Cult NFTs are Winning

In the world of PFP NFTs, I've been watching two distinct categories form — corporate NFTs and cult NFTs.

Corporate NFTs, often launched by formally established companies, aim to grow by building brand awareness or creating valuable intellectual property (IP). However, the ethos of crypto, rooted in decentralization and transparency, often clashes with these lofty corporate-aligned aspirations, leading to poor performance and dashed shareholder dreams.

On the other hand, there are what can be called cult NFTs. They're often launched by online communities or individuals and have more informal strategies for building value through community involvement. This decentralized development of identity and value can help these kinds of collections actually appreciate in the long term, aligning them with core principles of crypto and making them better suited to exist on blockchains. 

Here, we explore a couple prominent NFT collections that I think fit this vision – and a few more that seem to be on the cusp of reaching cult status. I'll try to zero in on the qualities of the collection that have brought them such strong, loyal followings. Let’s begin! 👇

Cult Collections

Crypto Twitter is the soul of crypto culture and it can be easy to find its tastemakers. In 2024, the NFT market's downswing has taken corporate NFT PFPs down several pegs while elevating some of the NFT world's more eccentric, sometimes unsavory, communities. A couple I've been keeping a close eye on through this lens of cult vs. corporate? Miladies and Sproto Gremlins.

Milady Maker

Launched in August 2021 by Charlotte Fang and Remilia Collective, Milady Maker is a collection of 10,000 PFPs with a drawing style from early 2000s Japanese street fashion. 

As arguably the cult NFT, Milady Maker’s community strength stands out, having built a custom Minecraft server where holders hang out, organizing a series of in-person raves worldwide, and launching expansionary collections and community derivatives, which have both appreciated substantially.

The project has faced more than its fair share of controversy, which largely has centered on Fang. Allegations against them have included racism, harassment, and outright fraud. Remilia's other co-founders are currently suing Fang over fund misappropriation.

In many ways, the scandal and messiness surrounding the collection's team have only further endeared the community to the project, lending the project a distinctly anti-corporate air that feels more rooted in 4chan values of uncensored speech (no matter how toxic) over any aims to appeal to a broader public or craft an enduring mainstream brand.

While its values have earned the project its fair share of detractors, Milady remains one of the very few collections that have appreciated significantly from its 0.06 ETH mint price. The floor price is currently sitting at ~3.4 ETH, down from recent all-time highs but still showing substantial resilience compared to most projects.

Sproto Gremlins 

Launched last summer, Sproto Gremlins are a very strange NFT collection accompanying the HarryPotterObamaSonic10Inu (BITCOIN) memecoin. 

Comprised of 3,333 primary colored, comically gruesome characters, Sproto Gremlins have developed a strong Twitter presence, with some believing that the best token “alpha dealers” are the character boasting Gremlin PFPs, replacing Miladys, who have historically been associated with memecoin degeneracy.

Between memecoins and the promotion of ticker BITCOIN, Sprotos have formed a unique identity that plays into the degeneracy and internet-nativeness of crypto, all the while propagating BITCOIN memes and just having fun. As a result, Sproto Gremlins have seen sustained appreciation, currently priced at 0.6 ETH, a nice rise from a free mint for BITCOIN holders, though down from their ATH of ~1.4 ETH. 

Pre-Cult Collections?

Classifying NFT collection vibes is far from a scientific process, but while we're at it, there are three other collections I've seen in my corners of Crypto Twitter that could ascend to cult standing – Schizoposters, Bitcoin Puppets, and Project Aeons.

• Schizoposters combine conspiracy theories, internet lore, and the occult into a visual mash-up of the internet's chaotic underbelly. Inspired by the Milady collection, this project delves into the darker corners of web culture, creating surreal portraits that evoke a sense of the endless connections one can draw online — a feeling that has built them a strong following. Schizoposters have seen floor prices as high as ~0.75 ETH, though they have recently dropped with the market to sit at ~0.29 ETH.

• Project Aeons, a free mint for SPX6900 holders launched late last year, consists of 3,333 NFTs, described as beings born from human ambition and cosmic anomaly. These PFPs add to the SPX community's roleplaying spirit, which revolves around the fictional SPX6900 index flipping the S&P500 — a narrative turning on modern anxieties about the lack of financial mobility in an ever-inflationary world. Earlier this year, Aeons reached highs around 0.31 ETH, though they are currently priced at 0.09 ETH. Given the collection is an expansion on its memecoin, the market may prefer to buy SPX rather than Aeons.

• Bitcoin Puppets, launched on January 3, 2024, by an anonymous individual known as “The Puppeteer,” is a collection of 10,001 Ordinals NFTs on Bitcoin. Featuring a playful and absurd MS Paint-esque aesthetic, the collection developed a strong community around its launch in a bull trend, bringing its price up to ~0.4 BTC at one point, though it has fallen back to ~0.09 BTC.

The Cult NFT Appeal

What sets cult NFTs apart from corporate counterparts is their ability to inspire organic community involvement.

These projects thrive on decentralized coordination, where holders actively participate in creating derivatives, organizing events, and forming strong, collective identities on their own, without centralized oversight. This grassroots nature reflects the core principles of crypto — decentralization, transparency, and collective ownership — making cult NFTs more expressive of the blockchain ethos, aligning them with the space and contributing to their success.

In contrast, corporate NFTs may struggle to engage crypto-natives. Their reliance on profit-driven IP management brand-building clashes with the decentralized spirit of the space, while also being a greater ask of someone who just wants to own an NFT and participate in its community. While corporate projects like Bored Ape Yacht Club or Azuki have seen significant price declines from their all-time highs, cult NFTs like Milady and Sproto Gremlins continue to foster strong, resilient communities — a success mirrored in their price performance.