Cult NFTs are Winning
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- 😎 Buyer pulls off ape punk "heist." Someone managed to sneak a 10 ETH proposal for a previously fractionalized ape CryptoPunk directly through the defunct platform's smart contract and win the bid.
- 🐹 Hamster Kombat preps airdrop. Devs announced plans to set aside billions of airdropped tokens for a Binance Launchpool rewards campaign.
- 🦖 Claynosaurz mobile game. The Solana NFT collection's team is partnering with mobile game studio Gameloft to develop a title based on the IP.
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! 👇
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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