Do Smart Contracts Dream of Bored Apes? On the Uniqueness of the NFT Subculture

Abstract

This chapter argues that the 10,000 profile picture (PFP) template popularized by the Bored Ape Yacht Club (BAYC) collection set the template for the non-fungible token (NFT) imaginary, a distinct subculture with less politicized concerns than found at the blockchain infrastructure level, such as Bitcoin or Ethereum. In this chapter, I use the method of ethno-resonance to extract those properties unique to NFT culture via BAYC as a case study. I find that: (i) the stated goal or purpose of the NFT subculture is creative experimentation and speculation, (ii) they are committed to decentralization but for apolitical reasons, (iii) they place a strong emphasis on lore, and (iv) they are not as adversarial as other blockchain communities. The chapter concludes by making the case for the unique properties of the NFT imaginary within the wider story of blockchain communities.