This week was supposed to be fantastic for NFTs. We had a ton of exciting project launches on the horizon. However, NFTs quickly became the last thing to worry about after the Russian invasion of Ukraine– and for good reason.
Even without the recent massive geopolitical stresses, the NFT market would probably be struggling anyway. ETH had already fallen to $2,500 last week and NFT prices were not exactly rising in response.
The Most Profitable Mint of the Year So Far
After dramatic market-moving events, it’s important to watch for projects that do not tumble with the rest of the market. If we look at an NFT analysis platform like NiftyPrice or Dune, it has been difficult to find positive outliers. Invisible Friends, the third and by far the most popular of the projects in the Random Character Collective, was one of the only collections that held up well this week. The Collective is a collection of 5,000 animated generative invisible characters with a myriad of fun and colorful traits.
Most other projects throw a few different traits onto a single base character model. (The base model might be unique from other projects, but it can often be difficult to distinguish between NFTs in the collection.) But because the base character of Invisible Friends is invisible and the focus is on the traits instead, each NFT is more unique when compared to most other projects. This collection was able to build a large amount of hype immediately after they started releasing sneak peeks of the art. It was obvious from the beginning that getting on the whitelist could be incredibly profitable.
Many thousands of people fought over only 5,000 whitelist spots. When it first launched, a few Invisible Friends sold for 12 to 15 ETH before they dipped to about 9 ETH where they have stayed relatively stable since.
A Strong Community Can Be Invaluable
Three other new collections, Starcatchers, 3Landers, and The Doggies seem to be the only projects thriving right now. They and Invisible Friends all have one thing in common, a strong and supportive community.
Starcatchers is a new project that launched a few days ago, with a team that wants to underpromise and overdeliver; they haven’t even dropped a roadmap yet. Starcatchers won’t have any play-to-earn or breeding utility, but they already have something more important, a strong community.
The project’s main goal has always been to build a tight-knit group of people that love Starcatchers. Judging by its price action so far, it has been successful. The price of Starcatchers opened high at about 0.8 ETH right after the presale and has mostly traded around 0.7, even after the Russian aggression against Ukraine escalated.
3Landers is a collection of 10,000 simple but adorable generative characters, and it might be the best performing major NFT collection of the past week. It seems completely unphased by current geopolitical issues and immune from market corrections. Like Starcatchers, 3Landers’
mission is to build a supportive community of holders. The team wants to bring people together–to go on adventures, form long-term connections, and create.
3Landers’ art also fits perfectly into the cute illustration trend that was popularized by Cool Cats, Coolman’s Universe, Little Lemon Friends, and many others. Each 3Lander looks like it could fit perfectly into a wacky animated comedy, such as Rick and Morty. It started trading at a floor of about 1.5 ETH and has steadily moved up, reaching nearly 2 ETH.
Snoop Dogg, one of the world’s most famous celebrities, has been at least tangentially part of the NFT community for a long time. He successfully launched a few different small projects on the Crypto.com NFT platform early last year. Snoop realized that the NFT market can be incredibly popular for celebrities who already have a large following.
Snoop recently dove head-first into the Metaverse with his new collection called The Doggies. It’s a collection of 10,000 3D generative voxel characters inspired by Snoop’s life and some of his most celebrated tracks. The dobs are intended to be avatars for the popular metaverse game, The Sandbox. Some lucky holders will even see their NFTs in an upcoming Snoop Dogg music video. Right after the project dropped, its floor hit 0.7 ETH, but it has been holding up better than most NFT projects, falling modestly to around 0.5 ETH.
Snoop already had a dedicated group of fans ready to buy into his project. He didn’t need to build his community from scratch like Invisible Friends, Starcatchers, and 3Landers to benefit from it.
Here are a few projects to watch this upcoming week, accompanied by short descriptions:
- Tubby Cats is the new “cute project”, with a high price floor despite its large supply of 20,000 NFTs
- The art is self-explanatory: they’re adorable generative cats
- The cats seem to have no utility–and they haven’t released a roadmap or even short-term goals–but at least the NFTs are extremely cute
Wavelength by Kaleb Johnston
- This is a collection of 1,111 pieces of generative art inspired by the brain’s electrical activity and is a bit similar to the incredibly successful Fidenzas made by Tyler Hobbs
- Wavelength is one of the only generative art projects to hold its value over the last few months, despite not being tied to the gen-art pillar ArtBlocks
- This is an ambitious new play-to-earn project launching soon; it will be a part of the Treasure Metaverse (an intertwined group of projects that all run on the $MAGIC token)
- BattleFly wants to be more than a regular ‘staking to earn tokens’ game; instead it will require strategy and planning to earn the highest possible yields
- Holders will be able to stake their BatteFly NFTs passively to accrue items and bet $MAGIC in player versus player battles
Want to keep up with Henry and NFTs 24/7? Join him in AlphaMint’s dedicated NFT Discord serverand don’t forget to have a look at more great projects in the previous volume of NFTimes.