Studying Cases of CryptoPunks and BAYC

There has been a growth in the NFT Market this year compared to last year. But, there will be a study on why the most popular collections became what they are today.

BAYC (Bored Ape Yacht Club) BAYC has increased in value since it's launch forming an average price of 41.3 ETH which is equivalent to $180,000 as of October 10, 2021 on Open Sea. What could be their secret which makes them stand out from the rest of NFT collections churned out on daily basis?

1. Their Concept. BAYC is a collection of 10,000 apes on the Ethereum network and each ape is distinct having different attributes based on a combination of different properties. The uniquely designed characteristics of each ape draws attention of investors cause the apes do look full of personality.
2. The Holder Benefits One of the benefits exclusive to holders of BAYC is the virtual graffiti space " BAYC Bathroom". The BAYC Bathroom gave holders a sense of being part of an exclusive community in the form of gamified participatory art.
3. Partnerships Through partnerships with other NFT projects, BAYC is expanding its NFT usage. They have asserted their values and vision by expanding its scope to the Metaverse through activities such as building it's own space for BAYC Investors in Decentraland or the Sandbox

CryptoPunks CryptoPunks is a collection of 10,000 NFTs consisting of four types: human ( men And women), zombies, apes and aliens. These were created randomly by adding various attributes. Crypto fanatics are crazy over CryptoPunks due to,: 1. It's the oldest NFT project. It is an old NFT project and this creates a strong demand for CryptoPunks, according to Decrypt.

1. Exponential growth of NFT Market. If NFT becomes the new standard of digital ownership, CryptoPunks value is expected to grow even higher.

2. High Profile Owners. These high profile owners have a way of making the project more popular. For example, in June 21, Jay-Z set his Twitter profile as a CryptoPunks NFT he owns, that had a way of increasing the popularity of CryptoPunks.

Using BAYC and CryptoPunks as our case studies, characteristics of the most prominent NFT collections have been looked into. In summary, it can be said that these 5 features listed above namely: Concept, Holder Benefits, Partnerships, Position in the NFT market and High Profile Owners have played a crucial role in making BAYC and CryptoPunks as expensive NFT.

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