Single-day trading volume overwhelms NBA Top Shot, these apes have become NFT upstarts

Written by: 0x13, Rhythm BlockBeats

Which one do you think is the hottest NFT project now?

is a long-term leader in various charts, landing The CryptoPunks of Christie's auction house, or the NBA Top Shot that pushed NFT into the mainstream and was sought after by major NBA stars, or the latest masterpiece Meebits of CryptoPunks production team Larva Labs?

The answer is: "Neither."

When you open the NFT statistics website CryptoSlam, you will be surprised to find , in the 24-hour ranking list, there is a project that has sprung up suddenly, surpassing CryptoPunks, NBA Top Shot, and Meebits, and ascended to the championship throne. It is Bored Ape Yacht Club.

Bored Ape Yacht Club 24-hour sale at press time At $1.6 million, it's almost double that of the second-ranked NBA Top Shot and four times that of CryptoPunks.

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Generally speaking, a newly born project tends to catch up with various established projects by virtue of its novelty, and sales can increase in the short term. Top of the list, but Bored Ape Yacht Club isn't exactly a "new baby". It was born in early May, at the height of the NFT mania, and then, the overall NFT market cooled down rapidly, and Bored Ape Yacht Club was once missing from the rankings. But now, the Bored Ape Yacht Club, which has returned strongly, has attracted everyone's attention. This project, which has experienced a short round of bull-bear conversion in the NFT market, has once again burst out with strong vitality.

When you go to OpenSea with curiosity and search for Bored Ape When you go to the Yacht Club, you will see these apes with sad expressions, and their floor price is 1.1 ETH, which is about 2800 US dollars.

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And when you see the history of Bored Ape Yacht Club You will find that the liquidity of this project is far beyond your imagination, and an ape changes hands almost every few minutes.

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Seeing such a hot scene, many people began to ask: " What is the origin of these apes?"

These apes are wealth and freedom monkeys

The founding team of Bored Ape Yacht Club is only four people, of which Gordon is a A cryptocurrency trader, Garga is a media professional who also holds some cryptocurrencies, while Tomato and Sass are software engineers. The four of them are good friends in real life, and they all know something about the encrypted world.

Gordon and Garga got into crypto back in 2017 In the world, they have witnessed the development of NFT all the way to the present. They have witnessed the birth of classic projects such as CryptoPunks and CryptoKitties, but it was not until the emergence of Hashmasks that they realized that even though they do not understand technology, they can still make something that can be used for encryption. Things that add value to the world.

So the four of them together decided to make a big noise.

They first set the background of the story. The story happens ten years later, every ape who devotes himself to the encryption field will have wealth and freedom, but at that time, all the liquidity mining has no mines to mine, so the apes start to become bored. So what do the apes do every day? The answer the four of them gave was to hang out with fellow apes at a secret club in the swamp.

And the way the four of them designed entertainment for these wealth freedom monkeys was to "graffiti on the walls of the Bored Ape Yacht Club Bathroom". Each ape NFT holder can draw on the canvas as he pleases, drawing a pixel every 15 minutes.

 This is a work jointly completed by all ape NFT holders at the time of publication

The time has come to May 1st, and the "long-planned" boring ape NFT is officially on sale. Unlike almost all NFT projects at the time, the Bored Ape Yacht Club NFT launch did not use the form of a bonding curve, but priced all 10,000 NFTs at 0.08ETH. What's more interesting is that it was written on the launch page : "BONDING CURVES ARE A PONZI." In the view of the Bored Ape Yacht Club team, pricing each ape at 0.08ETH is the best way to promote fairness and equality among community members.

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20 minutes after the release, J1mmy, founder of the famous NFT collectible project Avastars .eth tweeted that he bought over 100 apes.

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Then, the famous NFT collector Pranksy also joined in and bought 250 at once.

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Recommended by NFT giant whales, these apes were sold out in less than two hours, with a total income of up to 800ETH, or about 280 Ten thousand U.S. dollars.

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At press time, holders of the Bored Ape Yacht Club NFT reached 3,600 people, with a total transaction volume of 6,400ETH, and an average transaction volume of 0.72ETH per ape. In one month, the price increased by as much as 900%.

Why are these apes so fire?

Why are these apes with sad expressions so popular? Why are they so popular? We might as well explore in depth from the following three perspectives.

