It was an eventful week in the Japanese NFT space. The main news was the release of two generative collections which had contrasting outcomes.
BOSO TOKYO – 暴走東京 –
| Items | 3,000 (Profile picture NFTs) |
| Mint Date | 6 August |
| Pre-sale mint price | 0.4 ETH |
| Public-sale price (by Dutch Auction) | 1.2ETH (start price) 0.6ETH (end price) |
BOSO TOKYO was an interesting case to see how a collection would perform in the NFT space with just a Web2-like marketing strategy and without a proper community.
Simply put, the release was unsuccessful as the project failed to sell out. It could not pick up momentum during the pre-sale, and hardly any transactions occurred during the public sale. At the end of the auction, the team ended up holding about 2,000 items. As expected, investors reacted negatively to the news, and the floor price has come down to 0.27ETH at the time of writing.
Some investors argue that this was due to the slowing down of the global NFT market. However, there were some negative reasons specific to this collection.
- The pricing was too high considering the current market conditions
- The team didn’t focus on building a community
Considering the level of funding it had for pre-sale marketing, the collection seems to have the backing of either a wealthy individual or an established corporation. Thus, it is possible that the team may come up with a strategy to rebuild the brand in the near future. We’ll wait and see.
ASAGI
| Items | 1,500 (Profile picture NFTs) |
| Mint Date | 6 August |
| Pre-sale mint price | 0.03 ETH |
| Public-sale price | N/A |
ASAGI was a long-awaited collection by the fans of Japanese NFT creator Waka. The whole collection was sold out within minutes of its release, and the floor price reached around 0.18 ETH before the reveal of the designs. After the reveal, the price decreased to 0.1 ETH – the movement is somewhat expected for collections employing a reveal utility.
Overall, the release of the collection was successful. However, some collectors were expecting the floor price to increase even further or the price to hold at a higher level after the reveal, as Waka is one of the most established NFT artists in Japan with a solid fan base.
Some argue that this was due to the cooling down of the global NFT market. In addition, the unsuccessful launch of BOSO TOKYO could have influenced ASAGI’s launch.
This week’s events show that the Japanese NFT market may be in a downturn after a period of expansion over the last few months. As crypto and NFT investors await the Ethereum upgrade in September, we will see how the market moves over the summer.
Next Week’s Mint Schedule
The following collections are due to release next week.
Gearverse
- Pre-sale: 19th August
- Public sale: 22nd August
- Twitter: https://twitter.com/GearverseNft
- Discord: https://discord.com/invite/gearverse
Dragon Fish Tokyo
- Pre-sale: 20th August
- Public sale: 20nd August
- Twitter: https://twitter.com/LetsDFT
- Discord: https://discord.com/invite/5Wvpm9nZFW
WAFUKU Gene
- Pre-sale: 20th August
- Public sale: 20nd August
- Twitter: https://twitter.com/CryptoWAFUKUNFT
- Discord: https://discord.gg/wafuku
SPACE CROCOS
- Pre-sale: 20th August
- Public sale: 20nd August
- Twitter: https://twitter.com/spacecrocos
- Discord: https://discord.gg/spacecrocos
NounSNUG
- Pre-sale: 21th August
- Public sale: 21nd August
- Twitter: https://twitter.com/SNUG_official
- Discord: https://discord.gg/RUA47pmDyh
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.
