According to DappRadar, 0N1 Force, a new collection of 7,777 generative side-profile avatars generated from more than 100 hand-drawn features, has had one of the most impressive starts in non-fungible token (NFT) history.
The company that tracks decentralized applications (dapps) across multiple blockchains has analyzed the most recent NFT projects, providing comprehensive financial metrics, collection distribution insights, and detailed social and technical overviews.
The number of NFT avatar projects is growing.
“0N1 Force has had one of the most impressive starts in the NFT space; the collection’s floor price is 3.75 Ethereum, and the collection has generated over $115 million in total sales volume in only two weeks of existence,” according to the report.
The collection has a very low whale concentration index of 4.63 percent, with only 360 pieces owned by the top 5 0N1 whales, while the project’s social reach speaks for itself, with over 20,000 members on Discord and 36,300 followers on Twitter.
According to DappRadar, “the collection does not display any immediate tangible utility,” but such a successful launch and overnight popularity are in line with current market trends.
“Many of these PFP or avatar NFT collections can be said to be valuable in and of themselves. They are frequently not part of a virtual world and do not provide immediate exclusive access to content. But this isn’t necessarily significant because NFTs thrive on the power of community,” DappRadar co-founder Dragos Dunica told us.
Meanwhile, the 0N1 Force floor price is 3,75 Ethereum, and the most valuable piece recently sold for 188 Ethereum, which is equivalent to $622,835.
Significance in society
Pudgy Penguins, a collection of 8,888 randomly generated avatar NFTs that sold out in just 19 minutes and generated over 30,753 Ethereum or $97,6 million in total sales, is another intriguing project.
Pudgy Penguins is the most comparable to 0N1 Force among the reported collections, with a current floor price of 3,55 Ethereum and rarer pieces selling for as much as $458,752, based on financial metrics, project distribution, and impressive social reach.
“Because of the blockchain’s decentralized and open nature, anyone can create utility for an NFT collection. Whales can increase the value of their wallets by investing in product development, but any community member can contribute, benefiting the entire ecosystem of that specific NFT collection,” said Dunica, commenting on the successful launch of the NFT avatar projects despite their lack of utility.
“Ultimately, it all comes down to community,” he says. Who is involved in these initiatives? Who has a vested interest in these? Who has a proven track record of adding value to an ecosystem?”