Guide to the Bored Ape Yacht Club (BAYC) NFT ecosystem

Please fol­low and like us:
Pin Share

Bored Ape 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 Yuga Labs. The price of their first BAYC NFT was 0.08 ETH (then worth about $190).

About 12 hours after they went live, Yuga Labs’ NFTs went viral. This led to one of the most famous late-night seg­ments between Jim­my Fal­lon and Paris Hilton, help­ing boost the vis­i­bil­i­ty of BAYC. Celebri­ties like Stephen Cur­ry, Gwyneth Pal­trow and Post Mal­one start­ed pur­chas­ing these pro­file-pic NFTs as sta­tus symbols.

The pop­u­lar­i­ty of BAYC NFTs has made them a trendy item to show­case on social media among the rich.

Twitter - Jimmy Fallon
Twit­ter – Jim­my Fallon

The most expen­sive BAYC item was #2087, bought for 769 ETH in Sep­tem­ber 2021, $2,307,638 at the time.

Despite the explo­sive hype about BAYC in spring 2021, the project has sus­tained 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 due to Yuga Labs suc­cess­ful­ly expand­ing the scope of the project well beyond the orig­i­nal NFT col­lec­tion into an ecosys­tem with NFT add-ons, a future meta­verse, and a token that ties the whole company’s port­fo­lio of projects, which it calls the “Yuga­verse”, together.

On August 15, 2021, the floor price or the low­est 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.

BAYC Floor Price - Last 12 Months
BAYC Floor Price – Last 12 Months

What makes BAYC so special?

Own­ing a BAYC NFT makes you a “Bored Ape Yacht Club mem­ber”. Some of the ben­e­fits are:

  • An invi­ta­tion to a pri­vate Dis­cord serv­er for BAYC mem­bers only.
  • Air­drops of NFT col­lectibles into mem­bers’ wal­lets that can be sold for profit.
  • The option to trans­form apes into “mutants” by using free air­dropped serums. Like with air­dropped NFTs, these mutants can also be sold.
  • Air­drop pro­mo­tions of BAYC’s new cryp­tocur­ren­cy, ApeCoin, are offered to Bored Ape NFT hold­ers with a 90-day grace peri­od for claim­ing.

The data has shown that BAYC trans­ac­tions have not stalled 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 side, the low­est trans­ac­tion num­ber to date is two, total­ing a lit­tle over $529,000 on Feb­ru­ary 19, 2022.

BAYC Transaction & Trading Volume
BAYC Trans­ac­tion & Trad­ing Volume

BAYC-adjacent NFT Collections

The BAYC founders launched a sec­ondary col­lec­tion of NFTs to incen­tivize its com­mu­ni­ty with rewards and free­bies. The col­lec­tions include the following:

Mutant Ape Yacht Club

The Mutant Ape Yacht Club (MAYC) NFT col­lec­tion is a reward for BAYC hold­ers. Although a BAYC hold­er does not direct­ly receive a MAYC NFT in their wal­let, BAYC hold­ers receive a “spe­cial serum” NFT asset. This “spe­cial serum” gives the option to a BAYC hold­er to cre­ate a vari­a­tion of their cur­rent BAYC NFT.

Much like BAYC NFTs, there is also high demand for MAYC. Gaug­ing the MAYC floor price over time mea­sures the demand for these dig­i­tal assets. From August 29, 2021, the floor price of MAYC start­ed at around 4 ETH. The floor price shot up to 1878.75% on April 29, 2022, which was 79.15 ETH.

If you com­pare the high­est MAYC’s floor price of 79.15 with BAYC’s high­est floor price of 303.15 ETH, you can see that BAYC dig­i­tal col­lectibles are more sought after. How­ev­er, MAYC’s floor price tra­jec­to­ry dur­ing the bear mar­ket of 2022 proved its demand to be reces­sion-proof. Sim­ply put, MAYC nev­er reached a floor price of 0 ETH from its incep­tion until present time.

Mutant Ape Yacht Club - Floor Price
Mutant Ape Yacht Club – Floor Price

Bored Ape Kennel Club

This NFT col­lec­tion is anoth­er reward for BAYC hold­ers. The Bored Ape Ken­nel Club (BAKC) col­lec­tion intro­duces dogs to be the best friend of your BAYC NFT. In fact, this NFT col­lec­tion has become an essen­tial part of the Bored Ape NFT ecosys­tem. Among the four notable NFT col­lec­tions in the BAYC ecosys­tem, BAKC has the low­est mar­ket cap at 111.68 ETH.

