10,000 monkeys detonate the NFT market

Take a look at the world around it. It seems immovable and unchangeable, but as long as you locate it and touch it lightly, it can tilt. – Malcolm Gladwell “tipping point” – Inscription

Seeing the title of this article, NFT veterans will certainly say with disdain, “Have you never heard of Cryptopunks, the originator of NFT?”, and the studio owners who are in full swing in the circle of Play to earn, earn a lot of money I must also squint at the newly opened webpage “Who detonated? Detonated? Didn’t you see the news? Axie Infinity agreement revenue was 166.2 million U.S. dollars within 30 days, and it ranked 2-10th in total net income. 7.5 times.”

The gamefi craze launched by Axie is eye-catching and eye-catching, but it is well known that it is not a pure NFT project and is beyond the scope of this article. The position of the leader of Cryptopunks is naturally unshakable. It is a pioneer and originator. However, its superiority and a slightly closed community make ordinary retail investors unattainable, and the chips are relatively concentrated, and the liquidity is slightly insufficient. (Nevertheless, we are still It is full of respect). Since May of this year, the NFT market has not followed the overall downturn of cryptocurrencies and has been depressed. Instead, various animal portrait NFTs have appeared frequently, chickens and dogs have risen to the sky, gas wars have been raging, forming a bear market in the currency circle. The sight, and the detonator of all this is indeed these 10,000 bored monkeys.

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Born

On April 30, 2021, the price of BTC was around US$55,000. People are still looking forward to when BTC will reach a new high. It is this day that, in another hot sector—NFT, the most successful grassroots NFT project was born. , Bored Ape Yacht Club (Bored Ape Yacht Club, hereinafter referred to as BAYC).

The founding team of BAYC is grass-roots enough. There are no bigwigs in the circle, no talented scientists, and no well-known investment institutions. They are just four good friends in real life, two software engineers, a trader and a media practitioner. They or More or less involved in crypto investment. They are deeply influenced by classic projects such as Cryptopunks, CryptoKitties, Hashmasks, etc., so they devote themselves to the creation of NFT projects.

BAYC consists of NFT collections of 10,000 apes. Each ape has 4-7 different attributes, including expressions, hair, headwear, clothing, etc. According to the combination of different attributes, the rarity of apes is also different, and rarity is also the main factor that distinguishes prices. The story set by BAYC is roughly like this. Every ape who has devoted himself to the field of encryption has become a billionaire after ten years. Life after financial freedom has become boring, so the Boring Ape Yacht Club was established. Gathering together in the bar, playing graffiti, walking the dog, and living a boring “flat” life.

Different from the previous NFT projects, BAYC has several unique innovations. First, its selling method does not adopt the previously more common Bonding Curve form. Instead, 10,000 NFTs are priced at 0.08 ETH . The first-served minting method (Mint), and this selling method has led the vast majority of NFT projects since then. Secondly, each Ape NFT holder has not only obtained the “artwork”, but also a club membership card and a digital identity. According to the BAYC roadmap, its club members have membership rights including airdrops and acquisition of peripherals. The last point is also a point that fully reflects the innovation and pattern of BAYC. The project party authorizes the copyright and use rights of all apes to the apes NFT holders (except the BAYC Logo), which means that as long as they hold an apes NFT, they can be based on the Apes conduct secondary creations, derivative productions, and even various commercial uses. This is of great significance and will be discussed in detail later.

It was such a seemingly unremarkable project, and in the next three months, it “has a lot of trouble” in the NFT market.

