So, let’s talk about NFT and in particular the BAYC Bored Ape Yacht Club.

At the question, what am I buying? A jpeg, a png, a video? No.

Will I get an ape delivered at the front door? Bored maybe? Also no.

Instead look at it like a membership.

You will get something that looks like a membership. A membership to a very exclusive club where people identify as bored apes and where the perk is drawing dicks in a toilet.

Who wants to be part of this club? In real life probably nobody, unless the club members are Internet personalities, like GaryVee or Logan Paul.

If the most crappy club in the world has as members famous Internet personalities then it is cool to be part of it and people would be willing to pay a load of money to join.

This is the most interesting part of nifties that in my opinion people don’t get. It’s not about the jpeg (that is rubbish) or art (that’s not art at all, please read ‘Why your five year old could not have done that’ by Susie Hodge). It’s also not about scarcity. If you don’t assign some utility or recognise value to something that is scarce then scarcity as per se is pointless.

It’s about exclusive membership! We want to be part of a very exclusive circle of people that don’t give a shit about us but who cares? The important is to be in.

So CryptoPunks are sold at crazy prices, hundreds of ETH. I understand that now. Owners want to be part of a club of famous Internet personalities. And now the membership started to be crazy expensive.

I would expect at this point the whole ecosystem to move into this direction. To see projects designed around lifestyles, about sharing values and maybe life missions. I don’t expect the art thing to take over at all. I think that’s the bubble.

So when evaluating an NFT project, check who are the sponsors, who are the members, if there is a community (activity on Discord for example) and if the members will enjoy perks that will be sustainable over the long course.

If the NFT is only about a bunch of random images then forget about it, it’s not going to take off anytime soon.