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OpenSea Scores ATH of $3.5B in Monthly Ethereum Trading Volume

The popular NFT auction marketplace, OpenSea, has surpassed the $3.5 billion mark in monthly Ethereum trading volume.

OpenSea Hits New High

According to the latest chart by Dune Analytics on January 17, OpenSea has already clocked in $3.52 billion in terms of monthly Ethereum trading volume, even with two more weeks to go until the conclusion of this month. The platform’s daily trading volume has oscillated between $169-$261 million throughout January.

With the latest milestone, it surged past the previous all-time high of $3.42 billion in August 2021. During the same month, OpenSea’s monthly fees on Ethereum also touched a new high of $236 million.

Notably, OpenSea’s monthly trading volume figures on Etheruem went downhill over the next few months, eventually falling to $2.37 billion in November. However, the subsequent month saw a substantial recovery with $3.24 billion in sales.

Meanwhile, the new ATH demonstrates renewed optimism and growth in OpenSea after a blockbuster 2021. As a result, it is now hauling in over $207 million in fees this month and may soon catch up with the aforestated high reached five months ago.


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OpenSea’s Expansion and Ballooning Valuation

Over the past couple of months, OpenSea has emerged as an already established brand with a significant level of popularity. CryptoPotato recently reported that it had crossed the coveted one million mark with respect to active user wallets on the platform.

Earlier this month, OpenSeal announced concluding a $300 million Series C round led by Paradigm and Coatue. The latest capital infusion valued the crypto firm at a whopping $13.3 billion. Moving forward, it plans to accelerate product development, enhance customer support and safety, meaningfully invest in the wider NFT and Web3 ecosystem, as well as amplify its team.

One of the major reasons for its success was the lack of major competitors. However, this may change in 2022 as many platforms are eyeing this opportunity. The space is still seeing plenty of action which can easily entice newbies such as the recently launched ‘LooksRare’ into this burgeoning world.

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Indonesian Boy Ghozali Makes Bank Selling a Thousand Selfies as NFTs on OpenSea

The NFT space continues to thrive, with new collections making headlines every week. Now, a 22-year-old Indonesian boy managed to sell almost 1,000 selfies that he took over the past five years as NFTs on OpenSea.

Ghozali’s NFT Drop

Sultan Gustaf Al Ghozali is a 22-year-old Indonesian from Semarang, studying computer science. A few years back, he decided to start taking selfies every single day, and in the years between 2017 and 2021, he took over a thousand photos.

According to his official Twitter account, his goal of “taking pictures of myself for five years is just for this video.” The video in question is for when he graduates college.

However, with the advent of non-fungible tokens (NFTs), Ghozali had the idea of minting these pictures into NFTs and selling them on OpenSea.

This tweet from January 10th, 2022, shows that he had started uploading his photos on OpenSea at the price of 0.001 ETH each.


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ghozali
Source: Twitter

And while the project might be devoid of any profound artistic value, the floor price currently sits at 0.42 ETH, and Ghozali Everyday, as the student thematically named the initiative, has seen 355 ETH worth of volume traded. There are currently 498 addresses owning an NFT from the collection.

img1_ghozali
Source: OpenSea

Irene Zhao Jumps on Bandwagon

Another heavily-discussed topic in the past couple of days was Irene Zhao’s NFT initiative called IreneDAO. For those of you who might not be aware, Irene Zhao is an advisor at Konomi Network and a relatively popular figure in the cryptocurrency space.

She recently created the IreneDAO project, which is intended to be a “global grassroots movement aimed at disrupting the creator economy.” In reality, at least at the current moment, the collection consists of nothing but pictures of Zhao with random meme-inspired transcriptions on them.

img2_irenedao
Source: OpenSea

The collection had a floor price below 0.2 ETH a couple of days back, but it now sits at 3.59 ETH and has seen over 1800 ETH in traded volume, according to OpenSea.

Featured image courtesy of Hypebeast

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NFTs and Blockchain-Based Games on the Rise Despite the Recent Crypto Decline (Report)

The non-fungible token universe and blockchain-based games seem to have their own macro events that affect their growth. A set of reports by the analysis company DappRadar revealed that the number of NFT trades continues to increase gradually despite the adverse price movements in the digital asset industry. Additionally, the interest in blockchain-based games is also on the rise.

NFTs and Blockchain Games Becoming More Popular

Most cryptocurrencies have lost some price ground during the last couple of months. Bitcoin, for example, has retreated by nearly 40% (at the time of writing this article) from its $69,000 record, registered in November last year.

