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Bored Ape Yacht Club has established itself as a firm ‘blue chip’ NFT that has withstood the test of time (as much as an NFT collection can). The Yuga Labs-operated project has announced their latest community initiative, a ‘community council.’ Seven appointed BAYC holders form the council, which has yielded mixed reviews in the early days following the council’s formation.
Let’s review all that we know so far in the early days following the council’s formation, and the impact we could see from this announcement on the project at large.
Bored Ape Council: The Rundown
Yuga Labs has appointed seven holders of the NFT collection, and has said that number will “grow over time.” The news hit the wire via a Yuga Labs blog post, which details a profile behind each of the seven council-members. The list features a variety of Bored Ape holders involved with community building, marketing, and more throughout web3.
According to the blog post, responsibilities of the council include being a focal point of feedback, driving community initiatives, building “autonomy,” and establishing a formalized method of providing feedback as a voice of the community. The council will also have a hand in Mutant Ape Yacht Club (MAYC).
Bored Ape Yacht Club is working a number of different web3 tools, including an APE token and The Otherside, the BAYC metaverse. The Otherside and it's NFTs, Otherdeeds, look to bolster the project's growth. | Source: APE-USD on TradingView.com
We’ll see the rate and volume that the council grows, and the stake that the council will wield with enough time. In the meantime, there is bound to be big BAYC holders that aren’t yet included. However, there’s plenty of positive feedback around Yuga’s take on building a ‘voice’ for the Bored Ape community. Yuga alluded to similar pursuits for other collections, CryptoPunks and Meebits. The broader community reaction over time to the council’s integration and implications could very well drive Yuga’s decision of future council creation with other collections.
In the bigger picture, BAYC continues to be a leading project across blue chip NFTs. After recent threats of liquidation via NFT lending platforms, Bored Apes have been fairly resilient compared to the rest of the NFT market.
Featured image from Pixabay, Charts from TradingView.com
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