New Dapps Report: NFT Collectibles – August Edition 2

A deeper look at which dapps are making the most noise right now

The following document belongs to the “New dapps series”, a set of executive reports that intend to provide users with a high-level perspective of new coming dapps. The report focuses on relevant aspects for any decentralized application such as financial metrics like sales activity and price analysis, distribution metrics like Unique Holders Ratio or the Whale Concentration Index, whales behavioral patterns, and detailed social and technical overviews.

Please, do not consider this document as financial advice. Data updated on: Aug 29, 2021

Table of Contents

Key Takeaways

• 0N1 Force has had one of the most impressive starts in the NFT space, the collection’s floor price is 3.75 Ξ and has generated over $115 million in total sales volume in only two weeks of existence. 
• Despite being a slightly concentrated collection (21.85% unique holders ratio), CyberKongz VX generated over $30.9 million in total sales in only two weeks; rare Kongz have been sold for more than 100 Ξ .
• Generativemasks’ demand is confirmed, the collection has attracted more than 7,000 traders since the launch less than two weeks ago. 
• PudgyPenguins have generated over $97.6 million in total sales volume, the collection has been selling as high as 150 Ξ or $458,000.

0N1 Force

Blockchain: Ethereum

Launch date: Aug 19, 2021

Edition size: 7,777 – Limited Collection 

Traits: 15 – 12 traits + 3 levels

Attributes: 284 (30 level attributes)

0N1 (Oh-knee from Japanese folklore) Force is a collection of 7,777 generative side-profile avatars generated from more than 100 hand-drawn features. The collection comprises three different clans (tightly related to the rarity levels) surviving in a post-apocalyptic future.  

Added Utility

Although the collection does not flash any immediate tangible utility, the roadmap contains compelling milestones. Each 0N1 piece grants access to rewards like merchandise based on the characters along with future art collaborative exhibitions. 

It is still unclear how the comic book will reward owners but it will certainly help strengthen the 0N1 metaverse. Also, there is an ongoing discussion on the potential development of an RPG Discord channel, even though nothing official has been announced yet. 

Financial Overview

0N1 Force had one of the most stunning starts in NFT memory. After just seven days of existence, the collection has already generated over 35,300 Ξ or $115.3 million in total sales volumes. The floor price currently sits at 3.75 Ξ and the K4M-1 level was recently sold for 188 Ξ.

In its short existence, the demand for 0N1 has spiked, reaching 3,987 unique owners already, making it one of the most distributed collections in the space. This metric is especially important in newer collections as the risk for market manipulation can be exposed in poorly diluted projects. 

• Mint Price: 0.07777 Ξ
• Floor market cap: $92,392,218
• Current Floor Price: 3.75 Ξ (+4,722% from minting price)
• Average sale price: 2.85 Ξ (+3,560% from minting price)
• Highest sale: K4M-1 #03 for 188 Ξ (+241,700% from minting price) / $622,835
• Initial revenues: +605 Ξ
• Unique holders (ratio*): 3,987 (51.19%)
• Total Volume: $115,340,478 / 35,331 Ξ
• 7 day volume: $73,770,614
• Buyers vs Sellers ratio: 1.692 (8,342 / 4,929)
• Traders: 13,344 
• Secondary market royalty: 5%
• Token: 0N1 

Social Awareness and Engagement 

The project’s social reach is already impressive. The Twitter community has surpassed 36,300 followers whereas, on Discord, the project hosts more than 20,000 members. Logan Paul, the famous Internet content creator, publicly announced the purchase of K4M-1 #03 improving the social outlook.

Furthermore, the 0N1 designs included specific traits for people with disabilities. The inclusiveness speaks high about the project and positively impacts the community’s perception. 

• Twitter followers: +36,300

• Discord members: 20,800

• Announced collaborations: None

Team Overview 

The 0N1 Force seems well planned. It has a very defined story and the art is really superb. The art is created by Brian Lie, an Indonesian art director, and artist. JR is the project’s founder, Project Manager, and Marketing Lead and was probably influenced by Jamie Hewletts, an English illustrator that worked for Gorillaz. 

• Creator: Brian Lie, JR
• Team: EM (Community Relations, Discord Manager), Cryptospaces (Tech Development), and Strawberry (Front-end Design)

Technical Overview

So far, the project hasn’t been involved in any type of technical incident and the metadata is properly stored on IPFS servers. Whilst it is not ideal to have unaudited contracts, NFTs do not require the security level necessary in DeFi dapps. 

• Audit status: no audits committed yet

• Storage:  0N1 Force NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.

