The remarkable success of the Bored Ape Yacht Club (BAYC) has ignited a surge of interest in developing robust NFT platforms. But for those looking beyond the initial hype, the question arises: Why create an NFT platform inspired by BAYC?
Well, beyond the initial frenzy, there exist compelling rationales for constructing an NFT platform inspired by BAYC. Let’s discover everything about Bored Ape Yacht Club in this blog and how it has taken the NFT development space by storm.
Why Create an NFT Platform like Bored Ape Yacht Club?
BAYC transcends mere avatar sales; it fosters a lively, engaged community. Emulating this model, an NFT platform can employ exclusive content, event access, and membership perks to nurture a dedicated user base. This cohesive community becomes a potent promotional tool, magnetizing fresh users and propelling platform expansion.
Let’s take a look at the daily sales volume of the NFT collection Bored Ape Yacht Club to December 10, 2023.
Compelling Reasons to build an NFT platform like Bored Ape Yacht Club:
- Community-Driven Marketing Engine
Bored ape NFT doesn’t merely sell apes; it nurtures an impassioned fan base. Envision a platform where your NFT holders transform into brand advocates. Through exclusive content, event access, and membership perks, a devoted community naturally propels your platform through grassroots promotion and social media virality. This fervent user base emerges as a potent marketing force, drawing in fresh users and propelling organic expansion at a fraction of the cost of conventional marketing endeavors.
- Cultivating Brand Devotion Through Practicality
BAYC transcends static artwork. Ownership of a Bored Ape opens doors to exclusive online domains, the potential for valuable airdrops, and even avenues for commercialization. This establishes an ecosystem where NFTs continuously provide value and advantages to holders, keeping them engaged and committed to your platform.
- Unlocking Revenue Streams Beyond Minting
Bored Ape Yacht Club has reaped substantial revenue from exclusive merchandise launches and NFT distributions. This underscores the prospect of ongoing revenue generation beyond the initial NFT sale. By offering exclusive content, merchandise, or in-platform experiences solely accessible to NFT holders, you cultivate new revenue streams that elongate your project’s lifecycle and establish a sustainable business model.
- Data Insights and Targeted Marketing
Bored Ape Yacht Club NFT flaunts a cadre of celebrity holders, lending an air of legitimacy and social cachet to the endeavor. Envision this approach – collaborating with pertinent influencers within your sphere can significantly elevate brand recognition and allure new users aspiring to join the same exclusive circle.
How Bored Ape Yacht Club NFT Works?
1. Concept and Minting
The platform establishes its theme and defines the utility of NFTs of bored ape. This could be access to exclusive online spaces, games, or future airdrops.
2. Minting Process
- Users link their cryptocurrency wallets to the platform.
- They can either procure NFTs outright at a predetermined price during the initial release (mint) or engage in an auction mechanism.
- Upon acquisition, the NFT is transferred to the user’s wallet, thus conferring ownership.
3. Membership and Community
- NFT ownership grants entry into an exclusive digital community, nurturing a sense of inclusion and exclusivity.
- The platform may arrange virtual gatherings or experiences exclusively available to NFT holders.
4. Utility and Ongoing Value
- Owning an NFT transcends mere imagery, potentially unlocking access to specialized content, limited-edition merchandise drops, or in-platform privileges such as discounts or voting rights.
- The platform might initiate unanticipated “airdrops” of new NFTs for existing holders, introducing an element of surprise and potential appreciation in value.
5. Secondary Marketplace and Investment Potential
- Users have the opportunity to exchange their NFTs on secondary markets like OpenSea, enabling the possibility of value appreciation and speculative investment in the NFTs.
- It’s essential to recognize that NFT ownership entails speculative investment, and there’s no guarantee of future value.
6. Platform Revenue Streams
- The platform might charge a transaction fee on secondary market sales of NFTs.
- They could also generate revenue through exclusive merchandise sales or in-platform experiences accessible only to NFT holders.
Features of Bored Ape NFT
When it comes to choosing an NFT platform, Bored Ape Yacht Club NFT offers immense features to consider:
- Programmatically Generated with Rarity
Although there are a total of 10,000 Bored Ape NFTs, each one is inherently unique. Through a computerized process, over 170 diverse traits such as fur style, accessories, and facial expressions are randomly assigned, resulting in varying degrees of rarity. This scarcity imbues certain Apes with significantly higher worth than others.
- Membership and Community Engagement
Possessing a Bored Ape NFT grants entry into the exclusive Bored Ape Yacht Club NFT, a digital community offering social connections, events, and a shared sense of community.
- Utility and Perks
Diverging from the typical NFT model, Bored Apes offer tangible utility beyond their artistic value. Owners have received exclusive digital assets through airdrops and gained access to upcoming metaverse ventures. Recently, the introduction of ApeCoin, BAYC’s proprietary cryptocurrency, has further enhanced the practical benefits of owning an Ape.
- Continuous Project Advancements
The BAYC creators, Yuga Labs, have proven their dedication to continuous development. They consistently improve the BAYC ecology, which keeps owners interested and excited about the project’s future course.
How to Create NFT Platform Like Bored Ape Yacht Club?
Below are the detailed steps on how to create NFT platform similar to BAYC.
1. Concept and Planning
- Define your project’s purpose: What makes your NFT collection unique? What kind of utility will it offer holders?
- Target audience: Who are you building this platform for? Understanding their interests and expectations is crucial.
- Technical roadmap: Outline the features and functionalities you want to include. Prioritize based on complexity and impact.
- Monetization strategy: How will you generate revenue? Consider options like initial sales, secondary market fees, or exclusive memberships.
2. Smart Contract Development
The most often used option for NFT platforms is Ethereum, although for scalability, take into account options like Solana or Polygon.
Smart contract functionalities, develop contracts for:
- Minting NFTs with randomly generated traits (similar to BAYC’s rarity system)
- Facilitating buying and selling NFTs on the platform (including auctions)
- Managing ownership and transferability of NFTs
3. Platform Development
1. Front-end: Design a user-friendly interface for browsing, buying, selling, and managing NFTs.
- Integrate a crypto wallet connection for transactions.
- Consider features like rarity filters and auction displays.
2. Back-end: Develop secure server-side infrastructure to handle user interactions, data storage, and integration with the blockchain.
4. Security Audits and Testing
- Smart contract audits: Conduct thorough audits by reputable security firms to identify and eliminate vulnerabilities in your code.
- Secure wallet integration: Ensure secure connections with popular crypto wallets like MetaMask for user transactions.
- Robust access controls: Implement measures to prevent unauthorized access and manipulation of NFTs.
5. Community Building and Marketing
- Blockchain deployment: Deploy your smart contract on the chosen blockchain network.
- Marketing and Community Building: Generate pre-launch buzz through social media, influencer marketing, and targeted online communities.
- Community engagement: Actively engage with your community, fostering a sense of belonging and exclusivity. This is crucial for the long-term success of your platform.
Craft the Next BAYC With the Top NFT Development Company
The Bored Ape Yacht Club revolutionized the NFT world, and now it’s your turn to make a splash. Antier, a leading NFT development company, empowers you to build the next BAYC platform. Our team of passionate blockchain developers and seasoned game designers master the art of programmatic generation, crafting unique and coveted NFTs.
We meticulously design smart contracts to ensure robust ownership, seamless trading, and a thriving in-platform economy. Don’t just settle for an NFT platform, bring a revolution in the NFT space! Contact Antier today and let’s transform your vision into a groundbreaking NFT experience.
