Look at the world around you, it seems to be unstoppable and unchangeable, but as long as you find the right position, with a light touch, it can tilt. --Malcolm Gladwell' Tipping Point – Inscription
Seeing the title of this article, the NFT old guns will definitely say with disdain, "Haven't you heard of the NFT originator cryptopunks?" , and the studio owners who are playing to earn in full swing in the chain circle and making a lot of money must also squint at the web page that has just been opened, "Who detonated?" Who detonated it? Didn't see the news? Axie infinity's protocol revenue was $166.2 million in 30 days, 7.5 times the combined revenue of the 2-10th place in the super-network protocol revenue ranking."
The gamefi boom that Axie has started is eye-catching and eye-catching, but it is well known that it is not a simple NFT project and is not within the scope of this article. The position of cryptopunks leader boss is naturally unshakable, it is a pioneer and a originator, but its lofty and slightly closed community makes ordinary retail investors unattainable, and the chips are more concentrated, and the liquidity is slightly insufficient (nevertheless, we still have full respect for it). Since May this year, the nft market has not followed the overall downturn of cryptocurrencies and depressed, but has risen all the way, all kinds of animal portraits NFT frequently, chickens and dogs ascended to the sky, gas wars are raging, forming a currency circle bear market NFT market continues to be a wonderful scene of bulls, and the detonator of all this is indeed these 10,000 bored monkeys.
birth
On April 30, 2021, the price of btc was around $55,000, and people were still looking forward to when BTC would reach a new high, and it was on this day that in another hot sector, nft, perhaps the most successful grassroots NFT project was born, the bored ape yacht club (boring ape yacht club, hereinafter referred to as bayc).
Bayc's founding team is grassroots enough, no big guys in the circle, no genius scientists, no well-known investment institutions, they are just 4 real-life good friends, two software engineers, a trader and a media practitioner, they are more or less involved in crypto investment. They were deeply influenced by classic projects such as cryptotopunks, cryptokitties, hashmasks, etc., so they devoted themselves to the creation of NFT projects.
Bayc consists of an NFT collection of 10,000 apes, each with 4-7 different attributes, including emoticons, hair, headdresses, clothing, etc. Depending on the combination of different attributes, the rarity of apes also varies, and rarity is also the main factor in distinguishing prices. Bayc sets the story roughly like this, every ape who devotes himself to the field of crypto has become a billionaire after ten years, and after financial freedom, life has become boring, so he founded the Boring Ape Yacht Club, where they partyed together in small bars, played graffiti, walked their dogs, and lived a boring "lying flat" life.
Different from the previous NFT project, Bayc has several unique innovations, first of all, its offering method does not adopt the form of the bonding curve (bonding curve), but will be 10,000 NFT uniformly priced at 0.08eth, using a first-come, first-served mint method, and this offering method has led to the vast majority of NFT projects since then. Secondly, the holder of each ape nft not only obtains the "work of art", but also it is also a club membership card, which is a digital identity, according to the bayc roadmap, its club members have membership rights including airdrops, access to peripherals, etc. Finally, and fully embodying bayc's innovation and pattern, the project party will license all ape copyright and use rights to ape nft holders (except the bayc logo), which means that as long as you hold an ape nft, you can carry out secondary creation, derivative production, and even various commercial uses based on the ape, which is of great significance, and will be discussed in detail later.
It was such a seemingly bland project that in the following 3 months, it "made a fuss" in the NFT market.
The tide rises
On May 1, 2021, shortly after the public sale of bayc, the famous NFT art collectors J1mmy and Pranksy posted on Twitter, saying that they had purchased 100 and 250 apes respectively;
Within 12 hours of bayc's launch, all 10,000 apes were sold out, with a total revenue of 800eth, which was about $2.2 million at the Eth price at that time;
On May 29, 2021, Bayc issued an announcement announcing the exclusive limited edition of the perks for all Ape NFT holders, including 150 black baseball caps, 60 red baseball caps, 150 long-sleeved T-shirts, and 150 short-sleeved T-shirts, and the price of members is very low. In the end, 510 items sold out in 6 minutes. And the prices in the secondary market after these are eye-popping;
The bayc community launched the ape follow ape campaign , in which bayc holders follow each other and support each other as if they were family after changing ape avatars on social media such as Twitter, discord, and clubhouse. For a long time since then, a huge trend of "ape heads" has been set off on social media such as Twitter;
Between May and June 2021, celebrities from all walks of life bought bayc and replaced their social media avatars. According to incomplete statistics, celebrities from all walks of life who have publicly announced to hold bayc are: Taiwanese singer Ma Ji's eldest brother Huang Licheng, actor Wu Jianhao, Ke Zhendong, Chen Bailin, Hong Kong movie star Yu Wenle, NBA star Pelicans scoring guard Josh Hart, Hornets star Lamelo Ball, NFL Football League star Franklin and so on. And the major well-known kols that buy bayc in the cryptocurrency circle are even more numerous;
Also in May-June, Bayc has long been at the top of the NFT 24-hour trading volume rankings. Pressure cryptopunks, nba top shots, meebits and other established projects;
On June 19, 2021, Bayc officially announced that it will airdrop a pet dog-like NFT to each ape holder. Affected by this positive, the price of apes in the secondary market quickly rose, according to the NFT trading market opensea data, the price of ape floors on the day has risen above 2eth, and even the minimum price of airdropped pet dogs is as high as 0.6eth, and the number of addresses holding bayc climbs to 4300+;
Secondary creations and derivatives based on bayc have sprung up, nft works categories: children's apes, ape records, ape yachts, ape parliaments, ape comics, ape novels, etc. Physical product categories: masks, drinks, clothing, skateboards, etc. During this period, the price of bayc ape floor continued to rise, rising below 5eth;
On July 28, 2021, Bayc officially announced that it would airdrop a basketball NFT to all accounts holding ape pet dogs, and like the previous hat, two physical basketballs could be purchased through the NFT;
On August 3, 2021, a news that Christie's will auction cryptounks, bayc, meebits circulated in the major NFT communities, and the news completely ignited the market, and the price of bayc flooring soared from about 5eth to 10eth. On August 6, Christie's official announcement confirmed that the news was not out of the blue, announcing that it would open the NFT auction on September 17, and the auction targets were cryptounks, bayc and meebits, at this time, the price of bayc flooring had reached 15eth, and the price of ape pet flooring reached 2.8eth.