• Contract address: 0x3bf2922f4520a8BA0c2eFC3D2a1539678DaD5e9D

Whale Wallet Analysis

The 0N1 Force has a very low Whale Concentration Index, ideal for nascent dapps. Only 360 pieces are owned by the top 5 0N1 whales. It is also interesting to note that investors with significant holdings of blue-chip projects like the Larva Labs collections or the Bored Apes Yacht Club appear amongst the 0N1 whales. 

• Whale concentration ratio: 4.63% – 360 pieces

CyberKongz VX

Blockchain: Ethereum

Launch date: Aug 15, 2021

Edition size: 13,010 – Limited Collection capped at 15,000 pieces

Traits: 9

Attributes: 214 

CyberKongz VX is a randomly generated collection of 3D social and metaverse avatars that are interoperable with The Sandbox. The collection is capped at 15,000 pieces based on the total supply of Genesis and Baby CyberKongz. Genesis owners could claim for free (+gas) the 1,000 voxel-based representations of their 2D CyberKongz, a process that also applied for Baby Kongz owners. 10,000 new randomly generated CyberKongz were available for public minting. 

Added Utility

The plans for the CyberKongz metaverse seem enticing. Whilst the voxel representations do not currently reward owners in the same way the Genesis type does, the concept and its roadmap are both promising. The aim of CyberKongz VX is to become the avatars for a gaming and social experience on platforms like The Sandbox. 

The next important milestone in the roadmap is the Banana Shop, a digital place where Kongz players will be able to buy custom equipment and wearables to enhance the avatar in-game capabilities. In addition, owning at least one CyberKongz VX will grant access to the CyberKongz Guild. 

Financial Overview

CyberKongz VX has been one of the most sought out projects of the last couple of weeks. Around 2,500 VX were minted by Genesis and Baby Kongz owners whilst the 10,000 that were offered to the public were sold out in a matter of minutes causing a visible rise in the gas price during the minting period. 

In less than two weeks the project has generated more than 10,100 Ξ reaching more than 2,800 unique owners. Rare voxel Kongz have been sold as high as 120 Ξ or $389,000 and early investors are at least 1,114% up from the minting price.

Perhaps the only drawback is the low unique holder’s ratio, which is caused by the preference Genesis and Baby Kongz owners had during the minting phase. 

• Mint Price: 0.07 Ξ
• Floor market cap: $35,003,881
• Current Floor Price: 0.85 Ξ (+1,114% from minting price)
• Average sale price: 1.0799 Ξ (+1,443% from minting price)
• Highest sale: Sith #1000  for 120 Ξ (+171,329% from minting price) / $389,606.23
• Initial revenues: +700 Ξ
• Unique holders (ratio*): 2,871 (21.85%)
• Total Volume: $30,993,744 / 10,103.51 Ξ
• 7 day volume: $6,526,082.62
• Buyers vs Sellers ratio: 1.366 (5,682 / 4,159)
• Traders: 9,594 
• Secondary market royalty: 5%
• Token: KONGZ VX

Social Awareness and Engagement 

The project’s social engagement has been on the rise. A decent Kongz community spiked considerably with the voxel announcement. During the last month, the Twitter followers more than doubled (107%) compared to the previous month.  The Discord channel has more than X followers and the Kongz community around looks very integrated and bonded. Once the Kongz metaverse is on full display, the social factor should only trend higher.

Another positive glimpse in the Kongz social aspect is the donations given to different ONGs. In the past, the Orangutan Outreach association and 10% of the revenues generated by the VX minting process were donated to the mission of Carbon Offsets To Alleviate Poverty (COTAP) and to Virunga National Park, Africa’s most biodiverse protected area.

• Twitter followers: +17,400

• Discord members: 11,259

• Announced collaborations: The Sandbox and The Meta Key

Team Overview 

Myoo, deemed as the Alpha Kong, seems to be the project’s lead and potential Kongz creator. Coco_Bear, a well-known NFT investor, is also part of the core team. The rest of the team is fully displayed on the project’s webpage, however, their identities and roles remain unknown. 

Despite the mystery surrounding the team, a project as complex as this one requires a rounded team, and as of now, there have not been major flaws in any department. 

• Creator: Unknown
• Team: Myoo, Coco_Bear, et al.

Technical Overview

As with the majority of NFT projects, the smart contracts haven’t been audited yet by a recognized certified entity.  It will be interesting to monitor the Kongz contracts audit situation since the $BANANA yields will probably become the target of malicious individuals. 

• Audit status: no audits committed yet

• Storage:  CyberKongz VX are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.

