The market for non-fungible tokens (NFTs) experienced tremendous growth in 2018, registering a total of $25 billion in sales.
NFTs are not fungible like cryptocurrencies such as Bitcoin, which preserve a digital record of their data using blockchain technology in order to prove who owns them. In contrast, NFTs are not only unchangeable but also one-of-a-kind.
NFTs are costing people an incredible amount of money. Just a month ago, Justin Beiber bought a profile picture (PFP) NFT Bored Ape Yacht Club (BAYC) for $1.3 million. Most recently, Beiber spent $470,000 to buy another PFP after selling the first one for $1.3 million.
In the midst of all this commotion, people are also showing interest in CyberKongz NFTs. In the final week of January 2022, CyberKongz was one of the most popular NFT collections, as evidenced by the $19.3 million in sales volume that was recorded over the course of seven days. The highest price ever paid for a CyberKongz, on the other hand, was almost half a million dollars.
According to CryptoSlam, CyberKongz is one of the top 20 NFT collections with an all-time sales volume of almost $172 million. This places it among the top 20 NFT collections. In the past thirty days, CyberKongz achieved a sales volume of around $25 million, representing an increase of almost 34 percent. However, what exactly is CyberKongz? Let’s have a peek.
Concerning CyberKongz
These days, Profile Picture Non-Fungible Tokens (PFP NFTs) are all the rage, as evidenced by Bored Ape Yacht Club (BAYC), CryptoPunks, and most recently Azuki, amongst other projects. It only makes natural that CyberKongz would be gaining traction given the amount of attention paid to PFP NFTs recently.
CyberKongz are one-of-a-kind 2D/3D NFT social avatars that are generated at random for use in online experiences. All 5,000 CyberKongz that are included in this NFT collection can be played right now. None of them have been retired.
According to OpenSea, the floor price of CyberKong is 6.7 ETH, which represents the lowest price at which an NFT is currently accessible on the market. The artist myoo’s Ethereum-based NFT project went live for the first time in March 2021, and at that time, a total of 1000 one-of-a-kind gorilla Avatars were minted at a cost of 0.1 ETH apiece. Each of these CyberKongz NFTs with an animal theme possesses a wide array of characteristics, ranging from common to uncommon.
The most expensive CyberKongz NFT ever sold was CyberKong #40, which brought in 470.4 thousand dollars. This CyberKongz NFT had clear glasses, fangs, a green tie, and a head mirror, the latter of which is the most unique of its traits; just 0.58% of CyberKongz NFT have it.
CyberKong #505, whose genesis traits include clear glasses, a grin, a mole, and an orange beanie, was sold for $454.9k, while CyberKong #914, whose genesis traits include having its tongue out and donning black sunglasses, a cigarette, and a green bandana, sold for $450.5k. The third most expensive CyberKong was CyberKong #505, which was sold for $450.5k.
What is it about them that makes them so exciting?
Because of the ease with which they may be shown on social media platforms like Twitter in particular, profile picture non-fiction texts (PFP NFTs) are gaining in popularity. Because of this event, the social media giant decided to give its customers the ability to verify their PFP NFT, although for the time being, this feature is only available to Twitter Blue subscribers using iOS devices.
Twitter is attempting to position itself as the social network for the discovery, conversation, and education surrounding all matters pertaining to NFTs, blockchain technology, and crypto technology, according to Esther Crawford, who serves as the company’s product lead for the effort. This is being done by launching NFT profile pictures.
The NFT profile pictures will be easily distinguished from conventional profile photographs because they will appear as hexagons across the social app rather than the circles that are the default shape for profile pictures.
Now, Reddit is also working on a feature that is very similar to it. “We are continually looking for new ways to deliver value for Reddit’s users and communities,” the company said in a statement. According to Tim Rathschmidt, a representative for Reddit, the platform is now conducting tests to see whether or not NFTs may be used as profile photos (avatars) and whether or not ownership can be verified.
PFP NFTs are certain to have a prosperous future given the widespread adoption of this trend. However, what makes CyberKongz intriguing to the public is their one-of-a-kind pixelated images that are 34 by 34 squares and are used as profile pictures on Discord and other social platforms.
However, CyberKongz are not limited to being merely PFP NFTs. At the center of the CyberKongz universe is a digital asset known as Banana, which is both an ecosystem and its very own cryptocurrency.
