Mihai Nicusor Busica, CEO and founder of DeFi Yield Protocol (DYP), tweeted his purchase of a nonfungible token (NFT) from the “Bored Ape Yacht Club” collection on Jan. 3. The Bored Ape Busica acquired is #1112, for which he paid a whopping 80 Ether (ETH) worth $304,000.
His announcement comes two weeks before the launch of the protocol’s NFT collection, the “Cats and Watches Society” collection. The event set to unroll on Jan. 17 will also entail the launch of its v2 marketplace.
According to Busica, his first purchase from the BAYC collection is his way of showing support toward NFTs. Furthermore, he considers it the best time to join the BAYC movement — before the launch of the DYP NFT collection.
So far, the BAYC collection has been making a name for itself in the market, holding some of the most coveted pieces in the space. According to a Dune Analytics report, the collection has garnered over $500 million since the start of its sales.
The collection contains 10,000 of the Bored Ape NFTs, with some selling as high as 700 ETH. Busica is now among the many who have invested in BAYC, including notable figures, such as Snoop Dogg, Eminem, Jimmy Fallon, Post Malone, Steve Aoki and more.
The “Cats and Watches Society” collection
The “Cats and Watches Society” collection is the brainchild of DYP, leveraging the support of Binance Smart Chain, Avalanche network and Ethereum blockchain. The collection, also dubbed PAW, will include 10,000 cats with 182 traits for any interested party to choose from, including clothes, colors, watches, to name a few.
To avoid bias during the sale, the protocol will ensure that every PAW NFT sells at the same price — that is, $250 for every Cat, while eliminating price tiers to prevent price differences.
Owning a Cat gives you exclusive access to members-only benefits, including access to the marketplace and a Society Account. However, you need to have a MetaMask wallet for the process. Additionally, Cat holders will receive rewards of 20% (10% from minting fees and 10% from selling fees) of all sales made every week.
DYP could be the next big thing in NFTs
DYP and its team are taking advantage of the greener pastures that the NFT market is laying out for crypto enthusiasts. While the step by its founder could seem like a rash decision, it stands as an indicator of his faith in the sector.
Furthermore, the creation of the “Cats and Watches Society” collection can open more doors for the protocol as a viable investment opportunity. As it stands, it has managed to bury its roots into the decentralized finance (DeFi) industry, offering lucrative yield farming opportunities while protecting its investors from market manipulation.
The collection wishes to speak of novelty through its NFTs while offering watch enthusiasts a chance to make the most out of the trendy elements present. Nonetheless, there is more to come, which means greater potential for the PAW collection.
Soon, the cryptoverse can expect more, including a PAW metaverse, a play-to-earn opportunity for holders, PAW staking options, free watch minting and more. These steps will make DYP a crucial part of the current and future NFT market.
The DeFi Yield Protocol (DYP) is a unique platform that offers solutions for yield farming, staking, NFTs, and the leverage of advanced trading tools. DYP made history in the DeFi space by becoming the first and only protocol to reward users in Ether. The protocol employs an anti-manipulation feature that aims to limit the market impact on users’ converting rewards into ETH and other native platform tokens.
- DYP Finance