The CyberKongz brand consists of randomly generated ape NFTs with a variety of different utilities throughout the metaverse. The collection can be split into 3 categories:
CyberKongz are 2D NFT avatars that yield daily passive income in the form of $BANANA tokens to their holders.
Baby CyberKongz are a less scarce version of CyberKongz that do not yield $BANANA. In order to mint BabyKongz these you must meet these requirements:
Spend (burn) 600 $BANANA tokens
Must hold at least 2 Genesis Kongz
CyberKongz VX are 3D modeled apes, programmatically generated, meant for use as avatars in The Sandbox.
Earns holders 10 $BANANA tokens per day (for the next 10 years)
Initial cost: 0.01 ETH
Launch date: March 3, 2021
Mint cost: 600 $BANANA
Mint price: 0.07 ETH
Launch date: August 15, 2021
BANANA tokens allow CyberKongz & Baby Kongz owners to change their ape's name and biography. There will also be a banana shop in the metaverse where CyberKongz VX holders can use $BANANA to purchase equipment and wearables. These are the only current uses for $BANANA however more utility will be added in the future.
One of the biggest features of the CyberKongz world is their massive amount of land in The Sandbox. Using this land, they've created three different experiences:
The Shrine of Kongz
Neo Kongz City
This analysis is coming from the perspective of someone who used to be in the CyberKongz community but is no longer. I think the brand will be successful in the metaverse but it isn't something I personally want to invest in at this time.
The reason I left the CyberKongz community is because it's benefits don't impress me as much as other communities like BAYC or GCG. CyberKongz VX are built to be used as avatars in the Sandbox whereas BAYC and GCG weren't created specifically for a single metaverse which gives them a bit more flexibility. BAYC and GCG already have spots in the Sandbox and are both airdropping 3D modeled avatars to their entire communities. Not to mention, BAYC already has a presence in Decentraland and GCG has partnered with House of Kibaa in their upcoming metaverse. I'd rather not have all my eggs in one basket when I know I can hold an NFT that brings utility in a variety of metaverses.
One of the biggest cases I hear in favor of CyberKongz is the fact that holding OG Kongz yields passive income in the form of $BANANA tokens. While I do agree that passive income is a fantastic feature, it's important to distinguish HOW this token is actually used because that's what gives it value.
Currently $BANANA can be used to:
Change your Kong's name
Write a custom bio
Breed a Baby Kong (only until the 4000 limit is reached)
In my opinion, all these actions should be free and not require a token. Compare these features with other projects and you'll see that the value just isn't really there.
Free naming & renaming - The Alien Boy
Free custom bio - Wicked Craniums
Am I saying that you should buy these other projects because they let you do things for free? No. What I am saying is that $BANANA tokens bring the same utility that other projects give out for free. In other words, I think the token is a facade to drive short term value.
As of now, breeding is the only thing other NFT projects don't offer for free but this won't last forever because there is a limit on the maximum BabyKongz supply. We'll have to wait and see what other use cases the team comes up with for $BANANA before I'd make an investment solely due to the passive income it provides. Any value $BANANA tokens have today should be based on peoples' future expectations of the community.
Now that we've got my negative thoughts out of the way, I love everything that CyberKongz is doing in the Sandbox. The builds I've seen from them have been amazing and they have a ton of land to work with. This will likely be where the $BANANA token inherits more utility however we still have to wait for Sandbox public multiplayer to go live before this can happen.
I'd love to see the team leverage their metaverse builds to create members-only areas. This would give each CyberKongz owner (especially VX) another reason to hold. Think about it - the current floor price of CyberKongz VX is 1.34 ETH ($3,818). Would you pay nearly $4,000 for a playable avatar that provides no additional membership benefits other than access to a Discord channel? Not me.
Overall, CyberKongz is a good community but I think there are better opportunities elsewhere if you are looking for a safe buy low, sell high trade. A lot of CyberKongz future success will be closely tied to The Sandbox so it would make sense if their team is keeping some of these details hidden. My advice for anyone who wants to join this community - take advantage of the high price volatility when looking for an entry.