This time we look at the following three NFT collections: Karafuru, Tasty Bones and Cool Pets
In this February 2022 edition of DappRadar’s New Dapps Report, we look at three popular NFT collections that are performing well in a bearish market: Karafuru, Tasty Bones, and Cool Pets. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections.
The New Dapps Report is 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.
The crypto space had a bearish start to 2022, with currencies plummeting as a result of macroeconomic events. While faring well and remaining relatively stable, the NFT space had its troubles, including the recent Opensea exploit. Still, a number of new collections are performing well. Three of these newcomers are Karafuru, Tasty Bones, and Cool Pets.
First, we look at Karafuru, a 5,555-strong collection by the Jakarta Museum of Toys, which exhibits designer toys and partners with popular artists to produce new toy collections. Karafuru is the product of the Museum’s partnership with WD_Willy, and has generated over $100 million in trading volume since launching on February 4th.
We then look at Tasty Bones, a collection of 5,000 vibrant, skeleton-themed avatars, produced by the team that released Approved Corgis on the Binance Smartchain. At the time of writing, Tasty Bones was the 8th most traded collection in the last 7 days, with a volume of over $14 million.
Finally, we look at Cool Pets, a sub-collection of Cool Cats comprising 19,999 randomly generated Cool Pets that are fully integrated into the Cooltopia ecosystem and evolve progressively with input from the holder. At the time of writing, Cool Pets was the 14th most traded collection in the last 7 days, with a volume of over $7 million.
Please, do not consider this document financial advice.
Data updated on: Feb 24, 2022
Table of Contents
Key Takeaways
- Karafuru – With a 30 day volume of over $100 million, Karafuru was the 6th most traded collection; the floor price has appreciated by nearly 2,900%
- Tasty Bones – Tasty Bones was the 8th most traded collection in the last 7 days with a volume of over $14 million; its floor price grew by nearly 1,800%, with the top sale at 20 ETH ($50,980)
- Cool Pets – Part of the original Cool Cats roadmap, Cool Pets was the 10th most traded collection in the last 30 days with a volume of over $47 million.
Karafuru – More than $100 million of sales and counting
Blockchain: Ethereum
Launch date: Feb 4, 2022
Edition size: 5,555 – Limited Edition
Traits: 9
Attributes: 261
Floor price : 2.39 Ξ
The sales price is weakly correlated with the sales volume. The major price hikes coincide with days of very heavy trading. The ebbing trading activity depresses the average price.
Added Utility – Standard Utility Offering
The utility of this project, as detailed in the roadmap, appears standard – it promises exclusive merchandise and partnerships, the evolution of 2D avatars into 3D, and the launch of a toy line. With several years’ experience with similar partnerships off-chain, the Museum of Toys has a proven track record of delivering on its promises, lending credibility to this project’s roadmap. The institution is also popular with collectors of rare anime- and street-art inspired works, who form a ready-made audience.
Social Awareness and Engagement
Karafuru has a prolific and robust online social presence. Its Discord server has over 100,449 active users, and boasts a complex onboarding procedure and active moderation team that reduce malicious bot activity and bad actors. Community conversations are ongoing throughout the day and across channels, indicating strong engagement.
Karafuru’s Twitter went live in January 2022 and currently has 170,715 followers. The account experienced significant growth in the last 30 days, gaining over 134,000 new followers at an average of nearly 4,500 new followers per day. This indicates strong interest and growing demand for the collection.
The traders count is correlated strongly with Twitter impressions.The major influx of traders coincides with increased Twitter activity, while receding trader count is reflected in decreased Twitter impressions.
Team Overview
With the exception of Wede, a popular freelance artist and illustrator from Indonesia, the rest of Karafuru’s founding team – artnalyst. Ξ, Rofe, Gradyedbert.eth – remain anonymous. Wede has over 50,000 followers on Instagram and 32,800 on Twitter, as well as a gallery on Hicetnunc.
