Yuga Labs has unveiled a dedicated Web3 evolution board to provide input from the Bored Ape Yacht Club (BAYC) community. 7 members have so far been appointed by Yuga Labs based on their long-term proactivity
BAYC gets a community board
The Bored Ape Yacht Club (BAYC) will now have a Community Council of 7 “long-time proactive” members who will participate in the evolution of the project alongside Yuga Labs
Apes, we wouldn’t be where we are today without our incredible community. We’re excited to announce the first BAYC community council made up of 7 long standing proactive community members to work alongside us moving forward. below
– Bored Ape Yacht Club (@BoredApeYC) October 5, 2022
With a floor price of 83.5 Ethers (ETH) and a market capitalization of over 920,000 ETH, Bored Ape Yacht Club is the hottest collection of non-fungible tokens (NFT) since its inception last year. Find out more about the BAYC on our collection page.
According to the Yuga Labs press release, the decision was motivated by the evolution of the project and its “emergence into pop culture” whose success is mainly due to the community. With this in mind, the members of this new board have all been closely involved in this community craze in the past:
This board was formed with the intention of representing the club as a whole and providing a fresh perspective. The council, and future councils to come, is putting in place a more formal, efficient, and consistent process for Yuga’s leadership to get input and advice from the community on an ongoing basis. “
What will the council be used for?
The Yuga Labs release states that the council will be completely independent and autonomous, and will work in concert with the Bored Ape Yacht Club and Mutant Ape Yacht Club communities to bring ideas of interest to fruition.
The work will focus on the evolution of the BAYC through the Web3 ecosystem, and board members will be expected to help shape the evolution of community initiatives such as meet-ups, relevant charitable donations, commercial projects, or any other ideas that can help expand the aura of the collections.
Of course, when the decision was announced, some people were surprised that they had not been chosen. In particular, some community members were surprised that @notthreadguy, a particularly active BAYC holder, was not selected.
Furthermore, reactions were mixed: some people were happy that the board was autonomous and that this was “the hallmark of Web3”, while others complained that the Yuga Labs teams had chosen the board members themselves rather than going through a community vote.
Finally, Yuga Labs says that its teams are also following the evolution of its parallel NFT projects, namely CryptoPunks, Meebits or Otherside, which could foreshadow similar decisions for these collections.
