Bored Ape Yacht Club -  [Web3 Breakdowns, EP. 1]

**Patrick O'Shaughnessy** (0:00)
Today, I am excited to share our newest show Web3 Breakdowns. Similar to our Business Breakdown Series, Web3 will have its own dedicated feed. So make sure to hit the subscribe link in our episode notes, or find it on your preferred podcast player. The first episode of Web3 Breakdowns covers the Bored Ape Yacht Club. You'll hear from guest Eric Golden, who will also be coming back to host his own Web3 Breakdowns moving forward.
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**SPEAKER_2** (1:13)
This is Web3 Breakdowns.
Web3 Breakdowns is a series of conversations exploring innovation in the decentralized Internet.
Each episode, we will focus on a different topic. We will cover NFT projects, crypto assets, blockchain-based protocols, and businesses being built with Web3 architecture. We will talk to founders, artists, investors, and influencers to understand this emerging ecosystem. Come join us down the rabbit hole. To find more episodes, transcripts, and a library of content to continue your learning, visit joincolossus.com. All opinions expressed by hosts and podcast guests are solely their own opinions. Hosts and podcast guests may maintain positions in the securities discussed in this podcast. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.

**Patrick O'Shaughnessy** (2:07)
Welcome to our new show, Web3 Breakdowns. We want to be your on-ramp into this new decentralized world and through conversations with builders, creators, and investors, we'll do our best to help you understand and navigate this emerging ecosystem.
First up, we are breaking down the NFT project and cultural phenomenon, Bored Ape Yacht Club. To help break down Bored Apes, I'm joined by Eric Golden, former portfolio manager at Fidelity and current Bored Ape owner.
Eric and I start with an overview of the Bored Ape Yacht Club and his path to owning an NFT in the collection. We then use Bored Apes as a lens to understand how NFT projects are not just creating rare art, but strong membership communities too. Beyond the cultural differences between NFT communities, it was fascinating to hear how projects are differentiating themselves with IP ownership, roadmaps and DAOs. Please enjoy this breakdown of the Bored Ape Yacht Club.
So Eric, we like to begin these things with just a simple overview of what the thing is. In this case, we're going to talk about the Bored Ape Yacht Club, my personal favorite example of just the madness and interestingness in the crypto world today. It's not a company, so usually we do companies, but we'll start the same way here with Bored Apes. Can you just give us a high-level overview of what is this thing, literally? Give us a couple of numbers, a little bit of history. What is the Bored Ape Yacht Club? Then we'll dive into all the interesting details beneath the top of the surface stuff.

**Eric Golden** (3:27)
Thank you for having me. I'm glad you started off laughing because I can tell you this is going to be a little bit different than tearing apart a cashflow producing company.
The Bored Ape Yacht Club is a generative art collection in the space of PFP, which stands for profile picture. It started in April 21st is when the project came into being and sold out around May. What these things are, are fun 10,000 pictures of Bored Apes that have 170 different characteristics from spinner hats to gold fur. And each one of them is unique, but part of the collection called the Bored Ape Yacht Club.

**Patrick O'Shaughnessy** (4:07)
And if you think about the collection, so there's 10,000 of them, they're NFTs.
People collect one or more of them. What are the motivations for owning one that are distinct from, let's say, a pure piece of art that you might show people, but doesn't have a membership criteria to it? Like how is this something more or something different?

**Eric Golden** (4:24)
So if you zoom out, I think for me of how I got into this, this is not what I thought I would be owning.