem resources. 117.5 million pieces will be unlocked initially, and 730W pieces will be unlocked every month within four years.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Yuga Labs received a total of 150 million tokens. These tokens have a 12-month lock-up period and unlock 410W per month for three years. Of their total assets, 6% will be donated to the Jane Goodall Legacy Foundation, founded by primatologist and conservationist Jane Goodall.

Another 140 million tokens were allocated to initial contributors, and the four founders of Yuga Labs and BAYC received a total of 8000W tokens. These also have a 12-month lock-in period, which will unlock 220W per month for 36 months.

Five days after the release of Ape Coin, Yuga Labs announced that it has completed a $450 million financing at a valuation of 4 billion, which is a great benefit for ApeCoin and the industry.

BAYC business model

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Bored Apes Yacht Club (BAYC) has successfully created the most iconic and recognizable brand in the NFT community. The team achieves this by combining arts, entertainment and social capital. In addition, the team has adopted the De-Collab (Decentralized Collaboration Model) business model and has been working to bring utility to community members and holders.

According to Yuga Labs CEO Nicole Muniz, BAYC is an experiment built on three fundamental ideas: identity, ownership, and utility.

De-Collab vs Ce-Collab

In a centralized collaborative model (Ce-Collab), the intellectual property (IP) owner is the center, and the IP owner owns the rights and strictly controls the use of the intellectual property. This model enables intellectual property owners to better control the quality and consistency of products and to coordinate development against a larger strategic vision.However, this licensing-based model limits potential derivative work of IP in terms of flexibility, speed to market, and cost.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

In contrast, the Decentralized Collaboration Model (De-Collab) grants full commercial intellectual property rights to individual BAYC holders. It allows holders to use, copy, display and make derivative works of the NFTs they purchase.Therefore, holders can fully commercialize their IP without any approval from the issuer. In this way, innovation is treated as a priority rather than quality control. This bottom-up approach has led to multiple spin-off projects that have emerged across multiple domains including entertainment, music, fashion, gaming, and virtual worlds.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

identity

Here we analyze identity from three perspectives—status, belonging, and culture. As the world continues to evolve into a digital space, digital identities are becoming increasingly important. It allows people to express their worldviews, beliefs and connect with communities that share the same values. Online identities provide people with a fairer footing than others. In the online world, individuals have no assigned social status, origin, age, gender, appearance, or other characteristics that do not relate to personal identity. This allows users to get rid of the “burden” and can easily build an atmosphere club full of personal ideas.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

status

NBA player LaMelo ball, NBA chairman Daryl Morey, DJ duo Bassjackers, DJ 3lau and many Chinese stars including Chen Bolin, Wu Jianhao, Shawn Yue all own or have owned BAYC, BAYC is already a status. People with BAYC will definitely be called “big guys” on social media. Whether they have or have the ability to own BAYC seems to have become a standard for identifying financial resources in the industry – after all, no one will be impulsive enough to change their entire net worth. To become BAYC, the person who owns it must have other investment allocations.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Like luxury car watches, BAYC has become a status symbol.

sense of belonging

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, it’s not just a collectible, it’s a club.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

BYAC represents the internet culture of crypto/blockchain enthusiasts who believe in this space and see many applications of the technology in industries such as art, music, gaming and entertainment. This belief makes people willing to join a community that shares the same values ​​and beliefs.

A sense of belonging has always been an important human need, and BAYC members now belong to the most exclusive and valuable NFT brand, and are at the forefront of innovation in the NFT field. Plus, it’s a great feeling to share the same aesthetic and values ​​as so many celebrities.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

culture

The background of BAYC’s story stems from the voice of many NFT collectors: investors in the digital field realize the dream of financial freedom in NFTs. BAYC completed the first sale in the form of FL, that is, the price of each ape is 0.08ETH. This provides a lower entry cost, enables all users to stand on the same starting line, and does not have to worry about investment institutions or giant whales having an absolute advantage. This fair and just approach has attracted many investors.

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Many in the community have similar life stories, and the story of starting from scratch further ties the holders together.Since its inception, the spirit of the community has been inclusive and non-elitist. This culture doesn’t care about your ethnicity, social status, nationality, your network, etc. As long as you have BAYC, you are our friend (although it now seems that the latter friends need a lot of money to join).

future

Today, brands are capturing the minds of a small number of people, building a product system with high loyalty, and finally promoting the product through influencers in various fields.

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

In-depth analysis of the brand value behind the success of BAYC: identity, status, belonging and culture

Only time will give us the answer.

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

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/in-depth-analysis-of-the-brand-value-behind-the-success-of-bayc-identity-status-belonging-and-culture/
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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