Decode the Rapid Success of Nakamigos Like A Pro

Decode the Rapid Success of Nakamigos Like A Pro

Check out the NFT sales highlights ranking between 27 March and 02 April 2023

The Nakamigos NFT collection has experienced a significant increase in demand and popularity. This surge in trading volume and the number of transactions could be attributed to various factors, such as effective marketing, endorsement by influencers, and a unified community.

With 17,000 Nakamigos NFTs available for free minting and over 7,000 wallets on the allowlist, it is possible that many allowlist users took advantage of the free minting and contributed to the increased trading activity. Additionally, the limited supply of public minting might have induced a sense of scarcity, driving up the perceived value of the Nakamigos NFTs.

Over the past 7 days, Nakamigos sales volume has increased by over 254% and the average price had increased by 370%.

Nakamigos NFT page

What is the reason behind the collection’s rapid growth? Let’s take a deeper dive into the data and insights like a pro!

First, a little history about Nakamigos

Since its launch, speculation has circulated on Web3 Twitter about a possible link between Nakamigos’ HiFo Labs and Larva Labs, the original creators of CryptoPunks. Advocates of this theory highlight the aesthetic resemblance between the collections. However, no evidence currently supports these claims.

Nakamigos addressed the rumors on 27 March, tweeting, “Not Larva. Not Yuga. Nakamigos.” However, the project is in fact tied to NFT pioneer Startoshi, creator of the mfers collection, which is currently a community-owned project without Startoshi’s leadership.

As mentioned, most Nakamigos NFTs were minted for free by eligible users, including End of Sartoshi (EoS) holders (snapshot 1/27/23) and early-access winners. The unexpected perks for End of Sartoshi holders materialized with the Nakamigos launch, further cementing Startoshi’s influence in the NFT space.

Analyze Nakamigos trends using DappRadar Pro

After analyzing Nakamigos, mfers, and End of Sartoshi data from the past week using DappRadar’s Pro feature, some intriguing discoveries have surfaced. As depicted in the chart below, Nakamigos and EoS volumes exhibit a significant correlation, while mfers do not align with them.

DappRadar Pro

Interestingly, both Nakamigos and End of Sartoshi reached their weekly volume peak on 29 March. However, it’s worth noting that the snapshot concluded on 27 January. As a result, any End of Sartoshi purchased after that date does not qualify for the free minting.

Perhaps the increased End of Sartoshi trading volume suggests that buyers believe it may provide future airdrops or other benefits. Also, Satoshi himself writes in his blog

“I plan to have the ‘End of Satoshi’ artwork serve as an ongoing pass for holders to obtain free claims to crypto art from great crypto artists. (Royalties on the ‘End of Satoshi’ piece are 0%).”

Additionally, the 7-day floor price of EoS has increased by 63.6%, reflecting increased demand for the collection. In contrast, the floor price of mfers has remained relatively stagnant, decreasing by 0.53%. This trend is indicative of the market’s current sentiment towards these collections.

DappRadar Pro

Effective marketing strategy boosts Nakamigos sales

As seen from the volume comparison chart earlier, Nakamigos’ trading volume peaked on 29 March, prompting the question of what might have caused it. 

The collection’s successful marketing strategy is likely the reason for its pumping in sales. One marketing tactic utilized by the project was the Honorary Nakamigos collection, consisting of 24 NFTs featuring prominent figures in the crypto industry, such as Steve Aoki and Gary Vee. 

The identities behind the 24 images will receive their correspondent Honorary Nakamigos NFTs. As a result, it created the impression that this collection would be backed by these key opinion leaders. Furthermore, Nakamigos not only tweeted about the Honorary Nakamigos collection on 29 March, but also carried out a paid exposure campaign to amplify its visibility. 

Use DappRadar Portfolio tool to dive into these celebrity holders’ wallets and check out their Honorary Nakagamigos.

So, DYOR before FOMO

The world of NFTs is ever-changing. The rise of Nakamigos is a prime example of how marketing can have a significant impact on the value of these digital assets. 

Nakamigos’ successful marketing strategy leveraging Twitter influencers has driven demand and sales despite the project not having any concrete plans at the moment. As the NFT market progresses, it remains to be seen whether Nakamigos will rise to the ranks of a blue-chip collection. 

Check out the list of NFT sales highlights

N.B. Dollar values given are correct at the time of sale.

Every week, DappRadar highlights not only the most expensive NFT sales but also the most interesting in the previous seven days. While huge numbers are sure to capture headlines, it’s also essential to highlight emerging trends and keep the DappRadar community ahead.

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