Original: https://sealaunch.substack.com/i/101612340/intro
introduce
Before we delve into the on-chain behavior of Ape holders, take a look back at Bored Ape Yacht Club’s journey from its launch in 2021 to the $4 billion valuation of its parent company, Yuga Labs, which raised $450 million last year from A16z Dollar
- issued
BAYC launched in April 2021, launched 10K PFP series at a minting price of 0.08 ETH , and sold out quickly
The secondary market price reached double digits just 3 months after launch (11.89 ETH on August 4th), and the median price of BAYC at the time of writing is around 70 ETH .
BAYC also acts as a membership NFT with access to the "Yacht Club" online community and IRL events.
Right from the start, Ape holders have ownership and can create brands and businesses around their Apes, such as Bored & Ape & Hungry , Jenkins the Valet, Jenkins the Valet , and even upcoming shows that have their creators' Ape stolen pause .
- Yuga's Road to a $4 Billion Valuation:
In 2021, the world of BAYC has expanded with the launch of Bored Ape Kennel Club and the upgrade of BAYC to Mutant Ape Yacht Club (Mutant Serum via AirDrop).
**According to Investopedia, the most expensive Boring Ape auctioned was BAYC #8817, which fetched $3.4 million at Sotheby's in October 2021. **BAYC #3749 was the most expensive Ape purchased by SandBox at nearly $3 million.
There is an Ape that can quickly gain social recognition and status in the NFT community and Twitter, while also benefiting from celebrity holders such as Snoop Dogg, Eminem, Paris Hilton or Steve Aoki and popularity such as brand partnerships with Adidas.
Milestone 1 in 2022: Yuga Labs has acquired two NFT OG collections CryptoPunks and Meebits from Larva Labs, solidifying its leadership in the NFT market.
As you can read in this post : 5 of the 9 Outliers NFT collections belong to Yuga Labs, namely BAYC, MAYC, Otherdeed, and CryptoPunk.
2022 Milestone 2: ApeCoin DAO (an independent entity of Yuga Labs) launches and AirDrop 15% of $ Ape to holders of BAYC, MAYC, BAKC -- DAO's governance token, holder's equity mechanism, and Unlock rewards in Web3 games (co-op or Yuga's future events).
2022 Milestone 3: The next step in Yuga's vision is to reveal the Otherside metaverse, with the first sale of 55K Otherdeeds virtual land NFTs. The piece of virtual land was priced at 305 Ape(you can only buy it with BAYC ecosystem tokens) and sold out within hours, netting Yuga $317 million from the launch.
This has prompted a $450 million seed round led by a16z and a $4 billion valuation for its parent company, Yuga Labs.
At the end of 2022, Daniel Alegre was appointed as Yuga's new CEO. Alegre took over from the president of the gaming giant Blizzard, which is a clear signal to the holders and the entire NFT community, showing the ambition to build Otherside's metaverse into an "immersive Web3 world".
2023 kicks off with the expansion of the BAYC universe and the launch of the NFT access control game Dookey Dash .
Testing of Jimmy’s teaser and game announcements led to a spike in secondary trading volumes for BAYC, MAYC, and BAKC NFTs.
BAYC, MAYC and BAKC holders can apply for a free Sewer Pass, and holders can get different Sewer Pass levels (MAYC = Level 1, BAKC + BAYC = Level 4)
Dookey Dash is part of the "Chapter One" narrative experience of the Yuga Metaverse Otherside's larger interoperable vision. The sewer game closed on February 8th, and on the 15th will unlock "The Call" - a new power source for the highest score in the Dookey Dash game, and the next stage in the legend and roadmap of BAYC in 2023.
At the time of publication, NFT collectibles > 2K ETH lasted for 30 days.
The NFT community has all witnessed the great success of BAYC and Yuga since 2021. Now turn our attention to BAYC holders for insights into their on-chain behavior.
Some questions to guide this analysis:
How much BAYC does each wallet hold?
Who are the top BAYC holders (and how many MAYC and BAKC do they own)?
Which NFT collections are BAYC holders buying or selling?
What is BAYC's most expensive sale?
Which BAYCs are traded the most?
What is the effect of BAYC rarity on the price of a particular floor?
Which NFT marketplaces are used to trade BAYC?
What other collections do BAYC holders own?
Send @cryptuschrist some great BAYC Dune dashboards, we use some of his queries as the basis for developing these dashboards.
Looking at the Dune Analytics dashboard developed as the basis for this analysis, note that the data used is as of February 8, 2023:
https://dune.com/sealaunch/bayc-holders
Y C traits overview - Analysis of most valuable Ape traits
How many BAYC per wallet?
There are approximately 5,967 unique holders of BAYC (roughly 60%).
Over 92% of BAYC holders only have one or two BAYC in their wallets.
Holders with more than 20 BAYC on wallets represent less than 0.5% of total holders (16 holders).
