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The following document belongs to the “New dapps series”, a set of executive reports that intend to provide users with a high-level perspective of new and promising randomly generated NFT collections. The report focuses on financial metrics like sales activity and price analysis, distribution metrics like Unique Holders Ratio or the Whale Concentration Index, whales behavioral patterns, and detailed social and technical overviews.
After back-to-back months of more than $4 billion in trading volume, the NFT space generated over $4.2 billion in October. For this edition of the New Dapps Report, we chose three NFT projects that launched during the last two weeks of October, and have shown potential based on the factors that we consider for the analysis.
First, we take a look at Doodles, an Ethereum collection that reminds us of a blue-chip NFT project. The demand for the project has been on the rise, establishing itself as the 37th most traded collection in less than three weeks since launching. Then, we take a look at the Party Degenerates, a 10,000 avatar collection that aims to become the soul of the party inside the metaverse. Finally, we take a look at Goblin Laboratory, a Solana-based collection of 10,000 NFTs that empower each owner to create their own designs inside the lab.
Please, do not consider this document as financial advice. Data updated on: Nov 3, 2021
Table of Contents
- Key takeaways
- Doodles
- Party Degenerates
- Goblin Laboratory
- In Summary
Key Takeaways
- Doodles became the 37th most traded collection ever; the NFT project has generated over $62.4 million in just 17 days since its launch.
- In the last 7 days, Party Degenerates have been amongst the top 20 most traded Ethereum collections with more than $5.3 million in trading volume.
- Goblin Laboratory has been the second most traded collection on Solana for the last week, generating more than $3.4 million in trading volume from over 4,000 sales.
Doodles
Blockchain: Ethereum
Launch date: Oct 17, 2021
Edition size: 10,000 – Limited Collection
Traits: 6
Attributes: 265
Doodles is a collection of 10,000 randomly generated avatar NFTs. With 62 pieces hand-drawn by the project’s artist Burnt Toast. The collection relies on a combination of rare traits that give the project a Cool Cats type of appeal. Despite having a relatively high mint price, the collection was sought out and eventually sold out in a matter of hours.
Added Utility
At the time of writing, the main added utility provided by Doodles is granting access to the Doodles Community Treasury. This Treasury will be funded with 420 ETH to develop experiences, activations, and campaigns surrounding the project.
Whilst at first glance, Doodles does not show any spectacular utility factor, the project aims to become community-driven, with the main roadmap being decided based on governance votes. It is worth monitoring whether the collection’s utility factor is enhanced further.
Financial Overview
Doodles have started strong financially speaking. In the 17 days since its launch, the collection has become the 37th most traded collection ever, recording more than $62 million in trading volume. The collection has also reached more than 12,000 unique traders, which also reflects the demand for this project.
The Doodles’ floor price surpassed 1.5 ? for a moment during the first 10 days and has now consolidated around 0.9 ? since. The project is also rewarding early investors with at least a 687% increase from the original mint price.
- Mint Price: 0.123 ETH (?)
- Floor market cap: $44,263,920
- Current Floor Price: 0.969 ? (687.8% up from mint price)
- Average sale price: 1.5191 ? (1,135% up from mint price)
- Highest sale: Doodle#316 for 100 ? / $381,083.84
- Initial revenues: +1,000 ?
- Unique holders (ratio): 4,778 (47.78%)
- Total Volume: $62,436,539 / 14,694.04 ?
- 7 day volume: $4,979,127
- Buyers vs Sellers ratio: 1.532 (8,675 / 5,662)
- Traders: 12,234
- Secondary market royalty: 5% (2.5% Doodlebank, 2.5% founders)
- Token: DOODLE
Social Awareness and Engagement
The community factor is strong with Doodles. As a community-driven project, this does not come as a surprise. The community treasury, or Doodlebank, will become the place where the Doodle community will share, develop, and vote on ideas aimed at bringing the collection into the mainstream.
The fact that Doodle owners will play actual roles within Doodlebank for marketing, product, and media experiences, simply proves that the project is building for the community.
