Football and Toads?
The Super Bowl, the most-watched annual broadcast in the world, went down on Sunday but American Football fans were not the only ones excited. Because of its massive viewership, the Superbowl is the premier advertising event of the year, with many viewers tuning in not for the game, but for the commercials. By the time next year’s Superbowl arrives, we should start seeing NFTs featured prominently in Superbowl advertising, as the NFL has recently shown interest in NFTs, releasing two different collections already.
The first was a simple collaboration with the ticket company, Ticketmaster, where they sold NFTs representing each team, additionally featuring a handful of historically important games. They all sold out quickly but haven’t appreciated in price much. Their second NFT project has been much more successful, and is considered the NFL’s version of NBA Top Shots. They sell packs of NFTs similar to trading cards, except these NFTs have videos of special highlights instead of just pictures. The first 3 drops of these packs have sold out quickly and will likely be worth more on the secondary market.
Even though the NFL NFTs have been successful, the market is more excited about non-football projects potentially being featured in the Super Bowl. First, there were rumors of Bored Ape Yacht Club NFTs. Two of the artists slated to perform in the halftime show, Eminem and Snoop Dogg, own Bored Apes. There was also some evidence of a community-led effort to buy an ad, but according to one of the Bored Ape founders, it fell through.
Friday morning we were all tricked into thinking that instead of the incredibly famous Bored Apes, we would be seeing some toad-themed NFTs in the Super Bowl. Cryptoadz, a popular pixel art collection of toads with a bunch of silly traits, tweeted a vague teaser tagging Budweiser. Budweiser quote-retweeted it saying “!croak can’t wait for Sunday,” seemingly confirming some kind of collaboration for the Superbowl. Unfortunately, we were misled and all we got was a parody of an old Budweiser commercial with toads in it. There is still a decent chance that we see some kind of NFT in the next Super Bowl, but we shouldn’t get our hopes up too high.
Overhyped Projects Crash and Burn
Mekaverse, the first major 3D NFT project with a tremendous amount of hype behind it during the mint, was also the first to fail spectacularly. It’s a pretty simple collection of generative mechs reminiscent of the Japanese brand Gundam. People loved the sneak peeks and 250 thousand people joined the raffle to mint one. Up to the “reveal”, the Mekas reached a floor of more than 8 ETH. But right after the reveal its price floor fell 50% over a few days because the art wasn’t unique enough to sustain the hype.
Having a large number of Twitter followers and Discord members does not mean that a project will be successful. For example, a collection called Hypebears had about 350k Discord members and 240k Twitter followers when it launched. It traded for around 1-1.2 ETH before it revealed, and then it crashed down to 0.25 ETH almost immediately. Like Mekaverse, the art was disappointing compared to the sneak peeks.
Hypebears was the most recent example of a hyped 3D project flopping, and it is one of many. HAPE Prime, a collection with unmatched hype of 3D Bored Ape-inspired characters with streetwear traits, lost 50% of its floor price right after it revealed. Another 3D collection with comparable follower counts failed even worse this past week.
Squiggles was first intended to be a collection of 3D versions of the popular Doodles project. However, it was clearly infringing on the Doodles’ copyright so they had to come up with totally new 3D art. They did and sold out quickly before it was revealed that they were funneling funds into secret wallets to buy up a bunch of Squiggles. The attempt to fake high trading volume may have been noticed by OpenSea because they have since been delisted from the platform. Hopefully, these fiascos have taught both creators and the NFT community at large to avoid lazy 3D art collections with suspiciously large followings.
Here are a few projects to watch this upcoming week, accompanied by short descriptions:
- A new play-to-earn (p2e) NFT collection at the center of an open-world RPG with elements of decentralized finance and NFT breeding
- They want to make a p2e game that is actually fun, and not solely focused on profit
- The full game will take a while to finish, but they will release the play-to-earn elements earlier
- One of the first major attempts to put a record label on the blockchain
- Holders of the NFTs get to be part of the label, earn royalties, gain access to exclusive events, and more
- This is not a new project, in fact, it’s an extremely profitable OG on-chain play-to-earn game
- Orcs can be staked where they can level up, upgrade their gear, farm tokens, and perform raids in order to mint their 2nd generation of NFTs, Orc Allies.
- You can often tell the success of a p2e game by how many of the passive earning NFTs are listed, and recently there have been fewer than 30 out of 5k up for sale at a time.
Want to keep up with Henry and NFTs 24/7? Join him in AlphaMint’s dedicated NFT Discord server.
By: Henry Stater and William Laurent