NFTs are going through the second period of market euphoria this year. This market has reached levels of excitement not seen since March when Beeple, digital artist, sold an art piece known as Everydays for $69 Million at Christie’s. He was one of three highest-valued living artists. The deal also brought NFTs to the forefront of public attention.
Many people speculated about whether the NFT market would grow as large as the art market because of all the hype surrounding them back in March. It makes perfect sense. Art can be used to store value for a long time. Art with a long history and uniqueness tends to increase in value over time. Many consider NFTs this year to have significant historical value, given that they are being released at a time when the NFT market is emerging. The ability to use blockchain to validate the history of an item and prove ownership gives us an advantage over traditional art in terms of verification.
In the first half of 2018, the NFT market grew from $13.7million to $2.5billion, a remarkable 18,000% increase in just one year. The worldwide art market currently stands at $50 billion. Therefore, even though it was growing rapidly, there is still a great deal of growth potential for the NFT industry. The space was flooded with artists, including Grimes and Logan Paul as well as The Kings of Leon. They released their own artwork, including songs, images, and gifts.
A New Hype
The current mania around NFTs is slightly different. The current mania is more about NFT collections, which allow investors to collect many pieces from one collection. NFT collections were successful during the initial boom. However, collectors are the best. This is evident more than in CryptoPunks’s rapid rise in price.
One of the first use cases for NFTs to create digital collectibles was CryptoPunks. This is a collection of 10,000 images of characters, each one unique. CryptoPunks were created in 2017, and are currently only available for $260,000. Because of the history and uniqueness each CryptoPunk, this huge value has been possible.
This latest NFT rise has once again made many people question how early we are in the NFT market’s cycle. Is there any future potential for a market that is already growing so fast? These recent developments suggest they may not only be challenging the market for traditional art, but also the physical collectors. It was valued at over $370 billion in 2020. By 2028, it is projected to grow to $522 billion. The collectibles market currently exceeds 7x the value of the global art industry and almost 125x that of current NFT markets.
If the adoption of blockchain is to continue then the NFT market could well grow to encompass that of physical collectibles and traditional art. It would mean we are witnessing the first stages of a huge shift in art collection and storage. This would mean that collections currently being created are being made at the very beginning of NFT history.
Lucky Maneki (available on OpenSea) is one such collection. Maneki’s are mysterious creatures modeled after Japanese lucky cats, and a total of 14,159 are minted. Every one of them is unique, and each one was programmatically created from more than 410 lucky properties. They can be backgrounds, people, bodies and items. There are even hidden messages.
The Maneki Gang Avatars, a new collection that was released recently, were created to serve as profile photos for social media users. OpenSea also has these.
Lucky Maneki’s collection contains different levels of rarity. Maneki’s that possess certain rare traits, like the leopard print yellow background for example (which only occurs 0.14% of the time) will be especially valuable. Epic Manekis are also the most desirable Manekis. They are the 40 first Manekis that are minted.
Large investors can get hold of rare items in order to save large capital. Smaller investors have greater access to more popular and more cost-effective Manekis. Each investor can trade in the same environment, creating a mutually-beneficial economy with high trading volumes. The collection is also more diverse, making it even more exciting.
Lucky Maneki NFT operates in community. Having a Lucky Maneki NFT or Maneki Gang NFT allows the user to cast a vote for Lucky Maneki Brand.
Lucky Raffles can also be accessed by investors by holding a Maneki. Every 30 buyers who complete their purchases receive 10%. This money will then be donated to an undetermined holder of Manekis in a lottery. A third party random number generator will choose the winner to insure the integrity of this raffle.
Lucky Chests are indestructible treasure boxes that cannot be opened except by the holders of Manekis. Anyone who can find the key phrase can unlock the treasure chest, and gain access to the hidden prize.
Holders are also eligible to participate in Lucky Bank. A smart contract will be created that accounts for 5% from all transactions within the Lucky Maneki eco-system. The contents of the smart contract will be donated towards initiatives chosen by vote that is participated in by all holders of Maneki’s.
Discord can be used to get NFT information and see the plans of the community for the future. The community’s DAO has been implemented. A Merchandise Shop will be available where Lucky Maneki NFTs IP holders can create customized merchandise.
These small features are essential to maintain activity in the Lucky Manekis community. The most successful NFT collections include cute, unique characters that are surrounded by a vibrant NFT community. Lucky Manekis’ dynamic is exactly what makes it a worthwhile NFT collection.