Moreover, the Doodles community has scaled fast. Especially on Twitter where the colorful avatars have flooded user feeds.
- Twitter followers: +61,200
- Discord members: +16,700
- Announced collaborations: None
Team Overview
The project was created by Evan Keast aka ‘Tulip’, ‘Burnt Toast’ Scott Martin, and Jordan Castro aka ‘Poopie’. Overall, the core team blends traditional market experience, with prominent Web3 backgrounds.
Tulip and Poopie come with important blockchain experience as both were involved in the CryptoKitties development for Canada-based organization Dapper Labs. Burnt Toast is a talented Canadian artist, designer, and animator that was in charge of creating attractive Doodles designs.
- Creator(s): Tulip, Burnt Toast, and Poopie
- Team: unknown
Technical Overview
As for the majority of the NFT projects, the metadata is stored on central servers and hosted on Ethereum through IPFS. Not ideal, but the IPFS is working properly.
- Audit status: no audits committed yet
- Storage: Doodles NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.
- Contract address: 0x8a90cab2b38dba80c64b7734e58ee1db38b8992e
Whale Wallet Analysis
Doodles is a well-distributed collection. The above-average unique holder’s ratio goes in line with the diluted whale concentration index. Those collections that achieve a good distribution, avoid any risk of market manipulation.
Furthermore, among the top 5 holders, we find renowned collectors like Pransky, one of the premier NFT personas in the space. Pransky was vocal about the project and currently holds 50 Doodles.
Also, Jaft.eth, an owner of 41 Bored Apes, 7 Larva Labs pieces and 168 NFTs from the Art Blocks collection stands out as one of the Doodles whales. Overall, it looks like big NFT collectors believe in this project. A very positive sign for the Doodles collection.
- Whale concentration ratio: 2.26% – 226 pieces
Party Degenerates
Blockchain: Ethereum
Launch date: Oct 17, 2021
Edition size: 10,000 – Limited Collection
Traits: 8
Attributes: 159
The Party Degenerates collection consists of 10,000 randomly generated avatar NFTs. Some of the avatars’ traits were designed by a group of recognized NFT guest artists that include Billelis, Yam Karakai, Fvckrender, and Hackatao. The collection was launched via a Dutch auction starting at 2.5 ? and was sold out in a matter of hours.
Added Utility
To be fair, Party Degenerates do not show any immediate utility. However, the roadmap hints at some milestones that may become relevant going forward. The creation of two DAOs with different goals bodes well for the project overall. Whereas NFTs with certain traits will also grant utility to their owners.
The project’s involvement within the metaverse is most enticing. A future 3D avatar drop, a companion for the current degenerates, as well as the launch of the Party Degenerates Superclub in Decentraland and The Sandbox boost the project’s utility outlook.
Financial Overview
Party Degenerates have generated over $39.1 million including the mint phase, making it one of the most traded collections in the last 14 days. Even though the floor price is currently below the mint price, Party Degenerates have been able to stabilize the price after a massive drop once the art was revealed.
The positive sign is that the demand for the project seems in a good position, and the project is well distributed overall. A big concern though is the high secondary market royalties, which were designed to compensate for the high revenue allocation to various charity and social organizations.
- Mint Price: 2.5 ? to 0.5 ? Dutch auction
- Floor market cap: $9,592,800
- Current Floor Price: 0.21 ?
- Average sale price: 0.7926 ?
- Highest sale: Party Degen#6108 for 30 ? / $129,480.4
- Unique holders (ratio): 4,196 (41.96%)
- Total Volume: $16,970,250 / 3,844.03 ? ; 5,907.804
- 7 day volume: $5,324,951
- Buyers vs Sellers ratio: 1.339 (3,559 / 2,657)
- Traders: 8,574
- Secondary market royalty: 10%
- Token: PARTY
Social Awareness and Engagement
The Party Degenerates community has a good social reach in the two most important social media networks for NFT projects, Twitter and Discord. The community seems engaged, and it will probably become one of the project’s strengths when the metaverse utility comes into play. It seems that the project has social potential that still has to be fully developed.
