What NFT projects learn from BAYC’s success?

CryptoPunks was first released in 2017 and became NFT with the highest floor prices

NFT Trading Volume

NFTs are digital collections with unique features that were created since 2017, but then exploded in the third quarter 2021.

BAYC Trading Volume & Trader for 2021

BYAC, a digital collectible item similar to the oldest NFT CryptoPunks is created by 10,000 random computer combinations. BAYC, which was released with 10,000 NFTs on April 23, has been a hot topic on social media.

NFT Projects Top Trading Volume

Footprint Analytics reports that BAYC was 2021’s most traded NFT project.

Why BAYC?

  • Social Capital

A BAYC membership is more than a digital collectable. It’s like joining an organization. The NFT has become a symbol of identity. Members will connect online and follow each other on Twitter, and all members will also be following one another. Users who create NFT avatars are more popular due to the lack of BAYCs.

In other words, a BAYC NFT gives a holder a status symbol. Numerous celebrities, including Stephen Curry from the NBA, have changed their social media avatars into BAYCs.

  • There are many ways to play

The BAYC is well managed and offers many additional benefits. BAYC owners can access a collaborative graffiti board via the official website, which allows them to create art.

BAYC also bought land in The Sandbox to serve as a meeting place for members. BAYC supporters bought land close to the club. The BAYC team dropped a hoodie-like hoodie to all users on June 18. This allowed them to quickly identify one another.

  • Copyright

The majority of NFT copyrights are not owned by the buyer. However, the BAYC buyer may own these rights and create many derivative products.

Universal Music Group and Jimmy McNeils, a NFT collector, merged their forces to create the Universal Music Orchestra on Nov. 12.

Universal Music Group – Kingship

Kyle Swenson, a clothing dealer, launched the Bored Ape Gazette in order to report on community trends.

BAYC also has its clothing brand and themed novels. Through the transfer of rights, this series of NFT gained more visibility.

NFTs created by the same series of BAYC spinoffs

  • Bored Ape Kennel Club

The Bored Ape Kennel Club was established by the BAYC team in June 2021. This club is a community benefit where BAYC members can receive a free NFT. Kennel NFTs cannot be officially obtained. You will need to have BAYC to obtain one.

OpenSea – Bored Ape Kennel Club

Bored Ape Kennel Club’s floor price was 5.85ETH at the time of writing.

  • Mutant Ape Yacht Club

MAYC, a spin-off series of the series, is also a BAYC with genetic mutations that was launched in Augustus. BAYC owners receive a vial mutagenic serum which turns the BAYC into MAYC. There are varying degrees of variation. MAYC can be obtained only by either exposing an existing Bored Ape or selling the official product. The MAYC NFTs were made available at a 3ETH public launch price and sold out in less than an hour.

OpenSea – Mutant Ape Yacht Club

Mutant Ape Yacht Club’s floor price was 15.8ETH at the time of writing.

BAYC and the future NFTs

NFTs have been released by many traditional brands. Most of these NFT projects are money grabs and do not consider the community-building aspect. After their launch, most NFT projects vanished.

It is possible to sustain an NFT program by creating practical applications, and building community consensus, as demonstrated by the BAYC’s development.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, financial, investment, or any other advice.

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https://cryptodaily.co.uk/2022/01/what-nft-projects-learn-from-bayc-s-success