The “boring ape”, “cryptopunk” and “virtual stone” in the NFT boom

NBA stars, business tycoons, traditional auction houses, and even VISA, a credit card maker, are now involved in the NFT boom…

The full name of NFT is Non-Fungible Tokens, which is often translated in Chinese as “non-fungible tokens/non-fungible tokens”. Simply put, NFT is an entry in the blockchain. Because of the irreplaceable nature of NFT, it means that it can be used to represent something unique. Although mainstream crypto assets such as Bitcoin ( BTC ) and Ethereum (ETH) are also recorded in the blockchain, the difference between NFT and them is that any NFT token is irreplaceable and indivisible. Therefore, The so-called “encryption art” was derived from NFT.

“Boring Ape”, ” Cryptopunk ” and ” Virtual Stone “

On August 28, NBA star Curry announced that he had spent 55 ETH (approximately US$180,000) to purchase the Bored Ape Kennel NFT work-a “boring ape”, and published it in the club community I took a selfie imitating the avatar, and changed the social avatar by the way.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

A cartoon avatar is so valuable, what kind of “ape” is “boring ape”?

“Bored Ape” is an NFT work of 10,000 gloomy apes launched by Bored Ape Kennel. These apes are different in clothing, hairstyles, and fur colors.

The species that Curry bought was only a rare species. It had blue fur, zombie eyes, and was dressed in a tweed suit. The latter two are particularly rare attributes. Only 3% of apes have zombie eyes, and 1% of apes wear tweed suits, so they are more popular and more expensive.

The participation of star Curry made the Boring Ape Club quickly enter the public eye. Last Saturday, all 10,000 “boring apes” were sold out in one hour, for a total of 96 million US dollars. Many fans and netizens have followed suit and replaced their avatars with “boring apes”, simply operating it, as if saving US$180,000 in an instant.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

The sales are so hot, the Boring Ape Club didn’t expect it. The sudden huge sum of money left the founding team a bit at a loss. They stated that they have begun to devote themselves to charity, donating part of the income from OpenSea sales to charity organizations. At present, it has already donated 850,000 US dollars to an orangutan charity in a very “fit”, and will continue to donate to other animal charities.

According to OpenSea data, the price of “boring apes” has soared in the past month, and the cheapest one is 25 ETH (81,000 US dollars). After Curry’s shot, there are almost no “boring apes” with less than 55 ETH. The Block’s data shows that the transaction volume of “Boring Ape” is also on the rise, reaching 80 million US dollars last week, ranking third, second only to CryptoPunks and Art Blocks.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

“The Boring Ape” only ranks third, so, what’s even more powerful? What is the number one Cryptopunks?

Cryptopunks (cryptopunk) and Bored Ape (boring ape) are called the Bitcoin and Ethereum of the NFT industry. Judging from this sentence, friends who know a little about the currency circle can know that “cryptopunk” was born earlier, more expensive, and has a stronger consensus than “boring ape”, and this is true.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

“Cryptopunk” is the first batch of NFTs, issued in 2017, and is the first generation application on Ethereum. The series consists of 10,000 artistic images of 24×24 pixels. Inspired by punk culture, it is used to show the anti-establishment spirit of the early blockchain movement. Each image is a character with a peculiar appearance, each with an assumed personality and randomly generated characteristics, including 6,039 male punk characters and 3840 female punk characters.

“Cryptopunk” is the originator of NFT. Its birth is still based on the old version of ERC-720, which inspired the establishment of the ERC-721 standard token, so it is recognized as the starting point of the current “encrypted art” movement.

Similar to “Boring Ape”, “Cryptopunk” has different colors, backgrounds, or accessories. Among them, the series of zombies and aliens with special characters are particularly popular and more expensive.

On March 11 this year, CryptoPunks #7804 was sold on Opensea for 4,200 ETH (valued at 7.5 million US dollars at the time, now worth 14.28 million US dollars), setting a new NFT auction price record.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

On August 18, Visa purchased CryptoPunk #7610 with 49.5 ETH (approximately US$150,000) to show its support for the emerging investment field in the field of cryptocurrency and blockchain technology.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Compared with “boring ape” and “cryptopunk”, it has higher liquidity. Insiders revealed that “as long as the quoted price is reasonable, the transaction can be completed within one day. Now the floor price of CryptoPunk is 225,000 US dollars.” “Cryptopunk” The community is very active, and there are many celebrities from all walks of life.

For example, Hong Kong actor Shawn Yue already has a “punk”:

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Cai Wensheng, chairman of Meitu Xiuxiu, said that he spent 125 ETH to buy the avatar:

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Justin Sun, the founder of TRON, said in Moments that he bought “the most expensive WeChat avatar ever made by mankind” for $10.5 million:

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

In May of this year, “Cryptopunk” cooperated with auction giant Christie’s to auction a total of 16.9625 million US dollars, and allowed the “Cryptopunk” series to appear in Times Square in New York, and more people were exposed to its charm.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Why can a picture be so expensive? Netizen Brian ó Donnghaile said that he couldn’t understand: To be honest, I don’t understand the entire NFT boom. The thing you buy is not unique. It can be copied, saved, printed and sold without any copyright disputes. It is not like a unique painting, nor is it as indispensable as a blockchain address. What is the value of NFT?

