current position:Home>Nansen: not just JPEG, how did bayc build the NFT Empire?

Nansen: not just JPEG, how did bayc build the NFT Empire?

2022-05-14 16:34:42Deep tide techflow

In this paper, we will study in depth Apes The world of , Know all about them , And know whether the hype is true through the data on the chain .


NFT  Has occupied the world . Super expensive pixelated cartoon characters 、 Animation theme art and cartoon animals are increasingly becoming the preferred avatars for encryption investors . among , Apes are the most iconic theme .

Bored Ape Yacht Club (BAYC) Has become the most expensive 、 The most influential NFT series . In addition to having more than 169 ten thousand  ETH  In addition to the total market value of , The series also succeeded in Stephen Curry、Steve Aoiki and Jimmy Fallon The favor of others .

Cartoon apes JPEG Of NFT How did the collection become a multi billion dollar brand in just over a year ? The ape theme is really powerful , Or is it just a fashionable gadget created by the community to gain attraction ?

Background story

How it started ?

“ The ape ” It has strong cultural significance in cryptocurrency , Usually used to describe blind investment in something , Such as the stock 、 Cryptocurrencies and NFT. With the outbreak , Retail investors' interest in investment has increased , The use of this term has also increased .

According to the CoinDesk interview , founder  Gordan Goner and Gargamel Originally conceived of a bar that only exclusive club members could enter .Apes Is the preferred member of the club ,Bored Ape Yacht Club(BAYC) That's how the concept of .

Apes stay 2021 year 4 month 23 Officially launched on , At that time, the price was 0.08 ETH( about 200 dollar ). By today's standards ,mint Almost free , But ten thousand NFT It took a week to sell out . No hype , It's not attractive .

Until a week later , Most profitable 、 Hold a lot of NFT One of our collectors ( Although now it is Nansen NFT Top of the profitability rankings 10 Besides the name ) Of Pranksy Start making a sound for it . Over the next few months ,BACY The success has exceeded the best prediction . As of press time ,BAYC Our lowest price is 100 ETH, about 24 Thousands of dollars .


BAYC yes Yuga Labs The ecological foundation established in the past year , But not all . Maybe the team thought the apes NFT Too single , Created a derivative category —— stay BAYC About two months after the launch , Team will 10000 individual Bored Ape Kennel Club NFT Airdropped to BAYC holder .

And then , The third series of mutant apes Mutant Ape Yacht Club (MAYC) On 2021 year 8 Month launch . The total scale of this series is 20000 individual NFT, It is the sum of the number of the first two series . The team to 10000 BAYC It's airdropped 10000 Serum , Serum allows the holder to make BAYC A mutant version of . The other 10000 are 3 ETH Of mint Price public offering for sale to the public . The sale took less than an hour , The team raised 9600 Thousands of dollars .

lately , The team launched a fourth series :Otherside, This is coming soon BAYC The virtual land series of yuancosmos . The total scale of this series is 20 m NFT, among 10 Ten thousand in 2022 year 4 month 30 Launch date , The rest will be distributed to Otherside Those who have made contributions in development NFT holder . And previous NFT similar ,BAYC and MAYC The current holder of can get... Without paying additional fees Otherside NFT. The public can use 305 APECoins Buy this... At a price of NFT.

This release has aroused strong interest in the field of cryptocurrency , The contract for this sale includes 112 Interact with a smart currency address .Gas Fee from the previous day 40-70 Gwei Soared to mint Peak during 8.1K Gwei.Gas The surge caused an uproar on twitter , Many users are disappointed by the mismanagement of the launch and the poor quality of the deployed smart contracts . however , after V God himself responded by saying ,「 Optimize contracts for Gas The cost impact is not significant 」.


An offering that has attracted worldwide attention

2021 year 9 month , Sotheby's, a world-famous auction house, is based on 2620 A collection was sold for $million , Include 101 only Apes and 101 only Kennels, Above the valuation ceiling 30% above . Also in 9 month , Christie's, another famous auction house, also conducted BAYC NFT The auction , A total of 4 only BAYC, The total price is about 280 Thousands of dollars . 


Both auction houses are leaders in art and luxury auctions . In the past, you might find Van Gogh in these two 、 The works of Raphael and Leonardo da Vinci . In traditional art , In the auction BAYC In this way NFT Collectibles add corresponding legitimacy to the auction market .

To be king

since BAYC Since its rise ,BAYC and CryptoPunks The competition between them has been brewing . all the time Punks With its long history and community culture , Known as outstanding blue chip NFT assets . Even though BAYC The floor price of has exceeded... Many times CryptoPunks, And eventually surpass 100 ETH , but CryptoPunks The nature of being an encryption elder makes it in NFT The field is still king .

But when Yuga Labs from Larva Labs Acquisition CryptoPunks and Meebits Of intellectual property rights , About these two NFT Which of the more influential arguments has subsided . although CryptoPunks It still maintains its veteran status and historic , But today ,NFT The king of is undoubtedly BAYC.