Wealth Effect

In In real life, when we buy a trendy toy, we often don’t consider how much money we can make by reselling it, but in the encryption field, on the contrary, people pay great attention to whether it can make money for them when buying NFT. Sometimes this idea even overshadowed my own preferences. And if an NFT project has a huge wealth effect, and countless stories of making a lot of money with little investment are born, it will definitely attract the attention of people in the encryption world. For example, NBA Top Shot started to explode after a LeBron James NFT card sold for a sky-high price of 100,000 US dollars. Hashmasks also relied on the excellent performance of the secondary market and the soaring price of NCT tokens at the beginning of its birth. Being hyped like crazy.

What about the Bored Ape Yacht Club?

Let's open the Bored Ape Yacht Club page in OpenSea and choose to sort by last transaction price from high to low.

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We will find that compared to the transaction prices of CryptoPunks and Hashmasks which cost hundreds of ETH, the transaction prices of these apes are very low, and the highest one only sold for 49.99ETH. The second place is only 21ETH, which is less than half of the first place. This price is not worth mentioning on the list of the highest transaction prices in NFT history.

But we also have to take into account their sale price. The offering price is only 0.08ETH. Although the transaction price is low, it is still amazing in terms of growth. The ape selling 49.99 ETH has more than 600 times the offering price, and the ape selling 21 ETH has more than 260 times the offering price.

How big is the profit margin for investors who buy in the secondary market?

The highest transaction price of CryptoPunks is as high as 4200ETH, while the highest transaction price of apes is only about one percent of that, although The status of CryptoPunks is not easy to shake, but this hundred-fold difference still leaves a lot of room for people's imagination, and it is not unfounded.

The ape numbered 4882 was sold to CK_1337 by the collector Pranksy at a price of 5ETH. According to the Ethereum browser, in less than 24 hours, CK_1337 resold the NFT at a price of 20ETH. The yield is as high as 400%.

Celebrity Effect

If One day when you open Twitter, you find that many KOLs you follow are talking about these apes, or have changed their avatars to these apes. Do you have great interest in these apes? Do you want to take a closer look or buy one?

As mentioned above, both J1mmy.eth and Pranksy bought a bunch of apes and tweeted non-stop Sharing with others, what other celebrities are talking about these apes besides them?

People who pay attention to encrypted art and NFT collections must be familiar with a name, he is 888, a person who likes Collectors who bid on works with the number 8, 888 not only bought a large number of apes in the secondary market and put them in their 888 vault, but even launched a vote to let everyone among apes, CryptoPunks, Meebits three Choose one, and more than two thousand people voted in the end. The apes got 55.5% of the support, CryptoPunks got 35.4% of the votes, and Meebits got less than 10% of the votes.

Another NFT collector, DANNY, seems to want to buy his first ape. He tweeted for help, hoping to buy an ape with rare attributes.

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What's more interesting is that DANNY also launched a poll, but he still prefers CryptoPunks, so he asked: "If CryptoPunks are gold, what is silver?", in In the voting results, the apes still ranked first.

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Beeple, a well-known encryption artist who creates a piece of work every day, will naturally not let go of this hot event. He first created "MEEBITS VS.BAYC", which depicts a Meebits defeating A picture of an ape, and when this work was released, it immediately received a lot of criticism and complaints, and the holders of the apes expressed their dissatisfaction with Beeple's work.

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24 hours later, Beeple released the next work, which aroused even greater discussion. The picture depicts a picture of several apes defeating a Meebits together. In the comment section of this tweet, a group of ape holders asked, "Where can I buy this work?"

On the second day after the above picture was released, a Work by other artists was well-received, and the apes and Meebits, despite the beatings, became good friends and sat side by side.

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In addition, Dapper Labs, Flow founder Roham and others also put on ape portraits, and Maji brother Huang Licheng and others have collected a large number of apes. These apes became more sought after.

Community effect

When we open Twitter, Discord, and even some ClubHouse rooms these days, countless ape faces fill our computer screens, and It is precisely because of the community effect that these apes have long-term vitality.

Before this, it was difficult for you to see Such an NFT collectible project would allow thousands of people to spontaneously use such a cheap NFT as their avatar, Bored Ape is not like CryptoPunks and Hashmasks, which due to their high prices make people actually use it as their avatar. The above is driven by the mentality of showing off; another thing you certainly haven't seen is some Twitter users with ape avatars who will tweet and declare: "I will follow everyone who uses ape avatars." List all the users who use the ape avatar into a list for other "apes" to follow, so when you change the avatar to a Bored Ape and open the fan list after a while, you will see such a scene.

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In addition, apes with different traits have also formed their own "small groups". There are many different categories of channels in the Discord community of Yacht Club.

