New Dapps Report: The Potatoz – the bridge between memes and web3
In the August 2022 edition of DappRadar’s New Dapps Report, we dive deeper into the Potatoz, which is climbing the NFT charts. The New Dapps Report is a detailed analysis of financial metrics for NFT collections with a solid appeal.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity, 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.
This week we look at The Potatoz, a free-mint collection of 9,999 utility-enabled pfp NFTs. The collection was minted on the 20th of July, and the reveal was on the 12th of November. The foundation behind the collection is Memeland, a metaverse project produced by the social media website 9GAG.
Potatoz, like other membership-based collections, grants users access to the larger Memeland ecosystem, which includes an exclusive community and a metaverse project themed on pirate history. Potatoz NFTs presently display moving pixel-art “potato sprouts,” tokens morphed into distinctive potato-inspired figures.
In conjunction with the surprise release of Potatoz, Memeland announced a collaboration with NFT creative suite Refinable to deliver an eight-week art display at Hong Kong’s Times Square that began on July 30.
Please do not consider this document as financial advice.
Data updated on: Dec 13, 2022
Table of Contents
Key Takeaways
- The Potatoz is the 20th most-traded collection in the last seven days, with over $836,000 and a total trading volume of $21,208,481
- The collection’s price floor has appreciated by 182% since the mint
Financial Overview
The Potatoz – Floor price growth by 182%
Blockchain: Ethereum
Launch date: July 20, 2022
Edition size: 9,999
Traits: N/A
Attributes: N/A
Floor price: 2.17 ETH
Potatoz showed promising results in the first 3 days after the collection’s mint on July 20. Since the mint was free, the average trading price for the first day will be used instead of the mint price.
The trading activity in the subsequent days has fallen by almost 90% but still managed to be the 8th most traded collection in the last seven days with a total trading volume of $2.8 million. On the 30th of July, the project announced its NFT staking feature, which propelled the trading volume by 60%.
Even if the trading volume decreased, the average price is growing daily and is currently at 2.17 ETH ($2,862), while the floor price has appreciated 182% from the mint price surrogate. This indicates that there is still considerable interest in the collection and it is well valued by the market, considering the team and utility behind the collection. If you want to follow closely what happened to the NFT trading volume and sales count, check our NFT rankings page.
Added Utility – a ‘seed’ for the Memeland ecosystem
The Potatoz NFT provides users with a unique opportunity to participate in the Memeland ecosystem at an early stage. Not only were they able to grow their own potatoz, which sprouted into artwork, but they are also part of Memeland Memelists, $MEMEs, and Memeland MVPs.
The team introduced a staking function through a tweet on July 23. This enables users to get prizes for keeping Potatoz in their wallets. The grow-to-win website was released on August 5th. This site will allow users to link their wallets and sell their Potatoz NFT. The “Nesting” function resembles Moonbirds, an additional popular NFT project developed by PROOF Collective and Kevin Rose.
Community Awareness and Engagement
The collection doesn’t have its own Twitter account, but they are part of the Memeland ecosystem. The Twitter account of Memeland has 382,535 followers, and it was created in February 2022. In the last 30 days, they posted approximately 119 tweets, an average of 3 tweets per day, but still, they lose 441 users per day. This indicates a decline in demand for the collection.
The team doesn’t have a separate Discord account for Potatoz, but the Discord server for Memeland has 18,843 active users, a simple on-boarding/verification process and is fairly active throughout the day. Potatoz holders have their private channels in that Discord.
Potatoz has 4,601 unique traders, which is average according to our benchmark. However, this collection heavily emphasizes the community holding the NFT to reap future benefits. As a result, many traders choose not to flip their Potatoz for short-term profit.
Team Overview
The company behind the Memeland project is 9GAG, a Hong Kong-based social media startup launched in 2008. It has, on average more than four million daily visits and 150 million visitors each month across its website, applications, Instagram, Facebook, and Twitter.
They have more than 16.8 million Twitter followers and more than 58 million Instagram followers.
9GAG is supported by some of the industry’s largest investors, including First Round Capital, Freestyle Capital, Greycroft Partners, True Ventures, Y Combinator, and 500 Startups, among others.
According to the Memeland website, renowned players in the NFT field such as Kevin Roose, co-founder of Proof Collective and Moonbirds, and Gary Vaynerchuk, creator of the VeeFriends Collection, serve as advisors/investors. Adrian Cheng, the CEO of New World Development, was also recently revealed as joining the initiative as an adviser.
With such a solid history and team, it’s difficult not to anticipate that this could be a major bluechip NFT project soon
Whale Wallet Analysis
The Potatoz collection currently has a Unique Holders Ratio of 46%, indicating an average diversified collection. The more unique holders there are, the less chance of collusion exists between the holders. There seem to be 295 NFTs that have yet to be minted.
The whale concentration is 7.63%, which is relatively high. Among the top five holders, there is one prominent whale memeland.eth who owns 4.4% of the whole collection.
A higher whale concentration suggests an increased risk of price manipulation by famous collectors. The selloff often causes a chain reaction forcing many smaller flippers to sell. Potential buyers should exercise due diligence.
Technical Overview
The Potatoz collection uses IPFS rather than fully on-chain. This type of storage poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate.
- Audit status: no audits performed yet
- Storage: The Potatoz are stored as ERC-721 tokens on the Ethereum blockchain, and visuals are live on IPFS for immutable ownership.
- Contract address: 0x39ee2c7b3cb80254225884ca001F57118C8f21B6
Summary
The Potatoz is a collection of 9,999 non-fungible tokens established on the Ethereum network by Memeland. Each Potatoz NFT is utility-enabled and provides as access to the Memeland ecosystem. It is not the primary collection in Memeland, but it acts as a prelude to Memeland Captains, the primary collection. Memeland is 9GAG’s nickname inside the Web3 community.
Memeland’s website portrays a picturesque island in its unique 8-bit design. Their Captain NFTs are trophies, but they also provide access to the collection’s $MEME token and “exclusive club membership, exclusive access to the creator NFT marketplace, impending Memeland & 9GAG drops, and more.” In the end, the main stage Memeland Captains collection represents the forest floor of their larger ecosystem, where things are heating up.
Based on the existing teaser materials, it seems that the cute Potatoz—currently saplings—are the first indications of life that will initiate the story’s development.
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