Written by: Martin Lee, Nansen
Compilation: TechFlow Intern
introduce
introduce
NFTs have taken over the world. Super-expensive pixelated cartoon characters, anime-themed art, and cartoon animals are increasingly becoming the avatars of choice for crypto investors. Among them, apes are the most iconic theme.
Bored Ape Yacht Club (BAYC) has become the most expensive and influential NFT series.In addition to having a total market capitalization of over 1.69 million ETH, the series has also managed to garner the likes of Stephen Curry, Steve Aoiki, and Jimmy Fallon.
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background story
How did it start?
"Ape" has a strong cultural meaning in cryptocurrency and is often used to describe blind investing in something, such as stocks, cryptocurrencies, and NFTs.The use of the term has increased as retail investor interest in investing has increased during the pandemic.
According to an interview with CoinDesk, founders Gordan Goner and Gargamel originally envisioned a bar where only members of an exclusive club could enter. Apes are preferred members of the club and that is how the concept of the Bored Ape Yacht Club (BAYC) was born.
Apes was officially launched on April 23, 2021, at a price of 0.08 ETH (~$200). Mint is nearly free by today's standards, but it took a week for the 10,000 NFTs to sell out. No hype and no appeal.
evolution
evolution
BAYC is the ecological foundation established by Yuga Labs in the past year, but not all.Maybe the team thought that the ape NFT was too single at that time, so they created a derivative category. About two months after the launch of BAYC, the team airdropped 10,000 Bored Ape Kennel Club NFTs to BAYC holders.
A third series, Mutant Ape Yacht Club (MAYC), will follow in August 2021. The total size of this series is 20,000 NFTs, which is the sum of the number of the previous two series. The team airdropped 10,000 serums to 10,000 BAYC holders, which allow holders to create a mutated version of BAYC. The other 10,000 pieces will be sold to the public at a mint price of 3 ETH. The sale took less than an hour and the team raised a total of $96 million.
Most recently, the team launched a fourth series: Otherside, an upcoming series of virtual lands in the BAYC metaverse.The total size of the series is 200,000 NFTs, of which 100,000 will be launched on April 30, 2022, and the rest will be distributed to NFT holders who have contributed to the development of Otherside. Similar to the previous NFT, current holders of BAYC and MAYC can get Otherside NFT without paying additional fees. The public can purchase this NFT for 305 APECoins.
The launch has sparked intense interest in the cryptocurrency space, with 112 smart currency addresses interacting in the contracts for this sale. The gas fee soared from 40-70 Gwei the previous day to a peak of 8.1K Gwei during the mint period. The gas spike caused an uproar on Twitter, with many users disappointed by the mismanagement of the sale and the poor quality of the deployed smart contracts. However, V God himself also responded later, saying, "Optimizing the contract has little impact on Gas costs."
Release that attracted worldwide attention
In September 2021, Sotheby's, a world-renowned auction house, sold a collection of 101 Apes and 101 Kennels for a total of US$26.2 million, more than 30% higher than the upper limit of the estimate. Also in September, Christie's, another well-known auction house, also conducted a BAYC NFT auction, and sold a total of 4 BAYCs for a total price of approximately US$2.8 million.
Both auction houses are leaders in the art and luxury auction world. In the past you might find works by the likes of Van Gogh, Raphael and Leonardo da Vinci in these two. In the traditional art world, the appearance of NFT collections like BAYC in auctions adds corresponding legitimacy to the auction market.
be king
A rivalry between BAYC and CryptoPunks has been brewing since the rise of BAYC. With its long history and community culture, Punks has always been known as an excellent blue-chip NFT asset. Although the floor price of BAYC surpassed CryptoPunks many times and eventually exceeded 100 ETH, the nature of CryptoPunks as an encryption veteran makes it still the king in the NFT field.
