Author name: @nobumei (https://twitter.com/nobu_mei)
<aside> 💡 This page discusses the NFT, which is considered to be highly valuable.
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In the previous sections, we discussed that NFT is a matching application and that the source of its value is its community. This section deals with the NFT brand, which is growing increasingly influential in the Web 3.0 industry and is about to pop up in the real world.
The most famous NFT brand in the NFT world is "Bored Ape Yacht Club" (commonly known as "BAYC"), which is a monkey NFT. Japanese people may not be familiar with the design, but these monkeys have established themselves as a very famous brand that no one in the NFT community is unaware of.
Bored Ape Yacht Club
While BAYC was an NFT that initially sold 10,000 units at 0.08 ETH, it gradually began to attract attention and the floor price soared to 150 ETH by the end of April 2022. It means that you have to pay at least 60 million yen to get this NFT. Many people would think it is foolish to pay 60 million yen for this monkey painting.
BAYC Floor Price Trends | Dune Analytics
BAYC Floor Price Trends | Dune Analytics
As an NFT brand, BAYC has established itself as the No. 1 brand, but it has a short history: its release was issued by Yuga Labs on April 23, 2021. Moreover, it did not sell well for the first week or so, and was unsold, which is surprising now.
BAYC is an NFT that spins the tale of bored monkeys; the NFT storyline is as follows:
In the year 2031, 10,000 monkeys with too much money. They hang out in the swamp and start doing something strange. Now they are just bored. What would you do if you became wealthy and realized your dream?
That's all there is to it, but from this first written story, the holders of BAYC's NFTs came together and a community was formed. BAYC is said to be the first project to incorporate community features into NFTs, and it is because of the success of BAYC that people have come to say that "community is important in NFTs.
BAYC holders now have a community that only NFT holders can enter. The coziness of the NFT community is best described in the previous section.
The monkeys at BAYC proposed what they thought was an interesting course of action, and YugaLabs, the operator of BAYC, succeeded in creating a sense of anticipation by launching a roadmap showing the future course of action.
In other major BAYC-related events, BAYC was sold for $25 million at Sotheby's, which made beeple's $69 million NFT sales record. This created the news that "$25 million for a picture of a monkey? This was a case in which BAYC attracted a great deal of attention.
The fact that it was bought and sold at Sotheby's, a well-established auction house, also provided a foil for BAYC.
Other major contributors to BAYC's growth include the fact that super celebrities such as NBA player Steph Curry and artist Eminem have amusingly set BAYC as their social networking icon(PFP).
BAYC's Roadmap 2.0
Sotheby's: Source
BAYC Activities | Source @miin
The interactive community, the close-knit group of monkeys, and the open atmosphere have allowed a strong culture to develop organically, and many people have been attracted to this atmosphere and want to be part of this brand...the Apes family is born.
The community grew and BAYC became known as the second CryptoPunks by creating MAYC, a low-cost version of BAYC, for families who could not afford BAYC because it was too expensive, and by actively selling real merchandise.
Until the growth of the BAYC community, the No. 1 NFT brand was CryptoPunks. Therefore, with the growth of BAYC, the Punks vs. BAYC rivalry structure was one that was often cited in the Crypto community. The battle to see if BAYC, a latecomer, can surpass the value of CryptoPunks, which was established as the value of NFTs, is easily talked about as a conflict structure.
As an image, the impression of Punks, a cool, smart, elitist, albeit dotty human with the unshakable title of "the first NFT," and BAYC, a monkey made by ape-imitating Punks who look stupid and unthinking, is established as a "suit vs. community" opposition structure.