Bored Ape Yacht Club was launched in April 2021 with the distribution of 10,000 unique NFTs. This collection of digital apes, living on the Ethereum blockchain, has since become a highly exclusive and aspirational decentralized community. What does its success tell us about brand identity?
Streetwear fans are embracing a hybrid existence, and they want status symbols that do this too. adidas Originals has released an NFT clothing line in collaboration with the Bored Ape Yacht Club, gmoney, and PUNKS Comics, providing the opportunity for fans to wear their favourite streetwear digitally and in real life.
Coinbase is joining the digital collectibles boom, allowing users to create, buy, and sell NFTs on its marketplace. This could help the brand tap into growing NFT investment and compete with OpenSea. Environmental concerns remain over NFTs, which the brand would do well to address early on.
Non-fungible tokens offer a way for people to digitally own everything from a tweet to a GIF of an NBA play via blockchain technology. How might they forge meaningful connections between fans and their idols? And how can brands sustain engagement with the tech beyond the initial hype?
2020 rewrote the rules on what it means to be a fan as many of the IRL focal points of shared passions – such as live events – were put on an indefinite hiatus. In this Spotlight on Fandom, we explore what it means to be a fan in 2021 and how brands can connect fans to the things they love.