How Bored Ape Yacht Club Made 96 MILLION DOLLARS in 1 Hour | Mutant Ape Yacht Club | Ryan Kumar

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Mutant Ape Yacht Club / Bored Ape Chemistry Club

Imagine an idyllic yacht club where thousands of cartoon apes mingle, discussing the latest science fiction they’ve read, or sharing tips on (crypto) art collecting. This is the newest world magicked into being by some combination of wishful thinking, Adam Smith’s invisible hand, and cryptographic tokens. Welcome to the Bored Ape Yacht Club.

Bored Ape Yacht Club is the latest NFT project that’s starting to gain traction in crypto circles. Since its launch six weeks ago, it has seen $60 million in trading volume and is ranked tenth among collectibles projects by data site DappRadar. Over 5,000 people are trading Apes.

The way it works is not unlike existing hit NFT projects. There’s a limited supply of tokens, in this case, 10,000 unique Bored Ape NFTs. It does bake in a few features that have percolated in other corners of the crypto verses. For instance, owners of Bored Ape NFTs get access to special features, like a digital graffiti wall called The Bathroom. This notion of “token gated access” has featured prominently in so-called social or personal tokens projects, where members hold a certain balance of tokens to gain access to a special Discord server or Telegram chat group.

The Apes also come with some potentially fundamental changes. For instance, Ape owners also get to do what they like with the intellectual property associated with the token – meaning they can create T-shirts or other merchandise with the art linked to the token they own, and no one is going to sue them for it.

The success of Apes and other token projects like it raises the question: Is it possible for genuine communities to form around speculative financial assets? NFTs after all are tokens that are bought and sold on the open market. Why would people feel attached to these artefacts of the market and make them part of their identity?

I spoke to a well known Bored Ape community member to hear his story. Josh Ong is a former tech journalist turned communications strategist and operator. He’s also been in crypto since the last bull market and weathered crypto winter. He collects sports cards (like, actual pieces of paper) and sneakers, as well as crypto collectibles, from CryptoKitties onward. Basically, he’s seen a lot of NFT projects come and go. So what makes Bored Apes special?

Ong talks about Apes the way someone might speak about their local football club, or best mates from uni. “I was there from day one. There was a magic in the community where everyone was just connecting,” he says. “As Apes, we started changing our profile pics. We started following each other [on social media], like ‘Ape follow Ape.’”

According to Ong, the route by which an NFT project gains traction is as follows: Astyle of art is chosen by the project’s originators to convey a particular vibe and thus attract a specific crowd. In the case of Apes, it’s a 90s look that’s a little bit more high-fidelity than the retro and super successful pixelated CryptoPunks. Think classic Sierra Online adventure games.

“Aliens [an NFT project] came out with a style that attracted a certain type of person and they became this really fast connecting community,” Ong says. “There’s room for thousands of these clubs. There’s dogs and cats and llamas.”

Once the art has seeded a group of fans-slash-investors, the next task is to build up the structures of community. In the past, this was left to chance: CryptoPunks fans could create their own chat rooms to talk about the project with one another. Or developed their own ways of signalling their membership, like changing their social media profile to that of a CryptoPunk they owned (which Jay-Z recently did). But as NFT projects evolve, they start building these features from the beginning, like the Apes token-gated chat.

Once that’s in place, a project needs stuff for people to do. This was the promise of “composability” on blockchains like Ethereum. The idea is that since all the software is open source and the smart contracts live on a blockchain for anyone to interact with, in theory people could create new projects that worked with these smart contracts, creating a world of “composable” software. This for example, is how DeFi took off, creating a bewildering economy of smart contracts lending to other smart contracts which act as collateral for yet more smart contracts.

“In some sense, it was incubated in the Top Shot culture. There were groups in Top Shot, and I was part of some private Discord, where Top Shot collectors aped in together. They carried over some seeds from Top Shot,” he says.

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