How did four ordinary middle-aged people create a "boring ape" world with a market value of nearly 10 billion?

"Boring Ape" has been mentioned many times since last year, sometimes because of the purchase of a certain celebrity, and sometimes because the price hit a new high.

As of February 8, the total market value of "Boring Ape" and other related products derived from it has reached 1 billion US dollars, and its floor price has increased by 1,225 times. How did 4 ordinary middle-aged people create a market value of 10 billion? of the boring ape world?

Bored Ape Yacht Club (BAYC), Bored Ape Yacht Club, was first launched on April 23 last year, which is a combination of 10,000 ape NFTs with different characteristics and attributes, each of which is composed of 170 rarities Different properties are randomly created according to smart contracts.

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Its earliest minting price was only 0.08 ETH, and now the highest floor price is 117 ETH, and the total market value has reached 1 billion US dollars. "Boring Ape" has almost become synonymous with NFT.



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This valuable virtual world was originally created by four ordinary people in their thirties. Some of them are 9-to-5 platform workers, and some have not yet had time to go to work.

Two of them have certain art skills, the other two know some techniques, and the idea of "Boring Ape" was still in the toilet.

Specifically, Gordon is a cryptocurrency trader, Garga is a media practitioner, and Tomato and Sass are software engineers.

The 4 of them are friends in real life and are also interested in the crypto world. They founded Yuga Labs LLC as a brick and mortar business for the boring ape

Their team entered the crypto circle as early as 2017 and experienced and witnessed the development of the NFT market. Then they stopped watching and decided to give it a try in person, which created this huge world of boring apes.

So why is the "boring ape" so popular?

"People talk about money, but it's status that really matters." As with other luxury goods, the appeal of The Boring Ape is as important as its intrinsic value.

Buying a "boring ape" not only has a jpg avatar, but also includes: tickets to join the boring ape yacht club, a status symbol, and the IP commercial ownership of the purchased "boring ape".

The operational success of "Boring Ape" can be attributed to the following points: first, a strong twitter community culture, second, celebrity effects, and third, open commercial licenses.



Twitter culture

Twitter is arguably the primary battleground for the spread of the "boring ape" culture.

The holders of the boring ape not only spread the culture of the boring ape community by changing their avatars, but also achieved the effect of dissemination through mutual compliments among the holders, and even what some people do every day is to send hydrology with the hashtag #ape.

The holders of the boring ape are people from different fields, which makes the people covered by it are people outside the encryption circle, creating the effect of the boring ape out of the circle.

And when they saw that all kinds of people changed their heads with apes invariably, they had to think about the origin of this "monkey".



celebrity effect

"Bored Ape" has had 28 superstar holders since its launch, including celebrities from the entertainment and sports worlds who have begun to hold the BoredApeYachtClubNFT series.

Among them are rap superstar Eminem, talk show host Jimmy Fallon, NBA stars Stephen Curry and Shaq O'Neal, well-known investor Mark Cuban, top 100 DJ SteveAoki and Marshmallow, electronic music combination smoker, Famous singer Justin Bieber and more.

Each of them has the influence of at least one million followers, especially a star like Justin Bee, who has the second largest number of Twitter followers and an extremely young fan base, can bring great attention to the boring ape. Even my 10 year old fifth grade sister knows that Justin has such a monkey NFT.



Commercial rights and second creation

Boredom Ape's ownership statement and terms of rights include the following: "Yuga Labs LLC grants you an unlimited worldwide license to use, reproduce and display the purchased artwork and to create derivative works based on the artwork (commercial use) ."

This means that you have the right to use the IP of the boring ape you hold. You can print it on the body and water cup intact for sale, or you can use it for commercial use after making certain modifications.