Apechain Breathing New Life Into NFTs?

Are NFTs back? Maybe.

And it’s all because of ApeChain!

First off: a whopping 94x from Jimmy’s Funhouse (@JimmyOnApe).

This 10k PFP collection minted at 1 $APE last week and well, hit an ATH of 94 $APE with rares selling for 200+ $APE.

They’ve also pushed out serums - which I’m assuming will turn Jimmys into Mutant Jimmys (probably not a separate NFT… extra dilution right now would be very silly IMHO).

I’ll be keeping a close eye on this one: how the market reacts to this will tell us more about the users in the ApeChain ecosystem. A lot of these projects start off with vibes but do these “evolving NFTs” mechanisms from 2021 work as a catalyst for an NFT chain in 2024?

Another big winner is Brainzz (terrible name btw), they minted for 3 $APE (supply: 5,000) and floor is currently at 18 $APE which is a decent 6x (ATH was 22.5 $APE).

Even “art NFTs” are having a moment.

‘Things We Say We Saw’ (only 100 supply) minted at 300 $APE and as of time of writing has a floor price of 3,800 $APE (4,218 USD), which is a whopping 12.6x — not bad for a few hours’ work (and winning a gas war).

As a ‘fresh’ new chain, the NFTs that do well in this stage are those that stand out in terms of creativity and are relatable - which is why I’ve seen Jimmys and Garga Apes on the timeline a lot.

Jimmy the Monkey is a character in the BAYC universe; riffing off an established character especially in the same style… but also adding its own little lore to it is why it’s the closest to an 100x on ApeChain.

Garga Apes are also a ‘cultural’ thing - everyone loves Wylie Aronow, current CEO of Yuga Labs & Bored Ape Yacht Club.

Both collections have had prominent BAYC holders just mint a bunch and send them around to friends.

Oh and — PFPs will never get old. The new ones may never become blue chips, but as NFTs, PFPs will ALWAYS have value to represent a ‘community’ as opposed to say, gaming assets.

Concluding thoughts:

One of the key factors that separates ApeChain from the other chains is that there’s no incentive for people to “farm” an airdrop since it’s already TGE-ed and all the airdrops have been distributed already!

What that means is that the people who are using it are genuinely using it for the culture — Bored Ape holders and ApeCoinDAO members disgruntled with how Animoca Brands (the largest holder of ApeCoin) has been shadow-puppeteering how the DAO works (i.e. approval of Animoca-backed projects and rejecting other projects that want to apply for ApeCoin grants).

These are people that like profits, but are heavily NFT-native… and so would prefer trading the NFT game (2021 style!) in 2024. It’s funny because it’s almost as if the driving force is nostalgia… even though that was only 3 years ago.

Might write a bit about the different launchpad options for NFTs tomorrow.

But more importantly, gotta stick to this habit of writing these daily.

Until then,

subvert