Project Overview:
Bored Ape Kennel Club (BAKC) is a spin-off NFT project from the Bored Ape Yacht Club (BAYC) ecosystem launched by Yuga Labs. The project was released in May 2021 and aims to provide BAYC holders with more collectibles and expand their universe. The theme of BAKC revolves around the pet dogs of the "monkey" characters in BAYC, and all the NFT characters represent the dogs that accompany Bored Apes (the main characters in BAYC). These dogs have unique appearances, attributes, and rarities that reflect Yuga Labs' further innovation and expansion following the success of BAYC.
When and how to be issued: The
BAKC series of NFTs was first released in May 2021, on the heels of the success of the Bored Ape Yacht Club. The minting method of this series of NFTs adopts the method of "Free Mint", which only provides the right to purchase to BAYC NFT holders, that is, each holder of BAYC is eligible to claim a BAKC Dog NFT. Each BAYC holder can claim one BAKC NFT without paying a fee, only the "gas fee" during the minting process. This strategy has helped the project scale rapidly, further increasing participation in the BAYC ecosystem.
Total Supply:
The total issuance of Bored Ape Kennel Club is 10,000 NFTs, each representing a dog matched with a BAYC member. Each BAKC Dog character has a unique look, attributes, accessories, and background, and the visual design echoes the monkey character in BAYC, forming a strong brand consistency.
Public chain platform:
The BAKC series of NFTs is deployed on the Ethereum blockchain and adopts the ERC-721 standard. As one of the most mainstream blockchain platforms in the world, Ethereum provides BAKC with a decentralized and secure trading platform that supports transparent transaction records and allows users to conduct secondary market transactions through multiple platforms.
Celebrity platform:
The BAKC project does not directly rely on the promotion strategy of celebrity endorsements, but because it is affiliated with the Bored Ape Yacht Club, a widely watched NFT series, BAYC's high exposure and community influence naturally drove BAKC's success. BAYC itself has attracted the participation and support of many celebrities and important figures in the crypto industry, including musicians, actors, entrepreneurs, etc., so BAKC has also indirectly gained the attention and support of celebrities.
Ecosystem:
BAKC is part of the Bored Ape Yacht Club and forms part of its ecosystem. Holders of BAYC not only have the right to own unique artworks, but also gain access to a gated club to participate in private events, community gatherings, and more. The launch of BAKC not only expands this ecosystem, but also strengthens the sense of belonging and privilege of BAYC holders. As the BAYC project expands further, BAKC will also interact with other projects, such as The Otherside's virtual world, where BAKC's dog character may play an important role.
Background:
The Bored Ape Kennel Club is set in a setting where each of the monkey characters in BAYC has a special pet dog. Each BAKC Dog represents a character associated with a BAYC monkey, and their appearance, style, and rarity are different. By combining the dog with the BAYC Monkey collection, Yuga Labs is once again innovating and providing BAYC holders with more opportunities for interaction and collecting, while strengthening the bond between community members.
Business model:
BAKC's business model revolves around two core components: initial free minting and secondary market trading. During the free minting period, users who hold BAYC NFTs can get a BAKC NFT for free and only need to pay gas fees. As these NFTs enter the secondary market, the project party earns consistent revenue through transaction royalties (usually 2.5%). In addition, BAKC may also further expand its business model through future gamification features, brand licensing and cross-platform collaborations.
Intellectual Property:
Like Bored Ape Yacht Club, owners of BAKC have ownership of the NFTs, but do not own the full copyright. The purchaser acquires the ownership and display rights of the NFT they hold, but still needs to obtain authorization from the project party in order to use it for commercial purposes (such as making derivatives or advertising). Yuga Labs maintains the creative rights of the NFT works and manages the rights to use the BAKC brand.
Controversies & Challenges:
Market volatility: Like all NFT projects, BAKC faces the challenge of price volatility in the crypto market. As the market changes, the value of NFTs can fluctuate wildly, especially when market sentiment is volatile.
Over-reliance on the BAYC brand: Although BAKC is part of the BAYC ecosystem, the success of the project largely depends on the BAYC brand. How to continue to develop without the support of BAYC will be a long-term challenge for the project in the future.
Market saturation: The NFT market is highly competitive, and more and more projects are emerging, especially in similar community projects, how BAKC can remain competitive and maintain the interest of holders is still an issue that needs attention.
Legal & Copyright Issues: With the rapid development of the NFT market, there is a growing discussion about intellectual property and copyright. Although the holder has ownership of the NFT work, the commercial use is still controlled by the project party, which may lead to disputes over the right of use by some holders.
Overall, Bored Ape Kennel Club, as a spin-off series of Bored Ape Yacht Club, has managed to attract a large number of BAYC holders through innovative free minting methods and scarce NFT resources. Despite the challenges of market competition and long-term development, BAKC has a place in the NFT market with its strong brand effect and community base.
