Thread by Cryptabel Johnson #7
- Tweet
- Jan 10, 2022
- #Non-FungibleToken
Thread
1/ What I learned about @CyberKongz after listening to the Jan 6th episode of Overpriced JPEGs (a @BanklessHQ show hosted by @carlypreilly) with CyberKongz CMO @InvertedTheOri1
🧵👇
🧵👇
2/ First the start of the project is really interesting given where it's at now. Founder and artist Myoo started the project for fun in March 2021. There was no build-up hype, no roadmap, Myoo was practically unknown, and monkey based pfp NFTs weren't even a thing yet
3/ Somehow the 1,000 genesis kongz sold out in about 3 days and the floor began to fluctuate between 1-3 ETH. Minting was only 0.01 ETH (around $16 at the time, gas was about $45). Myoo thought the 10 ETH he profited was too much so he donated 60% of it to monkey-based charities
4/ Members @Coco__Bear and then @OwlOfMoistness and @LxxyStarship stepped up to help foster the community that quickly formed around kongz. @InvertedTheOri1 credits some early success to large groups of NFT OGs from Punks, Axie and others deciding to ape in and form a community
5/ Everything was very community-led at the start. Then the Council of Kongz was formed in summer '21 to control the brand. This "10 person oligarchy" is in charge of all new creation and development. Changes to the existing ecosystem are put to vote in the community DAO
6/ Kongz consists of 3 collections. The 1000 Genesis Kongz, the nodes of the ecosystem that produce the utility token $banana. Then Baby Kongz, created by breeding Genesis, "the keys to the future" (they receive the most airdrops). Finally the 3D "VX Kongz" for the metaverse
7/ Kongz have focused the brand around being a social avatar so that they don't have to stick to 1 definition. They’re trying to set up an ecosystem that integrates into others and grows & evolves as web3 does. Kongz want to remain relevant, and to do that they must remain social
8/ Staying relevant is a huge challenge in crypto, and in any market really. The goal of the project is to listen to the community and build & use the IP in the way the community sees fit. It's about staying flexible and focusing on the community's goals
9/ As Inverted said, "If you heard the flock the right way, you’ll have the right minds there to have the right ideas to get you to the right place to help you stay relevant." The process of the brand is constantly evolving, and big decisions are made genuinely as they come about
10/ Their metaverse ecosystem is a central part of those decisions. CyberKongz currently owns a 3x3, a 12x12, and a 24x24 plot in @TheSandboxGame. CyberKongz have had a partnership with Sandbox since summer '21, in which exists their Banana Stand
11/ Only at the Banana Stand can kongz purchase metaverse wearables, cosmetic items, usables, and other equipable items. They can also complete various quests and activities in the CyberKongz' spaces
12/ While they are always looking to further integrate into other metaverses like @decentraland or @cryptovoxels, the kongz are betting on the Sandbox more than the others, and they focus most of their time and energy there
13/ CyberKongz has front run the industry in a couple ways. They originated that idea of legendary NFTs- 10 legendary NFTs from a collection has become almost a norm now. They were also the first to create a utility token yielding from the NFTs themselves ($banana)
14/ Another interesting initiative is their Kongz Tank which is meant to help new projects succeed while increasing the utility and integration of the $banana token into other ecosystems
15/ People can submit project proposals to Kongz Tank that include Cyberkongz VX and $banana in their community/project. If accepted, kongz gives them a budget of ETH and Council assistance for advising throughout the project. Top contract devs from kongz is a big plus here
16/ Kongz approaches community and marketing differently than most NFT projects. Inverted compares them to Bentley in that they don't don't have commercials or merchandise, but people know and want to own one. It’s all about the organic approach
17/ They turn down influencers and companies because they only want people who are genuinely interested to be part of the community. They'll do strategic placements like in Decentraland, but no ads or endorsements. Kongz is all about being genuine and fostering community
18/ I don't own anything from the Cyberkongz collections, but after listening to this interview with @InvertedTheOri1, I'm quite tempted to ape in. I can see kongz remaining relevant and pushing boundaries in tech and NFT culture for a long time into the future
19/ Thanks for reading. Let me know if you think I missed anything important or got anything wrong, and if you enjoyed the thread, toss me a follow. I post threads about what I learn from videos/interviews/podcasts/etc. often and I follow back