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And there are many categories that not only set up channels in the official group, they will also build a community by themselves, with leopard Taking apes as an example, all leopard-print ape holders can choose to join the "BAYC Cheetah Gang" community.

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The creators of the community will advise everyone to list their apes at a very high price and not to sell them easily, so as to raise the price of everyone's NFT. At the same time, the managers will also Members who said they would organize the Cheetah Gang made fun of the users who sold their leopard-print apes in Twitter. Slaps and candied dates were already ready for this "gang (Cheetah Gang)" at the same time.

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Early joiners will also have an exclusive identity label, which further strengthens the collective sense of honor and community cohesion.

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A community with such a vigorous vitality is rare in the NFT field, and when you see these groups of apes on Twitter, Discord, ClubHouse, or even WeChat groups and Moments When the time comes, can you hold back the curiosity in your heart and don't want to explore one or two things?

When we bought these apes, what did we buy?

This question seems like nonsense at first glance, of course what we bought is an NFT. But behind this NFT, what can you see?

Some people buy them for their future appreciation potential. They saw that these apes were discussed in full swing on social media, and major KOLs also put on ape avatars, so they thought that these apes might become the next CryptoPunks. The price is too low, why not buy one and take a gamble, you will earn dozens of ETH if you succeed, and you can afford it even if you fail.

It was also out of curiosity about the Bored Ape Yacht Club community. An active and vigorous community is the dream of every resident of the encrypted world, and the Bored Ape community can almost satisfy all people's fantasies about the community, especially in the NFT field. The activity and cohesion of the community needless to say, in other respects, this community has also done many things that the community cannot do. Community members are actively participating in activities, and the project party is also operating the community with care.

Have you seen any project party willing to hand over all copyrights to community members? Holders of Bored Ape can use their own apes to create various peripherals, such as re-created artwork, clothes and even playing cards, and the sales revenue is completely owned by themselves without being distributed back to the project party.

Image source: Kimi, founder of BAYC Chinese community

Bored Ape Yacht Club officials also prepared exclusive Welfare, only NFT holders are eligible to participate in the sale of official peripheral clothing, and the sale price of these clothing is still very low, everyone can afford it, a total of 520 items were sold out in 6 minutes, and the prices of these items are in The increase in the secondary market is also staggering.

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Who wouldn't want to be a part of an active, cohesive community with regular perks?

Have you ever thought about what is driving the continuous improvement of the value of Bored Ape Yacht Club?

For projects such as CryptoPunks and Hashmasks, people have had a lot of discussions about the new generation of digital identities. In the next-generation Internet, that is, the metaverse, we need a digital identity in such a parallel universe, and these NFT projects can reflect a person's social status and identity due to reasons such as limited total amount and community consensus, so these can be NFT projects used as identity symbols such as avatars and 3D avatars are easy to catch fire, among which CryptoPunks and Hashmasks are the most representative.

However, Meebits, which appeared at the same time as Bored Ape Yacht Club, failed to continue the myth of CryptoPunks and did not meet expectations Good reviews in .

NFT collector Pranksy’s thoughts on these two projects are thought-provoking.

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In Pranksy's view, these two projects are like a comparison between the encrypted world and the traditional financial world. Meebits are distributed free of charge to rich people who spend dozens of ETHs to buy CryptoPunks and hundreds of ETHs to buy Autoglyphs, while users who do not have these two types of NFTs need to spend nearly $8,000 to snap up them; Bored Ape Yacht Club’s 10,000 apes each cost only It takes 0.08ETH, or about $200.

One is aimed at the rich and becomes a doll of a rich man; the other is aimed at ordinary people and becomes a badge of ordinary people . Badges may not be as valuable as dolls, but behind them is a thriving community, the spirit of decentralization, and the right of every ordinary person to choose to stick to their beliefs in the face of wealth and capital.

The elite class in big cities may not like to watch some fast-handed delivery anchors, and they may not be used to third- and fourth-tier small Town and rural style, there may be too many inferior products and OEM products brought by anchors, but it must also be admitted that the cohesion of fans of Kuaishou anchors is far beyond their imagination. Each anchor has its own team of die-hard fans. These fans may each come from ordinary families, but the sales they contribute every time the anchor brings goods are also shocking.

Just imagine, when these Kuaishou anchors have a higher overall quality, and every event is carefully planned, Every item is premium, handpicked or crafted, and that's what makes for a cohesive fan community.

It's like what the Bored Ape Yacht Club is doing, a small team of four with a thousand The community of people has opened up a road of "encircling the city from the countryside" in the encrypted world.

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