Opepen Captivates NFT Traders

We think it is pretty genius.

Author

The Metadata
May 24, 2023

GM. Sorry that you haven’t heard from us for a bit. We’re back now, and more fired up than ever! So glad that you’re still with us, we truly appreciate it.

We’re bringing to you all of our deep research for free. We break down all the latest developments in the easiest and most straightforward way imaginable, so you can conquer the world of NFTs and gaming like a pro. Let's dive in and rock this journey together.

Today we cover:

  • 🔥 Art Blocks are on Fire

  • 🐸 Opepen captivates NFT traders

  • ✅ What OSF is buying

  • 🦄 Nike’s .SWOOSH and RSTLSS x Claire Silvers’ NFT drops today.

Market Update: Art Blocks on Fire

Are we seeing signs of life in the NFT markets? Yesterday, Art Blocks had a huge spike in sales volume, hitting > $1 million for the first time since March.

This was spurred by a wildly successful Sotheby’s auction where 2 Fidenzas, a Ringer, and several other artworks were sold for multiples of their expected prices.

  • Fidenza #725 sold for $1.0M

  • Fidenze #861 sold for $241,300

  • Autoglyph #187 sold for $571,500

Since then, the floors of these gen art collections have shot up 20 - 60+%. We love the art, baby.

Source: NFTstatistics (@punk9059)

Pepe Wonderland: Opepen Captivates NFT Traders

💲 What to know: Opepen editions is a hybrid art/PFP project by Jack Butcher. We think it is pretty genius. Here’s why:

☘️ In the weeds: Opepen is an art collection of 16,000 NFTs, split into 200 different sets. All of it will be based on the lovable, highly-memeable Pepe the frog.

There are 80 NFTs in each set, grouped into different edition tiers:

x40 (most common)

x20

x10

x5

x4

x1 (rarest, 1/1) 🤑 

There is a voting mechanism to determine if a set is released: if demand is <200% in one bracket, it will be replaced. This brings in an element of social participation — owners get to have a say in the project.

So far, there have been 2 sets released, with very different artistic styles for each of them. Imagine what we'll see in the remaining 198 sets yet to be revealed.

Jack Butcher is taking his time to make sure the art is top-quality. It'll be a slow reveal over time

While Opepen was a free mint, already the NFTs are selling for high prices.

Floor for Set 1 = 24 ETH (!!!)

Floor for Set 2 = 1.1 ETH

Unrevealed 1/1s are selling for 7 - 8 ETH each

Why it matters: Here's what's driving the Opepen narrative:

1) Novel drop mechanics with a slow reveal.

2) People love playing economic games, trying to figure out where the best value lies. Is it in the unrevealed 1/1s? Or the early sets? Or is it better to buy multiple cheaper editions?

3) Anything related to Pepe gets an attention premium these days, with the recent mania surrounding PEPE. People are fearful about missing the next big thing.

4) The art is quite 🔥.

We believe that Jack is going to be a historically and culturally important artist in the space for years to come.

Today's News & Coolest Tweets

NEWS

TRADING

🐥 What OSF is buying

🐥 MEV bot makes more than OpenSea

🐥 NFT volume vs eBay

GAMING

🐥 Web3 gaming alpha

🐥 Parallel testing boundaries around games

OTHERS

🐥 Sotheby’s Art Sale was a huge success

🐥 What makes a mint successful

🐥 What to look at before buying an NFT

Upcoming Mints & PREMINTs

🍿 Nike .SWOOSH sale starts today

🍿 RSTLSS x Claire Silver’s art sale today

🍿 Bored and Dangerous burn on 15 June

🍿 Premint for Arkpia Pass

🍿 Premint for MANGA factory

That's it for today folks, see you later this week. If you want more, follow us on Twitter (@the_metadata). If you found this newsletter helpful, imagine how much your friends will love you if you forwarded it to them. 🥹 

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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.