At the end of August, co-founder of the previously popular Vine platform, Dom Hoffman, launched his own series of unique tokens called Loot NFT. It is distinguished from hundreds of other NFT collections by the game component: in fact, Loot is an RPG game where players have cards with inventory, companions and other role-playing elements. In a few days, Loot made a lot of hype around itself and became the prototype for similar NFT collections.
One of them is a series of tokens called N Project, where crypto enthusiasts buy tokens associated with random numbers on a black background. Let’s talk about the new trend in more detail.
NFT tokens are the main trend in the cryptocurrency industry in 2021. As we reported earlier, we are talking about unique tokens in unchanging blockchains of different cryptocurrencies, to which a certain work is, as it were, attached with the help of cryptography. It can be a picture, video, song, or something else.
The main idea is that tokens in transparent blockchains can confirm the uniqueness of items, as well as show their owners – albeit in the format of a blockchain address.
At the same time, we have already encountered examples of strange NFTs earlier. For example, in August, investors were shelling out hundreds of thousands of dollars for stone images. Naturally, such images have no use, and they were in the field of vision of wealthy investors solely due to the general hype.
Now the trend continues. Moreover, the current hits seem even stranger than before.
Popularity of NFT tokens
The idea of the N Project has become popular: at the time of this writing, the capitalization of the collection has stepped over the mark of 10,256 ETH, or almost 40 million dollars. The series of tokens has become the fifth most popular in the industry with an average price tag of 1.15 ETH per collection item.
Here is an example of such a token, for which they shell out a lot of money.
What is the secret of N’s popularity? The first is the huge hype around the unique token space, which saw its second wave of growth in August. The second factor is the abstractness of the project itself. His idea, although borrowed from Loot, looks so absurd that some cryptocurrency enthusiasts describe it as «bordering on genius.»
N Project has gained many followers in its short life, who turned NFT into a game, Decrypt reports. They even created psychedelic visualizations of bots buying out «rare numbers» and competing to collect prime numbers. The success of the project is clearly visible at the minimum price for which the cheapest token of the collection is now being sold: out of 8000 available «cards» with numbers, one can be purchased for no less than 12.8 ETH, or about 50 thousand dollars at the current exchange rate .
Another spiritual successor to Loot is the Bloot or Based Loot NFT game. Bloot replaces Loot’s medieval treasures with NFT memes taken from 4chan, Reddit and Twitter. For example, instead of Loot’s Divine Robe of Wrath, Bloot heroes wear the ERC-20 Terrible Max-Break Skirt. Instead of Woolen Boots – Moon Boots of Death. Bloot warriors do not fight with Short Swords, but with Baguettes of Shit.
It may sound absurd, but this is the new trend. Investors are really investing in this.
Over the past day, hundreds of Bloot tokens worth about $ 5.3 million have changed hands , and the minimum price for collection elements has grown to 1.44 ETH or $ 5600. This makes Bloot the fourth most popular NFT episode of the last day.
Now it is obvious how profitable even the most absurd things can be if you create enough hype around them. In general, the NFT sphere has recently been based solely on this factor – the desire of crypto enthusiasts to resell their tokens at a higher price is confidently pushing it up.
We checked the actual data: the trading volumes of NFT-tokens are still huge. For example, over the past week, NFT sales in the equivalent of $ 732 million were made on blockchains. The week before that turned out to be a record – it had a figure of $ 1.05 billion.
But it’s worth noting that in the event of a major market crash – and it happened last night – many NFTs could eventually become unhelpful . That is why many do not hold unique tokens as a long-term investment, but try to immediately sell them at a higher price.
We believe that such NFT projects are a reflection of the intensive development of the blockchain and cryptocurrency industry, which are somehow at the beginning of their journey. Therefore, the developers and authors of such works do not limit their imagination and implement the strangest ideas. And apparently, this tactic works great.