• Contract address: 0x7EA3Cca10668B8346aeC0bf1844A49e995527c8B

Whale Wallet Analysis

As expected, the Whale Concentration Index for the top 5 wallets shows a concentrated project. This complements the low holders’ distribution ratio. Whilst not ideal for an early project, the strong roadmap and the high market cap provided by Genesis Kongz dissipate any potential risk scenario. 

Moreover, after a deeper analysis, CyberKongz VX whales show a very diversified portfolio with holdings in important projects like the two Larva Labs collections Art Blocks, as well as Axie Origins and SupDucks.

• Whale concentration ratio: 10.07% – 1,304 pieces

Generative Masks

Blockchain: Ethereum

Launch date: Aug 17, 2021

Edition size: 10,000 – Limited Collection

Generativemasks is a collection consisting of 10,000 unique Generative Art pieces. The collection is groundbreaking. The metadata of each mask is automatically ‘generated’ each time the NFT is reloaded on the platform it is being displayed. 

The collection’s symmetrical designs are inspired by totem poles in the Native American culture, as well as the indigenous Japanese Yokai.

Added Utility

Perhaps the biggest drawback in the collection, especially when compared to other NFT projects in the space. However, Generativemasks has a defined roadmap that can bring some unique rewards to their holders like real-life wood-carved replicas. 

Financial Overview

The project started with strong sales volumes, generating more than $10.7 million in total sales volume since the launch. The floor price has not increased drastically, yet early investors are at least 150% in the profit range.

The buyers/sellers ratio is another positive indicator for the project’s perspective as it shows there is a demand for the collection. On the other hand, the high royalties may hinder the project’s secondary market activity. 

• Mint Price: 0.1 Ξ
• Floor market cap: $7,920,125
• Current Floor Price: 0.25 Ξ (150% from minting price)
• Average sale price: 0.323 Ξ (+223% from minting price)
• Highest sale: Generativemasks # 9921 for 3 Ξ (+2,900% from minting price) / $9,054
• Initial revenues: +1,000 Ξ
• Unique holders (ratio*): 3,498 (34.98%)
• Total Volume: $10,710,316 / 3,352.79 Ξ
• 7 day volume: $1,457,678
• Buyers vs Sellers ratio: 1.986 (5,188/ 2,611)
• Traders: 7,696
• Secondary market royalty: 10%
• Token: GM 

Social Awareness and Engagement 

Generative Masks social reach is not impressive. However, it is warming to learn that the project’s founder will donate all of his proceeds to the community for the further development of the industry. 

Since there are no clear indicators and considering the collection’s young age, it is too early to draw any conclusion. 

• Twitter followers: 3,940

• Discord members: 2,050

• Announced collaborations: None

Team Overview 

Generativemasks was created by Japanese academic and creative coder Takawo Shunsuke. He embraces a #dailycoding lifestyle to incentivize people to express themselves through programming languages such as writing poetry in code. The team is also formed by Toshiaki Takase and Wildmouse. 

• Creator: Tawako Shunsuke
• Team: Toshiaki Takase, Wildmouse

Technical Overview

The IPFS gateways may be overcrowded at times resulting in the masks not changing their design, however,  there are no major observations in the Generativemasks’ technical aspect. 

• Audit status: no audits committed yet

• Storage:  Generativemasks are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.

• Contract address: 0x80416304142fa37929f8a4eee83ee7d2dac12d7c

Whale Wallet Analysis

Generativemasks is a well-distributed project. Only 343 pieces are held by the top 5 wallets. Also, it is encouraging to see that the project is attracting Larva Labs investors as well as Parallel Alpha owners.

• Whale concentration ratio: 3.43% – 343 pieces

Pudgy Penguins

Blockchain: Ethereum

Launch date: Jul 22, 2021

Edition size: 8,888 – Limited Collection 

Traits: 5

Attributes: 175 

Pudgy Penguins is a collection of 8,888 randomly generated avatar NFTs. The cute designs were widely sought out as the collection sold out in just 19 minutes. 

Added Utility

To be fair, the project does not have any resounding utility besides the Intellectual Property inherited by each piece. However, that’s the standard for all projects. Although no official roadmap has been announced yet, there have been some announcements on Twitter that potentially signal an airdrop for current owners. However, there is no major clarity on the project’s plans going forward. 

Financial Overview

Pudgy Penguins has been one of the most traded collections recently. The Penguins have generated over $97.6 million (30,753 Ξ) in total sales volume with 24.6% happening in the last 7 days. Due to their low mint price, early investors are at least 11,733% above the initial cost. Very unique Penguins have been sold as high as 150 Ξ. 