A recent date from DappRadar, though, outlined that the adverse situation in the digital asset market has not harmed NFTs and blockchain-based games. Those have sustained their interest levels and even increased their popularity among investors, the analysis firm noted.

It informed that the total NFT trading volume for Q3 2021 amounted to $10.7 billion, while in Q4, the numbers picked up to $11.9 billion. The situation at the start of the new year looks quite promising as well, the firm said.

According to DappRadar, non-fungible tokens play an “undeniable role” in the metaverse and the play-to-earn space, which has further propelled their expansion.


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Blockchain-based games’ adoption remains steady as the interest from players is gradually increasing.

“Without question, blockchain games have attracted more users each month, growing the player base enormously. With widely expected play-to-earn and GameFi options set to arrive in 2022, we can expect the game category to continue driving the usage in the industry for 2022,” DappRadar outlined.

The USA Was The Most Active NFT Region

The world’s leading economy dominated the NFT traffic during 2021 by far. This comes as no surprise since numerous American celebrities, athletes, and musicians joined the non-fungible token universe.

Notable examples of such individuals include the award-winning director Quentin Tarantino, rap icon Eminem, “the Prince of Darkness” Ozzy Osbourne, and the NBA star Steph Curry.

With nearly three times less traffic, the Republic of the Philippines ranked in second place. Brazil, Mexico, and Indonesia were the other countries in the top 5.

However, during the last few months, China surpassed its economic rival and now stands as the leader in terms of traffic. The most-populated nation marked a 166% increase in December compared to November 2021.

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Walmart Filed Documents to Launch a Cryptocurrency and Join the Metaverse (Report)

After the fake reports about Walmart and Litecoin last year, this time, the US retail giant has officially filed documents with local regulators to enter the cryptocurrency space and the metaverse.

  • As seen in the CNBC report, Walmart’s filings with the US authorities about getting involved with the metaverse date late December last year.
  • Essentially, the company wants to allow its users to shop for electronics, home decorations, personal care products, and everything in-between from home but by reviewing the merchandise via the metaverse.
  • Walmart made seven separate applications, one of which wants the US Patent and Trademark Office to greenlight the firm to launch its own cryptocurrency and take advantage of the rapidly growing in popularity NFT space.
  • Josh Gerben, a trademark attorney, referred to Walmart’s licensing attempts as “super intense.”
  • “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.” – he added.

  • Gerber outlined Facebook’s decision to rename its brand to Meta as the catalyst that started a mass wave of businesses rushing to get involved in the virtual world.
  • Last year, Walmart made the news after reports emerged that it will adopt Litecoin for payments in its online stores. However, they turned out to be fake, which caused enhanced volatility in the crypto markets.
  • Nevertheless, the company later added hundreds of Bitcoin ATMs across its US stores and said the number will likely go up to 8,000.
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DeFi and NFT Scaled to New Heights in 2021: CoinGecko Report

CoinGecko’s 2021 report noted that DeFi managed to branch out from Ethereum onto other chains at a rapid pace. The NFT market, on the other hand, saw a meteoric rise thanks to the complementary areas of metaverse and GameFi.

Drastic Fluctuations In DeFi Ecosystem

According to the latest report by CoinGecko, the market cap across the decentralized finance protocols grew by 7.5x from $20 billion to $150 billion in 2021. Its dominance has more than doubled from 2.8% to an all-time high of 6.5%.

The emergence of DeFi 2.0, activated by new-generation products that seek to ramp up the designs of existing protocols, resulted in a thriving final quarter of the year. The report also mentioned that the rise of incentives for new alternative EVM networks, including Cronos, Aurora, and Boba, has further bolstered demand for DeFi tokens on these blockchains.

Towards the end of the year, the crypto market continued to oscillate between fear and extreme fear. This sentiment seeped into the DeFi space as well, which led to the market cap retrace from an all-time high of $174 billion in November.

The DeFi sector underwent massive change throughout the year. For one, Ethereum and Binance Smart Chain emerged as the Q1 winners. The following quarter saw EVM-based networks such as Polygon and Fantom gain prominence as they evaded gas fees and network congestions. In Q4, non-EVM chains such as Solana and Terra gained traction.


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CoinGecko observed that the total TVL for the two blockchain networks grew by 5% and 7%, respectively. Ethereum continues to retain its position as the market leader. But it does not come off as surprising that the blockchain is steadily losing its dominance, thanks to the emergence of viable alternatives.

