The most popular project in the NFT field turned out to be a “boring monkey”

One game + one monkey

Although the cryptocurrency market is cold, the NFT field has attracted more and more attention.

Alipay’s AntChain has recently launched two themed NFT skins “Dunhuang Feitian” and “Wu Liuqi”, which are basically on sale in seconds. The Chinese people have no resistance to the limited and snapped consumption mode as always.

The most popular project in the NFT field turned out to be a "boring monkey"

Behind the craze, there is never a lack of profit-driven, 9.9 yuan a set of NFT skin, the price of the hype on the salted fish is generally a hundred times premium, but they were all taken off the shelves urgently.

Although the so-called “NFT” launched by AntChain has attracted a lot of traffic, we still have to distinguish that the “NFT” of Ant is not a freely circulated and decentralized NFT token in the true sense.

Because Ant currently has special regulations for these NFT skins, they cannot be transferred (whether circulation is allowed in the future is unclear), only use rights, no ownership, and cannot be used for commercial purposes. To put it bluntly, it is an ordinary app skin, but it has the “NFT” label.

The most popular project in the NFT field turned out to be a "boring monkey"

So looking at the world, what is the hottest and most popular “true” NFT in the near future?

The answer is: a game + a monkey

From the NFT statistics website CryptoSlam, it can be seen that in the last 30 days ranking, the first and second places are no longer the long-term CryptoPunks and NBA Top Shots. Instead, they are a card-based blockchain game. The “boring monkey” NFT based on Axie Infinity and social + collection attributes.

The most popular project in the NFT field turned out to be a "boring monkey"

We are not surprised that the Axie game has reached the top. We have also written a more detailed introduction to this game before. The “play + make money” model is destined to become more and more popular.

The Bored Ape Yacht Club, ranked second in the month, has attracted our attention. Why a seemingly ordinary monkey NFT, but the recent sales can beat the NBA Top Shot, CryptoPunks, Meebits, etc. Star project?

And a trend has formed on social networks, attracting many influential people such as celebrities, big Vs, and famous athletes (such as NBA Rookie of the Year Lamelo Ball) to participate in it.

This article will explore the popularity of Bored Ape Yacht Club.

The most popular project in the NFT field turned out to be a "boring monkey"
The most popular project in the NFT field turned out to be a "boring monkey"

The founding team of Bored Ape Yacht Club (boring monkey yacht club) consists of only 4 people. Among them, Gordon is a cryptocurrency trader, Garga is a media practitioner, Tomato and Sass are software engineers. The four of them are friends in real life, and they are also very interested in the world of encryption.

Their team entered the crypto circle as early as 2017, witnessed the development of NFT, and witnessed the birth of classic projects such as CryptoPunks and CryptoKitties. Later they stopped being bystanders and decided to go out and participate in it in person.

The most popular project in the NFT field turned out to be a "boring monkey"

They set a dream story background: the story happened ten years later, every ape who devotes himself to the encryption field will have wealth and freedom, but at that time all liquid mining has been exhausted, and there is no mine to mine. So the apes became bored in the swamp, with nothing to conquer.

So they set up a secret club for this group of boring monkeys, where all the monkey partners can play together.

The entertainment method designed for these wealthy free monkeys is to graffiti on the walls of the “Bored Ape Yacht Club Bathroom”. Every boring monkey NFT holder can draw as much as he wants on the canvas, and draw a pixel every 15 minutes.

The most popular project in the NFT field turned out to be a "boring monkey"

Works completed by all Boring Monkey NFT holders so far

On May 1 this year, the long-planned Boring Monkey NFT was officially launched. Unlike almost all NFT project sales mechanisms, Boring Monkey’s NFT sales did not adopt the form of a joint curve, but priced all 10,000 NFTs at 0.08 ETH.

What is interesting is that the team also deliberately wrote on the sale page: “BONDING CURVES ARE A PONZI (Joint Curve is a Ponzi scheme)”. In the view of the Bored Ape Yacht Club team, setting a price of 0.08 ETH for each ape is the best way to promote fairness and equality among community members.

Thanks to the strong recommendation of famous NFT heavy players including J1mmy.eth, Pranksy, etc., the Boring Monkey NFT was sold out within two hours after the launch, with a total income of 800 ETH, about 2.8 million US dollars.

