An invasion of 10,000 new mutant monkeys
Launched in April 2021, the Bored Ape Yacht Club (BAYC) originally included 10,000 NFTs called “Bored Ape” and representing randomly generated apes. Each of them has different characteristics. Some wear hats, atypical clothing or glasses, while others have multi-colored skin or smoke a cigarette.
This Saturday, the BAYC team did a massive airdrop. The “Bored Ape” holders were each given one of three serums: M1, M2 or Mega Mutant (M3). By injecting their monkey with the serum, they had the ability to create a new mutant monkey, called the “Ape Mutant”, retaining the traits of the original but with new characteristics.
Depending on the level of the serum, the mutant monkey could be completely deformed, with more or less rare features. As for the Mega Mutant (M3) vial, it completely transforms the person who inoculates himself, giving him potentially rarer and therefore more valuable traits.
– SWΞΞTTOOTH. 🤑 (@sweettoothnft) August 29, 2021
For Bored Ape holders, this airdrop was a godsend. In effect, they could keep their original Ape while getting an extra NFT of potentially great value.
Bored Ape Yacht Club raises $96 million
In addition to the 10,000 serums given away for free to their community, BAYC has also put up for sale 10,000 new mutant monkeys. Priced at 3 Ether(ETH) each, they were all snapped up in just one hour. The BAYC project raised $96 million.
At the time of writing and in just two days, these NFTs are already selling for at least 7 ETH, or $22,400 each. According to data from the OpenSea platform, Mutant Apes have generated about $140 million in trading volume since their launch.
Bored Apes is the fifth best performing cryptocurrency project of all time. Also according to <a href=”https://opensea.io/activity/boredapeyachtclub” target=”_blank” rel=“noopener”>OpenSea data, the monkeys have generated over $400 million in sales. The minimum price threshold for a (non-mutant) monkey is now set at 25 ETH (or $80,000).
On his Twitter, journalist Colin Wu analyzed BAYC’s Etherscan address and found that $28 million obtained by selling mutant monkeys was automatically transferred to the Blockfolio exchange (now FTX).
The 28,000 ETH obtained by Mutant Ape Yacht Club, BAYC transferred to the address identified as the Blockfolio (FTX) exchange. The community suspected that it was selling ETH which caused a 4% drop in ETH. https://t.co/5rOe2fA3Z6
– Wu Blockchain (@WuBlockchain) August 29, 2021
According to the BAYC community, this move could be the reason for the recent and rapid 4% drop in ETH price. The journalist asked the Bored Ape Yacht Club team and its 2 co-founders about this, a request that has remained unanswered to date.
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About the author: Lilian Aliaga
Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies to as many people as possible. I am also interested in technical analysis and trading.
All articles by Lilian Aliaga.