Besides, yield aggregators and insurance sectors gained the upper hand while regular bigwigs such as DEXes, oracles, and lending platforms suffered losses.

DeFi Market Cap 2021. Source: CoinGecko
DeFi Market Cap 2021. Source: CoinGecko

NFT Enters Mainstream Consciousness ‘Big-Time’

Popular marketplace OpenSea has contributed the most to 2021’s NFT trading volume. The ten largest marketplaces collectively recorded almost $24 billion in total trading volume.

OpenSea accounted for a majority of 61%, while Axie Infinity contributed 17%, followed by Crypto Punks at 10%. Although non-fungible tokens have been around for some time now, it wasn’t until the “NFT Summer” that the trading volume saw considerable growth.

Leading the growth for NFT trading activity were Ethereum and Ronin chains. The combined market share stood a whopping 88%. Other layer 1 protocols such as Polygon and Solana quickly caught on the trend and expanded their NFT capabilities.

Meanwhile, CryptoPunks managed to hold on to its position as the “collection with the highest floor price” by the year-end even after being briefly flipped by Bored Ape Yacht Club (BAYC).

Some of the crucial highlights of the NFT sector was Jack Dorsey’s first-ever tweet, World Wide Web source code, entry of iconic auctions houses – Christie’s and Sotheby’s, endorsements by – Snoop Dogg, Grimes, Post Malone, Big Brands like – Adidas, Nike throwing the hat in the ring, among others.

NFT 2021 Development. Source: CoinGecko
NFT 2021 Development. Source: CoinGecko
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Chinese Law Enforcement Agency Have Reportedly Seized $1.7 Billion Worth of Crypto

Reports emerged indicating that the Chinese officials are keeping a close eye on cryptocurrency activities and are applying innovative strategies to tackle virtual currency money laundering.

“An Important Breakthrough”

According to the Chinese state-owned broadcaster, CCTV (controlled by the CCP), the country’s Ministry of Public Security has solved 259 cases that involve cryptocurrency money laundering. It also seized cryptocurrencies worth 11 billion yuan, or nearly $1.7 billion, and called the latest development – an important breakthrough.

China has been cautious of new technologies but has made its anti-crypto stance very clear. Often touted as one of the most intense crackdowns, the policymakers first banned financial establishments from engaging in any crypto transactions in May 2021.

The next target was domestic crypto mining, which escalated last June. Three months later, it completely outlawed cryptocurrencies. The government of the world’s second-largest economy outlined crypto mining’s environmental impact as well as digital currency usage for fraud and money laundering. More than anything else, China is keen on pushing the digitized version of its yuan currency.


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Crypto Mining Obsolete in China

As part of its efforts to assist in reaching peak carbon and carbon neutrality targets, China’s National Development and Reform Commission recently concluded that crypto mining is “obsolete” in the country.

Obsolete, here, refers to existing initiatives that are prohibited from seeking investment and will be phased out, which applies not only to domestic but also foreign enterprises in China.

However, the document published by the state agency did not reveal when mining activities will be wiped out completely.

Moving Away From Crypto

China may have banned cryptocurrencies but is keen on expanding blockchain capabilities, NFTs, and Metaverse.

The latest to hop on to the NFT bandwagon was Blockchain Services Network (BSN), a Chinese state-backed blockchain company. It revealed plans to launch infrastructure enabling users and businesses in the country to make, sell, and purchase NFTs.

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Bitcoin Tapping $100,000 is Reasonable, Says OKCoin Exchange CEO

According to Hong Fang – Chief Executive Officer of the US cryptocurrency exchange OKCoin – bitcoin’s price could surge past $100K. However, there are a lot of elements that play in the short-term, meaning the asset might not reach the milestone that soon, she added.

Bitcoin at $100K Is ‘Reasonable’

Despite bitcoin’s recent price decline and volatile nature, the number of individuals envisioning the cryptocurrency with a future price tag of $100,000 is growing daily. OKCoin’s CEO – Hong Fang – is the latest member of the club.

In a recent interview for CNBC, the executive opined that BTC’s network has “no protocol risks.” As such, she is “very bullish” on the asset and thinks it could even surpass the $100K price level. This potential surge might not happen in the short-term, though, as there are several market factors influencing the cryptocurrency at the moment, she explained:

“Mid to long-term, I still think getting to $100,000 – or even higher price – shouldn’t be a problem. The timing can be a bit elusive because we are at the mercy of market dynamics.”