Simply holding the Genesis CyberKongz NFT will earn the holder 10 BANANA tokens per day as a reward. This is a reward for simply holding the NFT. At the current pricing, these tokens have a value of around $190, however at one point in time, their value was as high as $122.48.
Each of the 1000 genesis CyberKongz contributes 10 banana tokens to the daily total with which they are credited. And this is something that they will keep doing for the next ten years. This will result in an annual production of a total of 3.65 million BANANA tokens. At this time, there are 558 015 Banana tokens available for purchase.
At the time of this writing, Banana has a market cap of $10 million and is trading at $17.50. This represents a decrease of nearly 86% from its all-time high of $122.48 which it reached in the beginning of October 2021. The token can be purchased on the decentralized exchange (DEX) known as SushiSwap, and the only trading pair that is currently accessible is WETH/BANANA.
According to the CyberKongz website, the BANANA token, on the other hand, is a utility token and not an investment, and as such “has no economic value.”
Banana tokens are used to fuel the CyberKonz ecosystem and are currently being burned to make baby Kongz. The creation of a baby Kongz requires the burning of 600 banana tokens. BabyKongz may have a similar appearance to Genesis Kongz, but they do not produce ten bananas each day and their total production is limited to four thousand.
Genesis and BabyKongz both progressed from merely being avatars to being fully playable voxel Kongz, CyberKongz VX avatars, in the month of August 2021. These CyberKongz VX avatars are utilized in the game known as The SandBox.
CyberKongz VX actually registered $24.67 million in sales volume in the past thirty days, which is slightly greater than CyberKongz’s $24.17 million in sales volume, despite the fact that CyberKongz only saw a volume rise of 34% during the same time period. CyberKongz did higher sales volume altogether at $172 million than CyberKongz VX, which brought in just over $94.5 million, despite the fact that CyberKongz VX has been more popular over the last month. This is in spite of the fact that CyberKongz VX has been more popular over the past month.
BANANA tokens can also be used to unlock exclusive channels in the CyberKongz Discord server, as well as to buy customized equipment and wearable items for CyberKongz VX avatars and to be rewarded for playing in their in-house games. Another use for BANANA tokens is to be able to unlock exclusive channels in the CyberKongz Discord server.
Where Can I Purchase CyberKongz NFT?
Where exactly can one purchase these PFP NFTs, which are acquiring such widespread acceptance? Because all of the CyberKongz have already been coined, the only location where you can purchase them at this time is on secondary NFT marketplaces like OpenSea.
The leading non-fungible token (NFT) platform, OpenSea, set a new high monthly trading volume record of $5 billion in January 2022. Recently, it was vulnerable to an exploit that made it possible for users to buy NFTs from other users at a price significantly lower than the market value. According to a report by Elliptic, the exploit affected NFTs with a total value of $1.1 million. These NFTs included Bored Ape Yacht Club, Mutant Ape Yacht Club, Cool Cats, and CyberKongz.
The exploit depended on the fact that NFT owners were unaware that previous marketplace postings for NFTs were still active. This allowed the exploit to be used to purchase NFTs at prices determined by the seller in the past, which were far cheaper than their current rate at the time.
The company, which had its most recent fundraising round in January 2022 and was valued at $13.3 billion at that time, has repaid a total of 750 ether, which is equivalent to around $1.8 million, for 130 wallet products to consumers who have incurred investment losses.
In order to begin the process of purchasing CyberKongz on OpenSea and getting started, you will first need to search the website for the CyberKongz NFT collection. Explore all of the available choices, and when you locate the one that you want to buy, click on it. This will bring up a window that has information about the NFT in its entirety. The next step is to select either the “Buy Now” or “Make Offer” option, which will bring up a window asking you to link your wallet.
Make sure that any wallet you use is filled with cryptocurrency so that you can pay not only the cost of the NFT but also the gas fees when they are incurred. Ether, the native asset of the Ethereum blockchain, is used in the purchase and sale of the vast majority of non-fungible tokens (NFTs).
After you have linked the wallet, OpenSea will display the overall cost to you, which will include fees that are contingent upon the amount of activity on the network. At this point, check that the transaction has been confirmed in your MetaMask wallet. And in a matter of seconds, your NFT will be added to the collection you’ve been keeping track of.
Roadmap
The CyberKongz Brand is all about gamified collectibles that have some sort of practical use in addition to social avatars. It is also utilized as playable avatars on platforms such as The Sandbox, in addition to being used as avatars for the two-dimensional space.
