Bored Apes Q&A with Kerstin Gold by Sonia Stubblebine
Berlin-based strategy consultant for the art ecosystem, co-founder, and author of the ART+TECH Report on Art NFT Collecting. Gold advises art market entrepreneurs on digital transformation and business model innovation, including start-ups, and connects the fields of art, business, and technology together.
What made Bored Apes Yacht Club (BAYC) NFTs so successful among others?
The BAYC lets you join one of the Web3 industry's most exclusive social clubs. For collectors, it has become as important as owning the NFT. And to keep their members on their toes, the BAYC constantly introduces new privileges and new components, such as the mutant serum, the ape coin, or the dynamic NFTs with Trait Swap.
They combine a collectible component with membership community and NFT ownership with multiple utilities, beyond just being a PFP (Profile Picture). It is also becoming a way of collective self-expression through communal ownership. All of this makes the BAYC a best practice case of creative and innovative use of the blockchain and NFT technology.
What artistic value do you see in BAYC?
They may all be based on blockchain technology, but it is critical to recognize that there are many different types of NFTs, with a clear distinction between NFT collectibles and art NFTs (which we outlined in our recently published report on art NFT collecting). Whereas collectibles such as the Bored Apes usually come with added values like collector incentives and airdrops, art NFTs have an intrinsic value, which is their artistic concept, the art itself.
What the future holds for BAYC?
They have established a brand that is more than a NFT collectible, even aiming at creating their own metaverse ("Otherside"), and they are transitioning to an off-chain brand by partnering with the fashion and entertainment industries and expanding in-person gatherings for holders. I guess it is safe to say that we will be watching the BAYC develop into a Web3 lifestyle company, with an impact both on- and off-chain.
Which artistic projects in the traditional art world can we compare the BAYC phenomenon with?
None that I could think of. With NFTs, it feels more natural to buy, share, and enjoy them in public, increasingly becoming more of a communal experience. Many seasoned art collectors view themselves as supporters of the arts and relish getting to know the creators of the works they own. Hence I can imagine that becoming part of a community, in addition to owning the artwork, could also become more important in the traditional art world.