The allowlists for the drop are still open, however, there are no details about the drop date
Kingship came to the crypto space on November 11th, 2021, as the first music group formed by NFT characters. The Bored Ape quartet generated much hype and excitement, and their first NFT release was supposed to launch soon. Unfortunately, the general state of the market and the strong bearish trends have pushed Kingship to delay the drop.
- Kingship announced in a tweet that their first NFT release is on pause
- The allowlist registration for the release is still open
- The current bear market conditions are the main factor behind Kingship’s decision
Kingship has paused their first NFT drop indefinitely
Kingship, the first NFT music group out there, has announced a rather unfortunate delay of their first NFT release. The group comprises four Bored Ape NFTs, which would have taken center stage in the upcoming project.
Kingship is one of the more daring uses of the intellectual property rights Bored Ape Yach Club NFT owners have. Considering the large scope of expectations set out for the project, it is somewhat disheartening to see its first product release on pause.
Details regarding the upcoming NFT drop were scarce, but now collectors don’t even have a drop date to look forward to. According to the official announcement, the project release date is on pause, without information on when it might drop.
On a more positive note, Kingship also claimed to be fully ready for the drop. While this is encouraging, the main reason for the delay hides in the unfavorable market conditions the crypto space is going through currently. The announcement detailed that Kingship feels the community is not ready for such a significant NFT drop at present times. Hopefully, collectors will get a chance to see the first Kingship NFTs soon, but this depends primarily on how the market performs in upcoming weeks and months.
Interested collectors can still register for Kingship allowlist spots
Kingship has decided to go with the allowlist method and only let wallets that have signed up mint when the collection drops. While the Kingship NFT drop has been postponed, interested collectors can still sign up for a spot on the allowlist, which is still open.
What’s more, the group also created separate allowlist groups for collectors of some of the most esteemed NFT projects to date. If you own an NFT from any of the collections listed below, you might find it easier to secure an allowlist spot.
Keeping the allowlist registration forms open might be good for engagement, but some community members have raised concerns. One Twitter user asked how Kingship will ensure that early birds get more perks than people who only managed to join the allowlist because of the release delay. The group has not addressed these concerns yet, but more details about the new drop date, mint price, and other mint mechanics should be released soon.
Bear market trends have rattled the NFT community
Bear markets are no fun, which stands for all aspects of traditional finance and the crypto space. Unfortunately, NFTs are also taking a hit, despite some of them being used as possible hedge options when crypto tokens are crashing.
According to Kingship’s announcement, the bear trends have also put a damper on the NFT community as a whole. This motivated the group to postpone their NFT drop indefinitely. As collectors are getting more scared, the team decided that many of the allowlisted collectors might not be able to or might refrain from minting new NFTs. This, in turn, would have a harmful effect on the Kingship project as a whole.
Many members of the Kingship community congratulated the team on their decision, citing the highly volatile market at present. Despite the bold move, this indeed is a setback for the project and its roadmap.
DappRadar will continue monitoring the NFT space as the bearish trend sweeps over every market aspect. But don’t despair; there are ways to prevent losses and minimize risk even in a bear market. Check out these handy articles that can better help you navigate the bear market. Additionally, you can follow DappRadar on Twitter to get the latest NFT news and updates first.