Once a Symbol of the Golden Age of NFTs, Bored Ape Yacht Club Faces an Unprecedented Crisis of Trust and Value Decline
The Bored Ape Yacht Club (BAYC), which once symbolized the golden age of NFTs, is now facing an unprecedented crisis of trust and value collapse. Taiwan’s most famous crypto figure, Ma Ji Da Ge (Mister Ma), plans to airdrop Bored Ape NFTs to Ethereum founder Vitalik Buterin and tech tycoon Elon Musk, attempting to revitalize this dormant monkey through a celebrity airdrop strategy. This move raises the question: can a free airdrop of NFTs awaken the slumbering BAYC market, or is it still lacking momentum? This article offers genuine thoughts and suggestions regarding the future of BAYC.
Artists and Celebrities Once Frenzied Over BAYC
The Bored Ape Yacht Club (BAYC) was once a prestigious brand in the NFT world, hailed as a blue-chip NFT that gained popularity in the global entertainment and celebrity social circles. Numerous domestic and international artists and celebrities not only rushed to purchase Bored Apes but also used the ape avatars as profile pictures on social media to showcase their Web 3 identity and status.
In Taiwan, celebrities such as JJ Lin, Chen Bolin, Wu Jianhao, Ma Ji Da Ge (Mister Ma himself), Lin Junjie, Yu Wenle, and Chen Lingjiu have publicly displayed or owned BAYC NFTs, with some artists even becoming major promoters of the community.
Internationally, NBA star Stephen Curry drew attention by purchasing a Bored Ape for approximately 55 ETH and changing his profile picture. Hip-hop icon Eminem, host Jimmy Fallon, investor Mark Cuban, and basketball legend Shaquille O’Neal have also purchased BAYC NFTs in support.
At that time, owning a Bored Ape was akin to having a ticket into the celebrity club of the crypto world, symbolizing status, wealth, and taste. With sports superstars and entertainment giants all vying for them, the current state of BAYC is marked by a quiet community, plummeting floor prices, and a collapse of investor confidence; the once-vaunted vanity symbol has been replaced by market skepticism about the value of NFTs.
Status of Artist Holders of BAYC
JJ Lin once used BAYC #3914 as his profile picture to thank Ma Ji Da Ge. Xu Jinglei has received multiple NFTs, including BAYC, but her main holdings have now shifted to other projects (such as MAYC and BAKC), and she may no longer hold BAYC.
Ma Ji Da Ge (Mister Ma) previously conducted a massive sell-off of BAYC: selling up to 137 pieces within two days, reaping over $13 million in profits. Although he has repurchased some, he currently holds only about 57 BAYC, many of which are listed for sale.
International celebrities like Justin Bieber, Madonna, Eminem, Neymar, Snoop Dogg, and Paris Hilton invested heavily in BAYC during the NFT boom, but most are now facing significant losses as the market has collapsed. Justin Bieber bought BAYC #3001 for about 500 ETH, now facing a loss of over a million dollars; Madonna’s BAYC has dropped from 180 ETH to below half, and Eminem similarly faces a value decline.
Airdrop Strategy Cannot Restore Faith
Vitalik has always maintained a distance from NFT value speculation, and Musk is the most uncontrollable tech enthusiast. Will they really support BAYC just because they receive a monkey image? The likelihood is minimal. The real issue is that the Web 3 ideals once represented by BAYC have long been hollowed out by current market conditions, internal strife, and a collective disillusionment among investors. The current Bored Apes are no longer symbols of digital identity, nor are they tickets to the metaverse; they are merely historical records lingering on the blockchain, a JPEG.
To Save Bored Apes, Excitement and Airdrops Are Not Enough
If BAYC truly wishes to be reborn, it must start from the ground up. The first step is to change the past culture of exclusivity, closure, and wealth-driven heroism. Bored Apes must learn to open their doors, embrace broader creator and user participation, and rebuild a community that is “content-driven and culture co-created,” rather than just a private club for the wealthy.
The premise of cultural transformation is a comprehensive reform of governance structures. Yuga Labs has faced numerous issues over the years, including founder departures, chaotic token issuance, opaque decision-making, and delayed development progress, which have long sparked community dissatisfaction. If the team is unwilling to genuinely confront these issues, restructure governance, operate transparently, and introduce new blood with execution capabilities, then even the most extensive airdrops and promotions will merely be a requiem. True rebirth cannot rely on celebrity exposure but must be grounded in solid reconstruction.
Does NFT Still Have a Future? Pudgy Penguins Provide the Answer
The failure of Bored Apes does not imply a total loss for NFTs. On the contrary, the NFT field is entering a new phase, transitioning from speculative bubbles to brand management and cultural applications.
A prime success story is Pudgy Penguins. This NFT project, once viewed as a failure, successfully transformed under new management, creating an integrated IP economic model. They not only launched figurines and graphic content but also successfully penetrated global retail channels like Amazon and Walmart through community role management, making NFTs “visible, tangible, and usable” cultural products.
Pudgy Penguins did not rely on celebrity airdrops or exaggerated narratives. Their success lies in brand building, character management, and user participation, carving out a viable path for the commercialization of NFTs. This is precisely the capability and direction that BAYC lacks.
The Future of NFTs Will Not Automatically Belong to Bored Apes
Bored Apes are no longer synonymous with a new world; they are more like symbols of a bubble’s remnants. If the Bored Ape team wishes to regain market and cultural discourse power, they must thoroughly let go of past self-imaginings and start over from community, governance, product, and IP management. This is not about patching things up; it requires a complete transformation.
NFTs still have a future, but that future will not automatically belong to BAYC. The future belongs to teams willing to roll up their sleeves and work, to those who truly understand culture, branding, and user needs. If Bored Apes want to survive, they must learn how to become a storytelling monkey, not just an expired JPEG.
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