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Just like the price of a cryptocurrency can rise and fall in seconds, the value of NFTs respond similarly. Therefore newbies in the crypto/NFT markets often judge projects by their stability and growth prospects prior to investment. Two examples of this are Bored Ape and Chronocatz – While Bored Ape is a long-standing artwork NFT, Chronocatz is the new entrant with an exciting business model.
The Bored Ape Yacht Club, commonly called Bored Ape or BAYC, is a collection of 10,000 NFTs with each one depicting a unique style of cartoon ape. Every Bored Ape avatar comes with a different combination of background color, mouth, eyes, hats, clothes, features, and accessories.
Using combinations of these attributes, 10,000 individual BAYC avatars were generated and released in groups. While the first release of Bored Ape NFTs cost roughly $300, a few Bored Apes have since fetched millions of dollars.
However, Bored Ape, similar to other NFT projects that do not have real-world backing, fell drastically during the recent bear market. While, in April, the floor price of Bored Ape was $400,000, it fell to $150,000 after the market crashed, witnessing a steep decline from it's all-time high. However, given its market standing and limited supply, investors are hopeful that Bored Ape may rebound in the next few months.
Chronocatz is the new big gun in image-based NFT collections. Consisting of 7,777 unique NFTs which are represented by cat characters, each Chronocatz NFT comes with unique traits and features. Since each artwork NFT has different traits, the concept of rarity plays a crucial part in their value. The key determinant in deciding the rarity of Chronocatz NFTs is the luxury watch that each character wears. Based on the rarity of this real-world luxury timepiece, Chronocatz holders are categorized into six tiers, where the first tier represents the most common characters and the sixth one showcases the rarest ones.
Holders of Chronocatz NFTs become members of the Chrono Wealth Club (CWC) – a private watch club where holders will also get access to exclusive NFT drops, higher yields on staking their NFTs, private auctions, discounts on trading fees, and dedicated watch concierge services dependant on their membership tier. In addition to these perks there will also exclusive parties and networking events for Chronocatz holders.
However, what makes Chronocatz distinct from other NFT projects is the stability and profitability of these NFTs. Real-world luxury watches back all Chronocatz NFTs, from multinational high-end brands like Rolex and Patek Phillippe. This makes the value of Chronocatz resistant to any negative market action. Luxury timepieces have historically seen an increase in value over time, which has served to infuse a positive sentiment among Chronocatz holders, promoting a sense of security in their investment.
Chronocatz was developed by the team behind the Chronoly.io project, which is a blockchain-based watch trading platform. The project was widely successful during the pre-sale of its CRNO tokens, growing in value by 690% in just weeks of its launch in May 2022. Public minting of Chronocatz has recently started following the successful completion of phase 1 (private mint) and phase 2 (whitelist) of the project.
Website: https://chronocatz.io/
Telegram: https://linktr.ee/chronolyio
Twitter: https://twitter.com/Chronolyio
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
