A Rabbit NFT Collection Made $3 Million in 40 Minutes
Those that got in on the initial sale saw their investment grow 20x within a day.
WTF (What The FLUF?!)
10,000 digital rabbits called FLUFs selling each for 0.09 ETH (about $280 dollars at the time of this writing) sold out within 40 minutes when they went on sale this past weekend. Netting the creators of these stylish rabbits roughly $3 Million dollars.
As of right now, the lowest price for one of these FLUFs is sitting at about 1 ETH, or roughly $3,000. As is the case with other NFT collections, some of these cool critters were blessed by the generative art algorithm with “rare” attributes, these are fetching prices in the range of 100 ETH or $300,000 USD.
Can you imagine being one of the lucky few who were able to buy a large number of these little rabbits? Had you invested $1000 dollars and got 4 of these rabbits you would likely be sitting on roughly $10,000 assuming you didn’t get one that was rare in any way. You can see the current prices of these FLUFs here at OpenSea.io, where these and other NFTs are auctioned off.
The NFT craze is more insane than I thought
We’ve all heard of NFT’s by now, Non-fungible tokens, these are data stored on a blockchain that represent images, sounds, videos, or really anything that can be digitally stored.
NFT’s are linked to a specific person (by their crypto wallet) allowing for there to be an undisputed owner of any specific NFT despite someone else having access to a photo of the NFT. It’s a bit like the difference between an authentic piece of art and a well-done forgery or picture of that artwork, except that there is no way to fool the blockchain.
NFT’s have exploded in popularity recently, with many notable celebrities buying into the trend. You might have also seen the headlines about how a CryptoPunk NFT sold for $11.8 million USD at Sotheby’s auction house.
Yes, that’s right. The ownership of the image here was worth nearly $12 million…
And what about the other CryptoPunks, you ask? What were once given away for free are now sold for 50 ETH ($150,000) apiece at the low end.
It remains to be seen if these FLUFs will see similar popularity and demand as what has been seen with other NFTs, but why wouldn’t they? Wasn’t it already improbably that a 24x24 pixel picture of a “crypto punk” could be worth anything?
What might set these NFTs apart?
I’m no expert on NFTs or crypto, but it looks to me that these FLUFs offer a few more attractive perks than normal NFTs. For example, these aren’t static images, but moving and grooving, almost life-like, characters. They come with a specific dance and even music that they move in rhythm to. The makers of FLUFs also purport that these NFT’s will be able to be customized and will allow for access to exclusive events in the future.
I’m an adult actually considering spending $3k for a digital moving bunny picture
Personally, I haven’t pulled the trigger on getting one. But I’m an adult actively considering spending $3k for a digital moving bunny picture and that's something I never imagined I would hear myself say…
Whether I get in on this craze myself or not, I’m thinking that having more knowledge about this thriving industry and market can’t possibly be a bad thing. I mean, shoot, being in the right place at the right time really just comes down to being in the community and knowing when NFT’s like this are going to be given out. Then you can get in early and make a fortune selling some off initially and holding onto the rare ones for later.
Let me know what y’all think about these various NFTs or if you’re thinking of investing in this space.