Up to now, the holders of the Boring Monkey NFT have reached 4,400, and the total transaction volume has reached 24,200 ETH (equivalent to more than 50 million US dollars). The average transaction price of each Boring Monkey is as high as 1.7 ETH. Compared with the offer price of 0.08 ETH, no By 2 months, the average price of these NFTs increased by 21 times.

The most popular project in the NFT field turned out to be a "boring monkey"
The most popular project in the NFT field turned out to be a "boring monkey"

unique design

The creators of Bored Ape Yacht Club implemented a detailed roadmap before the project started, which clearly stated the possible benefits of becoming a member at the beginning and in the future. This includes planning for merchandise, treasure hunts, bathrooms, liquidity pools, ape breeding, and more.

As NFT participants become more and more interested in practical projects (not just a digital artwork), Bored Ape Yacht Club, NFT projects with “ecological” attributes are becoming more and more popular.

Although Bored Ape Yacht Club is not the first NFT with rare attributes, the team implemented the project in an attractive way.

The setting of boring monkey has seven different attributes: background, clothes, earrings, eyes, fur, hat, mouth , but not all monkeys have these seven attributes, so every boring monkey is unique, with different combinations, The attributes satisfy people’s pursuit of various styles and preferences, and at the same time some rare attributes create high collection value.

The most popular project in the NFT field turned out to be a "boring monkey"

Although artistic and aesthetic preferences are subjective, the Bored Ape Yacht Club team has indeed created unique and high-quality results for their community, which has caused widespread discussion on Twitter.

Wealth effect

In real life, blind boxes, trendy games, shoes, etc. can all be sold to make money, not to mention in the field of encryption. When people buy NFTs, they are very concerned about whether it can make money, and sometimes this idea is even more than their own liking.

If an NFT project has a huge wealth effect, there are countless stories of “less investment, big return”, it is bound to attract the attention of the outside world. For example, NBA Top Shot began to explode after a LeBron James NFT card sold for a sky-high price of $100,000.

Bored Ape Yacht Club has the same genes.

From OpenSea, we can see that up to now, the most expensive boring monkey has a transaction price of over 100 ETH, and the real price of the top-ranked monkeys is generally in the dozens of ETH.

The most popular project in the NFT field turned out to be a "boring monkey"

Although the transaction price of these apes is not high compared to the transaction prices of CryptoPunks and Hashmasks, which are often hundreds of ETH, considering their price of only 0.08 ETH, their increase is very amazing. The monkey that sold the highest price of 109 ETH (gold skin + red hat) was more than 1,300 times higher than the offer price, and other monkeys who sold dozens of ETH also increased hundreds of times.

Therefore, the first batch of investors who bought these boring monkey NFTs at the offer price is undoubtedly able to make huge profits.

Even in the secondary market, as long as the vision is good enough, there is plenty of profit margins.

For example, the monkey numbered 4882 in the picture below, the first two players can sell several times the price after receiving the order on the secondary market.

The most popular project in the NFT field turned out to be a "boring monkey"

The huge wealth effect attracts a steady stream of investors to participate in it.

03

Celebrity effect

If you find that many KOLs are discussing these boring monkeys on social media, or replace their avatars with these monkeys, everyone will be full of curiosity and want to understand what these monkeys are.

Both J1mmy.eth and Pranksy, the giants of the NFT collection circle, bought a large number of boring monkeys and shared them with others on Twitter.

There is also the famous 888, a collector who likes to use the number 8 to bid for his works. He not only bought a large number of Monkey NFTs in the secondary market, but also initiated a vote to let everyone choose one of three from Boring Monkey, CryptoPunks, and Meebits. In the end, more than 2,000 people participated in the vote, and the Boring Monkey received the highest support.

And the once-famous encryption artist and Beeple, who creates a piece of work every day, never let go of this hot spot. He first created “MEEBITS VS. BAYC”, depicting a Meebits defeating an ape. When this picture After the work was released, it immediately received a lot of criticism and complaints.

The most popular project in the NFT field turned out to be a "boring monkey"

Soon after, Beeple released several paintings expressing the similar meaning of “shaking hands and fighting side by side”, which aroused wider discussion and dissemination.

