Super excited to join @BoredApeYC today. I've been thinking a lot about #BAYC. Took me awhile, but I think I finally understand it. Any advice for someone new is welcome! #apefollowape
Here's what I've learned. A thread 🧵:
Sapiens came to dominate the world because it is the only animal that can cooperate flexibly in large numbers.
We've been able to do this because of our unique capacity to believe in Fiction.
To believe in Stories.
When we collectively believe, we achieve the impossible. Religion is a story. Nations are a story. Corporations are a story. Technology is a story.
When we collectively believe something has value, it has value. Money is a story. Bitcoin is a story. @BoredApeYC is a story.
Bitcoin goes up because it is has a finite supply with increasing demand.
Financial institutions now believe. Building more on-ramps to hold it as a financial asset. Even if the price goes down, institutions will buy it up.
Collective belief makes it real.
With 10,000 NFTs, @BoredApeYC also has a finite supply with with increasing demand.
But unlike Bitcoin's store of value (Digital Gold).
Or Ethereum's tech platform utility (Digital Fuel).
#BAYC has a new property that increases demand: social utility. Digital FOMO.
@CryptoGarga @TomatoBAYC @GordonGoner @SassBAYC have done an incredible job cultivating a community that makes owning a @BoredApeYC feel like owning the new AMEX black card.
rollingstone.com/culture/cultur…
Genius execution. Rewarding owners with #BAKC. Airdropping mutant serum. Applying serum on an Ape creates a #MAYC to sell.
This welcomes new members that were priced out, without diluting original Apes. While giving generated value to original holders.
blogs.airdropalert.com/serum-for-muta…
Since each @BoredApeYC owner is an owner of the network. It is in their collective interests to increase the value of their Ape by increasing the value of the network.
Each member is incentivized to offer their creativity and resources to other members.
inputmag.com/culture/bored-…
With these social incentive mechanisms in place, @BoredApeYC network effects become exponential.
@roham @dmorey @garrytan @alexisohanian @garyvee @mcuban @steveaoki @mikeshinoda @StephenCurry30 @Timbaland @marshmellomusic @SHAQ @SnoopDogg @TheChainsmokers are all Ape holders.
@BoredApeYC owners have intellectual property rights to the Apes they own. Can use the imagery for commercial purposes.
This not only allows owners to generate revenue, but also creates an evangelization flywheel to increase demand.
decrypt.co/83255/bored-ap…
@BoredApeYC receives a 2.5% commission on every subsequent sale in perpetuity. This aligns their interests with Ape holders to continually increase the value of existing Apes. Protects against Ape inflation. Creators won't need to mint new Apes to generate revenue.
If you liked this reading this, please give me a follow. I'll be sharing what I learn as I learn more about Web3.
Learning how to contribute to the #BAYC community so any advice welcome!
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.