CyberKongz is one of the collections that are often up for argument.
Before we get into this argument, let’s understand the history of this collection. We first took a look at them in November of last year. Four months may not seem like a lot, but in NFT time, that might as well be a whole year. Let’s revisit and decide if our analysis of CyberKongz being a blue-chip is correct.
First released to the public on March 3rd of 2021, you’d be hard-pressed to find pfp projects that have been around longer. A total of 989 Genesis CyberKongz went up for sale, at a price of 0.01 ETH each. The project quickly gained steam over the coming weeks. This culminated with 11 legendary Kongz being auctioned off for 200 ETH combined.
And then, on April 17th, everything changed for Kong holders. The project migrated to a new contract, which allowed for all new utility for holders. New features for holders included:
- Breeding (create BabyKongz and Kong VX)
- $BANANA Yield
- Renaming and Custom Biographies
The CyberKongz slowly changed from a simple pfp project to a passive income-generating machine.
How Much Do CyberKongz Generate?
Each Genesis Kong generates 10 $BANANA per day, and will for about 9-10 more years. When we first looked at this collection, that equated to ~$480 USD per day in passive yield. Now, with the price of $BANANA sitting at $11.66, it is more in the range of $116/day.
While that is nothing to scoff at, it is down significantly from just a few months ago. Currently, there are only 513 wallets holding $BANANA. But, with more utility coming, this is a token to keep your eyes on.
Currently, $BANANA can be used to:
- Write bio- 100 $BANANA
- Custom name- 10 $BANANA
- VX Kong name change- 2 $BANANA
But, Play & Kollect is coming, expanding the utility of this token far past aesthetic changes.
What Is Play & Kollect?
CyberKongz’ second big deliverable for holders (aside from Baby and VX Kongz) is their Play & Kollect Jungle Adventure. Running on the Polygon Network, holders can partake with little-to-no gas fees or fear of environmental impact.
🚨We are proud to announce the latest addition to the CyberKongz ecosystem!
PLAY & KOLLECT 🍌
A fully ON-CHAIN integration that will utilize all aspects of our existing ecosystem, and more!
— CyberKongz (@CyberKongz) January 30, 2022
CyberKongz VX holders can create crews of one to five and send them on a mission to gather Kongium Ore. This ore (or ERC-1155 NFT) is redeemable for a share of the season’s $BANANA pool and other exclusive rewards. Each season takes place over a total of 10 days, giving plenty of opportunities for everyone to get their share of the rewards.
Where does $BANANA actually factor into this though?
First of all, each crew can go on one free adventure per day. Holders consume the fuel rod they receive for their crew and are able to gather resources for free. After this, every additional resource gathering trip you want to send your crew on will cost 0.4 $BANANA. And to add, the pool of additional $BANANA that will accumulate from holders sending their crews on extra missions will go back to the community. 50% will go into the season’s prize pool, 10% goes into a community treasury, and 40% is burned.
Deflationary mechanics, as well as gamified utility, may bring $BANANA back to the passive generation goldmine it once was.
Are CyberKongz a Blue-Chip Collection?
When it comes down to this question, this argument is getting more interesting by the week. New projects are minting daily. And in these projects minting over the last few months, there are certainly some new collections in this debate as well.
But, what CyberKongz and other prominent projects provide is long-term stability. Since the end of September, through bull and bear cycles, CyberKongz has maintained its floor price. Just look at this chart via Mintalytics. On September 26th, the floor price was 6.4 ETH. At the time of writing, that floor price is 6.55 ETH. There have been ups and downs in the months since, but the floor never dipped below 4 ETH. In the same span, that same floor price hit highs of 17.1 ETH in October and almost 14 ETH in January.
The main qualifier of a blue-chip collection should be stability in price, and there’s no doubt that CyberKongz provides exactly that. Not only was their floor price stable, but Genesis holders have also been raking in $BANANA for almost a year now. Some diamond-hand holders have made a pretty nice yearly salary from holding their CyberKong. Keep in mind, Genesis holders since the start have been generating ~$100-$400 per day.
Buyers can feel pretty safe putting their Ethereum into this collection. They don’t have to worry about their NFTs losing half their value overnight. Holders really don’t have a reason to even check the floor price. They passively make a year’s salary and continue to see value from the developers.
CyberKongz is most definitely a blue-chip collection and will be for a long time, if not forever.
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