CoinMarketCap - Top NFT Collections
Coin­Mar­ket­Cap – Top NFT Collections

Though there are 9602 NFTs com­pared to 19,425 MAYC NFTs, the scarci­ty of BAKC has not made it more valu­able than MAYC. It only has the sec­ond-low­est floor price at 7.3 among its peers in the BAYC ecosys­tem. These num­bers show that the BAKC has a mid­dle-tier price in com­par­i­son with BAYC, MAYC, and Oth­erdeed for Otherside.

Otherdeed for Otherside

Launched on April 30, 2022, Oth­erdeed for Oth­er­side NFTs let users buy real estate in a future metaverse—Otherside—in devel­op­ment by Yuga Labs. As of August 18, the floor price is 1.7 ETH (about $3,184). Each Oth­er­side 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 inhab­it­ing the land of Oth­er­side, among oth­er Yuga NFT col­lec­tions. The teasers and images all fea­ture Bored Apes promi­nent­ly, so even though Yuga has not explic­it­ly stat­ed it, they are teas­ing that they will play a crit­i­cal part with­in this world.

Though BAYC col­lec­tions tra­di­tion­al­ly have a high price tag, Oth­erdeed for Oth­er­side has the low­est floor price among the 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. Though the Oth­erdeed NFT col­lec­tion is a few months old, there are over 34,000 landown­ers, accord­ing to OpenSea. The num­ber of Oth­erdeed NFT hold­ers cur­rent­ly out­num­bers the hold­ers of BAYC, MAYC, and BAKC altogether.

Although it is the newest NFT col­lec­tion in the BAYC ecosys­tem, it is ranked third in largest mar­ket cap among all NFT collections.

ApeCoin

ApeCoin is an Ethereum-based gov­er­nance and util­i­ty token used through­out the Yuga­verse to incen­tivize a decen­tral­ized com­mu­ni­ty. ApeCoin hold­ers gov­ern the ecosys­tem using a decen­tral­ized gov­er­nance frame­work and decide how the ApeCoin DAO Ecosys­tem Fund should be utilized.

Since its incep­tion dur­ing the cryp­to bear mar­ket, there have been a grow­ing num­ber of unique wal­lets con­tain­ing ApeCoin.

Total Addresses
Total Address­es

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 the expen­sive NFTs.

The chart below shows that the top 100 hold­ers only account for 51% of the mar­ket cap of ApeCoin. In oth­er words, ApeCoin is not monop­o­lized by the ultra-rich or whales, unlike BAYC NFT col­lec­tions. It is evi­dent that retail investors also make a sig­nif­i­cant frac­tion of the ApeCoin mar­ket cap.

Holder Statistics - ApeCoin
Hold­er Sta­tis­tics – ApeCoin

Projections for Bored Ape Yacht Club

The BAYC NFT col­lec­tion and Apecoin are show­ing promis­ing num­bers in terms of trad­ing vol­ume in U.S. dol­lars and unique wal­lets for the past sev­er­al months. From Decem­ber 2021 to August 2022, the mar­ket cap­i­tal­iza­tion for the BAYC col­lec­tion grew from 114,302.53 ETH to 759,917.38, a 564.8% increase with­in nine months. This increase can be seen below in the chart.

Market Cap of NFT - BAYC
Mar­ket Cap of NFT – BAYC

The BAYC’s tra­jec­to­ry of mar­ket cap­i­tal­iza­tion is a pos­i­tive sign for two ele­ments in the BAYC col­lec­tion. Increas­ing mar­ket cap­i­tal­iza­tion sig­ni­fies that items in the BAYC col­lec­tions have increased prices over time. Addi­tion­al­ly, increas­ing mar­ket cap­i­tal­iza­tion indi­cates a sus­tain­able demand for these exclu­sive NFTs for the fore­see­able future.

As of August 15, 2022, Bored Ape Yacht Club still ranks num­ber one with the largest mar­ket cap­i­tal­iza­tion. Fur­ther­more, it is also worth not­ing that there are only 6446 items owned out of the 10,000 total items in the col­lec­tion. This implies that NFT scarci­ty in the BAYC col­lec­tion is also a dri­ving fac­tor for price increase and floor price increase since its inception.

NFT Market Capitalization
NFT Mar­ket Capitalization

The NFT space is still young, and it is high­ly spec­u­la­tive as prices can still fluc­tu­ate regard­less of sup­ply and demand. It is crit­i­cal to do your research before mak­ing a large investment.

This report was pre­pared by Foot­print Ana­lyt­ics.

Post­ed In: Analy­sis, NFTs

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *