From blogging beginnings to the metaverse
In DappRadar’s New Dapps Report we look at popular and interesting NFT collections, and in this time we cover DourDarcels. 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 once again gaining pace, with NFT sales beginning to pick up. In this report we discuss the DourDarcels NFT collection, which has caught the attention of many traders.
DourDarcels is a collection of 10,000 NFT avatars created by Craig Redman, aka DourDarcel – an Australian graphic designer and artist. Redman created the main character, Darcel, as part of his illustrated blog “Darcel Disappoints” about living in a lowly apartment in New York. The expressive simplicity of his art quickly piqued the interest of well-known brands, leading to collaborations with companies like Adidas, Louis Vuitton, Google, and Ikea. Redman’s Darcel works have since been exhibited in Paris and New York, appeared on the cover of The New York Times and Vogue, and are now making their way into the metaverse via the DourDarcels collection.
Please do not consider this document financial advice.
Data updated on: Mar 24, 2022
Table of Contents
- Key Takeaways
- Financial Overview
- Social Awareness and Engagement
- Team Overview
- Technical Overview
- Whale Wallet Analysis
- DourDarcels is the 23rd most traded collection over the last 30 days with over $22 million in sales
- The collection’s floor price appreciated by nearly 720% since minting on March 4th
DourDarcels – Floor price growth of 720%
Launch date: Mar 4, 2022
Edition size: 10,000 – Limited Edition
Floor price: 0.72 ETH
DourDarcels generated $11 million in sales in its first week, and $8 million the week after. This is a typical scenario for new projects, which often see a spike in sales in the first week. After that projects tend to see a pullback in the following weeks. The project’s sustainability is usually dependent on the price of development, together with sales volume. A strong and continued growth of the average selling price indicates a healthy demand for the project.
Added Utility – Speculative Utility Offering
No official utility roadmap for DourDarcels has been released to date. As such, there were no utilities associated with the project at the time of writing.
Still, with the Darcel character comes a long-term commitment for Redman. During a recent interview with CoolHunting.com, Redman said that ‘the first set of utilities will be clothing drops, collaborations and airdrops, released over time’. He further stated that it is good to have ‘a good mix’ of digital and physical utilities. Furthermore, he is ‘excited to see which direction the community wants this project to head’.
Social Awareness and Engagement
DourDarcels has a robust online social presence. Its Discord server has 27,380 active users, and boasts a complex onboarding procedure and active moderation team that both reduce malicious bot activity and bad actors. Community conversations are ongoing throughout the day and across channels, indicating strong engagement.
DourDarcels’ Twitter went live in November 2021 and currently has 34,186 followers. The account experienced 97% of its total growth in the last 30 days, gaining 33,915 new followers at an average of 1,130 new followers per day. This indicates strong interest and growing demand for the collection.
The project also has an Instagram account which currently has over 12,700 followers and is used for sharing promotional art.
DourDarcels had a spike of traders in the first week, when it accumulated over 70% of its total unique traders. Although the amount has declined in the subsequent weeks, the total number of 9,208 unique traders shows a 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 behind the project consist of Craig Redman aka DourDarcel, WestcoastNFT, Shillrxyz, MindofImpact, This_is_BonBon, and Awj5. The team is only partially public, but this is no cause for concern as its members are active on social media and have an established reputation.
Craig Redman is the project lead. He established the Darcel Disappoints brand, and has collaborated with companies like Adidas, Louis Vuiton, Google, Ikea, and Pokemon. Beside his Darcel-themed projects, Redman’s other artworks have also been successful. He has designed magazine covers for National Geographic, Vogue, and the New Yorker. His work has been exhibited in Paris and New York.
Adam Johnson, aka Awj5, is the project’s web developer. He has held various positions with Apple over the past five years, and currently works as a games editor for the Apple AppStore.
WestcoastNFT and Shillr are collaborative groups that focus on launching NFT projects, helping with minting, blockchain development, pricing and launch execution, among others. WestCoastNFT worked with Doodles and MFers, while Shillrxyz powered The Non-Fungible Fungi and POAP projects.
Like most NFT projects, DourDarcels stores its metadata using IPFS, rather than fully on-chain. This poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate. Still, there are no significant concerns from a technical standpoint.
- Audit status: no audits performed yet
- Storage: DourDarcels NFTs are stored as ERC-721 tokens on the Ethereum blockchain and visuals are hosted on IPFS for immutable ownership
Whale Wallet Analysis
DourDarcels currently has a Unique Holders Ratio of 51%, indicating that it is a moderately diversified collection; a lower ratio indicates higher susceptibility to sudden price changes. At 5.36%, its whale concentration is average. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders. There are three prominent whales – bonzi.eth, poorpleb.eth, and ohmy.eth among the top five holders. The presence of renowned NFT collectors and crypto investors usually indicates increased trading activity and overall higher interest in the collection.
The performance DourDarcels has been carried by fame and popularity so far, while also following market patterns. It is the 23rd most traded collection in the last 7 days, with a volume of nearly $5 million. It also ranked as the 23rd most traded collection in the last 30 days, with $23 million in volume. The floor price has consolidated at 0.72 ETH which is a 720% increase from mint price. At the same time the average price grew by 1180%. The highest sale of 20 ETH / $53,620 occurred only nine days after minting.
Utility is the driving factor for growth in the long run for most collections. As there have been no concrete announcements on the potential utility offering it still remains a wildcard. It is possible that due to Redman’s long standing commitment to the Darcel project, that DourDarcels will announce something exciting in the near future to drive the project to new heights.