Neo Tokyo Punks (NTP) is a collection of 2,222 profile picture NFTs (PFP) launched in March 2022. It was one of the first successful generative projects created in Japan, and the whole collection was sold out within 2 minutes after the public sale started.
With hundreds of high-quality visual traits individually designed by the head designer, Niko24, the collection has grown in popularity in a short period of time.
So what makes these NFTs so special? Why is this Tokyo-born collection loved so much by the collectors?
Let’s dive deep into the project!
- NTP is one of the most successful generative PFP collections from Japan
- The vision is to create stories of Tokyo in 2050 in the Web3 space
- A metaverse construction with The Sandbox and audio-metaverse projects are in progress
- It has a high proportion of unique holders and long-term investors
Full disclosure: I own a Neo Tokyo Punks NFT at the time of writing.
What are Neo Tokyo Punks NFTs?
Neo Tokyo Punks (NTP) was founded by a Japanese illustrator, Niko24, with a vision to deliver “the Japan quality” to the world. The anime-style illustrations were drawn with a theme of “Cyber Punk” in which the punks take Tokyo back from the rich by hacking into the Brainverse.
Neo Tokyo Punks – October 13, 2022 (source: NFTMarketCap.jp & OpenSea)
| Items | 2,222 |
| Owners | 1,218 |
| Floor Price | 0.62 ETH |
| Volume Traded | 1,556 ETH |
| Market Cap | 1,588 ETH |
| Listed | 10% |
| Unique Owners | 1,218 |
NTP is a community-based project, aiming to create a story of Tokyo in 2050 both in the real and Web3 worlds. For example, the team has a collaboration project, Neo Tokyo Bar, which has created a 2050 Tokyo theme bar only accessible to their NFT holders. (open for a limited time)
NEO TOKYO BARの #wip
⚡️ディスプレイ右上のBVBはBrain Verse Broadcastの略。指名手配中のPunksの様子が映されているとか🎥
⚡️スペシャルカクテルBrainwashを頼むとコースターがもらえるらしい🍸
⚡️各種昆虫食もご用意しております😇#NeoTokyoPunks #nft pic.twitter.com/UgPRKOFvUB
— ryo arai | ryoar.eth | NFT.NYC2022 (@ryo77331) July 1, 2022
Together with the community members, they are also creating generative stories “Your Punks are Heroes!?” The aim is to produce stories for all 2,222 NFT characters, some of which could turn into professional audio dramas.
The Team Behind Neo Tokyo Punks
Apart from the founder, Niko24, there are five core members on the team.
- Tomo: community manager
- OxSumo: system developer
- Showgo: scriptwriter
- Ryo: researcher
- Renox: communications manager
None of the team members have disclosed their identities (i.e. not doxxed). However, they have recently posted a picture of the team on Twitter.
Team #NTP in TOKYO！
カリスマなんていない。
インフルエンサーもいない。
でも、俺たちには最高のPUNKSがついている。翔ぼう、ここから！
ミライを変える準備はいいか？ #NeoTokyoPunks #NFT #NFTCommunity pic.twitter.com/bPLsdPr4Fl— ⚡️NEO TOKYO PUNKS⚡️official (@NTP_NFTofficial) June 29, 2022
None of the team members are influencers or well-known figures in Japan. However, without any advantageous influence, the team managed to grow its popularity and became one of the Top 3 by market capitalization in Japan.
Neo Tokyo Punks: Roadmap
In order to create and develop the NTP story of Tokyo in 2050 in the Web3 space, they have announced the following:
- NTP metaverse construction with The Sandbox
- NTP audio-metaverse construction using the Cubemint App
- Monetization of generative stories created by the community
The NFT holders will be provided with Sandbox avatars, which allow them to participate in the construction of the NTP metaverse.
In addition, the team plans to employ professional voice actors for the production of generative stories, which can be sold as NFTs on Cubemint. Cubemint is an augmented audio platform being developed by Audio Metaverse Inc. The company aims to create an inclusive Metaverse, allowing people with visual impairments to fully participate in the space.
The NTP team’s vision is to deliver “Japan quality” authentic art and the Web3 experience to the world.
