Introduction

With the development of internet social platforms, the value of IP has become increasingly prominent in today’s era. The rise of the Web3 concept and the application of blockchain technology have brought profound changes to the IP industry. Using blockchain technologies such as NFTs as carriers, and through on-chain transactions, user empowerment, and community co-creation, IPs in the Web3 world are imbued with new cultural significance and commercial value. This article will review three major Web3 top IPs—BAYC, Pudgy Penguins, and DOGE—offering an in-depth analysis of their cultural significance, community building, and market performance.

BAYC – Crypto Art and Super Community

The Speculators’ Fantasy

Bored Ape Yacht Club (BAYC) is an NFT art IP comprising 10,000 unique cartoon ape avatars. It was launched by the digital art studio Yuga Labs on Ethereum in April 2021. The backstory of BAYC is brief yet rich in satire: in a future world, a group of apes, who became wealthy through speculation (a metaphor for early crypto speculators who profited massively during the crypto bull market), grew bored with their newfound wealth. To pass the time, they gathered to form a secret club, which became the origin of the Bored Ape Yacht Club. Each ape has unique elements, including background, clothing, accessories, and expressions.

The homepage of the BAYC website showcases the interior decor of the Bored Ape Yacht Club (Source: BAYC official website)

The idea for BAYC originated from the two founding members of Yuga Labs: Greg Solano, a writer known by the pseudonym Gargamel, and Wylie Aronow, a part-time trader using the pseudonym Gordon. During the 2017 crypto bull market, they made significant profits but soon suffered heavy losses due to reckless leveraged trading. This experience, though bittersweet, deepened their interest in the crypto world. Inspired by CryptoPunks, a highly popular NFT series in the crypto art space that emerged in 2017, they teamed up with two programmers, known as No Sass and Emperor Tomato Ketchup, forming the core team of Yuga Labs to begin developing BAYC. Later, Asian illustrator Seneca joined them, taking charge of designing the visual style of the Bored Apes.

From a CryptoPunks Knockoff to the King of NFTs

On April 23, 2021, the BAYC NFT series officially began its presale. At the time, the price of a single NFT was just 0.08 ETH (approximately $200 at the market rate), which, in a frenzied market, was almost akin to giving them away for free. Even so, it took a full week to sell out the presale. However, behind this lukewarm start, BAYC’s path to legendary status was quietly taking shape. \

Shortly after the presale, renowned NFT collector Pranksy began promoting BAYC, drawing in a wave of early adopters. By May, celebrities, including Mark Cuban, owner of the Dallas Mavericks (formerly the Dallas Mavericks), started purchasing BAYC NFTs. This sparked a wave of enthusiasm for Bored Apes within elite circles. By November, BAYC had become a must-have fashion item for celebrities. Not owning a BAYC NFT as a profile picture on social media had already become a sign of being out of touch.

Justin Bieber’s Bored Ape #3001 (Source: BlockBeats)

In February 2022, Yuga Labs officially acquired two major crypto art IPs, CryptoPunks and Meebits, from Larva Labs, marking BAYC’s rise as the top name in crypto art. The popularity of BAYC NFTs continued to soar: NBA star Steph Curry spent 55 ETH (approximately $180,000) to purchase a blue-furred Bored Ape; Neymar, Justin Bieber, and even Jay Chou are among the holders of BAYC NFTs. Universal Music Group formed the supergroup KINGSHIP, composed of four Bored Apes. Prestigious auction houses Sotheby’s and Christie’s hosted BAYC NFT auctions, with final prices that stunned the world.

The Metaverse and Super Community

The success of BAYC, while partially driven by its intrinsic appeal and celebrity endorsements, owes much more to the team’s exceptional marketing strategies and community building. As the founder of CryptoPunks noted, “Our expertise lies in early-stage technical creation, but we aren’t great at community management or public relations. Yuga Labs are the true innovators in PFP NFTs; they excel at project operations.” Yuga Labs has constructed a vast “Ape Universe “ centered on these apes.” Integrating on-chain and off-chain community activities has solidified the strong consensus among holders.

Two months after the presale, in June 2021, Yuga Labs launched the Bored Ape Kennel Club (BAKC), a collection of NFTs distributed for free, one-to-one, to BAYC NFT holders, complementing the original ape designs. In August, the team introduced the Mutant Ape Yacht Club (MAYC). Through M1-M3 serums of varying levels, the original Bored Apes could mutate into different tiers of Mutant Apes. Half of these serums were sold for 3 ETH and sold out within an hour. In 2022, Yuga Labs launched the governance token Apecoin and the metaverse land project, OtherSides. These initiatives brought significant revenue to the team and enriched the BAYC IP.

Mutant Ape #7466 (Source: Opensea)

BAYC’s real breakthrough impact can be seen in its offline activities. On April 9, 2022, a Bored Ape-themed restaurant opened in California, USA. Since BAYC NFT holders own the commercial rights to this IP, such ventures provide additional income for holders while creating new traffic channels for BAYC, benefiting everyone involved. Around the same time, Li-Ning in China announced a collaboration with BAYC. Bored Ape #4102 took the spotlight as the curator of the “Bored Ape Trendy Sports Club” pop-up store in Beijing’s Sanlitun, where a series of Bored Ape-themed products was launched. Beyond this, the influence and traffic brought by celebrity interactions with BAYC are immeasurable.

