$11.7 million in trading volume over the past 24 hours
Tapping into the memories of many NFT traders, Habbo launched their own Habbo Avatars NFT collection with great success. The collection sold out almost instantly, while the community has been spending more than $11.7 million on the still unrevealed NFTs.
The Habbo Avatars NFT collection was launched in silence, but the community quickly picked it up. Habbo sold the NFTs through a Dutch auction, accepting the first bid with a starting price of 0.5 ETH. Even though the avatars haven’t been revealed yet, the floor price already increased to 0.88 ETH.
Over the past 24 hours, only Axie Infinity and Art Blocks have seen more trading volume, but the differences aren’t big. One whale going in big into the project could potentially push Habbo Avatars to the number one spot.
What is Habbo Avatars
Habbo Avatars are ERC-721 NFTs on the Ethereum blockchain, meaning that these can be traded on popular marketplaces like OpenSea. For now, the avatars haven’t been revealed yet, and any purchases will be speculative. However, the avatar reveal will happen before October 5th. That’s also when the traits will be unveiled, and each avatar will feature at least 1 trait never seen in Habbo ever before.
Right now these avatars will just be images, but by the end of the year NFT owners will get membership access to Habbo services. In addition, the development team wants to allow the Habbo Avatars to move around inside the Habbo social gaming universe. Users who own a Habbo Avatar NFT can also expect special items or airdrops to arrive in their accounts at some point. According to the roadmap a first surprise is expected before the beginning of December.
The developers have described the Habbo Avatars as a homage to the early 2000s times of Habbo Hotel. Nowadays the 20 year old game world no longer works in Flash, but uses Unity. For the future of Habbo, the developers are looking at NFTs and play-to-earn mechanics. However, details are still missing.
How did the sale work out
Habbo didn’t really generate a lot of hype for their sale, yet the NFT drop reportedly sold out extremely fast. At the moment a total of 10.700 Habbo Avatars are on the market, spread out across 2.691 wallets. That would mean that every user wallet contains an average of almost 4 NFTs.
However, the top wallet contains 300 NFTs, followed by wallets with 200, 146, 131 and 120 Habbo Avatars. This means that the top 10 NFT holders own 12.7% of the total supply. The top 100 holders hold 37%, while the top 250 own 53.8%. One could argue that NFT whales went a bit too hard into the collection. Likely we will see a big sell off after the avatar reveal, which will happen on October 5th at the latest.
Among the top wallets, we can identify some collectors we’ve seen before. Cocobear is the one holding 146 NFTs, while Stronghands bought 100 of them. Avastar developer Jimmy McNelis we find on the 32nd spot with 33 Habbo Avatars. It will be interesting to see what will happen after the reveal, and seeing who will be selling off and who will be buying in.