Highly dependable font of Web3 knowledge, DappRadar, has returned with the latest edition of its insightful ‘New Dapps Report’. An initiative that provides a high-level overview of some of the most exciting NFT projects making waves in the NFT world today. This time around, DappRadar takes a deep dive into 9GAG NFT vehicle ‘The Potatoz,’ and unlocking the financial metrics lurking inside.
Background
Arriving off the back of a free mint on July 20, The Potatoz offer the first glimpse into 9GAG’s Memeland Web3 universe, taking the form of pixelated potato saplings that grow within the holder’s wallet, before eventually blossoming into a fully fledged potato-themed NFT character.
Through the initiative, owners can unlock access to the wider Memeland ecosystem, including staking opportunities, newly launched rewards systems and a host of meme-related fun and games. As a result of a solid foundation, The Potatoz has recently climbed the ranks within the NFT realm.
Solid Financial Metrics
Since its launch on July 20, The Potatoz NFT collection has turned over a solid transactional history, reaching the dizzy heights of 11.2k ETH ($20m) trading volume, with $2.82 million of that coming in the last week, meaning, it became the 8th most traded collection in the last 7 days.
As of writing, the Potatoz floor price sits at a healthy 1.24 ETH ($2400), representing a whopping 144% rise since the beginning of active trading. This is in addition to a highest sale seeing a rare ‘Galaxy’ tier NFT changing hands for 16 ETH, all this despite an initial trading frenzy tailing off by a huge 90% since day one.
Heavyweight Support
Memeland, and by extension, The Potatoz, has a wealth of incredible support backing its project. Firstly, from parent company 9GAG, that boasts a combined 150 million monthly visits though its website and the three major social media platforms, Twitter, Facebook and Instagram.
In addition, Memeland has also acquired a tremendously well-managed advisory board, featuring members from some of the hottest NFT projects in the market, including Gary Vee from Veefriends, Kevin Rose from Moonbirds, and Adrien Cheng from New World Development.
Areas for Concern
Despite its incredible performance to date, there remains a slight cause for concern. In a nutshell, The Potatoz has a Whale Concentration of 8.58% which is considered rather high. One single wallet contains 6.72% of the entire collection, meaning it could be open to market manipulation.
In addition, the Memeland Twitter account has seen a consistent reduction in followers over recent weeks, losing approximately 317 followers on average every day. Therefore, indicating a decline in interest for the project.
Despite this, the general consensus on the Potatoz project sees it continue to make waves for some time to come. Meanwhile, Memeland gears up for its flagship NFT collection, Memeland Captains.
Read the full ‘New Dapps Report’ >> Here
Browse Potatoz on OpenSea >> Here
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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