Pudgy Penguins – Rebirth and a Warm New Start

The Birth and Challenges of the Penguin Kingdom

Pudgy Penguins, referred to as “Fat Penguin” by the Chinese community, is an NFT art IP comprising 8,888 adorable penguins. It was launched on Ethereum in July 2021. Each penguin is differentiated through unique traits such as background, clothing, accessories, and expressions. Unlike the mysterious, eccentric, and punk-inspired NFT IPs that dominated the market then, Pudgy Penguins resemble warm and lovable characters from children’s illustrations. Though lacking an elaborate backstory, its creation and development journey is far more compelling.

Pudgy Penguin #6441 (Source: Opensea)

In the early stages of Pudgy Penguins, the primary development work was handled by Twitter user ColeThereum, along with the anonymous team members Tubby, Mickyj, and Jonah. However, frequent issues with project management led to a serious crisis of trust. Rumors circulated in the market claiming that the founders had stolen development funds, further damaging the project’s credibility. These suspicions had a significant negative impact on Pudgy Penguins’ development.

Amidst this doubt, in early 2022, entrepreneur and Pudgy Penguins community member Luca Netz acquired Pudgy Penguins for 750 ETH (approximately $2.5 million) and assumed the role of CEO. The new team quickly turned around the previously chaotic management, efficiently organizing the project and setting a brand-new development path. This marked the beginning of Pudgy Penguins’ rebirth.

The Penguin Going Against the Current

During the presale, each Pudgy Penguin NFT was priced at 0.03 ETH, approximately $80. This low price made it easy for people to join the Pudgy Penguins community, and the adorable, charming image of the penguins attracted a wide user base. Soon, many celebrities, including Reddit co-founder and prominent investor Alexis Ohanian, heavily promoted Pudgy Penguins, and the project’s popularity surged astonishingly. Within just one month, the trading volume of Pudgy Penguins surpassed that of CryptoPunks, becoming the hottest NFT series IP.

Pudgy Penguins Series NFT Floor Price and Trading Volume Performance (Source: Deep Tide)

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However, due to the team’s trust crisis, Pudgy Penguins’ market performance encountered setbacks at the end of 2021. After the new team took over, they quickly implemented a new business plan. With Pudgy Penguins as the core digital IP, the team launched a series of related products, including the physical toy series Pudgy Toys, the metaverse world Pudgy World, and the official token $PENGU. Among these, Pudgy Toys sold over 750,000 physical toys in just seven months, and the issuance of $PENGU reignited trading enthusiasm for Pudgy Penguins NFTs. \

The team’s efforts didn’t stop there. Several Pudgy Penguins derivative games deployed on the Zksync chain and IP licensing platforms like OverpassIP also became key components of Pudgy Penguins’ IP development. As Luca Netz stated: “We have a globally recognized IP, and we’ve done large-scale marketing and distribution. Branding and marketing are the key to the industry’s development. This is where Pudgy Penguins is leading the NFT industry. When the technology is similar, we need to focus on branding and marketing, and the power of a brand is limitless.” Based on IP, brand development across various fields is the key to Pudgy Penguins’ comeback. \

Today, when the NFT market is cooling, Pudgy Penguins still hold a critical position in the crypto market due to its long-term stable layout and development. By focusing on the creation of art derivatives and the expansion of physical commerce, Pudgy Penguins’ ability to break out of the NFT space is revealed.

DOGE – From a Joke to a Crypto Top Player

A More Convenient Bitcoin

Dogecoin, abbreviated as DOGE, was created in 2013 by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. The name DOGE comes from a Shiba Inu that was widely popular in internet communities at the time. Initially, the founders simply wanted to create a more fun cryptocurrency with a lower entry barrier than Bitcoin. However, due to its technical characteristics, DOGE quickly gained popularity across major internet communities.

Shiba Inu Image on DOGE Official Website (Source: Dogecoin Official Website)

Unlike other mainstream cryptocurrencies at the time, DOGE uses the Scrypt algorithm for mining, allowing ordinary users to participate in the mining process without needing professional mining rigs. At the same time, DOGE has no total supply limit, and 10,000 new DOGE are created every minute. This design reflects the founders’ intention to “keep it fun.” These features helped DOGE form a relaxed and friendly community atmosphere in its early days.

Path to Becoming a Crypto Giant

From its inception, the DOGE community displayed strong cohesion. In 2014, the DOGE community successfully raised funds to support the Jamaican bobsleigh team for the Sochi Winter Olympics and sponsored NASCAR driver Josh Wise, marking the first manifestation of its community spirit. By 2015, the number of DOGE on-chain addresses had reached five times that of Litecoin, the second-largest market cap at the time, and the number of active addresses had reached half that of Bitcoin. On social platforms like Twitter and Facebook, DOGE’s popularity was almost on par with Bitcoin.

