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The following document belongs to the “New dapps series”, a set of executive reports that intend to provide users with a high-level perspective of new coming dapps. The report focuses on relevant aspects for any decentralized application such as financial metrics like sales activity and price analysis, distribution metrics like Unique Holders Ratio or the Whale Concentration Index, whales behavioral patterns, and detailed social and technical overviews.
The NFT Space has just completed its best month ever, topping $5 billion in sales volume. For this New Dapps Report, we chose three NFT projects that stole the headlines during the last two weekends, even causing tremendous spikes in gas prices.
First, the Mutant Ape Yacht Club joins an elite ecosystem. The whole concept adds utility to Bored Ape owners, and also provides a lower entry point to those individuals that missed out on the Bored Ape Yacht Club.
Also, Loot, an innovative collection that is represented by eight words on a black background. Surprisingly, the floor price reached 15 ? at some point and it may drive a new whole paradigm in the NFT space.
Finally, we take a look at Bloot, a Loot parody project backed up by a strong founding team. The concept is a Loot copycat but there are certain differences worth revisiting.
Please, do not consider this document as financial advice. Data updated on: Sep 8, 2021.
Table of Contents
- Key Takeaways
- Mutant Ape Yacht Club
- Loot (for Adventurers)
- Bloot (not for the weak)
- In Summary
Key Takeaways
- The three dapps in review generated $481.6 million in sales volume; the amount would represent around 9% of the total NFT record sales volume in August.
- Mutant Ape Yacht Club could not have done better, the collection generated over $228.3 million in just 10 days since its launch, and is the 6th most valuable NFT collection.
- Loot for Adventures amassed over 221.3 million in less than two weeks, currently, it is the 7th most valuable NFT collection ever.
- Bloot for the Weaks NFTs has been traded in more than 11,000 sales whilst generating over $30.6 million in less than one week of existence.
Mutant Ape Yacht Club
Blockchain: Ethereum
Launch date: Aug 28, 2021
Edition size: 15,287 – Limited Collection capped at 20,000 pieces
Traits: 8
Attributes: 340
Mutant Ape Yacht Club is a 20,000 NFT collection based on the Bored Ape Yacht Club (BAYC). On August 28, Yuga Labs airdropped BAYC owners a Mutant Serum, an NFT that allowed any original Bored Ape to mutate into a Mutant Ape. Mutant Serums have three different tiers (M1, M2, and M3) and belong to a different collection called Bored Ape Chemistry Club.
Each one of the 10,000 BAYC can receive only one dose of any of the three serums, giving place to 10,000 MAYC. The rest of the collection was a public sale performed by a Dutch-style auction with an original price of 3 ? that could go all the way down to 0.01 ?. At the time of this writing, 5,300 BAYC have received a serum dose.
Added Utility
MAYC is described by Yuga Labs as the final and lower tier of membership to be part of the BAYC ecosystem. And are also one of the last milestones in BAYC’s roadmap 1.0. Mutants are a utility per se for BAYC owners.
As of now, Mutants do not entail any additional utility for their owners besides being part of the exclusive BAYC community. However, it is likely that Roadmap 2.0 will include added utilities for Mutant Apes.
Financial Overview
Financially speaking, MAYC could not have done better. Half of the collection was airdropped to BAYC owners in the form of Mutant Serums, whilst the other half was available to the public. As expected, the collection sold out in minutes, and demand for the project has only increased since.
In less than two weeks of existence, MAYC has generated over 70,332 ? or $228.4 million in sales volumes. The floor price currently sits at 3.91 ? bringing the floor market cap to a considerable $202.96 million.
Same as BAYC, MAYC is amongst the best distributed NFT projects in the space. The project is currently owned by 8,325 unique holders and Level 3 Mutants have been sold as high as 350 ? or $1.13 million.
- Mint Price: 3 ? to 0.01 ?
- Floor market cap: $202,926,518
- Current Floor Price: 3.91 ? (+30% from minting price)
- Average sale price: 7.62 ? (+154% from minting price)
- Highest sale: Mega Demon for 350 ? (+11,566% from minting price) / $1,129,450
- Initial revenues: +10,000 ?