Rising tide

On May 1, 2021, shortly after the BAYC public sale, famous NFT art collectors J1mmy and Pranksy tweeted that they had purchased 100 and 250 apes respectively;

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Within 12 hours of the launch of BAYC, all 10,000 apes were sold out, with a total income of 800 ETH, which was approximately US$2.2 million at the ETH price at the time;

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On May 29, 2021, BAYC issued an announcement announcing the distribution of exclusive limited peripherals to all Ape NFT holders, including 150 black baseball caps, 60 red baseball caps, 150 long-sleeved T-shirts, and 150 short-sleeved T-shirts , The member price is very low. In the end, 510 items were sold out within 6 minutes. And the prices of these peripherals in the secondary market are eye-popping;

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The BAYC community launched the ape follow ape activity (ape follow ape), that is, after BAYC holders change their avatars on social media such as Twitter, Discord, and Clubhouse, they follow and support each other as if they were family members. For a long time thereafter, a huge trend of “ape head portraits” was set off on social media such as Twitter;

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From May to June 2021, celebrities from all walks of life bought BAYC and changed their social media avatars. According to incomplete statistics, celebrities from all walks of life who have publicly announced that they hold BAYC include: Taiwan singer Ma Ji’s big brother Huang Licheng, actor Wu Jianhao, Ke Zhendong, Chen Bolin, Hong Kong star Shawn Yue, NBA star Pelicans shooting guard Josh Hart, Hornets star LaMelo Ball, NFL American Football League star Franklin and so on. There are too many well-known KOLs who have purchased BAYC in the cryptocurrency circle;

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During the same period from May to June, BAYC ranked first in the NFT 24-hour trading volume rankings for a long time. Compete with established projects such as CryptoPunks, NBA Top Shot, Meebits, etc.;

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On June 19, 2021, BAYC officially announced that it will airdrop an NFT in the form of a pet dog to each ape owner. Affected by this, the price of monkeys in the secondary market rose rapidly. According to data from the NFT trading market Opensea, the price of monkey floors has risen above 2 ETH that day, and even the minimum price of airdropped pet dogs is as high as 0.6 ETH. Hold BAYC The number of addresses climbed to 4300+;

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Secondary creations and derivatives based on BAYC have sprung up like mushrooms after the rain. NFT works: children’s apes, ape records, ape yachts, ape councils, ape comics, ape novels, etc. Physical products: facial masks, drinks, clothing, skateboards, etc. During this period, the price of BAYC Ape Floor continued to rise, breaking through 5ETH;

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On July 28, 2021, BAYC officially announced that one basketball NFT will be airdropped to all accounts with monkey pet dogs. Like the previous hat, two physical basketballs can be purchased through NFT;

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On August 3, 2021, a news that Christie’s will auction Cryptopunks, BAYC, and Meebits circulated in major NFT communities. This news completely ignited the market, and the price of BAYC floor soared from around 5ETH to 10ETH. On August 6, Christie’s officially issued an announcement confirming that the news was not groundless. It announced that it will open the NFT auction on September 17th. The auction targets are Cryptopunks, BAYC and Meebits. At this time, the price of BAYC floor has reached 15ETH. The pet floor price reached 2.8ETH.

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As of this writing, BAYC’s cumulative transaction volume is as high as 65475.6 ETH, equivalent to 159 million U.S. dollars, ranking No. 4 on the NFT market total transaction volume rankings. The highest price for a single ape is as high as 375 ETH (the price is packaged for apes and dogs), which is 4688 times higher than the 0.08 ETH price three months ago.

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Why?

Affected by the great success of BAYC, various animal portrait NFT projects have emerged one after another since June, and the overall NFT market has also shown explosive growth, which runs counter to the overall downturn in the cryptocurrency market in recent months. According to Dune analytics data, since May 2021, OpenSea , the world’s largest encrypted digital collection market , has increased its daily transaction volume, especially after entering June, the daily transaction volume has repeatedly exceeded new highs. On August 8, the single-day transaction volume exceeded 78.81 million. The US dollar hit a record high.

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It can be seen from the above data that the blowout of the NFT market is highly consistent with the outbreak of BAYC. Of course, the prosperity of the market is not the result of a family, and the rise of NFT is inevitable. But it is true that BAYC is a tipping point for the NFT market, igniting this emerging field that has gradually entered the public eye like a fuze. Then we can’t help asking, what made BAYC such a huge success?

