About this episodeThe founders of Bored Ape Yacht Club discuss their journey from a casual crypto interest to building a multi-b…AI summary
The founders of Bored Ape Yacht Club discuss their journey from a casual crypto interest to building a multi-billion dollar ecosystem, emphasizing a philosophy of 'action over words' and community-centric utility. They detail the origins of their IP licensing model, the acquisition of CryptoPunks to preserve legacy, and their ambitious plans for 'Otherside' as a permissionless metaverse platform. The conversation also addresses the importance of long-term building over short-term price speculation and navigating public scrutiny with tunnel vision.
Key takeaways 7
IP Licensing Strategy: BAYC was the first project to offer a commercial license that felt genuinely useful for branding and products, rather than just a speculative asset. This allowed holders to create derivatives like 'Bored & Hungry' restaurants and led to high-end collaborations like Tiffany & Co. custom pendants for CryptoPunk holders.
Egalitarian Minting Model: The founders priced all 10,000 Apes at a flat 0.08 ETH (~$200 at the time) to avoid bonding curve dynamics that favored early buyers. This was designed to foster a true club membership where utility was identical regardless of specific ape rarity.
Acquisition of CryptoPunks: Yuga Labs acquired CryptoPunks not for market share, but to preserve the legacy of the 'Mona Lisa of NFTs' and decentralize IP ownership further, allowing any holder to use their Punk commercially.
Otherside Vision: The founders view Otherside not just as a game, but as a platform for experimentation and user-generated content. They aim to disrupt traditional gaming models (like Roblox or Fortnite) by offering better revenue splits and true asset ownership via interoperability.
Handling Controversy: The founders dismissed racist conspiracy theories as grifts by opportunists seeking attention and money. Their strategy was to ignore the noise, avoid giving it oxygen, and focus entirely on building and shipping products.
Team Dynamics: The founding team consists of non-technical creatives who hired friends with technical skills (Solidity/JavaScript) on the fly. They emphasize a 'good cop/bad cop' dynamic between founders Greg and Gordon, balancing modest goals with ambitious visions.
Security Advice: The founders recommend using hardware wallets (like Ledger) for NFTs and never typing seed phrases into a computer. They warn that physical security is now critical, citing incidents of attackers demanding NFT transfers at gunpoint.
Notable quotes 5AI-generated: wording and quote attribution may be wrong. Use the play link to verify.
“The motto was like action speak louder than words... we wanted to be known as the founders who worked our asses off.”
▶ 3:11Explaining why the founders remained anonymous and focused on building rather than press for the first year.
“I'm not trying to build something to increase its value... I'm literally just doing it because I want to have fun. If you focus on that part [floor price], it's kind of a loser's game.”
▶ 32:59Greg explaining their philosophy on ignoring market fluctuations and focusing on utility and community.
“It's like the Mona Lisa of early cave paintings of NFTs... if you preserve the legacy of that thing into the future then it's good for the whole ecosystem.”
▶ 42:28Gordon explaining the rationale behind acquiring CryptoPunks.
“90 percent of our job right now is just to say no to people... we're trying to stay focused.”
▶ 41:11Gordon describing the challenges of managing inbound interest from major brands and VCs while maintaining tunnel vision.
“You should never ever type your seed phrase into your computer... treat connecting your wallet like you're approving a wire transfer at Chase or Bank of America.”
Security advice given by the founders regarding protecting digital assets.
Chapters & Sections (62)▼
0:00New Restaurant Launch and NFT Space Discussionchapter3
0:00New Restaurant Opening and NFT Space Discussion
1:37Balancing Business and Public Engagement
2:46Founders' Work Ethic and NFT Industry Insights
5:12Origins of Creative Friendship and Collaborationchapter5
5:12Origins of Friendship and Creative Collaboration
6:39Early Gaming Experiences and Influences
8:03The Rise of NFT Intellectual Property Utility
9:23Early Adoption of Cryptocurrency and FOMO
10:57Early Adoption of Cryptocurrency and NFTs
12:30Rise and Fall of Crypto Kittieschapter2
12:30Rise and Fall of Crypto Kitties
14:16Establishing a Business Plan for NFT Project
17:33Origins of the 'Go Ape' Business Conceptchapter2
17:33Origins of the 'Go Ape' Business Concept
19:07Expanding Product Line and NFT Holder Involvement
21:31Early Team Formation and Technical Challengeschapter3
21:31Early Team Formation and Technical Challenges
23:21Entrepreneurial Motivations and Creative Collaboration
24:46Building Online Communities and Personal Legacy
26:03Marketing Strategies for Cryptocurrency Launchchapter3
26:03Marketing Strategies for Cryptocurrency Launch
28:07Pricing Strategies for NFTs and Community Building
29:36Turning Point in Project Development and Sales
32:48Prioritizing Utility Over Floor Price Growthchapter2
32:48Prioritizing Utility Over Floor Price Growth
35:11NFT Project Business Model and Strategy
37:16Decentralized Storytelling and NFT Utilitychapter2
37:16Decentralized Storytelling Platforms and NFT Adoption
38:49Ownership and Interoperability in Digital Assets
41:22Decentralizing Ownership in NFT Marketplaceschapter3
41:22Decentralizing Ownership in NFT Marketplaces
43:27Raising Capital and Future Ambitions
45:14Decentralized Platforms and Creator Monetization
47:06Designing a Positive Future for the Metaversechapter4
47:06Designing a Positive Metaverse Future
48:52Educating the Public on NFTs and Digital Assets
50:04NFTs in Gaming: Ownership and Tradeability
51:21Potential for Interoperable Gaming Platforms
52:40Adoption of Cryptocurrency in Luxury Brandschapter2
52:40Adoption and Integration of Cryptocurrency in Ecosystems
54:49NFT Market Trends and Industry Evolution
57:03Future Plans and Collaborations for Board API Clubchapter3
57:03Future Plans for Board API Club Expansion
58:36Authenticity in NFT Brand Collaborations
59:45Twitter's Web 3 Social Platform Ambitions
1:01:37ENS Domains and Digital Land Ownershipchapter2
1:01:37ENS Domains and Digital Land Ownership
1:03:29Managing Expectations and Company Growth
1:05:44Cryptocurrency Security and Wallet Safety Measureschapter3
1:05:44Cryptocurrency Security and Wallet Safety Measures
1:08:56Infrastructure and Tooling for Project Development
1:10:23The Impact of Public Recognition on Community
1:11:36Addressing Accusations and Controversy in NFT Spacechapter2
1:11:36Addressing Accusations and Controversies in NFT Space
1:14:00Debunking Conspiracy Theories and Grifting in NFT Space
1:15:56Dealing with Trolls and Negative Attentionchapter2
1:15:56Dealing with Trolls and Online Negativity
1:18:27Navigating Public Life and NFT Success
1:20:36Music Manager's Personal Qualities and Relationshipschapter2
1:20:36Music Manager's Personal Qualities and Relationships
1:23:05The Dangers of Mindless Consumerism and Distraction
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