A Twitter post by the DeFi Yield Protocol’s CEO and founder, Mihai Nicusor Busica revealed his purchase of an NFT from the Bored Ape Yacht Club collection on January 3. The Bored Ape Mihai acquired is #1112, which he paid a whopping 80 ETH for, equivalent to $304 000.
His announcement comes two weeks before the launch of the protocol’s NFT collection, the Cats and Watches Society collection. The event set to unroll on January 17 will also entail the launch of its V2 marketplace.
According to Mr. Mihai, his first purchase from the BAYC collection is his way of showing his support towards NFTs. Furthermore, he considers it the best time to join the BAYC movement, before the launch of the DYP NFT collection.
So far, the BAYC collection has been making a name for itself in the market, holding some of the most coveted pieces in the space. According to a Dune Analytics report, the collection has garnered over $500 million since the start of its sales.
The collection contains 10 000 of the Bored Ape NFTs, with some selling as high as over 700 ETH. Mr. Mihai is now among the many who have invested in BAYC, considering notable figures, such as Snoop Dogg, Eminem, Jimmy Fallon, Post Malone, Steve Aoki, and more.
The Cats and Watches Society Collection
The Cat and Watch Society collection is a brainchild of the DYP protocol, leveraging the support of the Binance Smart Chain, Avalanche network, and Ethereum blockchain. The collection, also dubbed PAW, will be inclusive of 10 000 cats with 182 traits for any interested party to choose from, including clothes, color, watches, to mention but a few.
To avoid bias during the sale, the protocol will ensure that every PAW NFT sells at the same price; that is, $250 dollars for every Cat, while eliminating price tiers to prevent price differences.
Owning a Cat gives you exclusive access to members-only benefits, including access to the marketplace and a Society Account. However, you need to own a Metamask wallet account for the process to be complete. Additionally, Cat holders will receive rewards from 20% ((10% from minting fees and 10% from selling fees) of all sales made every week.
DYP Could be the Next Big Thing in NFTs
DYP and its team are taking advantage of the greener pastures that the NFT market is laying out for crypto enthusiasts. While the step by its founder could seem like a rash decision, it stands as an indicator of his faith in the sector.
Furthermore, the creation of the Cats and Watches Society collection can open more doors for the protocol as a viable investment opportunity. As it stands, it has managed to bury its roots into the DeFi industry, offering lucrative yield farming opportunities while protecting its investors from market manipulation.
The collection wishes to speak of novelty through its NFTs while offering watch enthusiasts a chance to make the most out of the trendy elements present. Nonetheless, there is more to come, which means greater potential for the PAW collection.
Soon, the cryptoverse should expect more, including a PAW metaverse, a Play-to-Earn opportunity for holders, PAW staking options, free watch minting, and more. These steps combined with its marketplace will make DYP a crucial part of the current and future NFT market.