NEWS  

Viewpoint: business experience of boring apes: Yuga’s income model is basically to encourage fomo and sell air

In just one year, the boring ape Yacht Club (bayc) has developed from a niche NFT to a complete ecosystem, and has become the mainstream means to show off wealth.

Looking at the timeline on twitter, boring apes brought NFT into public view and brought huge benefits to all early collectors and traders.

The mint price of the series is 0.08 eth (only $190 in April 2021), but now the cheapest monkey costs at least $340000 to $340000.

However, the rise of bayc makes many initialDigital art loversDisgusted, they feel that the project has been occupied by embarrassing novices and celebrities with fraud tendency, and the core team has abandoned the most important value of crypto.

For many, the recent scandal surrounding the coinage of otherdeeds has crushed themThe last straw。

Since its launch, ape, bayc and OTHR have all experienced huge declines.

As confidence wavers and loyalty weakens, what will be the future of boring apes?

The boring ape’s initial success can be partly attributed to timing; stay ShitcoinAt the peak of, that is, when the defi token was about to collapse, the boring ape appeared, and then the NFT started in the summer.

Bayc’s aesthetics and add-on products successfully captured the resonance of its holders, which its predecessors missed.

In fact, the project has completely eclipsed cryptopunks. The first was at the end of last year“FlipAt that time, the rising floor price of bayc exceeded about 60 eth of punks, and then Yuga finally paid an undisclosed amount in MarchAcquisitionLarva labs.

However, success always attracts haters. At present, there are many attempts to discredit the project. It’s up to you to decide whether they really deserve attention.

  • Remember when the team wasCyber ManhuntWhen?
  • Remember the boring apeRacismWhen?
  • Remember all“Boring ape is black”What time is it?

It can be said that most people in the field of NFT are not “for technology”.

The claim that bayc owners are victims of fraud and “hackers” has never stopped and is well documented.

Boring apes are hot in the market. Everyone brought them during the period of ape inHuge incomeYes, but those who make the most profithunter‌。

There are many ways to separate boring apes from their owners, from proven ones Twitter accountPublish phishing links to use Opensea user interfaceVulnerabilities, bayc DiscordInvaded and, of course, the latest InstagramHacker, the total loss is estimated at $2.4 million‌。

The project is full of scandals, but that hasn’t stopped it from becoming mainstream.

Snoop Dogg is just one of several celebrities involved in the project, many of whom have been provided with NFT to celebrities & quot; Moonpay” Or did moonpay get the help of these celebrities?

All kinds of celebrities are involved in NFT, and their response is always polarized.

Bagholder was elated, while onlookers were impressed by the two brandsUnnatural cooperationI’m afraid because these two brands are fighting to attract your attention.

We can forgive those who doubt the authenticity of celebrities in NFT.

Yuga labs and fans continued to take advantage of the success of bayc, launched derivative products such as bored ape Kennel Club and mutant ape Yacht Club, and even opened an offline storeHamburger‌。

However, the final monetization strategy is inevitable.

Apecoin, the currency of boring ape, was launched on March 16 and airdropped to all bayc holders.

There is one that can be described as“Pay people who hold apecoin with apecoinCan it be said that providing exit liquidity for the team is a key function of apecoin token mechanism?

Maybe not… Apecoin can be used to buy NFT on opensea, and it will beHypeThe original currency of the meta universe. In “other side”, fans will be able to buy land with apecoin.

Otherdeeds casting started shortly after the launch of apecoin because Yuga labs was keen to provide some utility for the token.

The coinage achievedGreat successYes, but mainly for Yuga labs, not for anyone else.

The first danger signal appeared before the launch.

Coinage requires users to conduct KYC in advance before paying the coinage price of 305 apes (about US $6000), so as to ensure that the price of ape can be raised to more than US $25 when potential landowners purchase it in anticipation.

Then, in addition to mandatoryNetwork fraudIn addition, this release paralyzed the Ethereum network for two hours. Gas prices soared and users paid 60234 eth(170.8 million US dollars) to cast land NFT, 1653 eth (4.7 million US dollars) were lost purely due to transaction failure.

Yuga labs has announced that they willreturnThe cost of all failed transactions, of course, the plan has become another phishing sitetarget‌。

In addition to gas, the sale brought Yuga a $320 million Mint fee, plus about $475 million in secondary sales, making opensea’s daily trading volume reachrecord high‌。

The value of all bayc related products fell sharply after the launch.

Apecoin is currently down & gt; 40%, otherdeeds itself fell more than 50%.

Yuga Labs’ response to these confusionrespondConsidered arrogant, he criticized the “bottleneck of Ethereum” and suggested that the boring ape universe be transferred to its own chain.

The statement was not optimistic and it was pointed out that due to the lack of foundry contracts Gas optimizationFailure, resulting in exceeding 40000Excess eth (& gt; $100 million) was destroyed.

Destroying so much eth may be good for the bull market, but it seems to be a waste.

In addition to the holder’s bad OPSEC story, this is the first undisputed negative public relations event in the bayc world.

Through its stable new product launch, Yuga labs is good at maintaining the necessary hype around the bayc ecosystem.

Will ape chain be their next solution? Maybe. Who can blame them for taking this road?

For them (and their holders), a centralized L1 may be a better solution. They are so rich and capable of building anything they want.

Yuga is not a technology company (as we can see from the coinage), but they do well in their work. If they can keep hyping, their current attention to brand and marketing will certainly lead to more things.

Yuga’s revenue model is basically to encourage fomo and sell heated air (or recently launched gas), which is very effective for them.

However, even marketing masters cannot escapeElong effect‌。