The daily transaction volume is twice that of the NBA Top Shot. Why are these “monkeys” hot?

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Bored Ape Yacht Club has opened up a path of “rural surrounding cities” in the crypto world.

Original title: “Single-day trading volume is overwhelming NBA Top Shot, these monkeys have become the upstarts in the NFT circle”
Written: 0x13

What do you think is the hottest NFT project right now?

Is it CryptoPunks, which has long dominated the lists and landed at Christie’s auction house, or is it the NBA Top Shot that has promoted NFT into the mainstream and is sought after by major NBA stars, or is it the latest masterpiece Meebits of the CryptoPunks production team Larva Labs?

The answer is: “Neither.”

When you open the NFT statistics website CryptoSlam, you will be surprised to find that in the 24-hour leaderboard, there is a project that has sprung up, overwhelming CryptoPunks, NBA Top Shot, Meebits, and on the throne of champions. It is Bored Ape Yacht Club.

As of press time, Bored Ape Yacht Club’s 24-hour sales have reached $1.6 million, which is almost twice the number of NBA Top Shots and four times the number of CryptoPunks.

Generally speaking, a newly born project is easy to catch up with various old-brand projects by virtue of its freshness. Sales can be among the best in the short term, but Bored Ape Yacht Club is not a “newborn”. It was born in early May, at the height of the NFT mania, and then, the NFT market as a whole quickly cooled down, and Bored Ape Yacht Club disappeared from the rankings. But now, the strong return of Bored Ape Yacht Club has attracted everyone’s attention. This project, which has experienced a short-term NFT market conversion between bulls and bears, has once again burst out with strong vitality.

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

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

And when you look at the historical record of Bored Ape Yacht Club, you will find that the fluidity of this project is far beyond your imagination, and an ape changes hands almost every few minutes.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

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

These apes are all wealth free monkeys

The founding team of Bored Ape Yacht Club has only four people. Among them, Gordon is a cryptocurrency trader, Garga is a media practitioner and also holds some cryptocurrencies, and Tomato and Sass are software engineers. The four of them are good friends in real life, and they all have an understanding of the crypto world.

Gordon and Garga entered the crypto world as early as 2017 and witnessed the development of NFT all the way to the present. They witnessed the birth of classic projects such as CryptoPunks and CryptoKitties, but it was not until the emergence of Hashmasks that they realized that although they did not understand the technology , But you can still make something that can add value to the crypto world.

So the four people together decided to make a big move.

They first set the story background. The story takes place ten years later. Every ape who devotes himself to the encryption field will have wealth and freedom, but at that time all liquid mining is no longer available for mining, so the apes begin to become bored. So what do the apes do every day? The answer the four of them gave was: play with the apes and monkeys in a secret club in the swamp.

And the entertainment they designed for these wealthy free monkeys was “graffiti on the walls of the Bored Ape Yacht Club Bathroom.” Every ape NFT holder can draw on the canvas as he wants, and draw a pixel every 15 minutes.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot? This is a work completed by all the monkey NFT holders at the time of press

Time came to May 1, when the “long-planned” Boring Monkey NFT was officially released. Unlike almost all NFT project sales at that time, Bored Ape Yacht Club NFT sales did not adopt the form of a joint curve. Instead, all 10,000 NFTs were priced at 0.08 ETH. What’s more interesting is that it says impressively on the sales page. “The joint curve is a Ponzi scheme (BONDING CURVES ARE A PONZI).” 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.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

Twenty minutes after the launch, J1mmy.eth, the founder of the well-known NFT collectible project Avastars, tweeted that he had bought more than 100 apes.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

Immediately afterwards, the famous NFT collector Pranksy also joined in and bought 250 of them all at once.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

With the strong recommendation of the NFT giant whale, these apes sold out in less than two hours, with a total income of 800 ETH, or about 2.8 million U.S. dollars.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

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

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

Why are these apes so hot?

