Web3 now heavily relies on NFTs, specific blockchain tokens representing ownership of an item, generally digital art. NFT-based communities frequently gather online and offline in Telegram groups, Discord servers, Twitter Spaces, and at token-gated events. Additionally, the "community" of an NFT collection may influence a trader's decision to purchase or sell a digital asset.
The Backstory
Bored Ape Yacht Club (1) has developed a name for itself as a reliable, long-lasting company. A community council has been unveiled as the newest community effort for the project run by Yuga Labs (2). The council, established by seven appointed BAYC holders, has received mixed reviews in its early years. Let's go through everything we have learned thus far in the early days after the council's establishment, as well as the potential effects of this news on the project as a whole.
What exactly does the Council entail?
The NFT collection has seven holders, and Yuga Labs has stated that the number would "increase over time. A Yuga Labs blog post (3) that includes a biography of each of the seven council members broke the news to the public. The list includes a range of Bored Ape owners engaged in web3 marketing, community development, and other activities. The blog post lists the council's duties as being a focal point for input, leading neighborhood activities, developing autonomy, and creating a codified process for offering feedback as a community voice. The council will also participate in the Mutant Ape Yacht Club (MAYC).
What about the Future?
We can observe the council's growth pace, volume, and power when there is enough time. There will undoubtedly be significant BAYC holders who are still excluded in the meantime. However, there has been a lot of support for Yuga's idea of giving the Bored Ape community a voice. Yuga references related endeavors for the CryptoPunks (4) and Meebits (5) collections. Yuga's choice to form future councils with other collections may be influenced by how the larger community responds to the council's integration and consequences over time.
