Smooth Million Dollar Avatars: How Pudgy Penguins and 0N1 Force NFT Sold in Minutes
0N1 Force, a new collection of 7,777 generative side-profile avatars generated from over 100 hand-drawn features has had one of the most impressive debuts in the non-fungible token arena (TVN) historical, according to DappRadar report.
The data acquisition and analytics company that tracks decentralized applications (dapps) across multiple blockchains analyzed the latest NFT projects, providing comprehensive financial metrics, collection distribution information, and detailed social and technical overviews.
NFT avatar projects are on the rise
“0N1 Force has had one of the most impressive starts in the NFT space, the collection’s floor price is 3.75 Ethereum and generated over $ 115 million in total sales volume in just two weeks. ‘existence,’ the report reads.
The collection has a very low whale concentration index of 4.63%, with just 360 pieces held by the top 5 0N1 whales, while the social reach of the project speaks for itself, with over 20,000 members on Discord and over 36,300 followers on Twitter.
According to the DappRadar report, “the collection has no immediate tangible utility,” but such a successful launch and overnight popularity matches current market trends.
“You could say that many of these PFP or NFT avatar collections have value in themselves. Often they are not part of a virtual world and do not immediately give exclusive access to the content. But that’s not necessarily important, because NFTs thrive on the power of the community, ”said Dragos Dunica, co-founder of DappRadar. CryptoSlate.
Meanwhile, 0N1 Force’s floor price sits at 3.75 Ethereum and the most popular coin was recently sold for 188 Ethereum, valued at around $ 622,835.
Socially spawn meaning
Another intriguing project is Pudgy Penguins, a collection of 8,888 NFT randomly generated avatars that sold out in just 19 minutes and generated over 30,753 Ethereum or $ 97.6 million in total sales volume.
.@Pudgy_Penguins 🐧 generated nearly $ 98 million in total sales, with rarer coins selling for up to 150 ETH.
– DappRadar (@DappRadar) September 1, 2021
With the current floor price of 3.55 Ethereum and rarer coins selling for up to $ 458,752, Pudgy Penguins is the most comparable to 0N1 Force among the collections reported, based on financial metrics, of the project’s distribution. and of impressive social significance.
“Thanks to the decentralized and open nature of blockchain, anyone can create a utility for an NFT collection. Whales can increase the value of their wallets by investing in product development, but at the same time any member of the community can contribute, benefiting the entire ecosystem of that particular NFT collection, ”said Dunica. , commenting on the successful launch of the NFT avatar projects. without any resounding utility.
According to him, “At the end of the day, it all comes down to the community. Who is involved in these projects? Who has an interest in these? Who has already contributed to bringing value to an ecosystem? “
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