- Unique holders (ratio*): 8,325 (54.45%)
- Total Volume: $228,398,197 / 70,332 ?
- 7 day volume: $46,695,701
- Buyers vs Sellers ratio: 1.288 (6,393 / 4,963)
- Traders: 10,002
- Secondary market royalty: 2.5%
- Token: MAYC
Social Awareness and Engagement
MAYC has the advantage of joining an elite community. BAYC is amongst the richest communities that include several celebrities that go from recognized tech and NFT experts to NBA, NFL, and Hollywood celebrities.
Since the MAYC’s launch, BAYC Twitter grew by 74% reaching 132,000 followers. Whereas on Discord, the project almost doubled its members reaching almost 40,000 members.
The project awarded POAPs – participation badges – to all players that could defeat the Mutant Ape arcade mini-game. Everyone wants to be part of this community somehow.
- Twitter followers: +132,300
- Discord members: 39,800
- Announced collaborations: None
Team Overview
The project is backed up by Yuga Labs, the creators of the BAYC ecosystem. Yuga Labs have become one of the most recognized teams in the space and has even positioned itself as a brand. Easily one of the project’s biggest strengths.
- Creator: Yuga Labs
- Team: Yuga Labs
Technical Overview
MAYC experienced minor setbacks during the minting process without affecting the result. The Mutants metadata is properly stored on IPFS servers. Whilst it is not ideal to have unaudited contracts, NFTs do not require the security level necessary in DeFi dapps.
- Audit status: no audits committed yet
- Storage: MAYC NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.
- Contract address: 0x60E4d786628Fea6478F785A6d7e704777c86a7c6
Whale Wallet Analysis
As expected, MAYC has one of the lowest Whale Concentration Indexes in the space. Only 362 pieces are owned by the top 5 MAYC whales. Due to the project’s nature, there is a strong correlation between MAYC and BAYC owners.
It is also interesting to see that one of the top 5 wallets holding MAYC, is heavily involved in DeFi dapps ($63 million staked and vested in CREAM and Curve combined). Something to keep an eye on as the use cases for NFTs evolves into DeFi-like scenarios.
- Whale concentration ratio: 2.36% – 362 pieces
Loot (for Adventurers)
Blockchain: Ethereum
Launch date: Aug 27, 2021
Edition size: 7,779 – Limited Collection capped at 8,000; total supply might change based on community votes
Traits: 8
Attributes: +2,000
Loot (for Adventurers) is a collection of 8,000 unique pieces containing 8 randomly generated words. These words or phrases refer to gears that represent each of the eight different attributes. The combination of words or phrases is tightly related to RPG games like D&D.
Each Loot NFT contains a bag of words that can be interpreted in different manners. In this way, each owner will have a unique vision for its piece, enabling the community to build something unique on top of each NFT.
Added Utility
Loot is one of the most intriguing projects in the NFT space. It was developed to reward the community by opening a myriad of possibilities to build upon. One of the most important aspects of the collection is the Loot Derivatives. Loot Derivatives are satellite NFT projects that are built on top of Loot. Some Loot Derivatives examples are pixelated character generators, pets companion and monster generators, Loot realms amongst several others. At the time of writing, there are more than 50 Loot derivatives.
One Loot Derivative that stands out is Adventure Gold, a Decentralized Autonomous Organization (DAO) for the Loot community. Adventure Gold is also responsible for the AGLD token, Loot’s governance token. Each Loot NFT represents 10,000 AGLD.
Financial Overview
Loot’s debut took the NFT space by storm and the phenomena can be clearly observed by analyzing Loot’s financial metrics. To start with, more than 7,700 Loot NFTs were available to mint only for gas fees. The returns for owners who could access the mint are massive. The financial metrics could look even more impressive if Loot Derivatives are considered in the equation. For instance, loot for Cyberpunks has amassed over $926,000 in a single week.