Additionally, Fang gave her two cents on non-fungible tokens. Similar to other NFT proponents, such as Shark Tank’s Kevin O’Leary and Visa’s Cuy Sheffield, she believes they have a lot of potential. Fang also compared the NFT hype in the last 12 months with the DeFi craze in 2020.

Nonetheless, she warned that delving into the non-fungible token universe is not for everyone as it is still in its early days:


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“It is very early so it is not for everyone. You got to do your homework before putting your money into it.”

Hong Fang
Hong Fang, Source: Business Insider

ATH But Not $100K

Earlier this week, Guido Buehler – Chief Executive Officer of the Swiss-based SEBA Bank – presented another bullish forecast for bitcoin’s price. The exec believes institutional investments will push the asset’s USD value to as high as $75,000.

Pascal Gauthier – CEO of crypto wallet Ledger – agreed with Buehler. In his view, investors trust bitcoin “more and more, and it’s the people that will push the price up.”

In turn, Nikolaos Panigirtzoglou – a strategist at JPMorgan Chase & Co – recently opined that bitcoin’s “fair price” sits between $35,000 and $73,000. It could reach the higher number if investors start switching from gold to BTC, he believes.

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The Bored Ape Yacht Club (BAYC) NFT Collection: Everything You Need to Know

Non-fungible tokens have been the hottest trend in 2021. They saw global recognition, mainstream adoption, and overall acceptance in and out of the cryptocurrency industry.

The astronomic surge in popularity of non-fungible tokens (NFTs) led to a massive demand (and an even higher supply) of various collections, each one with its intricacies and perks.

Undoubtedly, one of the most popular NFT collections, which even became the most expensive in terms of floor price as of writing this in January 2022, is the Bored Ape Yacht Club (BAYC).

In this editorial, we will take a closer look into the BAYC collection, why it is so popular, what’s the most expensive Ape sold on the market, and which celebrities have been endorsing it so far.

What is the Bored Ape Yacht Club?

The Bored Ape Yacht Club is a club unlike any other. It’s a virtual lounge reserved only for its members, and there will never be more than 10,000.

Why 10,000? You might ask.

Well, in essence, BAYC is a collection of 10,000 Bored Ape NFTs. These represent unique digital collectibles built on top of Ethereum’s blockchain. Each Bored Ape also gives its owner membership to the club and grants access to some benefits that are dedicated to the selected few.

This is how some of the NFTs look like:

img1_bayc
Bored Ape NFTs. Source: NFT Culture

Each NFT has its unique traits such as clothing, headwear, expression, and more. Just as other NFTs on Ethereum, these are stored as ERC-721 tokens.

As of writing these lines, they have grown to become the most popular profile picture (PFP) NFT project, and multiple celebrities have already bought and used them for this exact purpose, but more on this later.

Why do people buy Bored Apes?

One of the perks of owning a Bored Ape NFT is access to the so-called bathroom which is essentially a virtual hangout place with a canvas that’s accessible only to wallets that contain at least one ape. This is where owners can draw, write expletives, or do whatever they see fit. Every ape-holder is allowed to paint a pixel on the bathroom wall every fifteen minutes. Essentially, buying an ape NFT makes the owner a member of an exclusive club that has a membership cap.

In addition, owning a high-prized NFT and one that’s recognized within a community is much like buying a valuable painting. Its value is derived from the subjective worth of what it means for the owner himself. And remember – each Bored Ape NFT is completely unique, and there will never be a second one like it.

Last but not least, some of the users who buy these NFTs look at them as an investment. There’s a finite supply of them on the market, and as they might continue growing, they could also get more expensive, thus becoming a worthwhile investment. So far, as of writing this in January 2022, this has proven to be the case.

Who Created BAYC?

The Bored Ape Yacht Club was launched by anonymous developers that go by the pseudonyms Gargamel, Gordon Goner, Emperor Tomato Ketchup, and No Sass. There’s also an entity that took responsibility for the creation of BAYC called Yuga Labs.

The story of BAYC is actually quite interesting. On April 23rd, Gordon Goner – one of the project’s creators, announced the pre-sale launch on Discord. The announcement itself was met with almost no reactions.

img2_bayc

Only about a few hundred apes during the week and, it’s worth noting, that their owners hadn’t yet seen their NFTs and how they looked. On April 30th, the reveal happened, and once people saw the art, the collection spread like wildfire, and all apes were sold a day later at a price of 0.08ETH each. 30 apes were saved for the team members, giveaways, and promotions.

How do Bored Ape NFTs Look Like?