One of the project’s strengths is the high distribution level. The Pudgy Penguins are owned by 4,547 unique owners clearing all questions regarding a potential manipulation risk. The Penguins’ high demand keeps rising, pushing the floor price constantly upwards, and currently stands at 3.55 Ξ.   

• Mint Price: 0.03 Ξ
• Floor market cap: $99,959,581
• Current Floor Price: 3.55 Ξ (+11,733% from minting price)
• Average sale price: 1.56 Ξ (+5,100% from minting price)
• Highest sale: Pudgy Penguin #6873 for 150 Ξ (+499,900% from minting price) / $458,752
• Initial revenues: +267 Ξ
• Unique holders (ratio*): 4,547 (51.16%)
• Total Volume: $97,612,621 / 30,753 Ξ
• 7 day volume: $23,993,034
• Buyers vs Sellers ratio: 1.202 (13,116 / 10,906)
• Traders: 23,326 (23.5% increase in the last 7 days) 
• Secondary market royalty: 3%
• Token: PPG

Social Awareness and Engagement 

The social reach of the Penguins is undoubtedly its biggest strength. The Penguins took Twitter by storm as their owners started using them as avatars all around the social platform. The number of followers has increased 86% since the start of the month. The collection has even raised the attention of important NFT personalities like Beeple and recognized media outlets like the New York Times.    

• Twitter followers: +23,800

• Discord members: 7,242

• Announced collaborations: None

Team Overview 

The Penguins were founded by a group of computer scientists from the University of Florida. The artist responsible for the designs is MING0BLING, an Argentinian illustrator. Overall, the team looks well complemented and is quite active in both Twitter and Discord. 

Technical Overview

Perhaps the biggest concern of the Pudgy Penguins is the technical aspect, specifically, the storage method. Contrary to established NFT projects where their metadata is stored via IPFS or even on-chain directly, the Penguins are hosted in a private server. Whilst there is a plan to migrate to IPFS, the current situation is not ideal.  

• Audit status: no audits committed yet

• Storage:  Pudgy Penguins are stored as ERC-721 tokens on the Ethereum blockchain and hosted on a private server.

• Contract address: 0xbd3531da5cf5857e7cfaa92426877b022e612cf8

Whale Wallet Analysis

One of the project’s biggest strengths is its high demand complemented with an adequate distribution. Only 526 pieces are owned by the project’s whales. Furthermore, important owners from the Bored Ape Yacht Club and Cool Cats are amongst the Penguins whales. Two of the 0N1 Force whales hold the same role for the Pudgy Penguins collection.

• Whale concentration ratio: 5.92% – 526 pieces

In Summary

The 0N1 Force has enjoyed one of the best starts of any NFT project. All the metrics in any aspect look very solid. In less than 10 days the collection has generated over $115 million in total sales volume, a number that most of the collections have not even reached in several months. The art is fantastic and it is innovative in the sense of being a side-profile picture. Whilst the demand for this project is continuously on the rise, it may be heading towards a consolidation period. Yet 0N1 has all the traits to become a top NFT collection going forward.  

The voxelized CyberKongz (VX) arrived to boost an already strong Kongz metaverse. The utility is one of the collection’s biggest strengths, something that is always an advantage in the NFT space. The project seems consolidated and the demand is clearly in place. Once the Banana Shop is fully functioning, the main metrics may spike again. The biggest drawback is the high concentration, however, it is probable that owners will profit in the upcoming weeks. Another very solid NFT project. 

Generativemasks is a groundbreaking collection. The generative art feature gives the sense of owning 50 NFTs in a single piece. Although the project has not generated massive volumes, the demand is there. The concern with the utility may disappear once the masks can be worn in a metaverse. 

The Pudgy Penguins is another collection that started with the right foot. The project has amassed almost $100 million in five weeks and has been one of the most traded collections during August. The community is quite established and the Penguins have even reached mainstream media. The biggest concern is the storage process, which is far from ideal in the NFT space. Another pain point is the lack of a clear roadmap. If the team can improve those aspects, we’ll continue seeing the Penguins atop the NFT rankings in the upcoming months. 

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SOL, AVAX, DOT, KSM, XTZ, LUNA, UNI, SUSHI, xSUSHI, ORN, AKRO, KNCL, EGLD, BAT, CRO, SHIB, LINK, BAND, BNB, CAKE, OOE, DNXC, DPET, TVK, POLS, POLK, RAMP, XED, AXS, SPS and owns collections like NBA Top Shot, CyberKongz VX, Ghxsts, Cool Cats, RSoP, SupDucks, Legendz, Punks Comic, Pixel Vault DAO, Avastars, Dogs Unchained, VeVe NFTs, and 1/1 art pieces.