Bored Ape Yacht Club (BAYC) is a digital community and NFT project that has been valued at over 4 billion dollars since launching just over 12 months ago. The original collection named BAYC was developed by an American company called Yuga Labs which created 10,000 jpgs on the Ethereum blockchain. The images were auto-generated by artificial intelligence after the traits and base character were hand drawn by a team of artists. The project has since expanded to include other collections and Yuga Labs has gone on to launch the Otherside which is a separate project aiming to destroy meta (formally Facebook) goals to be the number one Metaverse.
The BAYC Founders had a dream
- Greg Solano (“Gargamel”)
- Wylie Aronow (“Gordon Goner”)
- Zeshan Ali (“No Sass”)
- Kerem Atalay (“Emperor Tomato Ketchup”)
Before there was a BAYC, there was a dream slowly forming in one of the minds of the founders. The idea of the board apes was unconsciously growing piece by piece and although not fully formed, it grew big enough to spark into existence for just enough time to seed the birth of what would be Yuga Labs’ first NFT project and the fastest growing brand known to history.
Once the idea was realized, the team started to grow and the roadmap started to form. There was a deep love for storytelling and the digital space which incorporated their understanding of the gaming community, the rise of Crypto Punks, and the Degen behaviors around online traders.
See the breadcrumbs left by the founders show the dream of the bored apes was born a long time ago, but not even they could see it until 2020 nor was the world ready until recently due to technology restraints and culture shifts that took on societal challenges around identity, community and ownership.
Becoming The Bored Ape Yacht Club
As much as I believe this was a perfect storm and nothing less than an act from above, I believe there are two core truths here. This project was planned for success and the founders worked hard to get the heart started. Even if this project was meant to be a part of human evolution, the founders were chosen for their creativity and drive to make this happen.
What challenges did the team of BAYC experience
The team at Bored Ape Yacht Club experienced a range of challenges in the development of their project. One of the biggest challenges was ensuring that the project remained true to its original vision, while also adapting to the rapidly changing landscape of the cryptocurrency world. Additionally, the team faced challenges in terms of marketing and outreach, as they worked to build awareness of BAYC among both crypto and non-crypto communities. Finally, the team also faced challenges in terms of legal compliance, as they worked to ensure that their project complied with all relevant regulations.
The creators of NFT art took measures, such as setting up a legal team to handle contracts and grant rights to the NFT art to its owners, but they also employed many artists in order to decrease the chance of any one person claiming additional rights to the art.
How did BAYC plan for their success
The Bored Ape Yacht Club team had a simple roadmap for their project, which included launching a Lofi YouTube channel and selling merchandise. They also promised to breed your NFTs for free Mutant Apes, which became “Mutant Ape Yacht Club” or MAYC for short. One of the most fun aspects of buying a BAYC NFT was the planned launch of The Bathroom, where holders could add pixels to the toilet seat which grew a sense of community among degens.
How has the project grown over time
The project has grown rapidly over the past year, with the value of BAYC increasing significantly. The team has worked hard to build a strong community around the project, and the growth of the cryptocurrency market has helped to fuel interest in BAYC. Additionally, the team has been working on expanding the project to include new collections and features, and they have plans to continue expanding in the future.
Many people found a home with Bored Apes, originally it was just a small NFT community. But then NBA Topshots holders and creators came along and the noise they made on Twitter caught celebrities’ attention.
What makes this project unique or different from others
The project has a 4 billion dollar valuation, which is mind-blowingly high for a startup. This shows that investors are confident in the team and the direction of the project.
What makes this project unique or different from others is the focus on building a community and expanding into the Metaverse. The team is very passionate about their work, they get so excited about new ideas that they sometimes can’t sleep and end up speaking through the night.
The Bored Ape Yacht Club has collaborated with major brands from its beginnings and has built itself into a modern culture with people like Snoop Dog and Eminem. This gives the project a level of credibility and exposure that other projects may not have.
They have shown leadership by being first on several occasions, meaning they set the standard and other projects generally follow. I appreciate how they are decentralization maximalists, degens, and promote the community’s development.
Future plans or goals for the project
The team plans to dominate web3 with the recent news of the Otherside, with a focus on building an even stronger community with a staged release of 200k NFT Otherdeeds which are Metaverse land NFTs. They also have plans to continue expanding the project to include new collections and features. Additionally, the team is working on developing new ways to use NFTs, and they are exploring ways to bring the project to a wider audience.