Netizen Ruzhyo.eth replied to him: Think about the logo of McDonald’s. You can copy, save, print, use or sell it… but who really owns this logo? Still McDonald’s. NFT is an unalterable record of ownership.

CryptoPunks #7804 is called the “Mona Lisa” of the new era by OpenSea netizens

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

They believe that although you can download, reprint or even copy the Mona Lisa work at will on the Internet, there are still countless people willing to go to the Louvre to experience her dreamy and mysterious atmosphere. Of course, the prices of counterfeit and genuine products are also extremely different. Something else.

A netizen analyzed that one of Da Vinci’s works was on fire, and the prices of other works will rise accordingly. The works of CryptoPunks and Bored Ape are limited to 10,000 pieces. Blockchain technology has given it its scarcity and immutable characteristics. , So these works have considerable value-added potential.

Netizen Phantom Doodler said: If you bought Amazon stock at a price of about $100 in December 1999 and bought a diamond hand for 22 years, until today its price is $2,800, then your stock will rise 28 times. If you cast a “boring ape” at a price of 0.08 ETH in April this year, and hold it for 4 months until today, its reserve price is 38 ETH, and your “boring ape” has increased by 475 times.

If you feel confused when you see this, then there will be more confused.

More crazier and more incomprehensible than “cryptopunk” and “boring ape” are the millions of “EtherRocks”.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Such a “virtual stone” was initially sold at a price of 0.0999 ETH, worth about $300. Others are priced between 0.1 and 0.36 ETH. In the three years since its launch in 2017, only 20 pieces of “virtual stones” have been sold, and the remaining 80 pieces have been unclaimed.

With the recent hype of NFT, the price of “virtual stone” has also risen. The latest transaction prices were $640,000, $710,000, and $830,000, respectively. The cheapest piece now costs 95 ETH (about 320,000 U.S. dollars). The price of such a simple static image can be so high that everyone is puzzled.

These stone images are the same in design and shape, but in different tones. It was inspired by the Pet Rock toy boom in 1975. It is limited to 100 pieces, which is rarer than “cryptopunk” and “boring ape”.

Because it is too old, unlike other NFT works that can be bought and sold on third-party platforms, “virtual stones” can only be sold on their official platforms.

The metadata of these stone images is not even stored on the blockchain, so it is almost impossible to have the same ownership as other NFT works. EtherRocks official website also clearly stated that these stones have no value and have no purpose. “These virtual stones have no other purpose except that they can be bought and sold. They can only make you one of the 100 stones in the game, and you are very proud of it.”

As the saying goes, “When the wind comes, pigs can fly!” Now the stones are also flying. No matter how you persuade, the price of these “virtual stones” is rising every minute. Justin Sun, the founder of Tron Coin, bought one at a price of US$500,000:

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

NFT is the outlet, everyone can feel it. But the wind blows people’s brains down, and the spectators join in for a while, and they still don’t seem to understand.

What is the point of buying these NFT works?

Let me talk about the most real thing first. Buying NFT works is investment, and the most important meaning of investment is of course to make money.

As we said above, the initial prices of “boring ape”, “cryptopunk” or “virtual stone” are all very low. Even before April this year, their prices were only a few hundred dollars. After several months of speculation , The current floor price is above 1 million US dollars. Such a price growth rate far outperforms Bitcoin. It can be said that as long as you have a good vision and buy early, making a million dollars is not a small amount.

The speed of NFT’s wealth creation is so fast that it caught the attention of the New York Times.

On August 14, the New York Times published an article titled “Teenagers Profit from the NFT Art Craze”.

The article first shows the works of 17-year-old jstngraphics from Washington State, USA and 18-year-old Solace from Soledad, California.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

NFT created by jstngraphics

The two teenagers have been engaged in NFT art creation for less than a year. Their works were auctioned online through the website SuperRare, with prices ranging from US$1,000 to US$7,250, and they have all been sold out.

Solace, a young man from a poor family, couldn’t even afford a computer. At the beginning, he made NFT on a borrowed iPad and made his first pot of gold here. “I saw how digital art was launched there, and it was seen and valued by people,” he said. “I come from a poor family. It is NFT that has changed my life forever.”

Another 12-year-old boy from the suburbs of London, Benyamin Ahmed, released an NFT series called “Strange Whales” last month. This series of works features 3350 veggie whales. Each whale has different characteristics, some are rarer and therefore considered more valuable. The “Strange Whale” series is currently sold out, and the 12-year-old boy has earned tens of thousands of dollars.

