Block D Weekly Report: The Monkey King makes trouble in the Metaverse

Hello everyone, this is "Block D Weekly Report", I'm Uncle D.

I believe that both newbies and veterans of the blockchain should know that the biggest news in the past few days is the land NFT project "Otherside" issued by the big project "BAYC (Board Ape Yacht Club)" in the NFT industry.

Let's sort out the amazing deeds and records set by this sale:

• The first wave of 100,000 lands was issued, some of which were directly airdropped to project contributors, as well as holders of BAYC and MAYC. About 55,000 lands were actually sold, and they were sold out within 3 hours after the sale, and the sales revenue exceeded 300 million. dollars.
• The transaction needs to use the virtual currency "ApeCoin ($APE)" issued by BAYC itself. The format is also changed from the "Dutch auction" that was generally believed to be used ( an auction method in which the price will drop from high to low over time. During the process, buyers can buy first, first serve, but if they want to wait for the price to drop a little more before buying. , you need to risk selling out and not buying it, which is a common auction method in the NFT industry. ) Suddenly announced that " Dutch auctions are actually bullshit " and changed the price to $305 APE, presumably to avoid Gas War, although still in vain ( Gas War: Fee War, you can refer to this article ).
• It is required to complete KYC certification (Know Your Customer, which means using one's own documents to register the real-name system) before purchasing, which seems very strange in the blockchain world full of anonymous culture. Complete KYC certified wallets' OTC transactions.
• The current 5/1 issuance caused the blockchain "Ethereum" to be paralyzed. The basic unit of transaction fee exceeded 8,000 gwei (usually more than 70 would be too expensive...), and more than 50,000 coins were permanently burned. Ether, worth more than $100 million (Ethereum is designed for long-term development so that a portion of the transaction fee will be directly destroyed for each transaction).
• Although other NFT projects during this period have long decided to avoid its edge and suspend all sales activities, because everyone in the market is raising money to buy monkey land, there are still many projects that have been sold, making the floor price ( The lowest listed asking price in the market) has fallen.
• During the transaction process, due to the ever-increasing transaction fees, the transaction fee is more expensive than the NFT itself. Not to mention that a large number of people have made transactions but failed to buy them, so they lost the handling fee in vain, and the official later announced that the handling fee will be refunded to those who failed the transaction (although the handling fee is not charged by them) , and stated that it will prudently consider developing a blockchain for its own use.

 [Extended reading]
1. Moving area: Otherside Epic Wars burned 50,000 ETH, and the land NFT casting Gas exceeded 8,000; Yuga Labs: Sorry for paralyzing Etherscan, consider building your own chain 2. NFT Board: The largest NFT casting in history—— Bored Ape's Otherside virtual land sale raises $320 million
3. Blockbuster: "Otherside" land sales burst into Ethereum! Wasted $180 million in gas fees

Seeing the above super crazy records, are you wondering what the charm of BAYC is, making an NFT project that has just completed a year become the largest brand in the Metaverse with a value of more than 5 billion US dollars. What kind of company is Labs?

Make good use of topics and make careful moves

In fact, BAYC has been in the news since the beginning of this year. A series of celebrity operations, from the entertainment industry to the financial industry, have stated that they hold BAYC, including the news that Big Brother Ma Ji gave Jay Chou and Jay Chou BAYC#3738 .

Then in March, the shocking news that hit the NFT world broke out again almost without warning: CryptoPunks , which was developed and owned by Larva Labs and had the status of the ancestor of the NFT world, together with its other blue-chip project Meebits , was bought by Yuga Labs. Let Yuga Labs, which has added these two powerful IPs (Intellectual Property), become a veritable first brand in the Metaverse, and some even say, Disney in the Metaverse.

At this stage, the floor price of BAYC (the cheapest NFT price) has already exceeded $100ETH (the price was about $300,000 at the time), but Yuga Labs did not stop, and then announced the "MetaRPG" metaverse game project, except that BAYC holds Players can go in and play, and also support many other NFT projects. More importantly, ApeCoin virtual currency was issued, and it was announced that virtual land would be launched. For a time, everyone wanted to enter BAYC, which further pushed up the price.

A few days later, Yuga Labs released a super-burning and exquisite trailer, further revealing the "Otherside" virtual land project and partners, and even the prices of the partners appearing in the film have been pulled up.

The most marketable NFT project party: Yuga Labs

Yuga Labs is definitely a master of topic hype. The current CEO Nicole Muniz has accumulated rich brand marketing experience in advertising agencies, Google and the company he founded in the past, and has excellent brand operation ability, so that Larva Labs also did the same in the press release of selling CryptoPunks Big compliments to Yuga Labs:

...At the same time as we were working on possible solutions to the situation, we met and got to know the founders of Yuga Labs. We found many things in common, but we also saw in them the skill set and expertise in this space that we were missing. In many ways Yuga is the innovator of the model for the modern PFP project, and are the best people in the world at operating and growing these projects and communities around them.
...while we were researching possible solutions, we met the founder of Yuga Labs. We have a lot in common, but we also see in them the skills and expertise that we lack in this field. In many ways, Yuga is an innovator of the PFP project model and the best person in the world at running and growing these projects and communities.

If we calculate to the beginning of May 2022, that is, one year after BAYC was issued with 0.08ETH, the diamond hand holders of BAYC (long-term holders) have profited more than 1500 times (as of May 2022). /4 floor price calculation, the same below), if you add the various airdrops that Yuga Labs gave to holders during the year, such as MAYC (Mutant Ape Yacht Club) (floor price 26.6ETH), BAKC (Bored Ape Kennel Club) (floor price 8.4ETH), $APE coins (one NFT can get more than 10,000 pieces, one worth about $16), Otherside land (floor price 3.4ETH), etc., are at least 2000 times more.

If people bought the above one, it would be more than 2,000 times. This BAYC#2087 sold for $769ETH (about 62 million Taiwan dollars), who is the person who sold it? I revealed that I am a big brother that everyone in Taiwan knows. You are welcome to leave a message and guess 😉

In fact, if you observe carefully, you will find that Yuga Labs has always arranged a very careful product development plan, but it has never disclosed too many actual details in advance. Instead, through step-by-step marketing operations, the public's sense of expectation is gradually stacked. , and when the time is right, bring out the actual beef, detonating the maximum energy of the community.

In addition to mature product development technology, a thorough understanding and clear vision of NFT and community management, and skilled marketing and brand management techniques, many successfully implemented elements are interlinked. Only then can we achieve the metaverse myth that BAYC achieved in just one year.

The above is this week's "Block D Weekly Report". Are you also looking forward to how Yuga Labs and BAYC will develop in the future? Go to the "Block D Weekly" subscription area and leave an email subscription to receive the most noteworthy news in the blockchain world every week!