The hottest new NFT collection has generated total sales of over $ 115 million in the first two weeks of its launch.
0N1 Force, a new collection of 7,777 generative avatars generated from more than 100 hand-drawn features, has experienced one of the most impressive launches in the history of non-fungible tokens (NFT), according to a report by DappRadar.
The data collection and analysis company, which tracks decentralized applications (dapps) across multiple blockchains, has analyzed the latest NFT projects and provides comprehensive financial metrics, insights into collection distribution, and detailed social and technical overviews.
NFT Avatar projects are on the rise
The report on recent record sales:
“0N1 Force had one of the most impressive launches in the NFT space. The minimum price of the collection is 3,75 Ethereum and has achieved a total sales volume of over 115 million dollars in the only two weeks of its existence.“
The collection has a very low whale concentration index of 4.63%, with only 360 pieces owned by the top 5 0N1 whales, while the project’s social reach speaks for itself-with more than 20,000 members on Discord and more than 36,300 followers on Twitter.
According to DappRadar’s report, “the collection does not indicate any immediate tangible benefit.” But: such a successful launch and overnight popularity coincide with current market trends.
Dragos Dunica, co-founder of DappRadar, explains:
“Many of these PFP or Avatar NFT collections can be considered valuable in their own right. Often they are not part of a virtual world and do not provide immediate exclusive access to content. But this is not necessarily important, because NFTs live by the power of community.“
Meanwhile, the floor price of 0N1 Force is 3,75 Ethereum. The most valuable piece recently sold for 188 Ethereum, which is about $ 622,835.
Another interesting project is Pudgy Penguins, a collection of 8,888 randomly generated avatar NFTs. It sold out in just 19 minutes and was able to generate a total sales volume of 30,753 Ethereum, or $ 97.6 million.
.@ Pudgy_Penguins 🐧 have generated nearly $ 98M in total sales, with rare pieces selling as high as 150 ETH.
– DappRadar (@DappRadar) September 1, 2021
With a current minimum price of 3.55 Ethereum and rarer pieces selling up to $ 458,752, Pudgy Penguins is most comparable to 0N1 Force when looking at the financial metrics, the spread of the project and the impressive social reach.
“The decentralized and open nature of blockchain allows anyone to create a benefit for an NFT collection. Whales can increase the value of their wallets by investing in product development, but at the same time, each member of the community can contribute that benefits the entire ecosystem of that particular NFT collection.“
In his opinion, “it ultimately depends on the community. Who is involved in these projects, who has an interest in them? And: Who can make a demonstrable contribution to an ecosystem?“
Text credit: Cryptoslate
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