Neo Tokyo Punks NFT Price Chart & Analysis
Price Chart
NTP’s initial mint took place in March 2022 at the prices of 0.03EH (pre-sale) and 0.05ETH (public). Unlike some other NFT projects, the NTP’s price has always kept way above the mint price.
The below chart shows the price movement for the last 90days.
Apart from the big spike on the 23rd June, which was due to the influence of another Japanese NFT project, the NTP price movement has been steady with not much volatility.
In addition, there had been a support level at around 0.3ETH, which seems to have started moving upwards in mid-late June. This could be due to the NTP team attending the NFT NYC event and the announcements of two collaborations: one with the Crypto Bar in Tokyo and the other with VARBARIAN COLLECTION, a Japanese wearable NFT project.
Also, the founder, Niko24, recently announced that he had resigned from his day-time job to fully commit to the project. Having a full-time founder is still rare in Japanese NFT projects, as the market is still at an early stage. This news was welcomed by the investors, thus having a positive effect on the floor price.
Recently, support for the floor price has been around 0.55ETH.
With the founder fully committing to the project and the team picking up its marketing activities, it may be possible that the collection is going into a new phase. It’ll be interesting to see how much share they will be able to gain as the Japanese NFT market grows further in 2022/23.
Analysis
Let’s dive a little deeper into the collection.
So what makes NTP stand out among the Japanese projects?
- Strong community with active involvement by the NFT owners
- High proportion of long-term investors
- High number of unique owners
- Attractive fan-art community
① Strong community with active involvement by the NFT owners
NTP has a not-so-big but strong community with active involvement by the owners, especially in the holders-only channels called Guilds.
There are twelve Guilds, each of which is a small group created within the NTP community. Each NFT is allocated to a particular guild depending on the logo on its clothing. Within each guild, members can get involved in generative story-making, marketing activities, merchandise production, etc.
The guilds system seems to be working well because:
- By being a part of smaller groups, the owners feel more attached to the community
- It promotes healthy rivalry among different guilds leading to more activities
- Each guild’s activity contributes to raising NTP’s profile as a whole
② High proportion of long-term investors
The tables below show the holder characteristics:
The holding period distribution chart confirms that the majority of NTP investors are long-term holders (over 80%).
③ High number of unique owners
Another positive point to consider is a high level of holder’s distribution. (see below)
With a small proportion of whale owners (11+), their impact on the price is limited. Over 90% of owners hold between 1 to 3 NFTs, so there is room for current owners to purchase more to increase their NTP holdings.
④ Attractive fan-art community
Because of its high-quality art, NTP has a very active fan-art community. For the Japanese NFT market, fan art is an important aspect of marketing the project. In fact, some owners originally found out about NTP through fan art collections.
NTP allows creators to monetize through their fan art, and members often introduce those collections on social media.
#NeoTokyoPunks の3Dバージョンが見たくなってしまったので、所有している「NeoTokyoPunk#357」を3D化してみました！
原作が優れているから3Dにしてもカッコ良いですね！#NFT #NeoTokyoPunks @fukusta343 https://t.co/2lmbWEOT3C pic.twitter.com/wT2d26oqe2
— 🦛高場大樹/HirokiTakaba🌐メタバース開発中 (@hiroki_takaba) April 14, 2022
In addition
Although the founder Niko24 is a well-respected illustrator in Japan, he has yet to disclose his identity. So far it hasn’t had any negative impact on the collection, as he communicates actively with the owners on Discord.
However, an NFT collection is more likely to be accepted by global investors when the founder’s identity is known, so it may be worth it for the team to consider the idea.
Now that Niko24 has become a full-time NFT creator, and 100% committed to the project, it’ll be interesting to see what type of activities he will take to grow the NTP brand further.
Summary
Neo Tokyo Punks is a Tokyo-born collection backed by an enthusiastic community. Its high-quality artwork has attracted many anime fans.
- NTP is one of the most successful generative PFP collections from Japan
- The vision is to create stories of Tokyo in 2050 in the Web3 space
- A metaverse construction with The Sandbox and audio-metaverse projects are in progress
- It has a high proportion of unique holders and long-term investors
You can check out more about the project using the following links:
The content is for informational purposes only. Investment/financial opinions expressed by Web3 Zen.com are not recommendations. As always, please do your own research prior to making any investment decisions.