As mentioned above, each ape is provably unique, scarce, and impossible to replicate. This is part of their inherent worth of being non-fungible tokens.

One can imagine that there’s a variety of outlooks, so below is a brief example of some:

img3_bayc
Bored Ape NFTs. Source: RollingStone

What Makes the BAYC a Unique and Revolutionary NFT Collection?

Besides the provable and verifiable uniqueness of each NFT, the Bored Ape Yacht Club, as a project, is also interesting because of a few other attributes.

Right off the bat, the project launched with a detailed roadmap from the start. The relatable attributes for the Bored Apes also managed to make them perfect for online avatars and grew to become the biggest PFP project.

The number of unique owners is also quite enough for a relatively strong NFT community. In addition, owners get the rights to use the Bored Apes commercially – something that’s critical for the future development of the project.

There’s already a very strong community centered around BAYC, and it grows each day. This is also because a considerable number of celebrities have jumped on board, which brings us to our next point.

Which Celebrities Bought Bored Ape NFTs?

Undoubtedly, the most famous person who has purchased a Bored Ape NFT and used it for their Twitter profile picture (PFP) is Marshall Mathers, better-known for his stage name – Eminem.

As CryptoPotato reported, the rap icon bought his ape for a whopping $462,000.

img4_bayc
Source: Twitter

Other celebrities who are known to own Bored Ape NFTs include Snoop Dogg, NBA superstar Stephen Curry, Jimmy Fallon, and so forth.

BAYC’s ROI and How Much a Bored Ape Costs Today

Bored Apes are likely to be amongst the NFTs that brought the most disproportionate returns to early owners. As mentioned above, they were minted at a price of 0.08 ETH each in April 2021.

At the time of this writing – January 2022, the floor price on OpenSea sits at 77.99 ETH, which is a return of almost 100,000%.

While many apes sold for six and even seven figures, the most expensive one seems to be Bored Ape #3749. It sold for 740 ETH, worth around $2.9 million at the time of the purchase. This is how it looks like:

img5_bayc
Source: OpenSea

There are other notable mentions here, including Bored Ape #2087, which sold for $2.3 million, Bored Ape $8585 – sold for $2.67 million, Bored Ape #7090 – sold for $2.27 million, and so forth.

How to Buy Bored Ape NFTs?

As mentioned above, Bored Ape NFTs were first minted at a price of 0.08 ETH each, but that was only available for a short period of time upon the project’s launch. Now, the only way to buy them is on secondary marketplaces, and the most popular one is OpenSea.

To buy a Bored Ape NFT, you would have to visit OpenSea and connect your MetaMask wallet. Once there, find the Bored Ape Yacht Club collection in the search bar, and you can start browsing. This is how the dashboard looks like:

img6_bayc

Once you select the ape that you want to buy, you need to click on the image which will take you to a separate window where you can place your bid:

img7_bayc

If the seller accepts your bid, the NFT will be transferred to your address.

Safety tip: make sure to connect your MetaMask through a hardware wallet like a Trezor or Ledger. Bored Ape NFTs are particularly expensive, at least at the time of this writing in January 2022, and there have been many cases where owners have been scammed and got their apes stolen. You should also follow some general security tips to make sure that your crypto is stored properly.

Mutant Apes and the Kennel Club: Exclusive to BAYC Members

Beyond owning a verifiably scarce NFT, Bored Ape owners are also exposed to other benefits. More specifically, back in June 2021, the BAYC team introduced the Bored Ape Kennel Club. Bored Ape NFT owners were given the opportunity, for a limited period of one week only, to “adopt” a club dog NFT from the Bored Ape Kennel Club.

At the time, claiming the token was free and all members had to do was to pay for the gas fees. The Kennel NFTs were not put up for sale, so the only way to mint one was to own a Bored Ape NFT.

This is how the Kennels look like:

img8_bayc

At the time of writing this guide, the Bored Ape Kennel Club collection on NFT has a floor price of 6 ETH.

But that’s not all.

Later on, in August, the team introduced another collection of 20,000 Mutant Apes in the form of the Mutant Ape Yacht Club. The drop took place on August 20th, and the community was nothing short of ecstatic.

Mutant apes were created in one of two ways: either expose a Bored Ape NFT to a special Mutant Serum or mint a Mutant Ape directly during the public sale. These are the last tier of the BAYC membership and part of the team’s Roadmap 1.0. The Mutant Ape Yacht Club collection on OpenSea currently has a floor price of 14.75 ETH.

