While the collapse of the 2022 cryptocurrency market has received a lot of attention, the collapse of the (NFT) market has gone largely unnoticed. Statistics, however, do not lie, and since February 2022, a significant portion of NFT market participants has been steadily declining. Investor confidence in the NFT market has been declining. According to blockchain analytics platform Chainalysis, this summer saw an astonishing 88% drop in the number of addresses transacting on NFT marketplaces like OpensSea and LooksRare in a given week.
Undoubtedly, freefalling cryptocurrency prices and other external factors and the world recession may account for some of the drops in NFT transaction volume. Nonetheless, the decline is too steep to be explained by this alone. Indeed, many analysts believe the current drop partly happened because the industry is undergoing a creative drought. Join me in today’s editorial, where we will see why Bored Ape Yacht Club (BAYC) and ApeCoin have passed their peak and what the future holds for a new kid on the crypto block Big Eyes Coin. Let’s dig in.
After the overwhelming success with its initial release of the BAYC collection, the once supreme NFT collectible camp has not been doing great. What started as an excellent project following the narrative of CryptoPunk, another Ethereum NFT sensation, quickly became a nightmare for everyone involved in the BAYC community. It all began with a drastic decrease in the price of ApeCoin after the airdrop that looked like a complete success.
The lucky BAYC NFT holders received free tokens at first, and while their price rose during the drop, it has since fallen, losing some of its initial magic. Initially, a collective known as ApeCoin DAO, a decentralized autonomous organization, airdropped ApeCoin to BAYC NFT holders.
Though the DAO is separate from Yuga Labs, the creator of BAYC, the company did adopt ApeCoin as its primary token for the BAYC ecosystem. And although BAYC and ApeCoin collaborated with Adidas, became accepted by Gucci and even created a metaverse game for a broader BAYC ecosystem, it was not enough to sustain the initial momentum.
Although several factors were in place contributing to the gradual downfall of a project and a token that used to be viewed as the saviour of the crypto flock, there is one definite pattern. Namely, the crypto community is tired of washed-up copycat projects that all share similar aesthetics and styles without providing tangible utility. And this is where Big Eyes Coin comes into play.
Unlike most NFTs currently enjoying popularity in one way or another, Big Eyes Coin has nothing to do with most of the standard features all NFTs employ: being a collectible of computer-generated avatars and ape-themed. Their adherence dictated the initial success of BAYC to the format of rendering utilized by Larva Labs when creating CrytpoPunks. However, we have to keep in mind that the CryptoPunks collection was issued in 2017, and since then, a lot of time has passed. Multiple collections, ranging from Pudgy Pinguins to Invisible People, all employed the same principle.
This is why when the upcoming Big Eyes Coin collections were announced, it generated a lot of attention from the Twitter crowd, precisely because it looked different (aka, it was not another ape-derivative token). On top of that, Big Eyes Coin also challenged how NFTs will look. Instead of being a collection of computer-pixel-generated avatars, this project vows to issue NFTs, each dedicated to a private community event that would act as a pass.
Although BAYC and ApeCoin could potentially combat their shortcomings and claim a place under the NFT sun again, it might be too late because Big Eyes Coin is coming to take names. The original idea to incorporate NFTs as passes to exclusive community events and a conspicuous aesthetic style proves to be a successful way of getting people on board. Don’t believe me?
At the time of writing, the project has wrapped up its 2nd presale stage with a whopping $3.5 million in the bank. The community around the project has voted with trust, and you could be the next in line to join these fortunate souls. However, always do your research before investing in anything. Happy trading!
For more information on Big Eyes Coin (BIG), please visit the following links: