Best NFT in the World, BAYC Collection and Yuga Labs

 What about Yuga Labs?

In March 2022, the NFT scene was noisy with Yuga Labs.

* Lava Labs acquisition of CryptoPunks & Mebits

* ApeCoin and Metabus Game Otherside Launch

* It recently attracted $450 million (about 550 billion won) in investment, worth $4 billion (about 4.8 trillion won) in corporate value

Yuga Labs created a project called the world's top NFT collection BAYC (Bored Ape Yacht Club).

I'd like to introduce what kind of place this is and what kind of dream it is through this content

Yuga Labs is well known for its web 3.0 brand, which created the BAYC NFT collection in the crypto world. After BAYC, he succeeded in expanding the ecosystem by creating the MAYC (Mutant Ape Yacht Club) collection and the Bored Ape Kennel Club (BAKC), which are created by mixing a potion called Mutant Serum with BAYC, and providing benefits to NFT holders.

Yuga Labs is a brand that was co-founded and created by four members, and it became an issue not too long ago as the personal information of two of the co-founders was unintentionally released.

* Because Web 3.0 spaces are primarily online identities, it is common for them to remain unidentified.

BAYC is owned by a number of international celebrities, including Justin Bieber and Snoop Dogg, and forms the highest floor price in the NFT collection. The reason why it is considered the world's most valuable NFT collection is that BAYC's community strategy has completely changed the nature of the NFT scene by becoming a global standard for NFT projects.

*What is Floor Price? It means the lowest price in the NFT series (the cheapest NFT available)

CyptoPunks, the founder of the NFT

Currently, the No. 1 spot in the NFT collection is occupied by BAYC, which was launched in April 2021, but the collection that was crowned before that was CryptoPunks.

Cryptofunk, released in June 2017, is one of the NFTs of Ethereum Blockchain Base. It was released long before the NFT boom, when only a few people were active in the crypto world.

The first Kryptopunk didn't have a specific purpose or community, as it gave away NFTs for free. It was first produced for a simple experiment at Lavarabs, an artist and two engineers named Matt and John.

At a time when the concept of NFT was much more sparse for most people, those who owned Cryptofunk enjoyed the common value of 1) the digital ownership value of NFT and 2) the expectation of the potential for the Ethereum blockchain. So the Cryptofunk holder meant the social status that symbolized the original Gangster (OG) in the Crypto world.

This nature of Cryptofunk naturally formed the community, but there was no additional benefit (utility) from owning the NFT other than just the personal satisfaction of collection.

BAYC, on the other hand, operated a discode that only NFT holders could enter as a compensation program, enabling online communication between holders spread around the world. In addition, it received a lot of praise from people seeking decentralization with a series of policies, such as holding offline events such as yacht parties where only holders can participate and giving holders commercial rights to NFTs to freely produce products to be freely produced using BAYC images.

Beyond the concept of simply collecting NFTs, BAYC has created a NFT boom by providing a discriminatory utility that only owners can enjoy, increasing the original value of NFTs, and securing royalties through the 'club' type of NFT community where only holders can enter.

This differentiated strategy led to successful results such as BAYC's soaring prices in the summer of 2021 and NFT scenes instead of Cryptofunk, and became the basis for NFT policies, including the expansion of communities, utilities, and IP usage rights of NFT projects released after BAYC.