Bored Apes Yacht Club (BAYC), an NFT collection of 10,000 “bored apes”, was launched and revealed to the public on April 30, 2021 as the first project by the now-famous Era Labs. Their first BAYC NFT was priced at 0.08 ETH (about $190 then).
About 12 hours after they went live, Yug Labs’ NFTs went viral. This led to one of the most famous late-night segments between Jimmy Fallon and Paris Hilton, helping to boost BAYC’s visibility. Celebrities like Stephen Curry, Gwyneth Paltrow and Post Malone started buying these profile-picked NFTs as status symbols.
The popularity of BAYC NFTs has made them a trendy item to display on social media among the wealthy.
The most expensive BAYC item was #2087, purchased in September 2021 for 769 ETH, at the time $2,307,638.
Despite the explosive hype about BAYC in the spring of 2021, the project has maintained itself as one of the most prized NFTs in the digital collectible world, especially during this year’s crypto bear market.
This was in large part because Era Labs successfully expanded the scope of the project beyond the original NFT collection into an ecosystem with NFT add-ons, future metaverses, and a token that links the entire company’s portfolio of projects. , which he calls. “Yugverses”, together.
On August 15, 2021, the lowest price or minimum price among all items in the collection was 13 ETH, compared to its all-time high floor price of 303.15 ETH on February 17, 2022.
What makes BAYC so special?
Owning a BAYC NFT makes you a “Bored Ape Yacht Club member”. Some of the benefits are:
- Invitation to a private Discord server for BAYC members only.
- Airdrops of NFT collectibles into members’ wallets that can be sold for profit.
- Option to transform apes into “mutants” using free airdropped serum. Like airdropped NFTs, these mutants can also be sold.
- BAYC’s new cryptocurrency, ApeCoin’s airdrop promotion, offers bored ape NFT holders with a 90-day grace period to claim,
Data shows that BAYC trading has not stopped despite the crypto winter of 2022. From February to May 2022, there were three spikes in trading volume and trade count. In each of these spikes, there were at least 45 transactions totaling at least $35 million.
On the other hand, the lowest transaction count so far is two, which is a little over $529,000 on February 19, 2022.
BAYC-adjacent NFT Collection
The BAYC founders launched a secondary collection of NFTs to incentivize their community with rewards and freebies. The collection includes the following:
Mutant Ape Yacht Club
The Mutant Ape Yacht Club (MAYC) NFT Collection is a prize for BAYC holders. Although a BAYC holder does not receive MAYC NFTs directly into their wallet, BAYC holders do receive a “special serum” NFT asset. This “Special Serum” gives a BAYC holder the option to make changes to his/her current BAYC NFT.
Like BAYC NFTs, MAYC is also in high demand. The MAYC floor price estimation measures the demand for these digital assets over time. Starting August 29, 2021, the minimum price of MAYC started at around 4 ETH. The floor price rose to 1878.75% on April 29, 2022, to 79.15 ETH.
If you compare the highest MAYC minimum price of 79.15 with BAYC highest minimum price of 303.15 ETH, you can see that there is a high demand for BAYC digital collectibles. However, MAYC’s floor price trajectory during the bear market of 2022 proved its demand to be bearish-proof. Simply put, MAYC has never reached a minimum value of 0 ETH from its inception to the present day.
Bored Ape Kennel Club
This NFT collection is another reward for BAYC holders. The Bored Ape Kennel Club (BAKC) Collection introduces dogs to be your BAYC NFT’s best friend. In fact, this NFT collection has become an essential part of the bored app NFT ecosystem. Of the four notable NFT collections in the BAYC ecosystem, BAKC has the lowest market cap of 111.68 ETH.
Although there are 9602 NFTs compared to 19,425 MAYC NFTs, the lack of BAKC has not made it more valuable than MAYC. It has the second lowest floor price of 7.3 among its peers in the BAYC ecosystem. These numbers show that BAKC is priced mid-tier as compared to BAYC, MAYC, and Otherdeed for Otherside.
Other tasks for others
Launched on April 30, 2022, Otherside for Otherside lets NFT users buy real estate in future metaverse-otherside-in developments by Yug Labs. As of August 18, the minimum price is 1.7 ETH (approximately $3,184). Every other side plot has different characteristics and resource production capabilities, the specific uses of which are still unknown.
The cinematic trailer for the project features bored apes living in other people’s lands, among other era NFT collections. The teaser and images all feature bored apes prominently, so even though Yuga hasn’t explicitly stated that, they are teasing that they will play an important role within this world.
Although BAYC collections traditionally have a high price tag, Otherdeed for Other has the lowest floor price among collections in the BAYC ecosystem as of August 15, 2022. Currently, the floor price is 1.749 ETH compared to BAYC, MAYC and BAKC.
There are 100,000 NFTs, making it less exclusive than other collections in the BAYC ecosystem. Although the OtherDead NFT collection is a few months old, according to it there are more than 34,000 land owners. open sea, The number of otherdeed NFT holders currently completely outnumbers the holders of BAYC, MAYC, and BAKC.
Although it is the newest NFT collection in the BAYC ecosystem, it ranks third in the largest market cap among all NFT collections.
ApeCoin is an Ethereum-based governance and utility token used to foster a decentralized community throughout the uGaverse. ApeCoin holders control the ecosystem using a decentralized governance framework and decide how the ApeCoin DAO ecosystem funds should be used.
Since its inception during the crypto bear market, the number of unique wallets containing Apcoin has been increasing.
The chart above shows that there are over 85,000 unique holders. This implies that some people want to be part of the BAYC community, even if they cannot afford to buy expensive NFTs.
The chart below shows that the top 100 holders account for only 51% of Apcoin’s market cap. In other words, unlike the BAYC NFT collection, ApeCoin is not monopolized by the ultra-rich or whales. It is clear that retail investors also make up a significant portion of the Apcoin market cap.
Guess For Bored Ape Yacht Club
For the past several months, BAYC NFT collections and Apecoin have been showing promising numbers in terms of trading volume in US dollars and unique wallets. From December 2021 to August 2022, the market capitalization of BAYC Collection increased from 114,302.53 ETH to 759,917.38, an increase of 564.8% within nine months. This increase can be seen in the chart below.
The trajectory of BAYC’s market capitalization is a positive sign for the two elements in the BAYC collection. Rising market capitalization means that the prices of items in the BAYC collection have increased over time. Additionally, the increase in market capitalization indicates a continuing demand for these specific NFTs for the foreseeable future.
As of August 15, 2022, Bored Ape Yacht Club is still ranked number one with the largest market capitalization. In addition, it is also worth noting that out of the total 10,000 items in the collection, only 6446 items are owned. This implies that the lack of NFTs in BAYC collections is also a driving factor for price increases and minimal price increases since its inception.
The NFT space is still young, and it is highly speculative as prices can fluctuate regardless of supply and demand. It’s important to do your research before making a big investment.
This report has been prepared by Footprint Analytics.
Credit : cryptoslate.com