Loot for Adventurers has generated over $221.3 million in less than two weeks and has become the 7th most valuable NFT collection ever. Perhaps the only drawback is the concentration of 32% observed in the collection.
Loot’s bag of words has been in high demand and has reached a high price of 250 E or $947,747.
- Mint Price: gas cost
- Floor market cap: $163,359,003
- Current Floor Price: 6 ?
- Average sale price: 6.94 ?
- Highest sale: Bag #748 for 250 ? / $947,747
- Initial revenues: None
- Unique holders (ratio*): 2,513 (32.30%)
- Total Volume: $221,362,628 / 63,245 ?
- 7 day volume: $194,678,271
- Buyers vs Sellers ratio: 1.288 (4,189 / 3,828)
- Traders: 7,156
- Secondary market royalty: 2.5%
- Token: LOOT
Social Awareness and Engagement
Loot for Adventurers is a community-driven project and is considered by some NFT experts as a social experiment rather than an NFT collection. The project’s launch was announced by its creator on Twitter without further marketing or media support.
Despite having no supporting cast, Loot has already reached 45,000 Twitter followers, a 421.18% week-over-week. On Discord, the project has over 28,000 members. This platform will become the foundation of this project as the place where its community decides on Loot’s future.
- Twitter followers: +45,749
- Discord members: 28,393
- Announced collaborations: Loot Derivatives
Team Overview
Loot was created by Dom Hofmann, creator of the former video sharing platform Vine and collaborator in Bitmap’s universe. Dom has no official partners for this project and he has no intention of developing further. It is all up to the community.
- Creator: Dom Hoffman
- Team: None
Technical Overview
Loot for Adventures is one of the few projects to be stored completely on-chain. The Loot Derivatives can be minted directly in Etherscan following the links contained in the official website. Loot contracts will not be audited as per Dom.
- Audit status: no audits committed yet
- Storage: Loot for Adventurers NFTs are ERC-721 tokens stored on the Ethereum blockchain.
- Contract address: 0xFF9C1b15B16263C61d017ee9F65C50e4AE0113D7
Whale Wallet Analysis
Loot for Adventurers is a concentrated collection. Its Whale Concentration Index is not ideal for a project so new although the decentralized nature lowers any potential manipulation risk. Three out of the Top 5 Loot whales analyzed, have at least one CryptoPunk or Meebit in their respective collection.
The most interesting part of this whale analysis is the DeFi involvement these whales have. Three out of the 5 whales in the analysis have significant positions in DeFi products ($45.8 million). It is not common to see NFT collectors holding such significant positions in the DeFi space.
- Whale concentration ratio: 12.86% – 1,001 pieces
Bloot (Not for Weak)
Blockchain: Ethereum
Launch date: Sep 3, 2021
Edition size: 8,008 – Limited Collection
Traits: 8
Attributes: Unknown
Bloot (not for Weaks) is a collection of 8,008 unique pieces containing 8 randomly generated words. The collection was launched almost immediately after Loot for Adventurers was launched and is a direct and colorful parody of Loot.
Added Utility
The added utilities are quite similar to Loot Derivatives although they lack the same structure and organization. Nonetheless, dozens of projects have been built on top of Bloot and are free to mint for Bloot holders.
In addition, Bloot owners were eligible to receive 10,000 Base Gold ($BGLD) via airdrop. BGLD is the token that represents the project. At the time of writing, the price of BGLD is $0.39. Not bad.
Financial Overview
Bloot hasn’t generated the volumes achieved by Loot, yet their numbers are already notable. In less than a week since its launch, Bloot has generated over $30.9 million in sales volume, good for the 39th most valuable collection. Furthermore, Bloot’s floor market cap is estimated at $18.2 million. The price volatility observed can be common in nascent dapps like this one.
One of the project’s positive signs is the even distribution (unique holders ratio of 51%), an important factor in community-driven projects. Also, the demand for the project seems high as proved by the more than 11,000 sales, more than 2,200 per day.
- Mint Price: gas cost
- Floor market cap: $18,218,200
- Current Floor Price: 0.65 ?
- Average sale price: 0.7211 ?
