An NFT Collection to Reckon with
It’s been a “hot minute” since we’ve a featured piece about an NFT collection. But this collection — World of Women — deserves its own article.
Initially launched at the height of the NFT craze in July of 2021, World of Women (WoW) consists of 10,000 profile pic (PFP) NFTs on the Ethereum blockchain generated from 200 hand-drawn traits and features from the artist Yam Karkai.
But unlike many of the generative PFP projects released in 2021, World of Women is much more than just a collection of digital assets with great artwork. From the beginning, the goal of Yam Karkai and her team was to create an open, inclusive community that encourages girls and women to explore Web3 — and the collection has been doing just that, and more.
Fast forward three years later, and despite the dip in the collection’s floor price brought on by the bear market, WoW has become a Web3 institution to reckon with. Today, World of Women is widely recognized as one of the most important brands in Web3, and every day its team works diligently to empower women and independent artists in the space.
Let’s take a closer look.
Yam Karkai and the Wow Team
Before creating WoW and becoming one of the most successful female artists in the world, Yam Karkai was a freelance artist working hard to make a living. In the early days of 2021, she discovered NFTs and Web3 and was drawn to the new tech because of its ability to empower artists to build in the space without the need for third parties.
Working closely with her partner Raphaël Malavielle and their two pseudonymous friends Toomaie and BBA, the four-person team created 10,000 NFT artworks on Ethereum. The NFTs launched for the reasonable price of 0.07 ETH, or about $150 at the time.
The collection sold out in only 10 hours.
Currently, the trading volume stands at over 83,000 ETH, or around $135 million with the current price of ETH. At risk of sounding corny, can we just say — Wow!
What happened after WoW’s launch?
World of Women selling out its first collection was just the beginning of its success. By early 2022, Madonna, Reese Witherspoon, Gary Vee, and others were calling WoW their favorite NFT collection and showcasing Karkai’s art as their social media profile pictures.
Yam Karkai was also invited to create magazine covers for the 2022 Billboard Women in Music Awards of world-renowned celebrities like Mariah Carey, Christina Aguilera, Eva Langoria, Shonda Rhimes, Napheesa Collier, and Madonna.
On February 28th, 2022, the rare WoW NFT #5672 sold for 260 ETH ($754,340) at the historic auction house Christie’s in London. The jaw dropping sale price helped highlight not only the importance of women in Web3, but also the seriousness of generative art NFTs in general.
What is the utility of WoW NFTs?
WoW entered the NFT space at a time when it was mainly male dominated. The project’s fresh perspective and vision put women at the forefront of its mission, helping to spur discussions on inclusion and representation in Web3. This underlying ethos has also helped it maintain its status as a top Web3 brand.
But it isn’t just the message of WoW that’s led to the collection’s success. The NFT collection also has utility, and the team at WoW is constantly working to bring value to its holders.
One critical component of WoW NFTs is that holders receive full ownership rights of both the underlying artwork and intellectual property (IP) of their digital assets. That means they can use the NFTs in any way they please, including commercializing the NFTs for monetary gain.
Holders also receive monthly derivative art airdrops from NFT artists in the WoW community known as Artdrops. Each season WoW tapped artist from the NFT space to commission digital artworks based on the brand’s vision. This lasted eight seasons before WoW announced the next face of the project — Artfest. In February 2023, Artfest brought in some of the world’s most renowned artists to collaborate on pieces that interpreted WoW’s vision.
Furthermore, WoW holders are granted access to discounted merch, raffles, and exclusive in-person events. For example, during NFT.NYC 2022, WoW holders received tickets to a private Madonna concert. They also were invited to the first ever WoW Gala, and to Art Basel 2022 in Miami.
Lastly, WoW holders can participate in a myriad of clubs, such as the Curator’s Club, the Royalties Club, and the Investor’s Club. The overlying goal of these clubs is to spotlight independent artists and bring value to the community.
What is World of Women Galaxy?
Like many NFT collections, WoW didn’t stop making moves after its first successful NFT drop. On March 26, 2022, WoW released its second NFT collection — World of Women Galaxy.
Touting brand new artwork from Yam Karkai, the collection consisted of 10,000 NFTs that could be claimed by holders of WoW’s genesis collection for free, plus gas fees, as well as another 10,000 NFTs for the public. There were also 2,222 reserved for allowlist spots —making for a total of 22,222 NFTs.
The drop of its second collection was part of WoW’s aim to be inclusive. Having seen its initial collection’s floor price rise to as high as 13.2 ETH for a single NFT, the team realized this price point made the WoW community inaccessible for most people.
So, its second collection, WoW Galaxy, was sold as a Dutch auction starting at 3 ETH before dropping to a final resting price of 0.3 — making it much more affordable for people who wanted to join the community.
Perhaps unsurprisingly, the collection sold out in only three days, generating $14 million from primary sales. Although the collection’s floor price has dropped since launch, the launch helped onboard thousands of new members into the WoW community.
WoW Galaxy NFTs come with their own utility and perks as well, including invitations to IRL gala events, access to private Discord channels, free and discounted merch, allow list opportunities, membership in the WoW’s decentralized autonomous organization (DAO), discounted concert tickets, and more. Like the original collection, holders also own the rights to the artwork and can do with it as they please.
The Future of World of Women
In a few short years, World of Women has morphed from a sole NFT collection from a then unknown artist into one of the most prominent brands in Web3. One reason behind its success is that the WoW team and community have never stopped building its brand.
One of WoW’s most promising partnerships is with The Sandbox metaverse, which was announced in March 2022. According to the deal, over the next five years, the WoW Foundation will receive $25 million from the decentralized metaverse to explore representation of women in Web3.
The WoW Foundation will teach free online courses about NFTs and Web3 in The Sandbox, and participants are rewarded with NFT diplomas. The Sandbox will also play host to the WoW Museum, which serves as a space to showcase WoW’s achievements and role in helping girls and women find a foothold in Web3.
Final Thoughts
Although the bear market hasn’t gone easy on World of Women, one of the project’s main advantages is that it’s always had a higher purpose: to make Web3 more inclusive. That mission has helped WoW weather the storm, form new partnerships, and continue building at a time when other NFT collections have fallen.
We expect World of Women to be a major player in this space for years to come. And when all is said it done, we think WoW will hold its place in NFT History as one of the most pioneering projects of all time.
To learn more about World of Women, check out our interview with WoW’s COO Shannon Snow: Sniper Spotlight: World of Women.