  • NFT breaks the dimensional wall, a new era opens

If you want to ask, what is the biggest application of digital cryptocurrency today? Perhaps the answer was DeFi (decentralized finance) a year ago, but now I have to add another answer, that is, NFT (non-fungible token). NFT’s indivisible, irreplaceable, unique and other characteristics make it like a fish in the water in the application of games and art collections, opening the era of digital art/collectibles. Many people may not be able to accept the value of NFT as an art collection for a while, and they will question why it costs tens of thousands to buy a picture in .jpg format. Is it right to save and use it for free? In fact, it is very simple to explain this problem. Different eras have different cultural carriers and era dividends. There were bronze, iron, and jade objects in the Bronze Age. After the invention of paper, paintings and calligraphy came naturally, and there were stocks and real estate in the reform and opening up. In today’s digital age, there must be new ways for cultural carriers and the dividends of the times. This is the course of history. It’s just that you don’t know that you are in it.

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Today, we see more and more famous brands like Tencent , Ali, LV, Gucci, Volkswagen, and even major museums entering the NFT, which just proves the gradual opening of a new era. The new era will inevitably create heroes, and BAYC is a ride in this era.

  • Community effect, social attribute

The success of BAYC is the power of the community. Since its release in May, BAYC has rapidly grown into a huge community in a short period of time. For players holding BAYC, this is not only an investment, not only a collectible, but also a club. It is a password for mutual authentication of their identities. Especially in the era of the digital Internet and the epidemic, people’s social methods have undergone earth-shaking changes. BAYC is a medium, a digital identity, and it has become a symbol of identity and status. People put on ape heads, just like Driving a limited number of supercars into the supercar club. It allows you to quickly find the same kind and quickly establish an identity. People wear all kinds of apes and monkey heads and are active on major social media. They come from all over the world, they identify with each other, they talk about the world, hang out and have fun, and even start a business together. For example, a Chinese monkey community named “Huaguoshan (BAMC)” established the “Monkey Fund” in May of this year. Members raised 106Eth to purchase rare properties of BAYC. It is understood that this fund is now worth 3200+ETH, and “Huaguoshan” has also developed into a more influential Chinese NFT community.

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  • Wealth effect, short-term hype

Cryptopunks single highest transaction price 4200ETH, NBA Top Shot, a LeBron James NFT card sold for 100,000 U.S. dollars, and a painting of Beeple sold for 69 million U.S. dollars… This kind of blessing myth allows investors to use BAYC as As the next hype target, they were full of imagination about its appreciation space, and as the price continued to be pushed up, it attracted a large number of followers.

  • Trendy elements, open cultural and creative assets

It has to be said that BAYC has strong trend elements and trendy brand culture. It can be predicted that BAYC has enough potential to develop into the world’s top trendy brand. We mentioned earlier that open copyright is the right to use commercial use, which is of great significance in promoting this trend. Open copyright is like open source software, attracting a large number of creators to conduct secondary creation and derivative production on the basis of apes. This has brought exponential growth in users and traffic.

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Myth

Many enthusiasts describe NFT as a “new era Renaissance weapon.” It is true that technological progress can indeed change an industry and even an era. From the perspective of copyright protection and value realization, NFT has a huge positive impact on original creators, allowing artists to directly put their works on the market. With the development of the market, it is believed that NFT will also extend to industries other than art, music, and games, and will eventually have a positive impact on all markets based on creation and copyright. Perhaps, the era of “artists being regarded as masters long after they passed away” is gone forever.

For ordinary people, what does technological advancement and time advancement like NFT and even blockchain mean? Is this a bonus of the times or a game of capital? Should we choose to continue eating melons or participate in it?

The author believes that keep curiosity and alertness. Accept, learn and understand new things and be vigilant at all times, and do what you can.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/10000-monkeys-detonate-the-nft-market/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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