Technical Overview
Like most NFT projects, Karafuru metadata is stored using IPFS, rather than fully on-chain, which 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: Karafuru NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership
- Contract address: 0xd2F668a8461D6761115dAF8Aeb3cDf5F40C532C6
Whale Wallet Analysis
Karafuru currently has a Unique Holders Ratio of 69% which indicates that it is a well diversified collection; a lower ratio indicates higher susceptibility to sudden price changes. At 3.23%, 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 among the top five holders: pokgai.eth , bonzivault.eth and eddyiskongz.eth. The presence of renowned NFT collectors/crypto investors is usually an indicator of increased trading activity and overall higher interest in the collection.
Tasty Bones – Floor Price Growth of 1,784%
Blockchain: Ethereum
Launch date: Feb 13, 2022
Edition size: 4,999 – Limited Edition
Traits: 7
Attributes: 255
Floor Price: 1.3 Ξ
The sales price is weakly correlated with the sales volume. The major price hikes coincide with days of very heavy trading. The ebbing trading activity depresses the average price.
Added Utility – Standard Utility Offering
Tasty Bones’ roadmap details many standard utility features, including a token launch, unique customization items, events and giveaways, and the evolution into a DAO. Further details are scarce as the collection was just over a week old at the time of writing.
Social Awareness and Engagement
The traders count is strongly correlated with Twitter impressions.The large influx of traders coincides with increased Twitter activity, while receding trader count is reflected in decreased Twitter impressions.
Although the Tasty Bones Twitter account was created over three months ago, in December of 2021, it has 257,000 followers. Most of its growth occurred in the last 30 days, with the account gaining over 161,000 new followers at an average of 5,371 new followers per day – a strong growth and demand indicator for the collection.
The Tasty Bones Discord has 27,871 members. New users have to register their phone and verify through a captcha bot to enter, and the server is actively moderated by a dedicated team to ensure the presence of bots, spam and bad actors is minimal. The Discord is well populated, with an active community and the mods team frequently participating in discussions. The project’s Instagram has 26,500 followers and is used to share promotional art for the collection.
Team Overview
The core team has made itself public, lending credibility to the project, and is further supported by Royal Labs to run the NFT project. Although not well known, the team – consisting of inklxb, 5TimesDistilled.eth and EvaK360Boss.eth – has experience in running NFT projects, having previously launched Approving Corgis on the Binance chain.
Technical Overview
Like most NFT projects, Tasty Bones metadata is stored using IPFS, rather than fully on-chain, which 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: OOP NFTs are stored as ERC-721 tokens on the Ethereum blockchain and graphical assets are hosted on IPFS for immutable ownership
- Contract address: 0x1b79c7832ed9358E024F9e46E9c8b6f56633691B
Whale Wallet Analysis
Tasty Bones is a moderately distributed collection, with a Unique Holders Ratio of 55%. The higher the ratio, the less susceptible a collection is to price manipulation or sudden price movements. The top five whales control only 4.07% of the total collection, which is a good indicator that larger holders will not manipulate prices.
There are two known whales represented among the top five holders of the collection: pasablopunkasso.eth and 9x9x9.eth. The presence of high-profile traders suggests that the collection could be successful and usually precipitates increased trading interest. However, users should also be wary of following high-profile traders, as their collection exit often precedes a sell-off.
Cool Pets – Killer Growth Potential
Blockchain: Ethereum
Launch date: Feb 10, 2022
Edition size: 19,999 – Limited Collection
Traits: 1
Attributes: N/A
Floor Price: 2.1 Ξ
The sales price is weakly correlated with the sales volume. The major price hikes coincided with days of very heavy trading. The ebbing trading activity is depressing the average price. The collection has a high trader count of 8,136 unique traders.
Added Utility – Very Strong utility package
The launch of Cool Pets is part of the Cool Cats collection roadmap, which sets out many features for the future, including a guild, charity events, artist spotlights and collaborations, land sales, a game launch, and the transition to a DAO.
