#001: Fewocious, Pak, and Slimesunday
Fewocious's birthday drop and growing hype for Pak and SlimeSunday
Welcome to the first edition of NFTDrops. We cover drops across the digital art and collectibles world and give readers the information necessary to stay up to date with the space.
This week we're covering Fewocious' $373K drop on Nifty Gateway and the upcoming drops from Pak and Slimesunday.
WEEKLY RECAP
“Growing Up...I'm Scared” by FEWOCiOUS
January 1st, 2021
Platform: Nifty Gateway
THE DROP
FEWOCiOUS (@fewocious) celebrated his 18th birthday by dropping a new collection on Nifty Gateway this past Thursday.
Open Edition: "The Day I Decided to Fly" for $350
Minted 267 Editions for $93,450 gross volume
Open Edition: "Moving On" for $1000
Minted 192 Editions for $192,000 gross volume
Edition of five through a Silent Auction: "Afraid to Be Myself."
Collectors submit their bid without seeing other bids and the five highest bidders receive the painting.
The average bid was $10,548.
Single edition piece: "Over-Analyzing Again" through a typical Timed Auction
Winning bid came in at $35,000 from @etyoung
40% premium to Few's previous highest auction price from November.
WHAT DO WE THINK?
This is a monumental drop for FEWOCiOUS. His NFTs continue to rise in value since first sharing his work in May 2020. Given this trend, it appears that his work is proving to be stalwarts for collectors.
Open editions continue to be enormous successes for artists. With the current demand for digital art, artists can sell hundreds of thousands of dollars worth of NFTs in just a couple of minutes.
After seeing the beeple open editions sell for 3-4x on the secondary market, many buyers appear to be trying to flip NFTs to make a quick profit. There isn't a collector base to support that demand, so many are stuck with artwork that they did not necessarily want to hold. We expect to see the demand (for quick flipping) for open editions potentially cool in the coming months.
UPCOMING DROPS
Pak: An Artwork for the Blockchain
Tuesday, January 5
Platform: Nifty Gateway
THE DROP
Through cryptic tweets, Pak has hinted something innovative is coming. While the artworks have yet to be revealed, we know that there will be 9 unique NFTs with different dynamics. Pak recently launched a collaboration with Trevor Jones on December 17th, 2020.
WHAT DO WE THINK?
Pak is the founder of Archillect and an OG in the digital art community. Pak’s last collection in collaboration with Trevor x Jones was a smashing success, grossing over $1M. Many would agree that Pak is pushing the industry forward with novel experiments and ideas about digital ownership value. It is likely there will be overwhelming demand for this drop.
Slimesunday: Banned from the Internet
Wednesday, January 6
Platform: NiftyGateway
THE DROP
Banned from the Internet will be Slimesunday's first drop since Slime Friday 69, which dropped in November 2020. Slimesunday is releasing two books containing artworks that Instagram previously flagged for violating community guidelines.
BANNED FROM THE INTERNET BLUE 10 X 10 INCH HARDCOVER (open edition)
BANNED FROM THE INTERNET RED 12 X 12 INCH BOXED EDITION & HARDCOVER (1/1).
WHAT DO WE THINK?
Slimesunday has previously collaborated with DJ and EDM producer, 3LAU, on pieces released on SuperRare that have sold for between $2,000 and $14,000. Additionally, the secondary market activity on his "Mona Sativa" has seen immense value appreciation (over 1400%).
His previous drops on Nifty Gateway:
The open edition from his last collection ("The Last Stand of the Nation State") initially sold for $40. Since then, there has been over $30K in secondary market sales. The latest sales have been between $300-400 representing over 500% increase in value.
The edition of 69 from his last collection ("Mona Sativa") initially sold for $0.69. Since then there has been over $45K in secondary market sales. A few have sold for over $1000 on the secondary market in anticipation of the upcoming drop, representing over 1400% appreciation in value over the initial price of $0.69.
This will undoubtedly be a highly anticipated drop especially with the physical aspect to it. While current demand for open editions are potentially inflated, it's hard to argue with the fact that the works of Slimesunday are highly coveted by collectors.
NFT NEWS
Some stories that we found noteworthy.
Opensea announced a new feature called the Collection Manager, which allows users to create NFTs without paying for gas. Before implementing this feature, users had to pay for gas to deploy a smart contract and mint each NFT. Over the past few months, we have seen gas prices rise dramatically at some points. Removing gas from the equation ensures that there are no barriers for users wanting to mint NFTs.
Matthew Vernon, Co-founder and Head of Design at Foundation, tweeted that Foundation V2 will be released in a few weeks.
Gemini announced that Nifty Gateway on-boarded 125 artists, launched 170 collections and reached over $10 million in sales in 2020.
Zora deployed to the Ethereum mainnet on January 1st. In the next few weeks, Zora will be opening up access to zora.co.
PR1MAL CYPHER x Crypto Imperator .999 Silver coins will be shipping soon. Each coin will be preloaded with 0.01 BTC. For those that missed out, there will be additional coins with new designs announced in the future.
Illuvium, a new open-world auto battler game built on Ethereum, was recently announced on Medium. Illuvium was founded by Kieran and Aaron Warwick, the younger brothers of Synthetix founder Kain Warwick. Players in Illuvium will collect Illuvial NFTs that are described as deity-like creatures with different rarities. Illuvium plans to launch its governance token in Q1 of 2021.