Yuga Labs unveils a board dedicated to the evolution of the project in the Web3 universe and in charge of providing ideas from the Bored Ape Yacht Club (BAYC) community. 7 members have so far been appointed by Yuga Labs, these choices having been based on their long-term proactivity.
BAYC establishes a community council
The Bored Ape Yacht Club (BAYC) will now be accompanied by a community council composed of 7 “long-time proactive” members who will participate in the evolution of the project alongside Yuga Labs.
With a floor price of 83.5 Ethers (ETH) and a market cap 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 all the information about BAYC on our dedicated collection page.
According to the Yuga Labs release, this decision was motivated by the evolution of the project and its “emergence into pop culture” whose success is mainly due to the community. With that 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 board, and future boards to come, puts 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, bringing its expertise in concert with feedback from the Bored Ape Yacht Club and Mutant Ape Yacht Club communities to bring ideas deemed interesting to life.
The work will be primarily focused on the evolution of BAYC through the Web3 ecosystem, and board members will be expected to participate in the evolution of community initiatives such as meetups, charitable donations deemed relevant, business projects, or any other ideas that may expand the aura of the collections.
Of course, following the announcement of this decision, some were surprised that they were not chosen. In particular, some community members were surprised by the absence of @notthreadguy, a particularly active BAYC holder.
Moreover, the reactions were mixed: some people were happy about this autonomous way of working and that it was “typical 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 specifies that its teams also follow the evolution of its parallel NFT projects, namely CryptoPunks, Meebits or Otherside, which could foreshadow similar decisions for these collections.
