There are two NFT projects that make me tick and explore the significance of the innovation along with its application with a community at the core of everything, one is World of Women (WoW) and Bored Ape Yacht Club (BAYC), an NFT project of Yuga Labs.
Spoiler Alert:
BAYC has built a brand without advertising, search marketing, or extensive social media promotion. What they did was to harness the power of the community by bringing people together and making a brand that is a badge of honor and pass for everyone part of the exclusive community.
The Big Idea, Story, and First steps:
Developing culture, story and community that evolved during hot debate, discussions, experiments in/with NFTs and Crypto and thorough research inspired BAYC founders to develop lazy, bored club of apes and the following podcast tells an entire story.
https://www.youtube.com/watch?v=UeeEFDLaMYY
It took 12 hours for all 10,000 to sell out at a price of $190 (0.08 ether). The price of Bored Ape NFTs rose steadily, eventually making the collection a blue-chip set. Source: https://www.cnet.com/culture/internet/bored-ape-yacht-club-nfts-explained/
Below I communicate 4 perks making BAYC successful and yet one universal truth that connects all 4 perks below is the idea of #belonging.
Anthropologically, we are all social entities, hence, by default we all want to belong, we want to become part of something big that has vision (religions, cults, revolutions, WEB 3 are great examples)
4 Big things that make the project a big deal
1: Celebrity - Several big names joined the club, including Jimmy Fallon, Eminem, Madonna, Kevin Hart, Neymar Jr,Justin Bieber, and scores of others that can be found here: https://www.benzinga.com/money/celebrities-that-own-bored-ape-yacht-club-nfts
2: Utility - There are scores of utilities and to mention some of the obvious ones are: Owners of each BAYC NFT receive the commercial usage rights, which they can build products upon. The tokens act as ID cards to an online clubhouse designed to look like a cool dive bar and even real-world private events. Each NFT has great resale value, and it’s (thus far) an investment. The team has created the Bored Ape Kennel Club that allows BAYC owners to “adopt” a dog NFT that mimics the traits of the Bored Apes. These dog NFTs also have amazing resale value.
3: Mainstream
Community + celebrity utility helps to adopt NFTs (innovation) a lot faster, it`s not about technicality any more, but mainstream, trendiness and being part of something new.
4: Exclusivity in the community
Perks and exclusivity in the community (membership) makes it ever unique, it reminds me social network (facebook) story when they started with Schools and making it mainstream among students prior to making it accessible for generic public, thus, the same idea applies to exclusive community and Yuga Labs utilized this concept accordingly.
Ape Coin and its utility
For those in the industry, this may seem like an obvious move, especially after raising 450 million dollars to incorporate new activities, services, empower (most) active degens and BAYC Fans.
Forum, proposal and marketplace along with stellar board members simply solidifies the foundation and its market domination. Show Less
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