This is how they look like:

img9_bayc

The Future of the Bored Ape Yacht Club

A large part of the project’s roadmap has already been completed, but part of the reasons for which BAYC became so popular is the constant team effort to discover new avenues.

In 2021, a very popular trend that emerged and took the market by storm was the play-to-earn phenomenon.

The Bored Ape Yacht Club has teamed up with one of the leading entities in the field of P2E – Animoca Brands, in a bid to develop a play-to-earn blockchain-based game.

Speaking on the partnership was a spokesperson from Yuga Labs who said:

“We’re excited to work with Animoca Brands to grow the BAYC universe and expand the utility and benefits offered to all Bored Ape NFT holders.”

All in all, the project seems to be undergoing regular developments while the community is growing as ape owners have the commercial rights to their NFTs, and it’s in their best interest to constantly move forward.

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China to Build Its Own NFT Industry Not Related to Crypto

China’s state-backed Blockchain Services Network, which saw the light of day two years ago, plans to launch a new platform supporting non-fungible tokens. However, the nation reaffirmed that it will have nothing to do with cryptocurrencies.

  • It’s no secret anymore that China wants to be as far away from crypto as possible, evident from the all-out ban on mining, trading, and everything in between.
  • However, the country is supportive of a few features related to digital assets, including the underlying technology – blockchain.
  • It now seems that China wants to take advantage of the ongoing NFT boom, another sphere strongly-related to crypto, but to do it on its own terms.
  • According to a recent report, the country’s BSN intends to develop a new infrastructure that will allow users to deploy non-fungible tokens.
  • He Yifan, chief executive of Red Date Technology, said NFTs “have no legal issue in China” as long as they are not related to crypto.
  • The new platform, dubbed BSN-Distributed Digital Certificate (BSN-DDC), should see the light of day by the end of the month. It will work differently from crypto-related NFT transactions.
  • It will offer application programming interfaces for customers to build and manage user portals and apps regarding NFTs. The trick is that clients can use only the Chinese yuan for purchases and service fees, unlike in the crypto space, where the user has to interact with some sort of a digital asset.
  • The new platform will initially integrate ten chains, including Fisco Bcos, initiated by WeBank. Local companies refrain from using the NFT term – instead, they call such tokens “digital collectibles” for compliance reasons.
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Ripple’s Development Arm Launches NFT-Devnet

Ripple’s developer arm, RippleX, announced the rollout of the NFT-Devnet platform to explore the native NFT capabilities introduced with XLS-20d.

Ripple’s NFT-Devnet for Developers

According to the official blog post, prominent cryptographer and RippleX software engineer Nik Bougalis revealed that the developers may begin building applications and tokenization use cases. It also outlined the addition of XLS-20d, a proposal first introduced in May 2021.

For context, it aimed to usher in extensions to the XRP Ledger that will support a native NFT type, along with provisions to enumerate, purchase, sell and hold such tokens.

Bougalis also noted that developers could access all important functionalities related to non-fungible tokens, such as minting, trading, and burning. In addition, the NFT-Devnet supports advanced features, including automatic royalties; co-ownership is also incorporated into the platform. Automatic royalties allow more sophisticated royalty structures for creators while co-ownership amplifies access possibilities to assets.


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The NFT-Devnet is still in beta, allowing developers to test the functionalities on XRP Ledger before the mainnet release. Initially, XLS-20d will be launched on the NFT testnet to enable developers to assess NFT capabilities and server operators to examine the performance and results of the proposed modifications without trading-off XRP Ledger’s performance.

While stating that the latest launch marks the beginning of RippleX’s proposal for NFT capabilities, Bougalis added,

“We’re excited to bring our proposal for NFT capabilities to life on the NFT-Devnet, a test network with feature-functionality that will look exactly like the primary Devnet.”

There’s No Stopping NFTs

2021 has been a wild year for NFTs. According to the latest stats by DappRadar, trading with such tokens hit $25 billion last year compared to $94.9 million in 2020.

NFT sales climbed to $11.6 billion in Q4 2021 alone. OpenSea emerged as the star performer with skyrocketing trading volumes. The industry’s explosive growth can be attributed to the entry of celebrities, brands, iconic auction houses, emergence of GameFi, venture capitalists’ foray as well Metaverse hype.

Beyond the initial hype, Modesta Masoit, DappRadar’s head of finance and research, believes companies engaging with NFTs have turned their focus on utility and integrated with other burgeoning territories of decentralized finance (DeFi) and gaming.

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