AUS
NZ
UK
CA
USA
IND
Highlights
- In the Crazy Monkeys NFT collection, there are two sets available, and both are seemingly not inter-connected
- Gutter Cat Gang NFTs belong to a project that has other assets as well with names, including rats and dogs
- These collections have not invited high bids from enthusiasts, especially when compared to names like BAYC
Non-fungible tokens (NFTs) are growing regardless of a relatively dull phase in cryptoassets this year as compared to past two years. In 2022, enthusiasts witnessed the unveiling of multiple NFTs linked to popular names like singer Madonna, tennis star Coco Gauff, and actor Bill Murray.
Footballer Ronaldo, who is currently in news for his expected exit from Manchester United, has also partnered with Binance for an NFT collection. Amid these star-studded events, relatively smaller projects are also piquing the interest of enthusiasts. Two of these NFT projects are Crazy Monkey and Gutter Cat Gang.
Let us take a brief look at these and the wider NFT space with respect to asset prices.
1. Crazy Monkeys NFTs
There are two sets of NFTs -- ‘Crazy Monkeys’, and ‘Crazy Monkey’ -- available for enthusiasts, something that can confuse people. The former is listed on the Moonly marketplace and is a collection of 3,333 digital assets. This set is said to have algorithmically generated assets that use the Solana blockchain network. The mint date of this collection was 24 January 2022.
The other set, ‘Crazy Monkey’, is available on the Foundation NFT marketplace. This set belongs to Le Thanh Tung, who is a young visual artist from Vietnam. The collection houses five NFTs and their price is mentioned in the ETH denomination on Foundation.
Both the above two with similar sounding names do not command expensive prices. The NFTs might be trending, but they are yet to invite high bids from digital art lovers.
2. Gutter Cat Gang NFTs
The collection is projecting itself as a ticket to an “underground” Web 3.0 social club. Gutter Cat Gang is being called the “premium” membership to the club. This is in contrast to other assets, with ‘dogs’ and ‘rats’ in their names, which represent the base level membership of the gang.
The premise here is that in the future, humans inhabit multiple planets and the Earth has been taken over by cats. Other NFTs like Gutter Rats are vying for supremacy over Gutter Cats. The project also has merchandise which includes funky shorts and t-shirts. A total of 3,000 NFT assets of Gutter Cat Gang are listed on OpenSea, and the website shows that there are currently 1,800 owners.
The floor price of the Gutter Cat Gang collection is mentioned as 6.2 ETH tokens, which is lower than that of assets from the CryptoPunk and BAYC collections.
NFT prices
The above-mentioned collections have a very modest price in comparison to high-ticket sales of assets of Beeple, CryptoPunk, and BAYC. Beeple alongside another artist Pak is one of the best-selling NFT artists in the world. Projects with multiple assets include CryptoPunk and BAYC, and some of the NFTs of both have been bought by spending millions of dollars.
This year has not been phenomenal with respect to the selling price of NFTs. Even the entry of big names like Madonna could not spark a frenzy that could match that of the previous year. Some view NFTs as overpriced collectibles that have shone only because the collectibles’ ownership is recorded on a blockchain in the form of NFTs.
Selling price of Beeple’s NFTs
Bottom line
NFTs can be confusing, not just because the space is inundated with assets, but also because multiple collections may exist with similar sounding names. Crazy Monkeys NFTs are one such example. Separately, new NFT marketplaces are joining the space in huge numbers. All this calls for caution and due diligence on behalf of NFT enthusiasts.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