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

Wealth effect

In real life, we often do not consider how much money can be made by changing hands when we buy a trendy game, but in the field of encryption, people are very concerned about whether it can make money for themselves when buying NFT. Sometimes this idea even overwhelms my own preferences. And if an NFT project has a huge wealth effect, and there are countless stories about making a lot of money with little investment, it is bound to attract the attention of people in the crypto world. For example, NBA Top Shot began to explode after a LeBron James NFT card sold for a sky-high price of $100,000. Hashmasks also relied on the excellent performance of the secondary market and the soaring price of NCT tokens at the beginning of its birth. Be frantically hyped by people.

What about Bored Ape Yacht Club?

Let’s open the Bored Ape Yacht Club on the OpenSea page, and choose to sort them in descending order of the last transaction price.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

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

But we must also consider their offer price. The offer price of only 0.08 ETH, although the transaction price is low, the increase is still extremely amazing. The apes who sold 49.99 ETH increased the price by more than 600 times, and the apes who sold 21 ETH increased the price by more than 260 times.

How much profit margins are there for investors who buy in the secondary market?

The highest transaction price of CryptoPunks is as high as 4200 ETH, while the highest transaction price of apes is only about one percent of its value. Although the position of CryptoPunks is not easy to shake, this one-hundred-fold difference still leaves people with a lot of room for imagination, and It is not without basis.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

The monkey with the number 4882 was sold by collector Pranksy to CK_1337 for 5 ETH. According to the Ethereum browser, in less than 24 hours, CK_1337 reselled the NFT for the second time at 20 ETH, and the income The rate is as high as 400%.

Celebrity effect

If one day when you turn on Twitter, you find that many KOLs you follow are talking about these apes, or change their avatars to these apes, would you have a great interest in these apes, think Should I take a closer look or buy one?

As mentioned above, J1mmy.eth and Pranksy both bought a large number of apes and shared them with others on Twitter. What about celebrities besides them also talking about these apes?

Those who follow encrypted art and NFT collections will be familiar with a name, he is 888, a collector who likes to bid on works with the number 8. 888 not only buys apes in large quantities in the secondary market and puts them in In his own 888 vault, he even initiated a vote for everyone to choose one of three among Apes, CryptoPunks, and Meebits. In the end, more than 2,000 people participated in the vote. The apes received 55.5% of the support, and CryptoPunks gained 35.4% of the vote. The number of votes, and Meebits’s vote ratio is less than 10%.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

And another NFT collector, DANNY, seems to be buying his first ape too. He tweeted for help hoping to buy an ape with rare attributes.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

More interestingly, DANNY also launched a poll, but he still prefers CryptoPunks the most, so he asked: “If CryptoPunks are gold, what is silver?” In the voting results, the apes still ranked first. .

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

And 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 an ape, and when this work is After it was released, it immediately received a lot of criticism and complaints, and the holders of the apes expressed their dissatisfaction with the works of Beeple.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

And 24 hours later, Beeple released the next work, which aroused greater discussion. The picture depicts a scene of several apes defeating a Meebits together. In the comment section of this Twitter, a group of apes holders asked: “Where can I buy this work?”

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

On the second day of the release of the picture above, a piece of work created by other artists was highly acclaimed. The monkeys and Meebits became good friends even though they had beaten their heads and sat side by side.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

In addition, people such as Dapper Labs, Flow founder Roham and others have also replaced ape heads, and the Moji brother Huang Licheng and others have collected a large number of apes. The help of these celebrities has made these apes more popular.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

Community effect

These days, when we open Twitter, Discord, and even some ClubHouse rooms, countless apes avatars fill our computer screens, and it is because of the community effect that these apes have long-term vitality.

