Million dollar slick avatars: How Pudgy Penguins and 0N1 Force NFTs sold out in minutes | CryptoSlate

CryptoSlate

0N1 Force, a new collection of 7,777 generative side-profile avatars generated from more than 100 hand-drawn features has witnessed one of the most impressive starts in non-fungible token (NFT) history, according to DappRadar’s report

The data acquisition and analysis company that tracks decentralized applications (dapps) across multiple blockchains has analyzed the latest NFT projects, providing comprehensive financial metrics, collection distribution insights, and detailed social and technical overviews.

How To Get Free Crypto  

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 has generated over $115 million in total sales volume in only two weeks of existence,” read the report.

The collection has a very low 4.63% whale concentration index, with only 360 pieces owned by the top 5 0N1 whales, while the project’s social reach speaks for itself, with hosting more than 20,000 members on Discord, and surpassing 36,300 followers on Twitter.

According to DappRadar’s report, “the collection does not flash any immediate tangible utility,” but such a successful launch and overnight popularity come to heel with the current market trends.

“Many of these PFP or avatar NFT collections can be said to hold value in their own right. Often, they’re not part of a virtual world and don’t give immediately exclusive access to content. But this isn’t necessarily important, because NFTs thrive on the power of community,” Dragos Dunica, co-founder of DappRadar told CryptoSlate.

Coinbase Banner  

Meanwhile, 0N1 Force floor price sits at 3,75 Ethereum and the most valued piece recently sold for 188 Ethereum, worth roughly $622,835.

Socially spawn significance 

Another intriguing project is Pudgy Penguins, a collection of 8,888 randomly generated avatar NFTs that sold out in just 19 minutes and generated over 30,753 Ethereum or $97,6 million in total sales volume. 

With the current floor price at 3,55 Ethereum and rarer pieces selling as high as $458,752, Pudgy Penguins is the most comparable to 0N1 Force amongst the reported collections, based on financial metrics, project’s distribution and impressive social reach.

“Through the decentralized and open nature of the blockchain, anybody can create utility for an NFT collection. Whales can increase the value of their wallets by investing in product development, but at the same time, any community member 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.

FreeBitcoin Banner  

According to him, “ultimately it all comes down to community. Who’s involved in these projects? Who has a stake in these? Who has a track record of contributing value to an ecosystem?”

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Posted In: Adoption, NFTs

Like what you see? Subscribe for updates.

Go to Source
Author: Ana Grabundzija


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.