Deep dive on the chain

For a deeper understanding of BAYC The world of , It is necessary for us to have a deep understanding of Nansen Data on the chain , To evaluate BAYC Whether the series is really so successful .


The following is a summary of the series NFT General overview of :

1、 Secondary sales exceed 528000 gold ETH( Use the clean transaction filter ), Less than 567K ETH ( By 4 month 27 Japan )

2、 Daily maximum trading volume 15415 gold ETH

3、L30D The average daily trading volume is about 1800 gold ETH 

4、 about 6.2K The holder

5、 Since casting , Yes 257 The holder holds... Until now

Yuga Labs To obtain the 2.5% Royalties for secondary sales , About... Have been received 14100 gold ETH( about 3380 Thousands of dollars ) Royalties for .


Ranking distribution

As mentioned earlier , More than 6200 holders . The series initially took a week to reach 200 A unique address , But from 5 month ~ 7 The number of monthly addresses began to show a parabolic trend , increased 4400 Multiple unique addresses . about 80% Of NFT Has been held for at least 60 God , about 63% Has been held for at least 90 God . This shows that the average 63% Of NFT In order to 93 ETH Or less .BAYC The floor price is 4 At the end of the month 150 ETH Peak value , After that, it fell to about 100 ETH Floor price . Ordinary players enter the club relatively early , But when the market as a whole shows a downward trend , They are still in balance of payments or low profits .


How sticky is the floor price ?

In addition to monitoring the proportion of wallets with considerable profits , Let's also look at holding only 1 gold BAYC NFT The proportion of wallet address and the balance of diamond hand's wallet , To assess the sustainability of current floor prices .

BAYC Only... In my wallet 1 individual Bored Ape A high proportion of wallets .81% The proportion of is higher than Nansen Blue Chip-10 Similar sets in indices , for example CloneX (71%)、Azuki (76%) and CryptoPunks (72%). This makes holders less likely to sell their BAYC, Because it's the only thing they have BAYC. So this creates a more flexible floor price . Besides , There are not so many “ Whale ” Holders can sell their NFT To drive down the price .

besides , Hold at present NFT In my wallet , also 5.2K BAYC Not sold . Although this figure is slightly lower than the historical high of nearly 6000 , But it's one of the few rising series .


In addition, you can monitor chart changes , To understand the psychology of the holder .

have only 6.5% Of BAYC On the market , The price is above and below the floor price 15% Proportion within 0.10%. majority BAYC The price is between 180 - 360 ETH. This shows that most holders are not considering selling , And a small number of holders are waiting to sell at a price much higher than the current floor price .


Smart money will buy at this price BAYC Do you ?

The price is very high , Seems to be only degens Will buy the highest level in history NFT. It's hard to imagine smart money buying at this price BAYC And profit , Not to mention making bold bets .

According to the trend of smart money holders , We found that two points stand out :

1、Smart NFT Early customers and Smart NFT The number of traders is gradually decreasing .

2、Smart NFT The holder and Smart NFT The number of scavengers is on the rise .


Overall speaking , Early customers have begun to gradually reduce their holdings . As prices rise , Traders are making profits and exiting . Early adopters may get enough “ Life changing money ” Level of profit .BAYC One of the top wallets on the profit list is Smart NFT Early adopters , It got a total of 1,404 ETH The profits of the , Profit is 41,326%.


Traders usually increase as prices rise , And with BAYC Prices continue to push to new highs , It's hard for them to stay where they are . However , Smart money addresses that tend to be held for a long time have been increasing . This shows that they are optimistic about the long-term prospects of the series .

According to the personal transaction dashboard , in the past 30 In the day , Smart money is still buying . Some of them are even much higher than 12 Buy in the case of hourly simple moving average price .


BAYC The future of

BAYC It is expected to become a very influential brand , Its cultural influence is similar to Supreme be similar , But social signals can be associated with Gucci and Louis Vuitton And other high-end fashion brands . With the growth and development of its ecosystem ,BAYC The impact and significance are also increasing .APECoin、ApeCoin DAO  And virtual land NFT The launch of further strengthens their role in Web3 The status of the world . Working with trendy brands like Adidas , And... In preparation BAYC The film trilogy will help to spread BAYC.

As the holder is given full commercial rights and control over its NFT Control right , We may see individuals holding BAYC Examples of becoming famous . Brands and films may use eye-catching or specific features BAYC, Let it appear in their advertisements or movies .

In these mass media touchstones and upcoming “Otherside” Between virtual worlds ,Bored Ape Yacht Club Is creating a very cultural NFT collection .


BAYC Already from simple JPEG NFT Evolve into a broader ecosystem , The ecosystem is becoming Supreme And other brands have the same cultural influence . Its rapid rise is actually unheard of by mainstream fashion brands and other encryption projects , And incomparable .

Although so far BAYC All the achievements made are impressive , But this may just be the beginning of the larger universe it will create . The activities of the holder indicate that ,degens And smart money are right BAYC Are similarly optimistic about their future . The team's dream of an ape managing the world may not be far fetched ,BAYC May become the ruler of the meta universe .

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