The most popular and successful young NFT artist is Victor Langlois, an 18-year-old transgender who his fans call FEWOCiOUS or Fewo.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

NFT Art “His Name Is A Victor”, Author: FEWOCiOUS

Last summer, Fewo sold works on the SuperRare platform and won a lot of followers. Soon, he attracted the attention of Noah Davis, a digital art expert at Christie’s, and Davis arranged for his work to be auctioned in June. The theme of the auction was “Hello, I am Victor (FEWOCiOUS) and this is my life”, and his five lots were auctioned online for a total of 2.16 million US dollars.

The New York Times commented that, in fact, for some teenagers, making NFTs and other forms of digital art has become a new summer job, which is similar to the modern way of bagging groceries or working in a fast food restaurant.

Unlike teenagers who just want to make money to improve their quality of life, adults care more about their social circle.

A blockchain veteran believes that because “cryptopunk” and “boring ape” are limited to 10,000, if you purchase one of these works, you are equivalent to being among the “global” with NBA stars and business tycoons. An encrypted circle with the highest limit of 10,000″. Become friends with 9,999 other bigwigs, and have the “top contacts” in the world.

In the exclusive discord community of “cryptopunk”, those who pass the identity verification as the actual owner of “cryptopunk” will be given a V, which is a symbol of status in the community.

A group of friends named “MR703” is a celebrity in the community. It is said that he once owned 703 “cryptopunk” and was regarded as a legend by insiders.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Some investors believe that although some NFT works now seem to be inflated prices, they are sold at super high prices of millions or even tens of millions of dollars. However, the transfer of ownership of NFT works is essentially the sale of IP ownership.

If, in the future, Curry’s “boring ape” is made into animations and surroundings similar to cartoon characters such as Mickey, Pikachu, and Hello Kitty, Curry will naturally get a steady stream of cash in return.

These participants believe that NFT works are contemporary art, collections, and cultural innovations brought about by the involvement of blockchain technology in the digital cultural industry. The transaction of NFT works changes the IP licensing market from the original “wholesale” model to the “retail” model. The imagination space is very large, and the value is of course immeasurable.

 In the cryptocurrency world, risks are everywhere

The cryptocurrency world is volatile and risky. Even if you stand in the air, you will lose money.

A week ago, “Cryptopunk” holder “Pass Yige” shared his experience of the theft of a million-dollar “punk” in his WeChat group. Will millions of blockchain works be stolen? What kind of tricks did the liar use? This group of friends posted a record of his punk theft and told how he was stolen.

First, the scammer faked official bots in the official discord group of “cryptopunk” to send a link to the user. After the user clicked it, he entered the fake trading website. The fake official website requires the user to update the wallet and enter the mnemonic phrase. After intercepting the user’s mnemonic, the scammer logged into the user’s wallet and stole the “punk” in the wallet.

The main reason this group friend was stolen was that he was defrauded of the mnemonic phrase. In the world of blockchain, there is no customer service. The mnemonic is the key to the wallet. If the key is lost, the wallet does not belong to you.

Since the blockchain is an anonymous world, no one knows who is who. Only addresses or virtual titles are disclosed, and stolen coins are basically impossible to recover. This is a free market and there is no restriction on buying and selling.

According to Wu Blockchain news, at around 9 a.m. on August 29, Bored Ape Yacht Club (BAYC) Bored Ape opened the Mutant Ape Yacht Club (MAYC) Dutch auction of mutant apes. The final transaction price of each ape was about 2.7 ETH. The BAYC team also received 28,000 ETH.

According to the data on the chain, at about 10:30 in the morning, the BAYC team transferred about 28,000 ETH to the address identified as the Blockfolio exchange. Blockfolio has been acquired and merged by FTX, so it essentially sold it immediately. Wu Blockchain speculated that this might be the main reason why ETH dropped 4% from its intraday high of $3,285 at that time.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

Blockchain transactions are 7*24 hours, and there is no limit to the ups and downs. “Sit on the bank” and “smashing” events often occur. If the reaction is a little slower, you may suffer losses. The so-called “flash crash” is basically difficult to find the source of the crash. The dealer wanted to smash the plate, so he smashed it.

As the prices of popular NFT works such as “boring ape” and “cryptopunk” are basically sky-high, retail investors don’t have so much money to participate. Therefore, the “punk fragmentation” gameplay appeared.

“Cryptopunk” buyer @0x650d said that he decided to fragment the 104 “punks” he owns through the NFT fragmentation protocol. The fragmented token is FLOOR (floor), with a total of 1 billion, of which 30% (300 million) FLOOR will be placed in the Uniswap v3 liquidity pool.

The "boring ape", "cryptopunk" and "virtual stone" in the NFT boom

“Cryptopunk” is limited to 10,000, the price is too expensive, the quantity is too small. In order to attract more people to participate, it is fragmented and used to find the “receiver”. After all, the more people participate, the less likely he will be the “last stick” himself.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-boring-ape-cryptopunk-and-virtual-stone-in-the-nft-boom/
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