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Revisiting the Rise of BAYC

Read this article in 23 Minutes

The six key factors of BAYC's great success are sorted out one by one: founding team, story background, website operation, pricing strategy, user communication, and community creativity.

Original title: "One article dismantles BAYC's road to success"

Original source: MetaScan

Foreword

The popularity of APE makes me eager to understand how this project made its fortune. I hope that after understanding, I can have some inspiration for my own project, and share it with everyone. To understand APE, we must first understand BoredApeYC, and to understand BoredApeYC, we have to go back to its parent company. Go back to the source and find out the truth behind the information.

How the most eye-catching project in the NFT market was born, in fact, the founding team answered it by themselves. The answer is hidden on the homepage of the official website. Yes, you read that right. Open the official website to find potential answers. Press the red area to jump to the founder's memoir "Let's make a NFT"

The reason for the success of early BAYC

1. Founding team

2. Story background

3. Website operation

4. Pricing strategy

5. User Communication

6. Community Creativity

1. Founding Team

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For a good blockchain project, the genes of the founding team are very important. If a person who does not understand the blockchain industry relies on his experience in the Internet to enter the blockchain, it is easy to be aborted. Gargamel and Gordon in the team entered the encryption market in 2017, and by 2021 they have experienced 4 years of baptism.

With 4 years of blockchain experience, it is only the lower limit of the team's success. We also need to pay attention to the time point when the project is launched. The BAYC team first had the idea of doing NFT on 2021-2-1.

At that time, apart from Cryptopunks and Crypto Kitties, there should not be many bright projects on the market, and the entire NFT market was still in the early state. The project enters conception and development at this point in time. It can take advantage of the growth of the overall market and obtain a good trend dividend.

Except for basic personnel and admission time. As the most eye-catching project, there must be other bright spots in the early stage. From the article on the official website, I also read about execution. After all, I started to have an idea from 2021-2-1, to notice the uniqueness of hashmasks in the market, and contact two other early developers. That's less than a week away.

Except for the project sponsors and developers. As an NFT project, the drawing of small pictures is also the core. Let's take a look at who exactly this early team found drawing pictures.

@Allseeingseneca took 4 days to draw the basic character after understanding the idea of the project sponsor

@_migwashere, @thomasdagley plus 2 other anonymous artists spent a month drawing the expressions, clothing, accessories and club body

@thomasdagley, @lovans Mutant apes again

@1800seandotcom drew serum art

Maybe these The biggest achievement of the painters so far is to participate in the work of drawing BAYC, but we cannot ignore that they are blockchain players themselves. Blockchain players know what kind of products the market needs and can communicate well with the promoters.

2. Story background

Many times, we always think about how to make money. How to better combine the economic model with NFT. But it ignores a future-oriented project, how its imagination should be explained, and what kind of story background it has.

Let's take products in the web2 era as an example. Any game that can be popular all over the world must have an excellent story frame. Such as Overwatch, Warcraft, League of Legends.

Let's review what is the background of BAYC's story. Compare traders in the crypto world to "apes". This is borrowed from the famous APEs (apes) in Cryptopunks. When cryptocurrencies change time, those who participate will end up getting rich. After Wealth Freedom, a crowd close to assets gathers to draw graffiti on bathroom walls. The point is that a group of BAYC holders got together and graffitied.

Let me translate the awesomeness of this setting.

1. It is firm that cryptocurrency has a bright future

2. There is always a group of people Rich because of cryptocurrency

3. The richest people hold BAYC

4. People who hold BAYC get together to do one thing

The former two must exist in the future, and the latter two may exist. It can be described as a combination of fiction and reality. What is an NFT that can bring the richest people together to do one thing. This is the ticket to wealth and freedom, and it’s only priced at 0.08ETH. With such a powerful story setting, and being able to integrate with reality and the future, it is not difficult to understand why it can be sold well. It is important to understand that it is not the KOL who discovered the project that caused the project to sell well. KOLs can only speed up the process, they will not affect the final outcome of the project.

3. Website operation

This is development update chart

Remember what I said earlier, BAYC artists spent more than a month drawing Got the base character, emotes, outfits, accessories, clubs?