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Deep dive on the chain
overview
overview
Here is a general overview of the series of NFTs:
1. Secondary sales over 528,000 ETH (using wash trading filter), less than 567K ETH (as of April 27)
2. The highest trading volume in a single day is 15,415 ETH
3. The average daily trading volume of L30D is about 1800 ETH
4. About 6.2K holders
5. Since the minting, 257 holders have been holding it until now
Yuga Labs received a 2.5% royalty on secondary sales and has received approximately 14,100 ETH (approximately $33.8 million) in royalties.
Rank distribution
As mentioned earlier, there are more than 6,200 holders.It initially took a week for the series to reach 200 unique addresses, but the number of addresses started to go parabolic from May to July, growing to over 4,400 unique addresses. About 80% of NFTs have been held for at least 60 days, and about 63% have been held for at least 90 days. This shows that on average 63% of NFTs were purchased for 93 ETH or less. The BAYC floor price peaked at 150 ETH at the end of April, and has since fallen to a floor price of about 100 ETH. Ordinary players entered the club relatively early, but they are still in a state of breaking even or making a small profit during the period when the market as a whole is in a downward trend.
How sticky is the floor price?
In addition to monitoring the proportion of wallets with considerable profits, we also need to look at the proportion of wallet addresses holding only 1 BAYC NFT and the wallet balance of diamond hands to assess the sustainability of the current floor price.
BAYC has only 1 Bored Ape in its wallet with a high percentage. The ratio of 81% is higher than similar aggregates in the Nansen Blue Chip-10 Index, such as CloneX (71%), Azuki (76%) and CryptoPunks (72%). This makes it less likely for holders to sell their BAYC as it is the only BAYC they hold. So this creates a more flexible floor price. Also, there aren't that many "whale" holders who can sell their NFTs to drive down the price.
In addition, there are still 5.2K BAYC in the wallets currently holding NFT that have not been sold. While that number is down slightly from its all-time high of nearly six thousand, it's one of the few series that has seen a gradual rise.
In addition, chart changes can be monitored to understand the psychology of the holder.
Only 6.5% of BAYCs are on the market, and the price is within 15% of the floor price, accounting for 0.10%. Most BAYCs are priced between 180 - 360 ETH. This shows that most holders are not considering selling, while a small number of holders are waiting to sell at a price well above the current floor price.
Would the smart money buy BAYC at this price?
Prices are high, and only degens seem to be buying NFTs at all-time highs. It's hard to imagine the smart money buying BAYC at this price and making a profit, let alone making a bold bet.
Based on trends among smart money holders, we found two things to stand out:
1. The number of Smart NFT early customers and Smart NFT traders is gradually declining.
2. The number of Smart NFT holders and Smart NFT buyers is gradually increasing.
In general, early customers have begun to gradually reduce their holdings. Traders are taking profits and getting out as the price rises. Early adopters could reap "life-changing money"-level profits. One of the top wallets on the BAYC Profit Leaderboard is Smart NFT Early Adopter, which earned a total of 1,404 ETH in profit, a profit of 41,326%.
Traders typically add as the price rises, and it's hard for them to stay where they are as BAYC prices keep pushing to new highs. However, smart currency addresses that tend to hold long-term have been increasing. That suggests they're optimistic about the series' long-term prospects.
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The future of BAYC
BAYC is poised to become a powerful brand with a cultural reach similar to Supreme but a social signal comparable to high fashion brands like Gucci and Louis Vuitton.As its ecosystem grows and develops, so does BAYC's impact and significance. The launch of APECoin, ApeCoin DAO and Virtual Land NFT has further strengthened their position in the Web3 world. Collaborations with streetwear brands like Adidas and a trilogy of BAYC movies in the works will help spread BAYC among the masses.
As holders are given full commercial rights and control over their NFTs, we may see examples of individuals becoming famous by holding BAYC. Brands and movies may use catchy or specific BAYCs to appear in their commercials or movies.
in conclusion
in conclusion
BAYC has evolved from a simple JPEG NFT into a broader ecosystem that is becoming as culturally influential as brands like Supreme.Its meteoric rise is practically unheard of and unmatched by mainstream fashion brands and other crypto projects.
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