Before that, it’s hard to see such an NFT collection project that will allow thousands of people to spontaneously use such a cheap NFT as their avatar. Bored Ape is not like CryptoPunks and Hashmasks, the latter two because of their high prices. When people use it as an avatar, they are actually motivated by the psychology of showing off. Another thing you’ve certainly never seen before is that some Twitter users with ape monkey avatar will tweeted and declared: “I will follow all the monkey avatars that的人。”, and some people even list all the users who use the Ape avatar as a list for other “Ape Monkeys” to follow. So when you change the avatar to a Bored Ape, open the fan list after a while, and you will see you To such a situation.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

In addition, apes with different traits have also formed their own “small groups”. There are many channels of different classifications in the Discord community of Bored Ape Yacht Club.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

There are also many categories that not only have channels in the official group, but they will also build a community by themselves. Taking leopard apes as an example, all leopard apes holders can choose to join the “BAYC Cheetah Gang” community.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

The creators of the community will advise everyone to put up their apes at a very high price and not to sell them easily, so as to raise the price for everyone’s NFT. At the same time, the managers also said that they will organize the members of the Cheetah Gang to sell The user of his own leopard ape joked in a comment on Twitter, and slap and candied dates are ready for the “Cheetah Gang” at the same time.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

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

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

A community with such a vigorous vitality is rare in the NFT field, and when you see these apes in groups on Twitter, Discord, ClubHouse, and even WeChat groups and circle of friends, you can resist your curiosity, Don’t you want to explore one or two?

When we bought these apes, what did we get?

At first glance, this question may seem like nonsense. Of course, what we bought is an NFT. But what can you see behind this NFT?

Someone buys them for their future appreciation potential. They saw that these apes were discussed on social media in full swing, and major KOLs have also replaced ape heads, so they thought that these apes might become the next CryptoPunks, and compared to the current CryptoPunks, which cost tens of ETH at every turn, these monkeys The price is too low, you might as well buy a bet, you will earn dozens of ETH if you succeed, and you can afford it even if you fail.

Others are out of curiosity about the Bored Ape Yacht Club community. An active and thriving community is a dream for every citizen of the crypto world, and the Bored Ape community can almost satisfy all people’s fantasies about the community, especially in the NFT field. The activeness and cohesion of the community need not be said. 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 team is also carefully operating the community.

Have you seen any project party willing to give all the copyright to community members? Holders of Bored Ape can use their apes to create various peripherals, such as art, clothes and even playing cards created for the second time, and the sales income is completely owned by them and does not need to be distributed back to the project party.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot? Image source: BAYC China Community Initiator Kimi

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, everyone can afford it, a total of 520 A product was sold out in 6 minutes, and the price increase of these products in the secondary market is also staggering.

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

Who doesn’t want to join an active, cohesive, and regular welfare community?

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 summary, we live in the next generation of the Internet, which is the meta-universe. In such a parallel universe, we need a digital identity, and these NFTs Projects can reflect a person’s social status and identity due to limited total amount and community consensus. Therefore, these NFT projects that can be used as avatars, 3D avatars and other status symbols are easy to catch up. Among them, CryptoPunks and Hashmasks are the most representative. of.

However, Meebits, which appeared at the same time as Bored Ape Yacht Club, failed to rewrite the myth of CryptoPunks, and did not receive the expected praise.

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

The daily transaction volume is twice that of the NBA Top Shot. Why are these "monkeys" hot?

In Pranksy’s view, these two projects seem to be 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 users who do not have these two types of NFTs need to spend nearly $8,000 to buy them; each of the 10,000 apes in Bored Ape Yacht Club Need 0.08ETH, about 200 US dollars.

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, a decentralized spirit, and the right of every ordinary person to choose to stick to his beliefs in the face of wealth and capital.

The elites in big cities may not like to watch some fast-moving anchors. They may not be used to the customs of third- and fourth-tier towns and rural areas. There may be too many inferior products and OEM products in anchors, but they must also admit , The cohesion of the fans of Kuaishou anchors is far beyond their imagination. Every anchor has its own team of hardcore fans. Perhaps each of these fans comes from an ordinary family, but the sales they contribute every time the anchor brings goods are also shocking.

Imagine that when these fast-handed anchors have a higher overall quality, each event is carefully planned, each product is high-quality, carefully selected or built, and the strong cohesive fan community will change. What it looks like.

This is like what Bored Ape Yacht Club is doing. This small team of four has assembled a community of thousands of people and opened up a path of “rural surrounding cities” in the crypto world.

Source link: www.theblockbeats.com

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