The Secrets Behind The Success Of Bored Ape Yacht Club NFT
When it comes to the success stories from the NFT space — it doesn’t get bigger than the Bored Ape Yacht Club. In fact when you ask someone about NFTs, probably one of the first brands that will come to mind.
Bored Ape Yacht Club is the NFT project which has taken the world by storm. 10,000 NFTs on the Ethereum blockchain which feature dynamic images of apes with different designs — each with different traits from expressions, to outfits and more. Some are rarer than others but nevertheless, the collection as a whole is widely considered to be one of the most well distinguishable NFT projects in the world right now.
But how did we get to this point? Why are the Bored Ape Yacht Club NFTs so popular? This is something that will be explored in this post here.
Bored Ape Yacht Club have benefited greatly from the fact that only a few can own one of the NFTs. The collection has 10,000 NFTs and those of the original investors that got in early to mint one of them have been named those that have ‘aped in’.
As time has gone on and the brand has grown, the scarcity of the collection has only helped create more demand for it which has driven the floor price up more over time. At this point there are people who will do anything for a Bored Ape NFT and for the ones that do own them — they spread the word about the brand like wildfire, telling the world about their investment due to the rarity and value and this has created more FOMO (fear of missing out) in the NFT space as people want to be able to get their hands on the NFT that not many people are able to obtain.
An Addictive Brand
Much of the intrigue relating to BAYC is about its story — crypto billionaires hanging out on a yacht. It’s a simple concept but it works extremely well in translating to the world. It captures the imagination and simply sounds fun which has been a large part of its massive appeal.
The Bored Apes are some of the most distinguishable characters out there right now in the digital space. Even people that don’t even know what an NFT is will be able to distinguish a Bored Ape character model. Even though each of the models has traits that set them apart, the core look is still there but the variations that have been released by the creators Yuga Labs have consistently engaged the minds of their community.
The identity is strong from the colour to the vibe to the look of the Bored Ape universe and it all contributes to a larger-than-life brand that started off as a cool NFT collection into a cultural phenomenon.
Bored Ape Yacht Club isn’t just an NFT collection offering merely artwork. What has greatly contributed to the success of the brand are the real world uses and benefits that owning one of the collection will be able to give.
Owning one of the NFTs doubles as a ‘Yacht Club membership ID card’ which grants members only benefits such as access to a real world club as well as a virtual club for its members. Other benefits include a copyright licence for commercial use which allows you to monetize your ape, access to additional NFT drops and access to the Bathroom which is a collaborative art platform, and access to the Apes vs Mutants mobile game.
Creating A Die Hard Community
If there’s anything that Bored Ape Yacht Club has, it’s a die-hard community. The influence that the brand has had has translated into the wider culture. For the people that have bought into the brand — they have done so with vigour.
The community-based aspect of the brand is fueled by the commercial usage rights given to its holders, with an example being how some users have even created Twitter accounts for their Apes and created backstories and scenarios for them.
The community has always been key for the brand and that is why its members continue to support as they do. In 2021 alone there have been member meet-ups in various cities around the world, merchandise pop-ups, charity dinners, and gallery parties. Being a Bored Ape member allows you to enter an exclusive club that many would be interested in being a part of.
What has most certainly contributed to the wide success of BAYC in popular culture are the endorsements of the NFT project by well-known celebrities and influential people.
Bored Ape Yacht Club NFTs have been purchased for large sums by notable names such as Neymar Jr, Serena Williams, Justin Bieber, Post Malone, Eminem, Kevin Hart, Paris Hilton, Snoop Dogg, and more. The simple fact that well known names with massive audiences own one of the NFTs and paid a considerable amount for them (Justin Bieber alone paid $1.3 million for his) undoubtedly has raised the value and perception considerably amongst investors.
Looking at the data of the Google trend, we can see the interest in Bored Ape Yacht Club increasing over time.
From this data, we can see a massive spike around August 2021, which was around the time that NBA champion Steph Curry purchased a Bored Ape NFT for $180,000. This was a major signal to the world that BAYC was a serious investment and from there many more eyes from the celebrity, NFT, and the mainstream world were on the NFT collection.
The more celebrities that purchase or ‘ape in’ into the NFT project, the more demand that is created. This in total has greatly contributed to Bored Ape Yacht Club being one of the go-to NFT collections to purchase for those with the available funds.
The influence has additionally grown as a result of the visibility of publications such as Rolling Stone which featured the NFT project on the front cover of one of the magazine editions.
Also, the NFT project partnership with Adidas proved to be a pivotal move in terms of cementing Bored Ape Yacht Club as a serious lifestyle brand.
Bored Ape Yacht Club came at the perfect time when they launched in 2021. The NFT project was introduced at a time when ETH was just breaking out at around $3,000, they were able to leverage existing crypto communities on Twitter from the beginning and were able to build up an incredible amount of steam leading up to their public mint.
Bored Ape Yacht Club is a shining example of the benefits of cultivating a ravenous community through word of mouth, social media, creativity, and creating exclusivity which has contributed heavily to the success of the brand. Leading on from their success there have been many NFT projects which have aimed to market themselves and have been named ‘the next Bored Ape Yacht Club’ which is a testament to the brand's influence in this space.
As time goes on we will for sure see more investors looking to ‘ape in’ looking at the investment and social potential, thus making the project even more lucrative for those trying to enter the market.
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