Apes own the world, and they roam the blue planet. Evolution has taken a drastically different route, and this is the alternate reality that the Earth is saddled with. The background story to CyberKongz NFT is as fascinating as they come, and this is one of the significant reasons it has found a large community of takers.
What is CyberKongz NFT?
It is a collection of evolutionary apes who are distinct in their identities. Some appear normal, while a few seem to be weird. Each character is unique and mostly rare. A few of the NFTs are animated too.
How many apes are there to be collected?
The CyberKongz collection includes 3852 pixelated apes, each with a unique set of features and attributes. They also have different accessories to boot.
The Success Story of CyberKongz
The NFT launched almost seven months ago at 0.01 ETH or $40. A collection of 1000 of the same will currently fetch a floor price of 155 ETH or $535k, a jump of around 13000x. The primary reason touted for this phenomenal drive is launching the project’s BANANA token. Every NFT earns 10 BANANAs a day. The daily yield is $750 or $270K annually at the current floor price. The pertinent question now is regarding the utility of the BANANA token.
What is the use of the BANANA token?
The primary utility of the BANANA token is breeding. If a collector spends 600 BANANA tokens, two Genesis Kongz can be bred to produce a BabyKong and a VX Kong. These are NFTs priced at 11 ETH and 1.6 ETH, respectively.
This model has worked wonders for CyberKongz, and given its success, other NFTs are rushing to adopt it. It is being hailed as a true intersection of NFT and DeFi with immense possibilities. However, there is a veritable scope of detailed scrutiny by regulatory authorities. Experts claim that the grey zone is mainly the sharing of the secondary sale royalties with NFT holders since these NFTs can be declared as securities.
CyberKongz had started as a uniquely themed collection of 1000 NFTs in early March 2021. The popularity hit a few months thereof, because of which it usurped NFT marketplace OpenSea and the popular Uniswap in terms of Ethereum fee burning. Wu Blockchain had reported that 1240 was burnt in ETH, which was equivalent to $4 million, and that took just under 5 hours. This phenomenon sent gas prices to reach stratospheric heights. The average transactions touched as high as $25. Ether claimed that complex operations averaged around $40.
The maddening popularity of CyberKongz has led to a mass frenzy amongst the NFT community. But there is a word of caution among industry watchers. Even though the future possibilities for such an explosive combination of NFT and DeFi is immense, a semblance of parity needs to be bought, and a middle ground found to balance investor enthusiasm and legal investigations.