Key Takeaways:
- Look at the backstory of the world-famous NFT collection Bored Ape Yacht Club (BAYC) and see why it became famous.
- Discover the reasons why you should create an NFT project inspired by the success of the ape-themed collection.
- Learn the process it takes to create an NFT platform like BAYC under the current Web3 market conditions.
The Web3 space has been full of innovative ideas hatching out one at a time, revolutionizing how we understand and approach the future digital economy centered around decentralization. NFTs were among the first to change the perception around blockchains when they rolled out in the mid-2010s. With time, though, they have become an inseparable part of the Web3 space, with many projects wholesomely dominating the markets. Bored Ape Yacht Club (BAYC) is one such project that has a soulful presence in the current NFT market which has inspired hundreds of spin-offs and derived projects over the years. This blog will focus on why and how you should create an NFT platform like BAYC.
What is Bored Ape Yacht Club (BAYC) All About?
Irrespective of whether you are an active NFT collector or an observing enthusiast, there is a high chance you have heard of the name Bored Ape Yacht Club (BAYC). The generative ape-themed NFT collection has been one of the longstanding and market-topping projects in the space, standing the test of time, including bullish and bearish phases.
- Launched by Yuga Labs in 2021, the 10,000-piece ape-themed NFT collection is based on Ethereum’s ERC-721 standard. It attracted global attention mainly due to its unique perks, celebrity endorsements, and the 2021 NFT market boom. Ever since, the collection has become part of the wider NFT folklore, as its creators have gone with building a comprehensive thematic universe.
- Technically speaking, the generative art NFT collection used 172 traits on an ape base to form 10,000 unique NFT assets with various permutations and combinations. Some of them are rarer than others due to this, making their prices higher compared to other NFTs. The project has served as the foundation for Yuga Labs, which has launched other similarly themed collections and acquired acclaimed projects like CryptoPunks over the years.
- Since its launch, the BAYC NFT collection has attained a trading volume of over $3.13 billion, with several NFTs selling repeatedly for hundreds of thousands to millions of dollars. The collection has become a vital part of the modern-day NFT space, which is evolving to appeal to wider markets.
Top Reasons You Should Create an NFT Platform Like BAYC
The BAYC NFT collection has attained a top-tier status in the current Web3 ecosystem due to its fun theme, exclusive utility, and complete intellectual property (IP) rights for holders. Thousands of projects have already rolled out inspired by the insurmountable success of Bored Apes, and there are good reasons for you to get inspired, too!
- Community-driven Nature: The project’s community-centric nature is a top reason to create an NFT platform like BAYC in the current market. Every facet of the project’s ecosystem is determined in collaboration with the holder community, making it highly prestigious in the long run.
- Real-World Branding Prospects: Making your NFTs open to commercial use for holders enhances your brand’s prospects in the real world, as your project can become popular through indirect branding strategies. Think of how impactful a song or an animated series based on one of your project’s NFTs could be for your business.
- Novel Revenue Streams: Creating an NFT collection like BAYC opens opportunities for multiple revenue streams besides minting proceeds. As an NFT project, you can freely decide how to reap monetary benefits from your collection without overcharging. Exclusive merchandise, real-world events, and premium experiences can be part of such a project’s remunerative approach.
- Attain Immense Recognition: Launching an NFT project aimed at a high-profile online presence could lead to immense recognition in the market as you can have support flowing from acclaimed influencers and celebrities. Most of BAYC’s success can be attributed to such activity back in the 2021 NFT boom shortly after its launch.
Do You Want to Launch an NFT Collection Like Bored Ape Yacht Club??
How Do You Launch an NFT Collection Like Bored Ape Yacht Club?
The process behind launching an NFT collection like Bored Ape Yacht Club has several steps that should be carefully executed. Following a structured approach can be essential for a project to become successful in the long run. Here is the step-by-step process behind creating such a high-profile NFT collection for business purposes:
- Planning and Conceptualization: Planning and conceptualizing form the first step in creating NFTs similar to BAYC. The process includes defining the project’s purpose, finding the target audience, framing the roadmap, and forming the revenue strategy.
- Smart Contract Development: The process continues to the next step, where you develop the smart contracts for the NFT collection. While Ethereum is the preferred network, you can opt for blockchains like Solana and Polygon for increased scalability. These programs aid in defining the NFTs’ rarity, buying and selling assets, and managing their ownership.
- Application Development: Application development for a BAYC-like NFT project taps into both front and back ends. The former helps in designing a user-centric interface that provides seamless experiences to people. The latter helps in developing the
- Testing and Quality Assurance: The next step is testing and quality assurance, where you should check the NFT collection and platform for possible deficiencies and resolve them. The process is carried out multiple times using both manual and automated test cases to ensure utmost safety.
- Multi-channel Promotions: Finally, promotions across multiple channels are executed to build a loyal community and great online presence. Numerous strategies are employed to make your NFT collection resonate with the current market’s needs, including those that tap into influential individuals in today’s social networks.
Conclusion
Therefore, we have discussed why and how you should create an NFT platform like BAYC with insights from our experts. With the NFT market showing signs of revival alongside the optimistic mindset of the wider crypto market, launching an NFT collection like Bored Ape Yacht Club would make perfect sense. If you’re looking to enter the attractive realm of NFTs with a themed collection of generative digital assets, tap into our NFT development services to have the ideal start as a Web3 business from the first day. Our professionals provide expertise across all aspects of launching an NFT collection that can make your business boom right away. Contact one of our experts now to begin framing your visionary NFT project’s plan!
