Some thoughts on
@mfigge response today, the direction of
@BoredApeYC , and where I think the conversation should go from here in case you missed it.
First, respect where respect is due.
I think Figge deserves credit for stepping into one of the hardest jobs in Web3 and being willing to engage directly with the community.
BAYC is not a small startup with a few hundred users. It is a global brand with years of history, thousands of holders, enormous expectations, financial baggage, cultural baggage, and people who all have a different definition of what “the Club” should be.
That is not an easy thing to lead.
And after listening to his response, I also think some of what he originally said was reduced into headlines that missed the broader point.
The biker-club comparison was not really about bikers. The religion/political-group comparison was not really about religion or politics.
The point he was trying to make was about belonging, identity, rituals, shared experiences, onboarding, relationships and people helping each other because they are part of the same group.
@WelcomeApes is in my opinon the best at onboarding new apes hands down.
I understand that idea, and I actually agree with a lot of it.
For anyone who missed the conversation today at
@lokithebird NFTs spaces, one of Figge’s central arguments is that BAYC cannot be measured only by what holders receive financially. He wants the Club to become stronger socially: better onboarding for new Apes, more interaction between the team and members, more IRL connection, more storytelling, and more reasons for people to identify with BAYC beyond a floor price.
There are parts of that strategy that I think are absolutely right.
The renewed focus on apparel, design, artists and collaborations may end up being one of the most important things this team is doing, time will tell.
If BAYC wants to remain culturally relevant, the Ape cannot live exclusively inside Crypto Twitter.
It needs to exist in fashion, art, physical spaces, retail, conventions and culture.
The direction around artist collaborations, better apparel, pop-up style activations and showing up where culture already exists is exactly the type of bridge BAYC needs.
The push into Asia is another major positive.
BAYC is about to make a seven-city run across Asia, and I think continuing to strengthen those markets is a very smart strategy. Crypto, collectibles, art, gaming and streetwear have enormous audiences there, and building real relationships instead of treating international markets as an afterthought matters.
But this is also where I think there is an important contradiction.
If these conversations are important enough to have with holders in Asia, why shouldn't the rest of the Club be able to hear them too?
Stream the meetings.
Record the talks.
Publish the important conversations.
Let holders around the world participate.
I have repeated this for a long time: BAYC needs better communication and more transparency.
That does not mean revealing every surprise.
Mystery is part of the magic. Surprise is part of the brand and Figge is a strong believer of this.
But mystery and poor communication are not the same thing.
A global club should not make a large portion of its membership feel like important conversations are happening somewhere else without them.
And this becomes even more important because today there are fewer formal channels for holders to feel that they have a voice.
The transition away from the ApeCoin DAO model toward a more centralized structure may have simplified execution and "get rid" of extractors and or questiomable projects who got millions in funding with nothing to show for, but in my opinion something was lost in the process: the feeling of voice and participation.
ApeCoin governance was formally moved away from the DAO structure in 2025 toward ApeCo.
Today, Yuga's direction is ultimately centralized.
That is not inherently bad. Centralized leadership can execute much faster.
But if you centralize decision-making, you need to compensate with exceptional communication and exceptional listening.
Right now, when holders disagree with the direction, where does that conversation happen?
Too often the answer is CT.
A complaint becomes a tweet.
A tweet becomes discourse.
The discourse becomes camps defending one side or another.
As
@sergitosergito pointed out, that is not necessarily a healthy communication system for a club.
There should be better ways to surface disagreement, ask difficult questions and give the team signal before everything becomes a public fight.
I also found one of Figge's metrics particularly interesting: growth in the holder base.
The thinking makes sense.
Bring new people into the ecosystem. Create events that are not exclusively designed for existing holders. Build funnels into BAYC. Expand internationally. Create collectors. Reduce the amount of supply sitting for sale. Eventually rebuild demand and hopefully a recovered ETH FP.
That could work.
The original NFT boom had an enormous wave of people arriving at once. Celebrities, traders, collectors, gamblers, founders, artists—everyone was fighting for the same assets.
That demand does not exist at the same scale today.
So rebuilding the top of the funnel is rational.
But I keep coming back to another question:
Before trying to create thousands of new holders, are we doing enough for the holders who are already here?
There is already an enormous installed base of people who bought Yuga assets, lived through the highs and lows, stayed through the bear market and are still carrying these PFPs, talking about BAYC and keeping the culture alive.
