With that in mind, I’d like to take a look at two much larger collections that may not have an impressive floor price at first glance. However, by considering both the floor depth
I just want to start with a quick shoutout to all the Colorful Abstracts collectors. For those who don’t know, Colorful Abstracts is my first art collection on the IC. I digitally hand-painted each one using Adobe Fresco. And I’m proud to say that the collection’s floor price is up 300% from 5 ICP to 19.98 ICP. Only 10% of the small collection of 50 artworks is listed on the secondary marketplace.
The rapid rise in floor price is a testament to what can happen when the floor price of a collection is thin (meaning there are only a few NFTs listed at or near the floor price). While 5 ICP may have seemed like a low floor for a collection that minted at 4 ICP in the public sale, there were only 4 NFTs in the collection listed from 5-7 ICP. One collector swept those, and here we are.
With that in mind, I’d like to take a look at two much larger collections that may not have an impressive floor price at first glance. However, by considering both the floor depth (how many are listed near the floor price) and median listing (the price of the middle listing when you look at all of the listings sorted by price), you will see the potential that these and other collections in a similar position have to grow – especially since the Internet Computer is just starting to get some of the attention that it deserves.
A Deep Dive into the DogFinity and PODs Collections
Let’s start by looking at the DogFinity collection.
While not having utility, DogFinity has been a popular collection due to the incredible efforts of the team to bring new eyes to the IC. The project is also well known for launching the $DOGMI token. It’s the first dog-themed token on the IC, and it has been used to develop collaborations with other IC projects.
At first glance, 2.69 ICP is not the greatest floor price for the collection. After all, the public minting price was 1.75 ICP. But as you scroll down the page, something interesting emerges – there are only 28 NFTs listed for less than 5 ICP. That’s it – just 28 in a collection of 3,969. In fact, it would only take about 100 ICP (roughly $400 at current prices) to nearly double the floor price.
This is the sort of opportunity that collectors look for when they are sweeping.
Another factor to consider is the median selling price. In other words, if we sort all 677 of the listings from lowest price to highest price, what price is the middle NFT listed at (approximately the 338th listing)? It’s 20 ICP! So while nearly 20% of the collection is currently listed, more than half of those listings are 9x the floor price or more.
Now let’s check out PODs.
I recently spotlighted this collection because you can now transform your PODs into Helmets in the distrikt app. They can also be used as verified PfPs in the app. But this week, I want to focus on the thin floor and high median price, especially for a collection that has been gradually airdropped.
The current PODs floor is 9 ICP – not too bad for something that has been given away for free. But let’s apply the same principles to this collection as we did with DogFinity. First of all, there are only 39 PODs listed for less than 15 ICP. Once again, with distrikt continuing to onboard users daily and nearly half the NFTs distributed, 39 NFTs is not a large number. In fact, it is less than 10% of the current listings and less than 1% of the NFTs currently in circulation.
This also means a 67% increase in floor price could be achieved instantly by a whale with 500 ICP (about $2,000). But it could also be accomplished if the app onboarded 39 new users in a day who wanted a verified PfP. That’s not outside the range of what is possible with the current new interest in the IC.
Then we have to consider the median listing. For PODs, that’s 37 ICP – more than 4x the floor. Clearly, there is a lot of room to grow for these and other collections on the IC, so don’t forget to consider these metrics when shopping for a bargain.
The First True Auctions on the Internet Computer
Volt is changing the game for NFTs on the IC in many ways. For example, we finally have binding offers on Entrepot. Another benefit is the ability to auction and bid on NFTs. The first collection to use this tech is Jon Ball’s Pixel Collection. The first five NFTs in the collection were all sold last week for over 100 ICP.
The current set of Pixel Collection NFTs that are listed for sale have bids ranging from 35 ICP to 125 ICP, but those are sure to increase before the auction ends (which will likely happen before this article goes to publication). Then, the next set will be up for auction. In total, there are 28 in total.
I’m looking forward to seeing how the rest of the collection sells and how this feature can be used by creators and collectors alike in the future. Having access to auctions, binding offers, and other new features have instantly given the Entrepot platform a much-needed boost. And the timing couldn’t be better, as collectors who are used to these features on other blockchains will be able to acclimate to the IC faster.
The Look Ahead
As I mentioned, the next set of Pixel Collection auctions will immediately follow the conclusion of the current auctions. I was also really excited to see a teaser from Oliver Savage’s next photography collection on the IC entitled “Grounded”. In general, the IC NFT marketplace is still a great place for creators and collectors, despite the current market conditions.
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