On January 3, DeFi Yield Protocol (DYP) CEO and founder Mihai Nicusor Busica tweeted his purchase of a nonfungible token (NFT) from the "Bored Ape Yacht Club" collection. The #1112 Bored Ape Busica purchase cost a whopping 80 Ether (ETH) valued at $304,000. His declaration comes only two weeks before the protocol's NFT collection, the "Cats and Watches Society," is set to debut. The event, which will take place on January 17, will also see the introduction of its v2 marketplace.
Busica claims that his initial purchase from the BAYC collection was to show his support for NFTs. He also believes that now is the perfect moment to join the BAYC movement, as it is before the release of the DYP NFT collection. So far, the BAYC collection has made a name for itself in the market, containing some of the most sought-after pieces. According to a Dune Analytics estimate, the collection has brought in more than $500 million in sales since its inception.
There are 10,000 Bored Ape NFTs in the collection, with some fetching up to 700 ETH. Snoop Dogg, Eminem, Jimmy Fallon, Post Malone, Steve Aoki, and others are among those who have invested in BAYC, including Busica.
DYP created the "Cats and Watches Society" collection, which uses Binance Smart Chain, the Avalanche network, and the Ethereum blockchain. PAW is a collection of 10,000 cats with 182 traits to pick from, including outfits, colors, and watches, to mention a few. To ensure no prejudice during the sale, the protocol will ensure that each PAW NFT sells for the same price of $250 for each Cat while removing price tiers to avoid price disparities. In addition, members-only services, such as access to the marketplace and a Society Account, are exclusively available to Cat owners.
The NFT market provides greener pastures for crypto enthusiasts, which the DeFi Yield Protocol and its crew are taking advantage of. While the company's founder's move may appear hasty, it demonstrates his confidence in the industry, particularly Nonfungible Tokens' utility.