What would happen if the first objective was not acquisition, but reactivating 15k+ holders?
How do you make the existing holder excited again?
How do you amplify the holders still creating content?
How do you support the builders still building?
How do you make the people who have been here for years feel seen?
Customer acquisition matters.
But so does customer retention.
And in a club, retention is probably even more important because your existing members are part of the product.
Figge also made an interesting point about looking at BAYC in USD rather than only in ETH.
I understand the argument.
If ETH appreciates significantly, an Ape can be worth fewer ETH while still being worth more dollars. Looking only at the ETH-denominated floor can therefore distort part of the picture.
But I think we need to keep that argument in perspective.
Even in USD terms, Apes are still trading close to historical lows relative to where BAYC has been over the years. Yes, there has been improvement over the last few months, including during Figge’s tenure, and that deserves to be acknowledged. But we are nowhere near a level where I think we should be celebrating a turnaround yet — especially when you zoom out and compare the recent improvement with the magnitude of the decline over the last several years.
Changing the unit of measurement from ETH to USD can change the optics, but it does not change the broader multi-year picture. There is progress, but there is still a very long way to go.
That does not invalidate the strategy. It simply means the strategy should ultimately be judged by what it produces over time, not by a few months of improvement.
Another initiative where I give Figge and the team substantial credit is
@GrailsOTC .
The problem it attempted to solve was very real.
Collectors trying to upgrade into better Apes were competing with bots and automated systems that could capture opportunities before normal people had a chance.
Giving collectors another path to discover and acquire better assets is a meaningful innovation.
Conceptually and technologically, OTC was a breakthrough.
But this is also a good example of the difference between a great idea and great execution.
Good Apes are still constantly falling into bot hands, and the response speed of OTC does not yet feel competitive enough with the market it is trying to replace.
The mechanism is right.
The execution still needs work.
And I think that lesson applies to a lot of Web3.
Things can sound incredible in a Space.
They can look incredible in a deck.
They can make perfect strategic sense.
Execution is a completely different challenge.
That also applies to Figge's accessibility.
I genuinely respect how available he makes himself to holders. That is unusual for the CEO of a company with this much attention around it, and I suspect some of that culture comes from the way Garga historically interacted with the community.
But accessibility and listening are not always the same thing.
I have personally been trying for months to get a real 1:1 conversation with Michael.
I know I am far from the only one.
That is understandable—this is a huge community and one person cannot talk to everyone—but it also means we should be careful about assuming that because leadership is visible, every part of the community feels heard.
Hopefully the systems around him continue to improve.
Because I believe BAYC is going through a metamorphosis right now.
And overall, I think the cultural direction makes sense.
More art.
Better apparel.
Better collaborations.
Better physical experiences.
More collectors.
More international presence.
More emphasis on the Club itself.
But we also cannot pretend that financial motivations suddenly stopped existing.
Many people entered this space because ownership had economic upside.
That does not make them bad community members.
Look at the attention around experiments like
@OxSimpleFarmer with StonkBrokers. They are reminders that financial mechanics, speculation, game theory and ownership incentives remain incredibly powerful behaviors inside Web3.
Community and economics do not have to be enemies.
You can build culture and create value.
You can create belonging and incentives.
You can welcome someone because they love the art while someone else participates because they believe the asset can appreciate.
There should be room for both.
I love this Club.
I have met incredible people because of it.
I understand why the message to a new Ape should be:
Come for the people. Come for the culture. Don't join expecting a guaranteed financial return.
That is responsible.
But we should also be honest about BAYC´s history.
Financial speculation, exclusivity, status, scarcity and the possibility of upside were all part of what made BAYC explode in 2021.
So I don't think the answer is to pretend those motivations were somehow illegitimate.
They were part of the cocktail.
The challenge now is figuring out what that cocktail becomes next.
Maybe the future of BAYC is less about recreating 2021 and more about combining the strongest pieces of that era—ownership, culture, speculation, identity, scarcity—with a much more mature global brand.
That takes time.
And Web3 is notoriously bad at giving anyone time.
So I will continue to support what deserves support, question what deserves questioning, and hope the team keeps listening even when the conversation is uncomfortable.
Because questioning the Club is not the opposite of loving the Club.
Sometimes it is exactly what people who care about it are supposed to do.
And as
@jbondwagon recently said, I also believe this upcoming ApeFest has the potential to be a real turning point for BAYC.
The next year should be fascinating.
See you all at
@beeple Studio!