In the past month, a number of blue-chip NFT projects have received tens of millions of dollars or even hundreds of millions of dollars in financing, which has attracted a lot of attention in the market. As the “template” for blue-chip NFT projects, Yuga Labs, the development team of Bored Ape Yacht Club (BAYC), brought a phenomenal performance in the casting of the Metaverse plot in early May after announcing a large amount of financing in March this year. And what is the plan of the new blue-chip NFT project that can allow many institutions to spend real money during the bear market?
BAYC and Otherside
The Bored Ape Yacht Club (BAYC) series of NFTs, launched in May 2021, is one of the most successful NFT projects in the entire Web3 space today. From the casting price of 0.08 ETH in May 2021 to the peak of the price of more than 150 ETH flooring in April 2022, the value of the NFT itself has risen nearly 1900 times in nearly a year.
In the process of rising NFT prices, Yuga Labs has successively launched new content such as MAYC and BAKC series NFT, APE Token Airdrop, Metaverse Otherside, Metaverse Land Otherdeed and so on, constantly stimulating the nerves of holders and the market.
At the end of March, BAYC’s parent company, Yuga Labs, announced a new round of $450 million funding at a $4 billion valuation, led by a16z and with participation from Animoca Brands, Coinbase and MoonPay. Then, on May 1, the Metaverse Otherside’s plot NFT Otherdeed launched a casting and public sale, and the NFT casting contract destroyed 26,000 Ethereum in just one hour, and the gas fee soared to nearly 10,000 GWei. May 1, 2022 was the highest daily destruction of Ethereum since EIP-1559 was implemented.
Despite a revelry, the NFT market is not optimistic. According to Bloomberg, Dune data shows that NFT trading volume in September is down 97% from January this year.
Does the new blue chip have a new narrative?
Fast forward to the end of August, and after DigiDaigaku announced $200 million in funding, Moonbirds, Doodles, and Azuki kept pace. After the highlights of Yuga Labs and BAYC, what plans did these blue-chip NFTs reveal? (The following items are sorted by when they were announced)
On September 13, Beijing time, Doodles announced the completion of a $54 million financing at a valuation of $704 million, with investors including Reddit co-founder Alexis Ohanian’s Seven Seven Six, Acrew Capital, FTX Ventures and 10T Holdings.
Following the announcement of the financing, Doodles published some information on its website about the launch of Doodles 2, which was announced in June. Doodles 2 supports Doodles NFT image for custom styling, through different clothing and accessories NFT to decorate the original image, the decorated NFT image can be saved on the chain without Gas cost.
As for these ornaments, the NFT, it is the “Genesis Box” that Doodles completed the auction in early July. At that time, Doodles raised 10,160 ETH through auction. As for the plans after Doodles 2, the team has not yet disclosed.
On September 22, Beijing time, people familiar with the matter revealed that Azuki’s development team Chiru Labs will complete a $30 million Series A financing at a valuation of $300 million to $400 million, but the details of the financing have not yet been finalized.
Since Azuki completed the airdrop of BEANZ Official (originally named Something Official) last year, there hasn’t been much progress on the project except to fragment Azuki #40 into “Bobu” in March to explore governance collective governance.
In May, Azuki founder Zagabond admitted that the team had run three projects in CryptoPhunks, Tendies, and CryptoZunks in the past year, but none of them had been successful. The price of Azuki NFTs has also received a considerable impact.
According to Azuki’s official website, illustrations of the themes of “Streets” and “Relics” are currently displayed on the “World” page, but it is not clear how the illustration theme is related to the future planning of the project.
In addition, the Azuki team currently has no specific plans to establish a Metaverse or develop a game, but it says that the Azuki team has experience in the game industry, but it is very difficult to make games. If Azuki chooses to make the game, it will be “the coolest”.
In the early morning of August 31, Beijing time, Moonbirds’ parent company PROOF announced the completion of a $50 million Series A financing, led by A16z, with participation from Collab+Currency, Flamingo DAO, SVAngel, Vayner Fund and Seven Seven Six. PROOF also released details about PROOF’s third NFT Moonbirds Mythics: Moonbirds Mythics totals 20,000 and is scheduled to launch in early 2023. In addition, PROOF also revealed plans to release the token of the same name, and more details will be released sometime in 2023.
According to Moonbirds’ official website, PROOF’s next plan, code-named Highrise, is to build a Metaverse, and PROOF describes the Metaverse as a “digital ghost town”. But the official did not release other details about the Metaverse, at least on the surface, the new NFT series, token, Metaverse these gameplay still inherit the successful routine of Yuga Labs, as to whether there will be unique innovative content is unknown.
On the evening of August 29, Beijing time, DigiDaigaku’s parent company Limit Break completed two rounds of financing totaling $200 million, led by Josh Buckley, Paradigm and Standard Crypto, with participants including FTX, Coinbase, Positive Sum, Shervinator and Anthos Capital. Limit Break said that the newly developed game will be based on the traditional free game mode to launch the Free to Own (F2O) game mode.
According to the information on the official website of DigiDaigaku, DigiDaigaku has opened the NFT synthesis function, and DigiDaigaku Spirits holders can synthesize DigiDaigaku Heros series NFTs. Among them, the use of DigiDaigaku Spirits NFT alone, and the use of DigiDaigaku Spirits NFT and matched and mismatched DigiDaigaku NFTs will synthesize different qualities of DigiDaigaku Heros NFT.
At present, DigiDaigaku Heros NFT has been launched, but there is no picture for the time being, and it is impossible to know the true face of “Hero”. However, the Japanese two-dimensional theme N image and the success of the game in Web2 are not uncommon, and the massively multiplayer online game developed by Limit Break will be a game with a story background.
In summary, except for DigiDaigaku and Moonbirds, which have clearly defined the plans for the game and the Metaverse, the other two blue-chip NFT projects that have received large financing have not given clear follow-up development plans. But the story of a bear market that makes institutions willing to invest tens of millions or even hundreds of millions of dollars in money will certainly not be just simple advances such as airdrops and dress-ups. In addition to the Metaverse and games such as the development ideas that are easier to think of, these PFPs may have a more far-reaching layout in terms of branding, physical products, etc.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-are-blue-chip-nfts-that-have-received-large-financing-under-the-crypto-bear-market-performed/
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