I don’t think there are many people who haven’t heard of Louis Vuitton, one of the most expensive fashion brands in the world. When we think of Louis Vuitton we think of sophistication, elegance, and money.
This fashion house is more than what we can see on the surface as if you are a client you automatically belong to an exclusive group which can, more or less, influence the way your identity is perceived.
Since many of us build our self-perception based on external factors and the groups we belong to, we often want to associate ourselves with brands that are themselves known for their power, which puts the actual product, in this case, the clothes, in second place.
What does an NFT collection such as Bored Apes Yacht Club have in common with one of the most famous fashion brands in the world?
Stay tuned as we are about to find out.
What is Bored Ape Yacht Club?
When we talk about NFTs, they can be divided into several categories. The category most sought-after by devotees is the one represented by collections. This category includes projects or collections made out of between hundreds and hundreds of thousands of elements.
They are usually created using a pre-established template but with sufficient variations that offer every NFT a certain level of rarity compared to the rest of the collection.
BAYC belongs to this category as it is a collection of 10,000 elements generated using 170 different features, ranging from clothes to facial expressions. They are part of the Ethereum network as ERC 721 tokens and no other bored ape will ever be minted.
The collection was launched in April 2021 by a group of anonymous devs; later, an entity known as Yuga Labs claimed it was responsible for creating BAYC.
How Is Bored Ape Yacht Club Different From Other Collections?
BAYC started trending as soon as all of its pieces were unveiled thanks to an almost-perfect mix of attractive artworks, strong community, utility, and, very important to mention, good timing.
Of course, art is subjective, but if we were to compare BAYC to many other NFT collections, it is easy to notice that it involves attractive designs, colors, features, and expressions. But is this what made the floor price go to 86 ETH? Of course not.
This is only the basis. BAYC is unique thanks to the community that has formed around it, over time. This managed to attract, from the very beginning, active and loyal members who believed in the potential of the collection.
Through word of mouth, a larger audience came to know about the collection. Since the owners of the NFTs didn’t start selling as soon as the project received attention, the floor price went higher and higher.
We can only dream of ever being as popular as BAYC, but, we can try and you can help us with a like, subscribe, or activation of notifications.
Based On What Factors Does an NFT Collection Get Its Price?
We shouldn’t forget about a very important aspect regarding NFT collections: the momentum.
BAYC was created before the NFT boom of August 2021, back when this area was still experimenting. Being among the first to see the light of day and thanks to its interesting design, the collection received attention immediately.
Celebrities and influencers also play an extremely important role in helping an NFT collection evolve.
The community, the artwork, the utility, and good timing can only help so much but you also need big names to attract an audience like BAYC has. People who can change the idea of the collection being an NFT collection to a global brand of which everybody wants a share of.
Among the big names who are known to own an ape are Eminem, Jimmy Fallon, Snoop Dogg, Mark Cuban, Shaquille O’Neal, Neymar, and Kevin Hart.
This association with BAYC has an important impact over collective psychology and it acts as a way of attracting other names to the community.
Where Can BAYC Go In The Future?
If we take into consideration BAYC’s evolution across the previous nine months, then its potential for the next five years seems to be infinite. Since the collection is seen by celebrities as a way of showing they are cool and hip and keeping track of current trends, this will help get the attention of more people.
BAYC has already begun its transition towards a famous brand that is associated with exclusivity and elitism being close to what Nike or Adidas represent for sports shoes.
BAYC has a larger impact than one could think over crypto adoption. Of course, we can say that NFTs have become a niche that is slowly breaking away from the crypto market but the fact that an ERC-721 token collection on Ethereum creates such a buzz outside of the crypto world represents a big plus for this industry.