Ape Now Launch Recap, Updates, and Future Development
Launch day: Ape Now, Pay Later
Things have been heating up at the Ape Now HQ since launching the alpha version of the Buy Now Pay Later (BNPL) dapp for NFTs late last week. In a matter of days, the team has received over 600 loan term requests for BNPL NFTs, and an explosion of requests to whitelist additional NFT collections. In addition to this, Ape Now has been featured in Bloomberg, CoinTelegraph, Decrypt, and a number of other mainstream and crypto publications.
Buyers want the Apes!
Out of the 600+ loan requests since the release, 39% (242) have been for Bored Apes (BAYC). The following collections are Mutant Ape Yacht Club (MAYC) at 16.3% (101 more apes!), Doodles at 10% (62), Moonbirds at 7.6% (47), Azuki at 7.2% (45), Cool Cats at 5.3% (33), and the remaining 14.65% (91) from the remaining collections.
Recently in the market, there’s been no shortage of products and services experimenting with business models outside of the traditional toolbox. While Klarna, Afterpay, and Apply Pay Later are providing the everyday consumer with access to layaway funding for a variety of needs, NFT consumers were not so lucky, until Ape Now.
First Mutant Ape Yacht Club #60, bought on a BNPL plan as the Ape Now mascot
The first NFT purchased on Ape Now was the platform’s very own mascot, Mutant Ape Yacht Club #60. Initially listed at 21.9 ETH, we secured MAYC #60 for only 10.95 ETH down. The remaining 11.53 ETH will be paid over the course of 3 months.
Doodle #8983 purchased with 7.94 ETH ($9.2k) down on a BNPL payment plan
Ape Now’s second NFT to be purchased by a buyer was Doodle #8983. With a current collection floor price of 14 ETH, #8983 was acquired for 7.94 ETH of its 15.88 ETH asking price. This loan has a standard length of 3 months, with an outstanding principal of 8.36 ETH.
New NFT collection requests
With so many collections grabbing the market’s attention everyday with unique art, utility, and community, there is so much alpha to sort through. Below are some of the recent collection requests from users:
CryptoPunks
The project that inspired the modern crypto art movement.
Psychedelics Anonymous
Psychedelics Anonymous is harnessing the transformative power of nature by supporting advancements in mental health.
Travel Tiger Club by Travala
Travel Tiger NFT holders unlock the Travala Smart Diamond membership.
Ape Now’s core: the limit order book
The core infrastructure for Ape Now is a limit order-book. When an NFT buyer would like to BNPL an NFT, the buyer submits a loan request to Ape Now. Lenders can underwrite NFT BNPL loans on a per-loan basis, and transact directly with the NFT buyer when filling a loan.
To enhance the experience, a loan recommendation algorithm has been explored, offering a quick calculation of loan terms based on the specific NFT - the OpenSea API is utilized as an oracle.
Switching from an algorithm recommendation oracle to an order-book model for Ape Now loans
Testing the algorithm in production with internal funds, we’ve learned about a specific issue with the OpenSea API. Tokens, within the 1155 category from OpenSea’s API, return the most recent sell order for the NFT instead of the floor price. This causes any recommendation algorithm to have a false sense of a true collection floor. With the many potential oracle-based data vulnerabilities, the reliance on a single, centralized oracle can have many downstream market implications.
With these factors in mind, we’re embarking on new horizons. The next evolution of Ape Now will remove the oracle-based recommendation system and expand the core limit-order book to every NFT collection supported by OpenSea.
Future: Expansion to all Ethereum-based OpenSea NFT collections
Projects will have the ability to add an Ape Now link to their website and share the ability for community members to better finance their NFT asset. Reach out if you are a project creator interested in leveraging this feature as an alpha collection!
Future: Customize your loan terms as an NFT buyer
For NFT buyers, you will have full ability to customize your loan requests, which includes the APR, duration, down payment, and other factors that go into your BNPL experience. Loan requests that are appealing can be filled by any lender on the Ape Now dapp.
Ape Now today 🦧
Overall, the initial response to Ape Now from users, the community, and the space as a whole, has been nothing short of awesome. With more than 600 loan requests in just the first few days, it’s apparent that the platform is servicing a common need.
The genesis batch of NFT collections offered are some the hottest bluechips, and the team is eagerly working to add more of the community’s favorites.
Purchase your next NFT by financing through Ape Now on the dapp and read through the documentation to get a full understanding of the protocol.