In addition to the crypto circle, people such as NBA rookie stars, domestic players Ke Zhendong, Shawn Yue, Huang Licheng, etc. also collected a large number of monkeys. The help of these celebrities has made these boring monkeys more popular.

04

Community effect

Recently, in foreign social media such as Twitter, Discord, and even some ClubHouse rooms, people often see monkey heads active among them. It is because of the community effect that bored monkeys have long-term vitality.

Before that, it’s hard to see such an NFT collection project that would allow thousands of people to spontaneously use such a cheap NFT as their avatar. After all, Boring Monkeys are not like CryptoPunks and Hashmasks. Users of the latter two use expensive NFT as an avatar is more for showing off.

The most popular project in the NFT field turned out to be a "boring monkey"

In addition, monkeys with different attributes will form their own small groups. There are many channels of different classifications in the Discord community of Bored Ape Yacht Club. In unofficial groups, they will also build their own unique communities.

An active and thriving community is what every crypto world resident dreams of, and the Boring Monkey community can almost satisfy all people’s fantasies about the community, especially in the NFT field.

More specifically, the Bored Ape team is willing to give all the copyright of Bored Monkey to community members. The owner of a boring monkey can use the monkeys he owns to create various peripherals, such as art, clothes, playing cards, etc. created twice, and the sales income is completely owned by him, and there is no need to return it to the project party.

The most popular project in the NFT field turned out to be a "boring monkey"
The most popular project in the NFT field turned out to be a "boring monkey"

In addition, the Bored Ape Yacht Club official also prepared exclusive benefits for community members. Only NFT holders are eligible to participate in the sale of official peripheral clothing, and the selling price of these clothing is still very low and everyone can afford it. These products were sold out in just a few minutes after they were launched, and the price of the products in the secondary market has also risen astonishingly.

The most popular project in the NFT field turned out to be a "boring monkey"

Bored Ape Yacht Club has indeed done a lot of things that the community cannot do, especially in the NFT field. Such an active, cohesive and often welfare community supports the soaring popularity of Bored Monkey’s NFT.

The most popular project in the NFT field turned out to be a "boring monkey"

Some people buy NFTs because they want to keep up with the trend; some people want to integrate into a specific community culture to gain a sense of identity; some people are looking for their future appreciation potential.

People have had a lot of discussions about the new generation of digital identities. The next stop of the Internet is a completely different world. In such a parallel universe, we need a digital identity to highlight ourselves. NFT can be reflected due to the limited total amount and community consensus. The social status and identity of a person are shown, so these NFT projects that can be used as avatars, 3D avatars and other status symbols will be easier to catch up. Among them, CryptoPunks and Hashmasks are the most representative projects.

However, Meebits, which appeared at the same time as Bored Ape Yacht Club, failed to rewrite the myth of CryptoPunks, which is worthy of attention.

The most popular project in the NFT field turned out to be a "boring monkey"

Among them, NFT collector Pranksy’s views on the two are thought-provoking:

These two projects are like a comparison between the crypto world and the traditional financial world. Meebits are distributed for free to rich people who spend dozens of ETH to buy CryptoPunks and hundreds of ETH to buy Autoglyph, while other users need to spend nearly US$8,000 to get it; in contrast, each of the 10,000 apes in Bored Ape Yacht Club Only 0.08 ETH is required, which is approximately US$200.

One aimed at the rich and became the doll of the rich; the other aimed at the common people and became the badge of ordinary people. The badge may not be as valuable as a doll, but behind it is a thriving community, the spirit of decentralization, and the right of every ordinary person to choose to stick to his beliefs in the face of wealth and capital.

The strategy of “surrounding the city from the countryside” is a good example of the rise of domestic Internet platforms such as Pinduoduo and Kuaishou. The cohesion of sinking users is far beyond our imagination.

Bored Ape Yacht Club is doing the same thing.

The field of NFT is still in its very early stage. The future of NFTs that are rapidly becoming popular like Bored Ape Yacht Club will eventually be overshadowed by the brilliance of other NFT projects, but the boring monkey’s popularity model is worthy of our study. Maybe it can help us in the future. The next wealth password is found in the vast NFT market.

Author | Tianshi

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-most-popular-project-in-the-nft-field-turned-out-to-be-a-boring-monkey/
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