Cyberpunk style with strong fundamentals
This third edition of our March 2022 DappRadar New Dapps Report looks at the popular NFT collection CyberBrokers, which performs well in a bearish market. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising randomly generated NFT collections. The report focuses on financial metrics, including sales activity and price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
After a pullback driven by macroeconomic pressure, the crypto market is again gaining pace, with NFT sales beginning to pick up. In this report, we discuss the CyberBrokers collection, which has caught the attention of many traders.
CyberBrokers is a collection of 10,001 cyberpunk-themed avatars made by Josie Belinni, a prolific NFT artist who has been making successful NFTs art since 2017. Her art was auctioned at Christie’s, and she has exhibited in virtual worlds and at blockchain conferences like Consensus, NFT NYC, and Satoshi Roundtable. The collection is the 8th most traded collection in the last 30 days, with a volume of $52,652,077.
Please, do not consider this document as financial advice.
Data updated on: March 23, 2022
Table of Contents
- Key takeaways
- Financial Overview
- Utility
- Social Awareness and Engagement
- Technical Overview
- Whale Wallet Analysis
- Summary
Key Takeaways
- CyberBrokers is the 8th most traded collection over the last 30 days, with over $52 million in sales
- The collection’s floor price has appreciated by nearly 620% since minting on March 4th 2022
CyberBrokers – Floor price growth of 620%
- Blockchain: Ethereum
- Launch date: Mar 4, 2022
- Edition size: 10,001 – Limited Edition
- Traits: 35
- Attributes: 644
- Floor price: 2.17 ETH
CyberBrokers generated $36 million in sales in its first week and $5 million the week after – a typical scenario for new projects, which often see spikes in sales in the first week, followed by a pullback in the following weeks. The project’s sustainability is usually dependent on the development price and sales volume. The solid and continued growth of the average selling price indicates a healthy demand for the project. The average price is 3.74 ETH, an appreciation of 1069% since mint, and shows promising growth.
Added Utility – Speculative Utility Offering
CyberBrokers has not released an official utility roadmap for the project. As such, there are no listed utilities. However, in a recent interview with the dev team, they went into depth about their prospective plans for the project’s future.
The team aims to develop content together with the community, by creating Community Quests. A set of monthly puzzles for people to collectively solve, which will unravel the story of CyberBrokers and eventually develop into an alternate reality game (ARG) that will be both on-chain and IRL. There will be a community fund that will reward members who engage and create content for the project. The on-chain aspect plays a significant role as the team plans use interoperability that it offers to customize the avatars with different assets and even change the rarity of the NFTs.
Social Awareness and Engagement
CyberBrokers has a moderate online presence. Its Discord server has 21,474 active users and boasts a complex onboarding procedure and busy moderation team that reduces malicious bot activity and bad actors. Community conversations are ongoing throughout the day and across channels, indicating strong engagement.
CyberBrokers’ Twitter went live in March 2021 and currently has 15,984 followers. The account experienced 68% of its total growth in the last 30 days, gaining 11,006 new followers at an average of 366 new followers per day, indicating a moderate interest and growing demand for the collection.
Cyberbrokers had a spike of traders in the first week, where it accumulated over 87% of its total unique traders. Although the amount has declined in the subsequent weeks, the total number of 4,835 unique traders shows healthy demand for the collection. The strong correlation between unique trader count and Twitter impressions reflects the influx of new traders through word of mouth on social media.
The team for CyberBrokers consists of Josie Bellini, Ben Heidorn, Christopher Chapman, and Azamat Khairov. It is fully public, having made their careers and identities known, which inspires trust and attests to the team’s competence.
Josie has been a successful NFT artist since 2017. She is heavily involved in the crypto community and a frequent guest speaker at conferences like Consensus, NFT NYC, and Satoshi Roundtable.
Ben is CTO and Co-Founder at Blockade Games. He has had an extensive career as a senior software developer for AgIntegrated, developing and maintaining production software.
Christopher, aka ’m3mnoch’, has previously developed MMO games for the Walt Disney Company, designed the online experience for Decentraland, and was the multiplayer director for the Sandbox.
Azamat Khairov is a digital artist who has been an art director and concept artist for Plarium Games, a developer and publishing studio known for the hit mobile game Raid:Shadow Legends.
Technical Overview
CyberBrokers are stored entirely on the Ethereum network. The art is composed of SVGs, a text-based file format that allows for specifying the positions, colors, and shapes drawn. These files are broken down into components, compressed, and stored as individual layers on Ethereum. The CyberBrokers art can then be reconstructed directly from the assets using an on-chain transcoder. CyberBrokers metadata is stored on-chain, and a cached image of the compiled CyberBrokers is stored via IPFS for seamless integration into existing marketplaces.
- Audit status: no audits have been performed yet
- Storage: CyberBrokers NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership
- Contract address: 0x892848074ddeA461A15f337250Da3ce55580CA85
Whale Wallet Analysis
CyberBrokers currently has a Unique Holders Ratio of 37%, indicating a highly concentrated collection; a lower ratio indicates higher susceptibility to sudden price changes. At 7.98%, its whale concentration is slightly elevated but within acceptable norms. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders.
There are two famous whales, galaktic.eth and Pranksy, among the top five holders. Renowned NFT collectors/crypto investors usually indicate increased trading activity and higher interest in the collection.
Summary
CyberBrokers has had a successful launch and shows strong performance indicators. It is the 23th most traded collection in the last seven days, with a volume of over $4 million. It also ranked 7th as the most traded collection during the previous 30 days, with a total volume of over $ 52 million. The floor price has consolidated at 2.17 ETH, a 620% increase from the mint price, while the average price grew 1089%. The highest sale of 150 ETH / $402,150 occurred only four days after minting.
The initial trading burst is strongly driven by the status of the development team and project art. However, the bigger question is if Cyberbrokers has sustaining power.
Community and utility are core drivers for the long-term growth of any project. For CyberBrokers there are plans to create a long-term interactive experience together with the community, akin to a 10,000 player Dungeons & Dragons campaign (which Christopher Chapman and Ben Heidorn have experience in). Irrespective of any potential utility, Josie has released over 350 unique NFT art pieces with a floor price of 8 ETH and an average price of 10.6 ETH, all of which have no utility other than artistic merit. With such a track record, it’s fair to assume that this collection may follow a similar trajectory.
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