According to DappRadar, 0N1 Force, a new collection of 7,777 generative profiling avatars generated from more than 100 hand-drawn features, witnessed one of the most impressive beginnings in the history of non-replaceable tokens (NFTs).
The data collection and analytics firm that tracks decentralized applications (dapps) on multiple blockchains has analyzed the latest NFT projects, providing comprehensive financial metrics, insights into collection distribution, and detailed social and technical overviews.
NFT avatar projects are on the rise
“0N1 Force had one of the most impressive starts in the NFT space, with the series bottoming out at 3,75 Ether and generating over $115 million in total sales in just two weeks of existence,” the report reads.
The series has a very low whale concentration index of 4.63%, with only 360 pieces owned by the top 5 0N1 whales, and the social reach of the project speaks for itself, with over 20,000 members on Discord and over 36,300 followers on Twitter.
According to DappRadar’s report, “the collection doesn’t flash any immediate tangible utility,” but such a successful launch and overnight popularity comes together with current market trends.
“Many of these PFP or avatar NFT series arguably hold value in their own right. Often, they are not part of the virtual world and do not have immediate access to exclusive content. But that doesn’t necessarily matter because NFT thrives on the power of community,” Dragos Dunica, co-founder of DappRadar, told us.
Meanwhile, the base price of the 0N1 unit sits at 3,75 Ether, with the most valuable piece recently sold at 188 Ether, worth around $622,835.
The significance of social spawning
Another intriguing project is Pudgy Penguins, a collection of 8,888 randomly generated avatar NFTs that sold out in just 19 minutes, generating over 30,753 Ether or $97.6 million in total sales.
With a current reserve price of 3,55 Ether and rarer pieces selling for up to $458,752, Pudgy Penguins is the most comparable of the reported collections to 0N1 Force based on financial metrics, distribution of items, and impressive social impact.
“Through the decentralized and open nature of the blockchain, anyone can create utility for the 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 to benefit the entire ecosystem of that particular NFT collection.” Commenting on the successful launch of the NFT avatar project, Dunica said there was no resounding utility.