“New social organization”: experts design the future of the Bored Ape collection

The Bored Ape Yatch Club (BAYC) NFTs collection caused a real revolution in this market that goes far beyond its 216,000% appreciation. In the view of experts heard by CriptoFácil, the monkey NFTs represent a “new social organization”. In fact, BAYC has created a real community around them. From anonymous to global stars, monkeys dominate social networks and have even become clothing prints. And all this with practically no marketing investment from Yuga Labs, the company that created the collection.

To assess the financial and cultural impact of the collection, CriptoFácil listened to Felipe Sant’Anna, founder of Paradigma Education, and Thata Saeter, COO of Convex Research. Both commented on the relevance of the collection and also what the future holds for BAYC and its holders.

building communities

As much as many people reject the collection, the fact is that BAYC has many similarities with Bitcoin (BTC). In this sense, perhaps the biggest one is the sense of community that both investors have. Both BTC investors and BAYC owners feel proud to belong to that community, to “own” a piece of it. And in Thata Saeter’s view, this was BAYC’s main achievement in the first year of the collection.

“What impresses me the most is the ability to build value around a community. This represents the principle of new forms of social organization, based on the concept of communities. All these celebrities, who we see joining the Bored Apes, are linking their images to a brand that in theory doesn’t pay them anything. They are just contributing to building this community,” he explains.

Felipe Sant’Anna endorses this point and points out that support goes beyond the NFTs themselves, that is, it reaches the “real” world. For example, several members of the community even get their monkeys tattooed, while others open businesses that use BAYC as a mascot. The creator of Paradigma does not make comparisons of BAYC with BTC, but highlights the attachment of the owners to their Apes. In his view, this is a very different cultural phenomenon than cryptocurrencies themselves.

The importance of technology

Sant’Anna also highlighted the organization of BAYC and Yuga Labs, which achieved a huge feat. After all, BAYCs have been worth over $8 billion since they were launched, making it the largest collection of NFTs on the market. This is a great management merit, according to the founder of Paradigma.

“Strategy alone is worthless without execution, and in that they have all the credit. I think that in a few years, even if the collection itself is not so hot anymore, it will leave its mark. We will still look back and see how they pioneered certain dynamics that would become commonplace,” she said.

BAYCs – as well as NFTs in general – are often dismissed as mere “JPEG files”. Others even consider it a sign of a bubble that a copy of the collection could be worth up to millions of dollars. However, this revolution goes beyond the simple image or art being sold. After all, NFTs are a technology that allows you to guarantee the authenticity of digital works via blockchain. And with the trend towards digitization of goods, NFTs have a huge avenue of growth.

“I think it is essential to emphasize that the value of BAYC is not limited to the appearance of the little monkeys. Based on blockchain technology, this collection is considered a status symbol as well as a work of art or the title of an extremely exclusive club,” says Saeter.

In the same vein, Sant’Anna emphasizes that BAYC has brought several innovations and exclusivity to this market. For example, the fact of distributing cryptocurrencies to their owners through airdros, which happened with ApeCoin (APE). The collection also created the idea of ​​using items to increase its copies, which occurred in the generation of the Mutant Apes (MAYC).

The future

Predicting what will happen in the future is much more difficult. After all, BAYC recorded enormous growth in a short time. The market is very dynamic and it is not common for trends to come and go quickly.

“Judging by the plans of the creators of Apes, in 2 years we will have mobile games, short films and stories told in various formats about the brand. I’m not sure at all. A year ago the collection didn’t even exist. Anyone who predicted that a troupe of bored monkeys would displace the CryptoPunks (formerly #1 NFTs) would be branded crazy,” says Sant’Anna.

For Saeter, there are also risks involving the community itself, such as the entry of members who do not add value. Likewise, if relevant members sell their Apes, it can have a monetary impact. However, Convex’s COO still sees value in the technology as a whole. For her, the BAYCs and the NFTs as a whole represent a real change in behavior in society.

“I see NFTs as an important tool that we were not aware of until recently. Today we know that they provide input, along with other important and essential tools, for the development and flourishing of Web 3.0”.

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