If you are a strong proponent of the Metaverse, you must have observed the recent hype over NFTs again. Different from previous NFT interest spikes caused by GameFi, there are other factors driving the creation of new NFT collections.
1. The Utilization of Star Power - PhantaBear
Screenshot of PhantaBear NFT collection
Recently, many prominent Asian influencers and celebrities have swapped out their Instagram profile photos to one from the PhantaBear NFT collection. One of the most famous celebrities includes Mandopop King Jay Chou. The mint price of PhantaBear was 0.26 ETH, which is higher than most NFT projects. Sales were relatively slow in the beginning and the floor price (the lowest price any NFT in a particular collection is available for) was close to mint price. It seemed like a normal project until Jay Chou started posting content on his Instagram regarding PhantaBear from January 3rd. The floor price soared immediately and even reached 6.5 ETH at one point.
Screenshot of PhantaBear NFT benefits
PhantaBear was co-created by Jay Chou’s street fashion brand PHANTACi and Ezek, a new NFT platform. PhantaBear is a collection of 10,000 algorithmically generated digital collectibles. These NFTs also double as access tickets for Ezek Club, and PhantaBear holders will receive access to virtual concerts and other virtual entertainment channels in the Ezek metaverse. Although Jay Chou’s record label has since released a statement declaring that he neither initiated nor invested in this project, his endorsement did bring huge attention and capital into PhantaBear.
Looking at NFTs from a long-term perspective, the value of digital collectibles requires consensus. For example, art is recognized as worthy of value based on aesthetic taste and different styles from varying art periods, and the enduringness of some classic artworks lie in their historical legacy and cultural heritage. If an NFT relies solely on the influencer’s star power but does not have aesthetic value, its popularity cycle will be very short.
2. Unique Value Proposition - World of Women
Screenshot of World of Women NFT Collection
World of Women is a collection of 10,000 randomly generated portraits of women, each with unique characteristics such as background images, hairstyles, lips, skin tones, accessories, clothing, facial features, and more. WoW’s main value comes from the sharing of profits in the utilization of the NFTs. That is, if these NFTs are utilized for commercial purposes in the future, all WoW NFT owners get 50% of the royalties. In addition, some of the "special women" belong to three clubs:
- ROYALTIES CLUB (19 assets) members can share 2% of the royalties from all second-hand transactions every month;
- INVESTORS CLUB (29 assets) members can share 50% of the profits from the WoW fund every month;
- CURATORS CLUB (22 assets) members can choose an NFT artwork each month for the WoW Fund to purchase, to support their favorite crypto artists.
Screenshot of WoW NFTs
In addition to letting all NFT owners benefit, WoW donates 2.5% of profits to support public welfare organizations in the real world. Organizations include SHE'S THE FIRST and TOO YOUNG TO WED. 15% of the profits will also be reinvested in the crypto art circle.
Most popular NFT projects like CryptoPunks and BAYC are male-oriented. The emergence of World of Women has resonated with many women. The artist behind World of Women is Yam Karkai, "who has always been working to highlight and empower women by putting women at the center of her work." World of Women stands out via its unique value proposition.
3. Strong Storytelling and Aesthetic Design - Crypto Coven
Screenshot of Crypto Coven NFT Collection
Crypto Coven is a rising star in the NFT world. Its mint price was 0.07 ETH and the floor price has since increased 10x and keeps increasing. Similar to WoW, each witch NFT in Crypto Coven is unique with different hairstyles, skin tones, adornments, clothing and more. Aside from the aesthetically pleasing designs, one factor that drives Crypto Coven’s popularity is its focus on lore and world-building. For example, each NFT is specially given a name, category (e.g. enchantress, mage, occultist etc.) and different ‘stats’ depicting each unique witch’s characteristics.
Screenshot of Crypto Coven NFTs
“Before the dead were put to rest,
before the wizard kings were cast off thrones of pale bone...
before their unassailable walls crumbled to dust,
and wonder seeped from the cracks in our skin...
there were WITCHES who wove the threads of all things,
carefully adjusting each string to tune.”
Unlike the usual NFT projects that are trying to create a standard roadmap, Crypto Coven seems to be building a totally different world with its fantastical imagery and unique language. If you see such a description and roadmap in any other projects, you may think the project is FUD. However, Crypto Coven’s uncommon storytelling method is simply a way to build an immersive environment and foster a strong community driven by passion for the project.
Strong storytelling paves the way for much more creativity. Already, NFT owners are creating art and sharing music based on the NFTs. As the project matures and its founders explore granting more creative freedom to owners, such as creative licences and even full IP rights, we can expect a further expansion of Crypto Coven’s witches and lore in the metaverse or even the start of other projects.
The views expressed in this article are the author's alone and do not necessarily represent the views of ApolloX.
Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.
The ApolloX app is available on Apple Store or Google Play here.
Stay up to date with ApolloX!