PFP NFT aesthetics may not be everything, but they do matter to their holders
In the past week, both Azuki and The Captainz faced price plummet upon their collection reveals. However, their market sentiment unfolds differently. While both collections saw holders selling their NFTs, leading to declining prices, The Captainz managed to rebound faster and garnered stronger support from its community.
The NFT space last week was overwhelmed by a wave of negativity, starting from the disappointment surrounding Azuki and its new collection, Elementals. Community members were left disheartened when they realized they had invested a substantial amount, totaling over 20,000 ETH (equivalent to $38 million), in a collection lacking the promised uniqueness.
Later on, all eyes were on The Captainz collection, generating immense anticipation from its existing holders and the broader NFT community. However, the initial unveiling of The Captainz on 1 July was also far from a favorable start.
The Captainz experienced a 28.68% drop in floor price over 7 days, while Azuki saw a 57.73% decline.
Table of Contents
- The reveal of The Captainz, the beginning of ‘FUD’
- Breaking down the numbers: The Captainz vs. Azuki
- 9gagceo’s perspective: art is subjective; PFP NFT art needs to be ‘fluid’
- How project crisis management impacts collection floor price
- Continue your learning journey with DappRadar
The reveal of The Captainz, the beginning of ‘FUD’
The long-awaited reveal of The Captainz finally arrived on 1 July.
As a Captainz holder, users have several customization choices, including selecting the gender, skin type, and traits of their Captainz. They can also report trait bugs and receive bounties, create and sell traits as part of the official traits, leveraging the new NFT standard ERC-6551.
According to the team, its goal is to empower holders to contribute to the expansion of the Memeland ecosystem as an owner, not just a customer.
However, the aesthetics of The Captainz NFT sparked a controversial response. The grown-up Captainz surprised many users, leading to comparisons with Azuki and assertions that the art style was ‘inferior’.
The fear, uncertainty, and doubt (FUD) emotions had a ripple effect on the community, causing an immediate drop in the collection’s floor price. Within just 24 hours after the reveal, The Captainz floor price plummeted from $11,150 to $8,400, a 25% decrease.
Breaking down the numbers: The Captainz vs. Azuki
The FUD sentiment triggered certain community members to depart from the Memeland ecosystem. During 1 and 2 July, The Captainz witnessed 378 sales, amounting to a trading volume of $4.76 million.
However, this trading volume did not reflect hot market demand, as holders were offering low prices to exit. As a result, the floor of The Captainz plummeted by a staggering 40%, with a weekly low point at 4.5 ETH. At the time of writing, the floor price has made a partial recovery, reaching 5.4 ETH.
In comparison, following the Azuki Elementals reveal on 27 June, there were 1726 sales of Azuki within the first 48 hours, generating a significant trading volume of $33.3 million. Furthermore, the floor price of Azuki has also been on a sharp decline since the Elemental reveal.
Before the incident, Azuki was trading above 15 ETH and it fell below 10 ETH in 48 hours.
Looking at Azuki’s data performance, it shows how the failure of a sub-collection can hurt holders’ confidence. This would not only be in the specific collection, but also in the parent collection and the team responsible for it.
To gain a more comprehensive understanding of the trading dynamics surrounding the Elemental collection, we invite you to:
- Read our recently published article, available here.
- Check out Azuki Elemental’s real-time stats
9gagceo explains: art is subjective; PFP NFT art needs to be ‘fluid’
The negative sentiment surrounding The Captainz prompted Ray Chan (Twitter handle 9gagceo), the core member of Memeland, to address the situation. He emphasized that art is subjective and suggested that those seeking beautiful art collections should explore NFT art rather than profile picture (PFP) collections.
The reality is art is subjective. It’s hard to convince people you PFP artwork is great, so they are worth the value.
Not to mention the taste changes, the trend changes, the holder demographic changes…The artwork needs to be ‘fluid’.
By @9gagceo Ray Chan
When it comes to the aesthetics of PFP NFTs, it is indeed fluid. From the pioneering collection of CryptoPunks to more contemporary ones like Mocaverse, PFPs have evolved beyond mere visual delights.
A glance at some of the most renowned NFT projects reveals that the key to crafting PFP visuals lies in standing out amidst a sea of competitors. The goal is to enable users to recognize the project instantly.
If users can identify the above projects immediately based on their visuals, it signifies a level of success for these collections. By clicking on the links provided, you can explore their NFT page and check out their real-time and historical performance.
- DeGods – Floor Price: $16,930
- The Captainz – Floor Price: $10,370
- Doodles – Floor Price: $2,610
- Milady – Floor Price: $5,420
- CloneX – Floor Price: $3,080
- Mocaverse – Floor Price: $768
- CryptoPunk – Floor Price: $86,350
- BAYC – Floor Price: $55,270
- Goblin Town – Floor Price: $372
- Azuki – Floor Price: $11,210
How project crisis management impacts collection floor price
Ray’s statement successfully regained the community’s support, gradually recovering the floor price. In contrast, the Azuki team faced challenges in their crisis management efforts, which led to a continued decline in their project’s price. The chart below depicts the observed trends over 7 days.
The Captainz reveal occurred on 1 July. After 2 days of dropping, the collection’s floor price had already begun its ascent. Over 7 days, the floor price experienced a drop of 28.68%, currently standing at $10,370.
On the other hand, Azuki collection was unveiled on 27 June. Following a 6-day floor price decline, it finally has displayed signs of recovery. However, the 7-day drop of 57.73% in floor price remains a challenging hurdle, currently trading at $11,210.
While the data highlights The Captainz’s quicker rebound, it is important to allow more time for market reactions to fully assess the situation. So to ensure a more accurate comparison between the two collections, an updated 7-day chart will be provided.
For DappRadar PRO users, you can access and visualize such data at any time, allowing for a comprehensive analysis of the trading dynamics and performance of any NFT project.
Another crucial metric that can serve as an indicator of the community’s confidence is the listing ratio of the collection, which reflects the percentage of NFT holders willing to sell their NFTs. In this regard, Azuki has 3% of its NFTs listed for sale, The Captainz has 0.8%, and Azuki Elementals has 11%.
These figures provide valuable insights into the sentiment of the community and their willingness to hold onto their NFTs.
Continue your learning journey with DappRadar
As both Azuki and Captainz continue to build their projects and foster community engagement, it is important to stay informed and gain valuable insights.
For a broader understanding of the dynamic NFT landscape, we encourage you to read, explore and gain data-powered insights with DappRadar.
- The Captainz NFT page
- Read What Is Memeland
- Azuki NFT page
- Read What Is Azuki
- Azuki Elementals NFT page
- New Dapps Report: Azuki Elementals
- Check out all the NFT market trends
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