There is consistent demand for NFT collections, which are selling out regularly. However, few items sell out entirely within the first few hours of release, and Saudi-themed NFTs are one of them. It may seem that the NFT market has gotten boring as rumors of a cryptocurrency crisis continue to circulate. Yet, the latest and exciting projects continue to sell out in a flash. First-weekend sales of The Saudis totaled $7.7 million, making them the weekend’s top-grossing NFTs. Which is the next big game? The Saudis, a new NFT project, have stolen the eyes. The 5,555 NFTs were made available for free minting on July 9, 2022, and sold out in a matter of hours. Their designs are based on those of the popular CryptoPunks collectibles. After reaching a top of about 1.3 ETH, approximately $1,650, on Saturday, the project’s minimum price is around 0.75 ether, about $867. Since the collection was first minted, it has amassed the highest sales volume of any project by a wide margin.
Saudi NFTs And Controversies: What Is All The Fuss About?
It’s unusual to find a new NFT project that doesn’t spark some kind of debate or controversy. So, the Saudi-themed NFTs also have encountered some public arguments. Recent conflicts around the project center on claims that an automated bot allegedly cut the base price of the Saudis NFT collection. Influencer controversy also occurred during the launch. Some prominent social media figures were accused of profiting handsomely from their exclusive awareness of the mint before it was publicly announced.
An Obvious Moneymaker: NFTs Are Still Selling Like Hotcakes
Despite the recent crypto crisis, several NFTs are still generating significant revenue and have been snapped up quickly. NFT has had a streak of successful sales, and the Saudis collection is the most recent example. The Saudis’ anonymous crew has been responsible for numerous successful free-to-mint performance art events this year. Specifically, they released the Goblintown NFT series, which immediately became a huge success, generating over $7 million during its initial week alone. This project leveraged influencer marketing, quirky Twitter Spaces, and spooky NFT-themed events to maintain its momentum. Even though the media often criticizes NFTs, initiatives like these prove that they continue to get a lot of attention from the public.
A Look At What NFTs’ Future Holds
After an intense weekend, this new NFT project’s sales have dropped significantly. Despite the current market circumstances, it’s encouraging to see the short panic because it shows that NFTs are still thriving in the crypto community. Since the price of ETH dropped almost half in June, the Saudi NFT series is the first successful release. The NFT industry is maturing, and in the not-too-distant future, it is anticipated to see many more objects becoming NFTs. More such stunning launches might be on the horizon if current trends continue. Check Out The News On Latest Topics.
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