- Highest sale: Bloot #95 for 9.5 ? / $37,430
- Initial revenues: None
- Unique holders (ratio*): 4,125 (51.51%)
- Total Volume: $30,945,572 / 8,102 ?
- 7 day volume: $30,945,572
- Buyers vs Sellers ratio: 1.303 (5,963 / 4,577)
- Traders: 8,930
- Secondary market royalty: Unknown
- Token: BLOOT
Social Awareness and Engagement
Same as with Loot, Bloot is a community-driven project. Members and developers will be able to develop the project as far as they can.
The project has no official Twitter, although community members have formed Team Bloot, a space focused on creating value for the project. On the other hand, the Discord channel is well established. Bloot has more than 11,600 members on Discord where ideas and memes are actively shared. Another positive note in the Bloot community is the presence of the project’s founders in the Discord group.
- Twitter followers: +1,340
- Discord members: 11,600
- Announced collaborations: Bloot Derivatives. Also, it is not far-fetched to see crossovers with the Punks Comic and MetaHero metaverse.
Team Overview
Bloot’s founding team is a solid one. The project was created by Beanie, a Venture Capitalist in the industry and core member of the Pixel Vault team that created Punks Comic and MetaHero Universe, along with tropoFarmer and Hunter Orell. The last two are recognized characters in the NFT space as well and hold informative NFT Twitter Spaces on a regular basis.
- Creator: Beanie, tropo, and Hunt?r
- Team: None
Technical Overview
There is not much technical information regarding the Bloot project that is available to the public. If not for the team, this would immediately raise a red flag. Nonetheless, the situation is not ideal.
- Audit status: no audits committed yet
- Storage: Unknown.
- Contract address: 0x4F8730E0b32B04beaa5757e5aea3aeF970E5B613
Whale Wallet Analysis
Bloot not for Weaks is a well-distributed collection from a whale perspective, further confirming the above-average unique holder’s ratio.
As expected, there is a strong correlation with Punks Comic and MetaHero projects. It is interesting to see a very diversified portfolio. The top 5 wallet holders have significant pieces in a wide array of collections that include Art Blocks, Cool Cats, Curio Cards, BAYC, Adam Bomb Squad, and several others.
- Whale concentration ratio: 4.84% – 388 pieces
In Summary
MAYC is the final piece of the outstanding BAYC ecosystem. At least in its initial stage. MAYC represents the best chance of becoming part of the coveted BAYC community. Whilst there is no immediate utility for Mutant holders, Yuga Labs will certainly design different ways of rewarding their owners.
Loot (for Adventurers) is certainly a groundbreaking collection. The project does not have a central team backing up the project and has a bottom-up approach rather than a top-down structure like the rest of the collections. To be more concise, the rarity of each piece is determined by the attributes included in each JPEG; in Loot’s case, it’s up to each owner to interpret and create anything based on each word or phrase.
Furthermore, Loot’s approach empowers the community and its decisions. It will be up to Loot’s community to decide what to build on top of the project to maximize their utility going forward. In my opinion, besides certain DAOs, Loot is the epitome of a truly decentralized project. To learn more about the project, I definitely recommend reading this article.
The counterpart, Bloot not for Weaks, will start its trajectory under a copycat label. Yet it embraces this role. Whilst the community does not seem as strong as in Loot, belonging to the Pixel Vault family may bring some rewards to Bloot holders, potentially raising the collection’s value.
Newsletter The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SOL, AVAX, DOT, KSM, XTZ, LUNA, UNI, SUSHI, xSUSHI, ORN, AKRO, KNCL, EGLD, BAT, CRO, SHIB, LINK, BAND, BNB, CAKE, OOE, DNXC, DPET, TVK, POLS, POLK, RAMP, XED, AXS, SPS and owns collections like NBA Top Shot, CyberKongz VX, Ghxsts, Cool Cats, RSoP, SupDucks, Legendz, Punks Comic, Metahero Universe, Pixel Vault DAO, Avastars, Dogs Unchained, CryptoKitties, VeVe NFTs and 1/1 art pieces.
