Bored Ape Yacht Club — A Case Study in Tokenomics, NFT Utility, and Branding
Bored Ape Yacht Club is an Non-Fungible Token (NFT) art project consisting of 10,000 unique drawings of Apes. This NFT has caught fire and provides an interesting look into how an NFT can evolve into a community and then a brand at a break-neck speed.
What is Bored Ape Yacht Club?
According to their website, Bored Ape Yacht Club (BAYC) is a limited NFT where the token itself doubles as membership to a swamp club for apes.
Scroll through Twitter and it won’t take long for you to see BAYC profile photos for NFT art enthusiasts.
People are “ape-ing in” at a rabid pace at a significant cost. BAYC apes at their lowest price are listed on OpenSea at 0.5 ETH ($1,218 USD) and as high as 50 ETH ($117,890.50 USD).
Why is BAYC so cool right now?
I believe that the actual utility that makes BAYC unique is being a part of the BAYC community. The community is the utility. It is a community driven, self-propelled marketing machine with tons of visible engagement that is manifesting into a solid brand that can transcend…
