Cryptocurrency News

Bonsai Bonanza as Zenft Studio Sells $2 Million NFT Drop in One Hour

While the short-term market outlook for many NFT projects looks uncertain and many new releases are struggling to gain traction, a horticulture-themed drop would have set some records by selling 8,888 NFTs in just over an hour.

Non-fungible token studio Zenft released a line of 8,888 unique Bonzai NFT plants that quickly sold out last night, with the studio selling each digital tree for .08 ETH, or approximately $220, at the time of publication. Bonsai has AR/VR functionality, and their 3-D design is a step up from previous pixelated, 2-D projects. The studio celebrated the nearly $2,000,000 sale with a tweet:

success is somewhat surprising, given NFT bearish after explosive growth earlier this year. New drops like CryptoRears struggle to sell outright, making the one-hour mark a special feat.

However, some collectors suspect that the success may be partly due to clever marketing.

A prominent collector who spoke to Cointelegraph on condition of anonymity said, “I love the way they look, but it looks like people are trying to recreate what happened with the Bored Apps money printing machine. ” “The celeb was feeling a little tired watching the space evolve at Pump and Dump.”

A more recent success amid a downturn in the market, Bored Ape Yacht Club, managed to attract an enthusiastic community behind the outreach to major investors and collectors in the NFT space – and, as one collector put it, where whales can catch smaller collectors. The pets, or “plankton,” follow (sometimes to their detriment).

In an interview with Cointelegraph, the “8ncient Gardener,” one of three Zenft “gardeners” (or developers) said marketing played a role – 8ncient in particular “took painstaking care to craft our gifts”. – but ultimately the quality of the art is what has made bonsai such a hit.

“I think our art speaks for itself quite honestly. And everyone can unite around a bonsai. We had apes, punk, voxo, sandbox, camel – all these NFT factions rallying around all bonsai. “We have created gorgeous 3D bonsai in the world of pixel art,” he said.

on-chain The evidence is somewhat mixed. There are currently 1,736 different holders of approximately 9,000 bonsai, with over 22% of the supply concentrated in two NFT whale addresses. There is a sharp decline from there, however, with a board range of addresses holding small amounts of bonsai.

While it’s impossible to pinpoint the exact source of the success, Zenft “Grove Counselor” “JustSomebonzai” argued that digital trees are ultimately spreading happiness:

“People really like bonsai, they’re beautiful IRL and they’re beautiful as NFTs.”