Oluwapelumi Adejumo · 19 hours ago · 2 min read
Million dollar slick avatars: How Pudgy Penguins and 0N1 Force NFTs sold out in minutes
The hottest new NFT collection has generated over $115 million in total sales volume in the first two weeks following its launch.
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.
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.
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.
.@Pudgy_Penguins ? have generated nearly $98M in total sales, with rarer pieces selling as high as 150 ETH.
— DappRadar (@DappRadar) September 1, 2021
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.
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?”
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