Buying monkeys is risky! Li Ning, Greenland, and Beaufort bought the boring monkey at high prices and then lost 80%

As the cryptocurrency market went downhill, OpenSea, the leading NFT trading platform, announced a 20% layoff in mid-July, and the popular NFT project Bored Ape Yacht Club (BAYC) also began to be unpopular.

Data shows that as of today (22nd), a total of 6,400 people hold BAYC, but there are only 12 active users. Its floor price has fallen to 64.01 ETH (equivalent to US$98,584), a cumulative decline of nearly 80% in just three months.

Previously, domestic companies and individuals such as Li Ning, Greenland, Beurer, Cai Wensheng, and Zhu Xiaohu all purchased BAYC at high prices. If they have not been sold yet, they will suffer a floating loss of 80%.

Listed companies such as Li Ning, Greenland, and Beurer are "flirting" with Monkey

On April 24, China Li-Ning posted on social media that it would launch the China Li-Ning Boring Ape Trendy Sports Club series of clothing, which is based on the image of Boring Ape Yacht Club No. 4102 and incorporates trendy elements such as pixel style and street style.

At the same time, China Li Ning launched the Boredom pop-up store offline from April 23 to May 4. The owner of the pop-up store is a non-existent monkey - Bored Ape No. 4102 from Bored Ape Yacht Club.

Different from the traditional cumbersome IP authorization, all Li Ning did was to purchase the Bored Ape avatar No. 4102 on the market and arrange various product designs and promotional activities, which is equivalent to a brand-new way of IP development.

According to public information, the price of the Bored Ape coin numbered 4102 was 120 ETH, which was 357,480 U.S. dollars at the time, equivalent to about 2.4 million yuan.

Not only sporting goods companies, but also real estate company Greenland Group announced on its official WeChat account on April 29 the launch of an NFT image symbolizing Greenland Group's digital strategy - the Bored Ape, numbered 8302. According to reports, the number 8302 means: 8 is pronounced the same as "ba", 30 represents the 30th anniversary of the establishment of Greenland Group, and 2 means that this is the starting point for Greenland's second venture.

Greenland Group said that this move officially marked the first step in building Greenland G-World. In the future, it hopes to use VR and AR technology to break through the dimensional wall between virtual and reality, truly achieve the interconnection of online and offline scenes, and make G-World a comprehensive social place for Greenland users. The immersive experience will allow users to better enjoy the services of Greenland's multi-industry complex.

Smart massager brand Beurer became the first company on the Science and Technology Innovation Board to announce the purchase of BAYC No. 1365, and the third domestic physical enterprise after Li Ning and Greenland Group.

According to the official Weibo of Beurer on April 30, the number 1365 has a special meaning for Beurer - it hopes that everyone can go to bed early every day of the year.

A person from Beurer told the Blockchain Daily reporter that the purchase of BAYC was based on marketing considerations, and it does not rule out using it as an image of digital strategy in the future.

On August 22, Beurer released its 2022 semi-annual report. Data showed that sales expenses reached 227 million, R&D expenses were only 30 million, and sales expenses accounted for 49.56% of revenue.

In the opinion of Zhao Jiaru, chief exploration officer of Sutu Metaverse Research Institute, the company's business style of "focusing on marketing and neglecting research and development" also explains the rationality of its purchase of Bored Ape.

Zhao Jiaru told the Blockchain Daily reporter that the decline in Beurer's revenue growth in the fourth quarter of last year and the increase in inventory turnover days in the first quarter of this year also indirectly show its urgent need to use external IPs such as Bored Ape to stimulate revenue.

Domestic users suffered a floating loss of nearly 80% after being defrauded by Fomo

BAYC (Bored Ape Yacht Club) is an NFT project launched by Yuga Labs, a US Web3 startup, in April 2021.

The BAYC ecosystem includes 10,000 uniquely styled Bored Ape NFT avatars, each with a different outfit and look. Bored Ape NFTs can be used as membership in the yacht club, and members can also receive member-only benefits.

When it was first launched, the price of a single "Boring Ape" NFT was only 0.08 ETH (about $190). All 10,000 NFTs were sold within a week, forcing latecomers to buy Boring Ape on NFT platforms such as OpenSea.

Later, as celebrities such as Justin Bieber and Curry posted their own Bored Ape avatars, the price of the Bored Ape series NFTs soared.

On April 30, according to data on OpenSea, an address named "allenzhu.eth" bought BAYC serial number 9279 Boring Ape for 170 ETH (about 500,000 US dollars), and the English name of Zhu Xiaohu, the managing partner of Jinshajiang Venture Capital, is Allen Zhu.

OpenSea data shows that on May 1, Cai Wensheng's Ethereum address longling.eth bought BAYC 8848 for 187 ETH (about $560,000). Later, Cai Wensheng posted on WeChat Moments, "I was fooled by Fomo and couldn't help but buy BAYC #8848 for this Otherdeed #8848 land."

According to data from the NFT Price Floor website, on May 1 this year, the floor price of Bored Ape hit a new high of 153.5367 ETH (approximately US$450,000). Compared with the selling price of 0.08 ETH when it was first launched, the price has increased by more than 1,900 times in just one year.

According to Opensea data, as of today (22nd), the price of Boring Ape has fallen to 64.01 ETH (equivalent to US$98,584), a drop of 78% in just four months.

According to data from OKLink multi-chain browser, there are currently 6,400 people holding BAYC, but there are only 12 active users today, with a daily transaction volume of less than US$1 million.

The Blockchain Daily reporter noticed that the price of the Boring Ape with serial number BAYC 8848 related to Cai Wensheng has suffered a floating loss of 82%, the Boring Ape with serial number BAYC 9279 related to Zhu Xiaohu has suffered a floating loss of 80%, the Boring Ape with serial number BAYC4102 related to Li Ning has fallen by 72.43%, the Boring Ape with serial number BAYC1365 related to Beurer has suffered a floating loss of 81.32%, and the Boring Ape with serial number BAYC8302 related to Greenland Group has suffered a floating loss of 75.96%.

In the opinion of digital economist Gao Zelong, there are generally several starting points for buying BAYC: for hype, to maintain its own topicality and popularity; for value-added profit; out of pure interest and hobby; to buy to follow the trend.

Gao Zelong told the Blockchain Daily reporter that since May and June last year, many countries around the world have begun to crack down on cryptocurrencies such as Bitcoin and Ethereum, and the price of NFTs has begun to fall, with some falling by 85%, which is not surprising. Even Boring Ape, which has celebrity endorsements and is purchased by Li Ning and Greenland, cannot escape the bad luck, because the market plummeted and each project basically changes with the trend of the market.