The Cool Cats project has a very strong offering, with the team steadily implementing its promises. This inspires confidence in the project.
As for the pets themselves, they can be nurtured and customized through items bought in the Cool Cats marketplace using MILK tokens. The items purchased determine the strength and rarity of the pet, and can be used in the planned game.
Social Awareness and Engagement
Cool Cats has a strong and established social media presence, which directly benefits Cool Pets as a sub-collection. The Cool Cats Twitter account launched in May 2021 and currently has 182,630 followers. It has grown steadily since getting launched however and has shown signs of considerable growth. In the last 30 days, it grew by 78,615 with an average 2,620 new followers per day.
The Cool Cats Discord is equally well populated with 104,132 registered unique users. The server is very active across channels. It has a simplified verification procedure to enable quick onboarding, which, however, leaves it vulnerable to bot spam. The Discord has an active moderation team to ensure this happens to a minimum.
The traders count is strongly correlated with Twitter impressions. The major influx of traders coincides with increased Twitter activity, while receding trader count is reflected in decreased Twitter impressions.
Team Overview
The Cool Cats team comprises industry professionals who have successfully worked on the collection since its launch inJuly 2021. Although not all members have made themselves public, they are approachable and reputable, with strong experience in their respective fields.
The team behind Cool Cats – and therefore Cool Pets – is composed of Clon, xtremetom, Lynqoid, Elu, KevinF, Frex, Becks, and Grampa Bacon. Furthermore, there are Midnight Etude, pMauz, Amorista, RePete and Mowley Emma.
Technical Overview
Although the project had some technical issues related to minting that caused the minting to be delayed until January 31st, the team has been transparent about it and has since resolved the problem. Like most NFT projects, Cool Pets metadata is stored using IPFS, rather than fully on-chain. Not ideal as the smart contracts and the metadata are separate, which poses a common challenge to visually rich metadata projects as the smart contracts and the metadata are separate. Still, theIPFS is working correctly and no technical issue emerges from this standpoint.
- Audit status: no audits performed yet
- Storage: OOP NFTs are stored as Pets are ERC-1155 tokens on the Ethereum blockchain and graphical assets hosted on IPFS for immutable ownership.
- Contract address: 0x86C10D10ECa1Fca9DAF87a279ABCcabe0063F247
Whale Wallet Analysis
Cool Pets currently has a Unique Holders Ratio of 59%. While this is on the lower end of the spectrum, it may be because the collection is still relatively young. A lower ratio indicates higher susceptibility to sudden price changes. At 4.55%, the whale concentration is average. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders. Renowned whale icecoldmetal.eth is among the top five holders. The presence of significant whales increases the social profile of the collection and usually attracts increased trading activity during buying and selling periods.
Summary
Karafuru has hit the ground running and is showing strong performance indicators. It is the 6th most traded collection in the last 30 days, with a total volume of $94,731,056. The floor price growth 2,887% is a strong indicator of performance, as is the average price growth of 4,475%. The founders have a proven track record of delivering exclusive, highly sought-after merch collections, suggesting this may be a successful project.
Tasty Bones’ pastel mellow aesthetic is on trend, bearing similar style characteristics to popular projects such as Cool Cats and Doodles. The team behind it is publicly known and experienced in running NFT projects. The collection’s trading performance is favorable – it is the 8th most traded collection in the last 7 days, with a volume of $14,114,580 and over 5,000 unique traders and continues to grow steadily. Gaining over 161,000 users on Twitter in 30 days, its social media growth has been meteoric. Similarly, its floor price and average price appreciated by 1,784% and 2,204%.
Being a child project of Cool Cats, Cool Pets’ success is directly linked to the popularity of the latter. The collection has a high unique trader count of 8,034 and a strong social following, indicating growing demand. Although only two weeks old, Cool Pets is the 14th most traded collection in the last 7 days. Still, its true value will manifest itself once the pets hatch and attributes are assigned to them. This may take some time as the nurturing process involves buying items in the Cool Cats marketplace.
