The emergence of the NFT world at the mainstream level about a year ago has now caused confusion and anticipation in equal measure. Or, to be fair, surely more confusion. For some, the NFT proposal could revolutionize digital art, use technology block chain Yes ethereal to ensure the proper use of creations on the web. For others, it was a proposal that would only serve to speculate (as it has in many cases) and generate a kind of rage for digital collecting: the new trading cards; as also happened. And there, at this crossroads that surely takes a bit of both sides, bored monkeys appeared: the Bored Ape Yacht Club collection.
One more notch in the gun for those who think this is all nonsense, or a sign that something more can be articulated than selling a digital artwork for big bucks via an NFT. Bored Ape Yacht Club (BAYC), with its monkeys created through some pre-designs by a random algorithm, have been sold for millions of dollars, thanks in part to FOMOs created by personalities and celebrities of all persuasions who acquired them in the spring of 2021, when they were created and went on sale. In total, they are estimated to have moved around $3 trillion in ETH transactions.
By acquiring a copy, its owners have obtained the rights to do with the character in that illustration anything they want (like using it for another creation, something not available in all NFT contracts), but also gave access to a community in Discord and a space called THE BATHROOM which was explained as a kind of large digital graffiti accessible to everyone. The name of this space, as explained by its creators in an interview with New Yorkercorresponded to imitate those club bathrooms in which everyone wrote something on the wall.
Does this all make sense? that everyone judges. Surely their prices inflated by the impetus of celebrities who have entered the to play completely irrational, but you also have to recognize that By acquiring an NFT from this collection, its owners have literally become members of the club. It wasn’t just a ridiculously expensive JPG. It was a pass for something ridiculously expensive to build.
Now the company behind BAYC, Yuga Labs, launched its own token -ApeCoin- in order to continue to swell their pockets and their belongings and to allow people with less purchasing power to have a certain participation in the community. Added to this is an investment of 450 million dollars by the Andreessen Horowitz fund, a reference in the financing of start-ups.
With the money it seems Yuga’s plans, based on their presentations, are to develop what they want to explain as a company based on the web3 and the metaverse, concepts still under construction. Or, perhaps more simply, they now have the money to squeeze out what they’ve finally created: a franchise and characters that some are already comparing to creations that can spawn businesses similar to the one Disney has. in their case through video games.
But… What is behind the origins of BAYC and Yuga Labs? This is the story of one of the (for some) most profitable nonsense in the history of the internet.