As of this writing, bayc's cumulative trading volume is as high as 65475.6eth, which is equivalent to 159 million US dollars, ranking 4th in the total trading volume of the NFT market. The maximum price for a single ape is as high as 375eth (the price of apes and pet dogs), compared with the 0.08eth offer price three months ago, an increase of 4688 times.
Why?
Affected by bayc's great success, various animal portrait NFT projects have emerged in an endless stream since June, and the overall NFT market has also shown explosive growth, which is contrary to the overall sluggish performance of the cryptocurrency market in recent months. According to dune analytics data, since May 2021, the daily trading volume of opensea, the world's largest crypto digital collection market, has increased day by day, especially after entering June, the daily trading volume has repeatedly broken through new highs, and the single-day trading volume on August 8 exceeded $78.81 million, a record high.
As can be seen from the above data, the blowout of the NFT market is highly consistent with the outbreak of Bayc. Of course, the prosperity of the market is not a one-off effort, and the rise of NFT has its inevitability. But indeed, bayc is a tipping point in the NFT market, igniting this emerging field that has gradually entered the public eye like a fuse. So we can't help but ask, what made Bayc so successful?
NFT breaks the dimensional wall and a new era begins
If you want to ask, what is the biggest landing application of cryptocurrencies today? A year ago the answer was probably defi (decentralized finance), but now we have to add another answer, which is nft (non-homogeneous tokens). The characteristics of nft are inseparable, irreplaceable, and unique, making it a success in the application of games and art collectibles, opening up the era of digital artworks/collectibles. Many people may not be able to accept the value of NFT as an art collection for a while, and will question why they should spend thousands of dollars to buy a picture in .jpg format, right-click to save it for free? In fact, to explain this problem is very simple, different eras of cultural carriers are different, the era dividends are different, the Bronze Age has bronze, iron, jade, paper after the invention of naturally have calligraphy and painting, reform and opening up has stocks, real estate. And in today's digital age, cultural carriers and era dividends must also have new ways, this is the process of history, but you are in it without knowing it. This is the course of history, it's just that you're in it without knowing it.
Nowadays, we see more and more famous brands like Tencent, Ali, lv, gucci, Volkswagen, etc., and even major museums have entered the NFT, which just proves the gradual opening of a new era. The new era will inevitably create heroes, and bayc is a hitchhiker in this era.
Community effects, social attributes
Bayc's success, the power of the community is very important, bayc since its release in May, in a short period of time, has grown rapidly into a huge community. For the players who hold bayc, this is not only an investment, not only a collectible, but also a club, a password for them to verify each other's identity. Especially in the era of digital Internet and the epidemic era, people's social interaction has undergone earth-shaking changes, and bayc is a medium, a digital identity, it has become a symbol of some identity and status, people change into ape heads, just like driving a limited supercar into a supercar club. It allows you to quickly find your kind and quickly build up your identity. People wear all sorts of ape heads, are active on social media, they come from all over the world, they identify with each other, they talk, they get together, they even start a business together. In one example, a Chinese ape community called Bamc founded the Monkey Fund in May, and members raised 106eth to buy bayc for rare properties. It is understood that this fund has been worth 3200+ eth, and "Huaguoshan" has also developed into a more influential Chinese NFT community.
Wealth effect, short-term hype
Cryptopunks single highest transaction price of 4200eth, nba top shot a LeBron James nft card sold for $100,000, beeple a painting sold for $69 million... This kind of benefit myth makes investors look at bayc as the next hype target, they are full of imagination about its appreciation space, and as the price continues to be pushed up, it attracts a large number of followers.
Trend elements, open cultural and creative assets
It has to be said that Bayc has a strong trend element and trend brand culture, and it can be predicted that Bayc has enough potential to develop into the world's top trend brand. And we mentioned earlier that open copyright is the right to commercial use, the promotion of this trend is of great significance, open copyright is like open source software, attracting a large number of creators, on the basis of apes for secondary creation and derivative production, which has brought exponential growth in users and traffic.
Myths
Many enthusiasts describe the NFT as a "new age renaissance weapon". It is true that technological progress can indeed change an industry or even an era, and nft has a huge positive impact on original people from the perspective of copyright protection and value realization, allowing artists to directly put their works into the market. With the development of the market, it is believed that the NFT will also extend to industries other than art, music, and games, and will eventually have a positive impact on all markets based on creation and copyright. Perhaps, gone are the days when "artists are posthumously considered masters after their death."
And for the majority of ordinary people, what does it mean for technological progress and era progress such as NFT and even blockchain? Is this an era dividend or a capital game? Should we choose to continue eating melons or participate in them?
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