The NFT market rose to glory in 2021 following the sale of a Beeple NFT for $69 million. Alongside the hugely bullish sentiments existing in the Cryptocurrency market, the NFT industry witnessed unprecedented growth over a very short period.
While the market valuation has certainly shrunk during this crypto winter, the adoption of NFTs as a technology has not slowed down. It is, however, very probable that some aspects of the market are overvalued – individuals see NFT collections as a means of making money; this does not negate all the positives that NFTs are bringing to the world of crypto, Web3 and business.
The Bored Ape Yacht Club (BAYC), Apecoin and the Otherside Metaverse
The Otherside metaverse is planned to be a digital world interoperable with a multitude of games hosted by Yuga Labs. Yuga Labs is the home of the BAYC and all affiliated technologies and assets. The success of this project has shown the capacity for NFTs to be fully integrated into blockchain applications and Web3 social outlets.
The Otherside will be afforded by Apecoin and the APE token will be responsible for all transactions in this digital economy. Despite the Otherside metaverse still being ‘upcoming’, the success and excitement that has surrounded this project are second to none. It is arguably the most exciting metaverse project, best displayed by the volume of ‘Otherdeed’ NFTs minted on day 1 – 55% were bought up and the Ethereum blockchain temporarily crashed due to user volume!
These NFTs are plots of land inside the metaverse with varying scarcities of attributes, i.e. natural resources and rare artefacts. While dynamic scarcities of NFTs are by no means unique to the Otherside metaverse, Yuga Labs and the Apecoin development team have established the most successful application of the technology for any web3 project.
The success of the Otherside metaverse is now fully synonymous with the success of Apecoin. Otherdeed NFTs were minted for 305 APE showing the significance of Apecoin to the Otherside and BAYC ecosystem.
Institutional adoption of blockchain and NFTs
The latest news in September is that FIFA, the institution behind the world’s most significant football tournament – the World Cup – has launched a collection of video NFTs tied to famous WorldCup games of the past. This NFT project will be supported by the Algorand blockchain.
Each NFT will have 3 randomly selected highlights or ‘moments’ and should be available for purchase in USDC-A for $4.99.
This is another example of real NFT utility, following the success of ‘NBA Top Shot’ – the basketball collectables collection built by Dapper Labs.
A FIFA spokesman has said that this is a great way of ‘democratizing the ability to own a part of the FIFA World Cup’ and giving everyone the ability to engage with the competition in new ways.
Where does this leave Big Eyes Coin?
NFTs are now a fully established iteration of blockchain technology. From metaverse integrations to business and enterprise applications and many other use cases, the Non-Fungible Token is fully established.
If the success of the Bored Ape Yahc Club NFTs and Apecoin is anything to go by, then Big Eyes Coin, an exciting new NFT and meme token project should certainly intrigue you.
Big Eyes Coin has flown through its presale, raising $3.2 million in a matter of months. Stage 3 of the presale is right around the corner and the price of each Big Eyes Coin is going to be increased; for the best possible price per Big Eyes token it is best to buy as soon as possible!
If you want to check out their website or Twitter before making the purchase then check the links attached. The Twitter team host frequent giveaways with BNB or ETH rewards so the socials are worth following at the very least.
The development team behind the project are working hard to bring an NFT collection out as soon as possible and rumours say that it is set to drop in early 2023. Alongside this, there is going to be a merchandise shop too which is where parallels are beginning to be drawn to Apecoin.
The Apecoin project is so much more than simply NFTs and a currency, or even its metaverse. The Bored Ape Yacht Club collection has collaborated with Gucci for designer garments and this is an ultimate ambition for the Big Eyes Coin team. While a Gucci collaboration might be a stretch, keep your eyes peeled for future Big Eyes collaborations. In this age of NFT hype, the sky is the limit for Big Eyes