About the editor: Spencer Noon is Co-founder & General Partner at Variant.

Network Coverage
Coverage on Cyber and BAYC.

• Cyber is a gateway to the metaverse, starting with immersive 3D showrooms for NFT collectors. The showrooms themselves are also NFTs. Total volume on OpenSea for factory showrooms reached 8.7k ETH or ~$25.6m, with their floor price currently tracking at ~1.4 ETH. Their average price jumped ~3.2x over the past week to 2.8 ETH. Digital art featured on the platform is worth over $100m, including the collection of Vincent Van Dough.

• Along with an uptick in price, total purchases saw a ~2x increase from the beginning of January, totaling about 2k or ~1/5th of purchases since the project’s launch. While most of the Cyber’s activity is on Ethereum mainnet, the factory collection is also live on Polygon and has seen 93 total transactions.

• Purchases have picked up considerably relative to the previous few months. Since the beginning of December, total transactions are ~4.5x higher for the factory collection, tracking at ~9.2k. Unique buyers total about 6k, with the average wallet purchasing ~1.5 showrooms.

• Total volume of Bored Apes traded have now crossed $1.3 billion. The month with the highest volume so far has been August with close to $292 million. For January, the figure was at $278 million. This is interesting because the general outlook on NFTs is that they are relatively illiquid instruments.

• 49% of Bored Apes are held in wallets that hold only 1 Ape. It shows that the NFT has moved between owners sufficiently in the process of price discovery in the past few months. A mere 3 wallets own more than 80 apes each but cumulatively, they own ~3% of supply.

  

• The highest return a single person has made on BAYC NFTs is around a 170x. The total realized profits on BAYC sales so far from the top 1000 wallets alone is ~80839 ETH. The average return on NFTs sold from these wallets is roughly about a 30x. Safe to say BAYC holders have had a great 2021.

  

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