Another week, another high-flying non-fungible token collection. This week it is Nakamigos, a 20,000 NFT set from HiFo Labs that features pixelated characters with all the features of classic PFP art: hoodies, VR headsets, cigarettes, and much more. The hyped collection has done so much trading volume that it ranks in the Top 10 of collections on OpenSea.
The collection rose to prominence over the past two days due to a rumor: that Larva Labs, the company behind CryptoPunks and Autoglyphs, actually created the collection. But a closer look shows a smart marketing strategy, with HiFo Labs creating honorary Nakamigos for influencers in the space like Punk6529 and NateAlex and spurring the community to Tweet support for the project.
The current tactic? Tweets from holders that read: “Not Larva. Not Yuga. Nakamigos.”
Currently, the floor price (the lowest price for a single NFT in a collection) rests at 0.42 ETH or $756. But there are certain NFTs in Nakamigos that have greater demand than others. Characters with hoodies have a 2.8 ETH floor, while “Ghost” Nakamigos have a floor of 50 ETH.
Interestingly enough, HiFo Labs seems to be eschewing some common NFT project tactics. There is no roadmap that promises utility or a Discord server where Nakamigos holders can hang out. The project website and HiFo Labs page are both bare bones, not revealing much at all about the creators of the project or the direction they want to take it in.
Some on Twitter insinuate that it will be a “rug pull” or a project where the founders take the money from the mint and disappear, leaving holders high and dry. But for now, Nakamigos is surviving in a tough bear market, giving holders hope.
New NFT Collections Make Waves in 2023
While the NFT market has slumped in recent months, the market conditions haven’t stopped some projects from gaining traction. Here are two collections that have launched recently and captured the attention of NFT enthusiasts still vibing in these difficult times.
First, this month, an artist dropped “Owls,” a collection of NFTs that employed the use of various keyboard characters to create bird-looking figures. The collection eventually rose to 0.4 ETH, sparking widespread copycats and derivatives collections. Although the floor price has crumbled since, the launch of Owls showed that NFTs are still alive and well.
Second, two months ago, Jack Butcher and his team at Visualize Value created the “Checks – VV Originals” project, launching an open edition where users minted 16,027 Check NFTs for $8 apiece. Today, the floor price of that collection is 0.38 ETH or $661 per NFT. Not a bad return for holders.
Part of the challenge for creators in these market conditions is the patience of holders who may be unwilling to hold onto NFTs for a long period of time or risk “getting stuck holding the bag.” Many projects which have risen rapidly and would have likely survived months in a bull market have fallen apart in weeks.
If Nakamigos can buck that trend, it will become a rare bird indeed: an NFT project that has thrived in the bear market and gained traction even with 95% of NFT bull market participants having left the space. Here at Rarity Sniper, we’ll keep you up to date for any further developments in the story.