The team believes that the Sandbox game will make it possible for members of the community to develop their own unique CyberKongz VX avatars and participate in community games. They made this randomly generated NFT collection with the help of VoxEdit and called it CyberKongz VX.=
These one thousand CyberKongz, each of which is distinct and generated at random, are continually developing into a robust core community.
Because of this, the team decided to introduce BANANA as a utility token, followed by the brand-new Baby CyberKongz, and finally CyberKongz VX just three months after that. This 3D Voxel collection has 15,000 different models that can be utilized in the next metaverses and can be played with as well.
In accordance with the roadmap for the project, the CyberKongz VX Launch is only level one. In order to provide its customers with their own unique CyberKongz VX Metaverse Avatar, the virtual game world The playable avatars game for the NFT was a collaborative effort between The Sandbox and CyberKongz VX.
In “The Sandbox,” users will construct their own metaverse games and experiences on LANDS that are owned by CyberKongz. A LAND is a piece of virtual real estate that can be found in The Sandbox and is utilized by game creators in the process of creating digital experiences. There will never be more than 166,464 LAND tokens available for purchase. Each LAND token is a one-of-a-kind, non-fungible ERC-721 token that is stored on the Ethereum network.
The second phase of the project will see the opening of Banana Shops on Kongz Island, which will sell various types of merchandise. By purchasing customised CyberKongz VX equipment and clothes from these businesses, gamers will have the ability to modify the appearance of their avatars as well as their gameplay. This SHOP provides the Banana Token and the 2D CyberKongz with even more utility and benefits than they already had.
The development of the utility of the NFT is the next step on the roadmap. This expansion will make CyberKongz Guilds, which connect Axie Infinity, Guild of Guardians, and Embersword, accessible only to players who possess several copies of CyberKongz.
In July of the previous year, CyberKongs entered into a partnership with Metakey, a project whose primary focus is on providing holders with unique perks throughout the Metaverse. With this, the goal has been to encourage interoperability, seeing as how Metakey is intended to be a solution that is universally applicable to all of your requirements in the Metaverse.
Uniqly is a platform that bridges the divide between the real and digital worlds by making wearables 3.0 redeemable. CyberKongz’s unique merchandize, on the other hand, is currently available on that platform. Anyone who has CyberKongz: Genesis, Baby, or VX has the ability to mint pieces and exchange them for tangible items in the real world.
The Last Word
NFTs are rapidly expanding their influence across the globe by making new economic options available to producers and artists. The primary benefit of non-fungible tokens is that they provide evidence of proof of ownership, in addition to the potential to open up new revenue streams. The fact that they may be easily transferred from one person to another and traded freely on secondary markets is another reason why they are so useful in the gaming industry.
However, at the moment, the most common application of NFTs can be found in digital artwork. Even though the majority of NFTs are currently struggling with being volatile and illiquid, they are emerging as a lucrative investment option. This was demonstrated when an alien CryptoPunk sold for $11.75 million at Sotheby’s and when the BAYC floor price skyrocketed to 100 ETH, which is a staggering increase from their minted price of 0.08 ETH. Despite these challenges, NFTs are becoming an increasingly attractive investment option.
Another fascinating PFP collection, CyberKongz, is seeing a growth in its popularity, which can be seen in their rising floor price thanks to the fact that there will only ever be 1,000 in circulation. This is due to the fact that there will never be more than 1,000 in circulation.
This PFP NFT collection also provides its owners with the opportunity to generate passive revenue through the sale of BANANA tokens. Users can put these tokens to use by selling them, renaming their Kongz, or modifying their Kongz’s biographies. In addition to this, the token grants its owners access to special privileges within the CyberKongz Discord server. These privileges enable token holders to join in the CyberKongz community and flaunt their Genesis status.
In addition, BANANA tokens can be used to purchase customized equipment and wearable accessories for voxel-based playable avatars known as CyberKongz VX. These CyberKongz VX can be found in the metaverse known as The Sandbox. In addition to this, BabyKongz provides its users with rights to in-real-life events. CyberKongz, much like BAYC, has hosted tournaments in the real world as well as at NFT.NYC, which bills itself as the foremost event for non-fungible tokens.
In general, the future of NFT looks promising, and as the digital world continues to become more anonymous, profile picture initiatives are only going to acquire more traction, which will make CyberKongz even more valuable.