2019 was a pivotal year for DOGE’s resurgence. Elon Musk was elected CEO in a DOGE community vote that year, and he himself stated, “DOGE is my favorite cryptocurrency.” Musk also took several concrete actions to support DOGE, including changing his Twitter profile picture and bio to DOGE-related content and frequently mentioning DOGE alongside SpaceX and Tesla. As Musk’s influence grew, so did DOGE’s traffic.

Some of Elon Musk’s Tweets Promoting DOGE (Source: Planet Daily)

As a cryptocurrency, DOGE has also established a connection with the real world by creating payment applications. For example, the DOGE community created a bot called “DogeTipBot” that allows users to send small tips using DOGE on platforms like Reddit. Businesses such as the Dallas Mavericks and AMC Theatres also support small payments in DOGE. Among these applications, the most notable one is the Twitter payment system, which Musk has frequently mentioned but has yet to be established.

As one of the oldest cryptocurrencies in the market, DOGE maintains a high level of attention today, thanks to the combined effect of community development and celebrity endorsement. DOGE’s success proves that in the digital economy era, the value created by community power and cultural identity is truly remarkable.

PNUT – The Political Power of a Little Squirrel

The Internet Celebrity Squirrel

In 2017, an engineer named Mark Longo, who lived in New York, stumbled upon a gray squirrel whose mother had been killed in a car accident. Initially, Mark tried to find a wildlife shelter to adopt the squirrel. Still, after multiple unsuccessful attempts, he decided, out of compassion, to adopt the squirrel himself and named it Peanut.

Peanut’s Photo (Source: Wikipedia)

Peanut lived with Mark and his family in Mark’s home for seven years. During this time, Mark created an Instagram account for Peanut, sharing the squirrel’s daily life. Little Peanut became beloved and gained widespread attention from netizens, and before the incident, Peanut’s Instagram account had already amassed over 500,000 followers. Mark also established a nonprofit organization called P’Nuts Freedom Farm Animal Sanctuary, dedicated to rescuing wildlife.

However, in October 2024, after receiving an anonymous tip, officials from the New York State Department of Environmental Conservation forcibly removed Peanut and a raccoon named Fred from Mark’s home. The two animals were subsequently euthanized under the guise of rabies testing. This incident quickly caused a public uproar in the United States, with Mark accusing the New York State officials of not following proper law enforcement procedures and using excessive force. Netizens also criticized the department’s treatment of wildlife as barbaric. In response, several prominent public figures came forward to support Peanut, but as political figures became involved, the nature of the incident began to shift.

The “Peanut” Bullet Aimed at the Democratic Party

After the incident, on October 31, several fans of Peanut launched a petition on the popular social activism platform Change.org. They not only demanded that the New York State Environmental Protection Bureau (DEC) take responsibility for harming the wildlife, but also called for reforms within the DEC and the New York State government. They advocated for establishing an accountability system for wildlife handling and improving measures to protect wild animals. The petition quickly gained significant support.

Part of the petition content (Source: Change.org)

Subsequently, the movement supporting Peanut the squirrel gradually turned into criticism of New York State’s relevant government agencies. The official Dogecoin Twitter account stated, “The way New York State treated Peanut the squirrel is just as cruel as how they treated Harambe” (Harambe was a gorilla at the Cincinnati Zoo who was shot due to concerns about him potentially harming a child who climbed into his enclosure). Elon Musk also posted several tweets in support of Peanut and Mark’s actions.

Elon Musk’s tweet supporting Peanut (Source: X)

With the U.S. elections underway, all social hot topics inevitably got caught up in the election frenzy. Given that the New York state officials involved were Democrats, the movement’s focus shifted again, becoming a critique of Democratic policies and bureaucratic practices. On November 14, U.S. Supreme Court Justice Neil Gorsuch claimed that the Peanut squirrel incident manifested the Democratic government’s overreach and received support from Musk’s retweet, pushing the movement to its peak.

Neil Gorsuch’s support for Peanut (Source: X)

The sensitive crypto market naturally did not miss this hot topic. On November 1, the meme coin Peanut the Squirrel was launched on the Solana blockchain, and in a short time, it surged over 6000 times before quickly retracing. After Musk and other celebrities joined in to support, more traders started noticing the token and purchasing it. On November 11, Binance announced the listing of PNUT, and the market saw a booming PNUT craze, peaking with Justice Neil Gorsuch’s comments on the 14th. In just a few days, PNUT experienced a tens of thousands of times increase in market capitalization, showcasing the full political power of a small squirrel.

Conclusion and Outlook

The above cases show that the commercial success and breakout effect of Web3’s top-tier IPs are not coincidental. Successful cultural narratives, business models, and community building play indispensable roles. With the advancement of blockchain technology and the continuous development of the crypto market, future top-tier IPs in the crypto world are likely to enhance their interactivity and innovation further. Whether virtual idols in the metaverse or AI-driven creative IPs, these emerging projects will bring more possibilities to the crypto world.