The distribution of BAYC per wallet shows a large community with a large number of small holders and a low percentage of holders with a large amount of BAYC. In contrast, BAYC has a higher percentage of unique holders (60%) than other popular NFT projects such as Azuki (50%), CloneX (50%) or CryptoPunks (37%), indicating a larger community.
Who are the largest holders of BAYC (how much MAYC and BAKC do they own)?
BendDAO , an NFT liquidity protocol that supports instant NFT-backed loans, is a top holder of MAYC and BAYC as it holds ~640 MAYC and ~620 BAYC (at ETH and ETH respectively ). BendDAO's BAYC holdings represent ~6.4% of its total supply.
Paraspace , a cross-profit NFT financialization protocol, also holds 355 MAYC and 178 BAYC.
Dingaling currently holds 101 BAYC, 99 MAYC and 110 MAKC, which makes him the #4 holder of BAYC (and one of the first holders if we exclude NFT financialization protocol holdings) .
MachiBigBrother is a well-known BAYC holder and is the 11th holder of BAYC + MAYC + BAKC with 99 NFTs (54 BAYC, 43 MAYC and 2 BAKC).
The fact that the top holder of BAYC is an NFT financialization protocol strongly validates its status as a high-value blue-chip NFT widely accepted as collateral for loans. However, the high concentration of assets in these protocols can increase market volatility, especially during economic downturns, as large amounts of BAYC can flood the market and negatively affect prices.
What are BAYC holders buying and selling?
For this analysis, we were considering last week
Over the past 7 days, BAYC holders bought and sold the most Sewer Passes (granting access to Yuga Labs' Dookey Dash interactive skill minting, available at mdvmm.xyz from Jan 19, 2023 to Feb 8, 2023 obtained from above).
The second series to buy more is Checks - VV Edition , from Jack Butcher ( check our latest Dune Dashboard covering Checks ).
BAYC's most traded other collectibles include Otherdeed for Otherside , 10KTF Stockroom , Dooplicator , MAYC , and BAKC .
BAYC holders primarily trade Yuga owned collectibles (Sewer Pass, Otherdeed for Otherside, BAKC, MAYC), blue chip related NFTs (Dooplicator), with the notable exception of Checks - VV Edition, which is a recent collectible by Jack Butcher , garnering a lot of hype and attention from the NFT community, WagmiSan's 10 KTF Stockroom is another blue-chip project in the NFT space.
What is BAYC's most expensive sale? What BAYC has the most deals?
The top 5 BAYC sales are over $2 million (more than 500 ETH each).
The most expensive BAYC on the chain is #3749, bought by The Sandbox more than a year ago for close to $3 million (740ETH).
ETH , Chain CEO, bought No. 232, which is the second most expensive BAYC in USD and the most expensive in ETH (1.080 ETH).
Out of curiosity: BAYC #1156 was traded 20 times, #4962 was traded 15 times, and #9109 was traded 14 times.
What is the effect of BAYC shape rarity on floor price?
The most valuable features of BAYC in floor price are pure gold fur, hairless nozzle, hairless dagger mouth and laser eyes. In general, these are among the rarest traits, and its market value correlates to its rarity.
In fact, if we analyze the most expensive BAYC sales, they all include high value/high rarity features such as pure golden retrievers, laser eyes, psychedelic fur.
Even if higher rarity is associated with higher floor value, this is not always true, as some traits (or combinations of traits) acquire more cultural significance than others.
Check out our Dune Dashboard ( BAYC Traits Overview - Most Valuable Ape Traits Analysis ) where we analyze BAYC traits and classes across and their perceived market value (floor price) and explore market value versus rarity relationship between degrees.
Which NFT marketplaces are used to trade BAYC?
For this analysis we are considering the last 120 days.
In the past, BAYC basically traded on OpenSea. But with the introduction of new NFT marketplaces, OpenSea started losing market share to LooksREE, X2Y2 and most recently Blur.
In the past 120 days, 50% of BAYC's transaction volume occurred on Blur, while OpenSea only accounted for 22%, and X2Y2 accounted for 20%.
Holders of BAYC seem to be following the disruptive trend of the NFT market, the NFT trading market sea battle . In 2022, the NFT marketplace that supports traders and low to zero fees quickly gains market share from the existing OpenSea.
Also, as mentioned in a previous article, and confirmed by our Dune Analytics NFT Marketplaces Blue Chips VS Other Collectibles , OpenSea has a lower reliance on blue chip transactions, such as BAYC and other NFTs of Yuga, as opposed to Blur, At the time of writing, about 43% of the trading volume was blue chips.
What other collectibles do BAYC holders own?
Collectibles that are cross-held for more BAYC holders are also owned by Yuga (like BAKC and MAYC).
In addition to MAYC and BAKC, ENS , Artblocks , CloneX , 10KTF , Cool Cats , World of Women Galaxy , and Moonbirds are non-Yuga owned collectibles owned by most BAYC holders
risk warning:
NFA DYOR (Not Financial Advice Do Your Own Research) This article is only for sharing and communication, not as investment advice.
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