Beginner’s Guide to Japanese NFT Market: CNP Ecosystem

“I want to start looking into the Japanese market. “ “How can I learn more about Japanese projects?”

I’ve been getting a lot of comments and questions like these recently.

In the last few months, Japanese collections have outperformed the global market as more investors became aware of its potential. However, many collectors find it hard to understand the market structure because of the language barrier and cultural differences.

In this article, I want to explain the distinctive ecosystem built around CryptoNinja Partners (CNP), the No.1 Japanese generative collection by market capitalization.

As a collaboration manager of the ICL alpha group, I hope I can guide you through the unique and exciting Japanese market using my knowledge and experience!

CNP Kingdom

When you look at the Japanese market, you may notice that some NFT projects have formed strong relationships with each other by sharing community members and managers. As their community culture and investment styles are comparable, they end up forming a close-knit group.

The most notable and influential group is built around the CNP collection.

CNP is the No.1 generative collection by market capitalization in Japan, released in May 2022. It is produced by the biggest Japanese NFT community, NinjaDAO. Its mint price was 0.001ETH and is trading at 2.5ETH at the time of writing. You can find out more about the collection here.

I call this group structure “the CNP kingdom.” – the pentagon in the picture below.

Source: Weekly NFT Ranking by oneseep

Although these projects are independent of each other with different founders and utilities, their holders overlap, meaning that community cultures are similar. This structure occurred as projects like Aopanda Party, CNP Jobs, and Wafuku Gen provided a large number of allow-lists to CNP owners at the time of their releases.

It’s worth noting that most of these projects set mint prices low (0.001eth) and have performed well over the past months.

Source: OpenSea (Aopanda Party)
Source: OpenSea (Wafuku Gen)

Culture Shared by CNP Kingdom

The most distinctive culture of the CNP kingdom is its holders’ long-term investing vision (aka diamond hand).

In fact, CNP has a remarkably low listed rate on OpenSea without offering any staking systems.

Source: OpenSea (CNP)

CNP holders stick with the project during either bull or bear markets. It’s a result of the CNP founder’s business development and communication skills winning the trust of investors.

CNP holders have diamond hands – that’s the reputation that they have built.

This reputation has made the project even more desirable for allow-list distributions.

Future of CNP Kingdom

The following projects are providing their allow-lists to CNP holders at the time of writing:

And more projects are likely to follow as the CNP kingdom grows further and becomes more influential.

It’s an interesting phenomenon occurring in the Japanese market right now. If you want to start following Japanese projects, it’s crucial for you to understand this trend.

Of course, other smaller groups are also being built in the Japanese market. So you can try looking into each project’s relationship with others to gain more knowledge.

The Japanese market is unique and can be hard to understand sometimes, but it has much potential as it is still in its infancy.

A lot more projects are on their way into 2023. I hope to give you more insight from a native Japanese collector’s point of view as I continue gaining more expertise in the market!

The content is for informational purposes only. Investment/financial opinions expressed by Web3 are not recommendations. As always, please do your own research prior to making any investment decisions.

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