[NFT Oracle №6] Jay Chou’s stolen Bored Ape was priced by the PawnHouse consensus 257 times, where the final price reached $1.18 million USDT
On April 4, 2022, the recently controversial BAYC #3738 completed the world’s first NFT oracle pricing!
During the 2-hour Pricing & Auction process, BAYC #3738 received 257 consensus prices. Statistics showed that the highest consensus price was $2,276,156 USDT provided by user 0x890***4A3, and the average consensus price was $937k USDT!
BAYC #3738 passed 37 rounds of bidding, where the final transaction price reached $1,180,000 USDT. Notably, the user who became the top Oracle was 0x2e6***5a8!
Bored Ape Yacht Club (BAYC) is a collection of digital collectibles consisting of 10,000 primates launched in April 2021. These apes include unique characteristics such as varied hats, eyes, expressions, clothing, and backgrounds. In addition, 170 different properties determine their rarity. Thus, BAYC NFTs were programmed to combine 10,000 unique apes with distinctive expressions and dresses.
When the project was released, the price for a BAYC NFTs was around $200 a piece. Notable owners include Canadian singer Justin Bieber’s NFT address that once bought BAYC #3001 for 500 ETH (about $1.3 million). Under the influence of celebrities, the price of individual NFTs went up as high as $2.7 million US dollars. Accordingly, the current overall market capitalization of BAYC is now around $2.8 billion US dollars!
On April 1, 2022, Taiwanese pop singer Jay Chou announced that a phishing website stole the “Bored Ape” NFT that a friend gave him in January. After the hacker transferred the NFT out from Jay Chou’s address, it quickly changed hands twice on the OpenSea platform. First, it was at 133 ETH (about $460,000 US dollars) and then at 155 ETH (about $540,000 US dollars).
When Jay Chou’s friend found out, he thought he was joking and asked the singer if it was an “April Fool’s Joke.” Jay Chou emphasized that it was not an April Fool’s Day joke and wrote: “I thought April Fool’s Day was joking with me… But I checked it out, and it was gone… “.
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The PawnHouse project team combined and applied both the SMRA theory (2020 Nobel Economic Prize) and The Wisdom of Crowds theory to effectively solve the issue of decentralized NFT asset-pricing and improve the liquidity of NFTs.
Due to its unique characteristics, the historical transaction price of NFT is determined by private value. This results in less effective price information and is easier to control. By introducing price proposers to the market, PawnHouse satisfies both common and private values, and provides a comprehensive and rich price collection strategy. While building a price corridor for NFT assets, PawnHouse also supports NFT’s collateralization and auction transactions.
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