Bored Apes Play-to-Earn APE on Benji Bananas

Benji Bananas
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Benji Bananas membership passes are flying off the shelf!

Membership passes for Animoca Brands’ recently transformed mobile game Benji Bananas have now all sold out. Membership passes were popular because these let players earn a unique coin, which they can later swap for APE tokens. Secondary market trading is heating up as players try to find ways to earn one of the most talked-about tokens of 2022 so far. 

Animoca Brands celebrated the release of the Bored Ape Yacht Club APE token last week by transforming one of its mobile games into a play-to-earn prospect for players to earn APE. By purchasing an NFT membership pass for Benji Bananas, players can earn a unique coin that they can later swap for APE. 

People got excited about earning APE, but they first needed to buy APE tokens to purchase a membership pass for 25 APE, or about $330. Further stimulating the token, APE saw a significant increase in the 24 hours after arriving, increasing 132% from $7.40 to $17.17

At writing, 1,170 unique active wallets have connected to try and purchase a membership pass, generating more than 1,400 transactions. Of course, those with a keen eye for an investment attempted to scoop up more than one pass. They would then take their passes to the secondary market to try and squeeze a profit.

The interest peaked on March 18 with 906 Ethereum transactions, just one day after the APE airdrop started for MAYC, BAYC, and BAKC NFT holders. Additionally, APE arrived on several popular centralized exchanges and gathered a lot of attention. Investors noticed that the APE token ties in with arguably the most famous NFT collection right now. More interesting was that decentralized exchange Uniswap dominated early trading

Source: Etherscan

Secondary market membership passes 

The first wave of membership passes sold out, and people are already trying to flip them on Opensea.  At writing, we see that the same buyer has scooped up two passes for around $800 each, showing that investors don’t think the price of the pass has reached its full potential. Alternatively, players want to harvest as much APE as possible by using multiple devices. These are all good signs for the Bored Ape Yacht Club NFT family and Yuga Labs. 

Using the DappRadar portfolio tracker, we can dive into that wallet to reveal some interesting findings. The wallet holds more than $81,000 in crypto and NFT assets and almost $75,000 of that value has been accrued through NFTs. More interesting is that out of all the 261 NFTs in the wallet the owner holds no BAYC, MAYC, or BAKC NFTs. This particular investor seems to have missed out on purchasing any of the BAYC and their affiliate NFTs so is not arguably securing an in-road to potential future gains by trying to scoop up several Benjios Bananas membership passes.

The 14-day average sales price is now 0.3 ETH or around $900. Three times the price of the membership pass at launch. Trading volume has reached 1,437.3 ETH or around $4.3 million at writing. 

The trend may continue to grow as Animoca Brands also tweeted out a teaser that they would be adopting ApeCoin in a secret game project they have been working on with BAYC. Further announcements came from nWayPlay, who unveiled a teaser image of a game they are currently developing with BAYC that will be adopting the ApeCoin. 

The hype surrounding the APE token is palpable. Investors are keen to get involved with perhaps a project and NFT collection now out of their financial reach and are probably holding a lot of faith for the future of Yuga Labs as the impressive team continues to expand and represent the forefront of NFTs and digital ownership. 

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.

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