From the idea in early February 2021, to drawing all the pictures, and then the development website is officially launched. The whole project runs extremely smoothly, which shows that the team's execution ability is super strong.

It has only been a week since it went online to the pre-sale, and the official release is also scheduled for a week later. On the day of the official release, it took the first place in the Ethereum contract. The official discord has also changed from nobody to hot.

From the iteration of the official website, we can see that there are major version updates almost every month. Developers are constantly iterating new functions. For 99.9% of the project parties on the market, can your official website function iterations exceed the frequency of BAYC?

4. Pricing strategy

Each price is 0.08ETH, and it is sold on the official website The page says (BONDING CURVES ARE A PONZI)

Many projects will adopt the bonding curve, after all, it can make the early Winners spread the item faster.

But this will accelerate the sell-off of early gainers and be very unfair to later buyers.

Fair, fair, or TMD fair

This is very bad for the community's sense of identity the same. There are no special channel prices, the same for all.

This is the web3 project, so that every blockchain player can buy it at a low price.

5. User Communication

Through Twitter’s advanced search function, we lock time in 2021-4-22 to 2021-5-2. Take a look at the stage from the project's external pre-sale to the official release. What did the official Twitter do.

The pre-sale stage is 2021-4-26. Judging from the comments and interactions, as a new project, it is not conspicuous.

So how did the operation break out of the encirclement? , which is the tweet in the picture below. It seems that the routine is very simple.

1, Retweet

2, Like

3. Tag someone

But how to do fission on the basis of this routine refers to digging deep.

From the content of the official tweet, it can be seen that the operation is very hard and high-quality Twitter user interaction. Including KOLs, heads of institutions, institutional researchers, early Bitcoin players, and NFT players. By interacting with them, the project will be radiated to more blockchain users as soon as possible.

< p>Early Interactive Twitter List:

@screentimes , @0xtuba, @hasufl, @cyrptonaut, @girldadNFT, @CL207, @AnonymouslyObv3, @ABigThingBadly, @dis0ri3nted, @ marenaltman, @waifusion, @CryptoPapi10, @steven_schill , @loomdart, @youngalgy, @evankeast< /a>, @gmoneyNFT, @shroom_daddy, @DeezeFi, @HsakaTrades, @beaniemaxi, @evantan, @c0inalchemist, @0xMaki, @ledgerstatus , @ratwell0x, @inversebrah

In this group of people, if your influence is large enough, then BoredApeYC It is not impossible to customize the skin for you. Or in the pre-sale stage, as long as you want to customize the skin. BoredApeYC I don't mind drawing an APE that matches your original avatar for you. In this way, buyers have the motivation to replace the original avatar.

in Among the interactive Twitter users, I found the special ID @evantan

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Not only is he the last user in the pre-sale stage, but also the initiator of a large number of NFT purchase signals in the official release stage.

@j1mmy.eth , @pranksy are all bulk buys enter.

It is the head of NFT players in large quantities Buying, accelerated sales of BoredApeYC As a result, the contract rushed to the first place in the Ethereum network that day.

6. Community creativity

Second creation can reflect the popularity of works an indicator of . This is already a verified logic in traditional media works. And boredApeYC gave the copyright of the work to community members from the very beginning. Before that, there should be no successful project parties doing this. The first project to do it is groundbreaking, and it is also commendable to be able to innovate on this basis. I’m afraid that some projects only know the surface and don’t understand the simple copying of the inside. This is one of the reasons why imitation disks cannot continue in the NFT market.

When the user changes the avatar to APE, everyone is close at the level of early information acquisition. Then bring this group of people together through the avatar, then there will be similar values. Finding potential partners or players you can chat with is a very low-cost matter.

End

The valuation of BAYC largely reflects the purchase of BAYC The collection of influence of this group of people in the real world and the encrypted world.

It is also NFT, which uses pictures as a carrier to show its value.

Due to time and length reasons, I only sorted out the establishment and initial development of BAYC. There is no interpretation of information in other time periods, nor is there a synchronous analysis of information on the chain.

Recent Yuga Labs Pitch Deck is out and I haven't had time to decipher it yet. You can check it yourself.

If this article has a good response, I will follow up the mid-term of the BYAC project and understand the APE token.