In a time where the NFT space is riddled with Fear, Uncertainty, and Doubt (FUD), it’s refreshing to encounter individuals and entities that not only embrace the broader vision but are also actively shaping it. Arthur, Co-Founder of PinkBrains.io, recently dissected the community around Bored Ape Yacht Club (BAYC) and found it to be a “motivated community full of fresh ideas,” with “enormous potential powered by Yuga Labs.” This comes as no surprise to those who have been following the trends in the NFT space, specifically the strength of community-driven projects like BAYC.
The BAYC Community Landscape
According to Arthur, who meticulously researched over 5,500 BAYC holders, the community comprises an all-star cast of investors, media personalities, and NFT solution builders. The shared ethos seems to be one of long-term value creation, with the community setting its mindset to “determined.” Such intrinsic motivation is rare and should not be underestimated, especially in the notoriously fickle crypto space.
Another interesting facet of this community lies in its anticipation of the next NFT wave originating from Asia, signalling a keen awareness of global trends and markets. The community is not just content with holding assets; it aims to attract “new builders and UGC (User Generated Content) creators” by spreading positive vibes.
KOKO, a Twitter Spaces host and leader at “Shitcoins are fun,” encapsulated the sentiment of perseverance in crypto, reminding the community to “keep the faith” and teasing that “good vibes” are coming back in Q4. The sense of unity was further emphasized by Carson Turner, Founder of College365 and a BAYC holder, who spoke about the real-world interactions and connections being made within the BAYC community. According to him, if you’re feeling “lost, left out, or left behind,” the onus is on you to reconnect, thereby highlighting the participatory nature of this community.
Yuga Labs’ Strategic Pivot
Not to be outdone, Yuga Labs, the powerhouse behind BAYC, recently announced a significant company restructuring. This overhaul aims to provide “clearer development buckets,” with specific focus areas such as BAYC, Cryptopunks, and Otherside. What’s fascinating here is Yuga Labs’ candid acknowledgement of their limitations. They recognize that they aren’t optimized to build games and experiences entirely in-house and have opted for a more collaborative, outsourced approach moving forward.
The restructuring signifies Yuga’s commitment to double down on the Otherside strategy, where collections like Meebits and 10KTF will find their permanent home. This is a noteworthy move, considering the intrinsic link between Meebits and metaverse-based experiences. For a company that was criticized for not communicating enough, Yuga Labs promises to keep its community abreast of the latest developments, ensuring a more transparent approach.
1/ So much FUD around NFTs and so few facts.— Arthur | Marketing & Art (@Web3Arthur) October 2, 2023
In times like this it's smart to zoom out and see the big picture.
I've researched 5,500 #BAYC holders to learn how this blue-chip community is holding-up and where it's heading?🧵@BoredApeYC @harry_forj @dalegre @apecoin pic.twitter.com/nLDv0K2ge0
Significance of the Restructuring
The news of the restructuring comes with a renewed commitment to partnerships, aiming to foster growth across the board. Harry Liu, CEO of Forj, finds this shift “bullish,” anticipating that new partners will “accelerate the Otherside development” and onboard millions of users by merging commerce, IP, and games into concurrent experiences. Even amidst the changes, it’s important to note that Yuga Labs remains a formidable entity, retaining over 120 employees post-restructuring, as confirmed by Crypto Garga.
Yuga Labs announced its company’s restructuring – giving birth to clearer development buckets for @yugalabs in the future:— JBond (@jbondwagon) October 6, 2023
Bored Ape Yacht Club (BAYC, MAYC, BAKC, HV-MTL)
🦍 Expansion of Made By Apes
🦍 Cultivating “early BAYC vibes”
🦍 A Major, Versatile, Continuous Gaming XP… pic.twitter.com/sr8JzMxuuq
NFTs Not Dead, Not Yet
In the age of FUD, it’s easy to lose sight of the larger vision driving the NFT space. However, communities like BAYC and companies like Yuga Labs serve as stellar reminders that there are genuine efforts being made to add long-term value. From Arthur’s meticulous research into the BAYC community to Yuga Labs’ strategic restructuring, the message is clear: the future looks promising. It’s more than just digital collectibles; it’s about building strong, interactive communities, fostering innovation, and paving the way for a decentralized future that benefits all stakeholders.
In essence, BAYC’s community ethos and Yuga Labs’ strategic pivot offer a compelling narrative for what lies ahead. It’s a story of determination, vision, and the unwavering belief that by creating value and fostering inclusivity, the NFT space can transcend its current limitations and become a transformative force in the digital landscape.
Community moderator of the Banano memecoin since 2018. I have since been involved with numerous cryprtocurrencies, NFT projects and DeFi organizations.
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