Also, it is a positive sign that the project allocates 15% of all secondary sales to the Party Degenerates DAO.
- Twitter followers: +16,800
- Discord members: +15,500
- Announced collaborations: None
Team Overview
The core team of Party Degenerates is as complete as the lineup of guest artists. Led by Aleks Kay, the project co-founder, we find the likes of Danny Seedphrase, one of the most recognized NFT collectors in the entire space, and Farokh, an important NFT enthusiast and global entrepreneur.
The team is public, which is ideal in the NFT space and covers all the essentials of any serious project.
- Creator(s): Aleks Kay, Seedphrase, and The Shady Shark
- Team: DarkDante, Dan Jazzia, Farokh, et al.
Technical Overview
Like with most NFT projects, Party Degenerates metadata is stored on central servers and hosted on Ethereum through IPFS. Again, not ideal, but the IPFS is retrievable.
- Audit status: no audits committed yet
- Storage: Party Degenerates NFTs are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS for immutable ownership.
- Contract address: 0x4be3223f8708ca6b30d1e8b8926cf281ec83e770
Whale Wallet Analysis
Once again, we see Pransky as one of our project whales. An immediate positive sign. Also, it is a good sign to see Party Degenerate whales like this wallet holding blue-chip projects like Meebits, Art Blocks, and Cool Cats.
Perhaps the main drawback from a whale perspective is the slightly high concentration. However, market manipulation is not a massive cause for concern, since most of the whales are known NFT collectors.
- Whale concentration ratio: 7.55% – 755 pieces
Goblin Laboratory
Blockchain: Solana
Launch date: Oct 26, 2021
Edition size: 11,111 – Limited Collection
Traits: 7
Attributes: 272
The Goblin Laboratory is a collection of 11,111 brain NFTs that will be needed to recreate the final Goblin design. This project is not the typical randomly generated avatar project. Goblin Laboratory intends to allow the owners to create and design their own NFT. By putting together the set of attributes randomly assigned to each brain, owners will be able to assemble their respective attributes to give the NFT its final look. There is no limit to modifying experiments, just a 10-minute cooldown period.
The art is distinctive on its own, and as per the Goblin’s team, “it’s the culmination of over a decade of backbreaking illustration work”.
Added Utility
Owners of Goblin creations will be eligible to receive an airdrop of future Laboratory projects, starting with Sentinels, the project’s first avatar collection. In addition, the laboratory is intended to become an artist’s playground that potentially opens the door for collaborations. Whilst the project does not have any tangible utility at the moment, the ability to play around with the random attributes feels unique already.
Financial Overview
Financially speaking, the Goblin Laboratory has not generated the volumes seen in Ethereum-based projects. However, it should be noted that NFT projects on Solana are not as frequent as Ethereum collections at the moment. Leading to less awareness at this stage.
The floor price is 33% below the mint price which is not ideal. The average price has been fluctuating which is relatively normal in new projects, but the latest positive trend is encouraging. The main concern perhaps is the low demand shown by the buyers vs sellers ratio. The floor market cap is in the range of several mid-tier Ethereum collections.
- Mint Price: 3 SOL
- Floor market cap: $5,318,391.26
- Current Floor Price: 2 SOL (-33% down from mint price)
- Average sale price: 2.9175 SOL (-2.75% down from mint price)
- Highest sale: Goblin Experiment #2939 for 50 SOL / $8,809.5
- Total Volume: $3,532,380 / 18,400 SOL
- 7 day volume: $1,663,355
- Buyers vs Sellers ratio: 1.099 (3,688 / 3,357)
- Traders: 6,313
- Secondary market royalty: 5%
- Token: GBLN
Social Awareness and Engagement
The community or social factor is already established in the Goblin Laboratory. Both Discord and Twitter have active and engaged audiences. The social reach on Twitter is already noticeable, whereas, on Discord, the community seems well bonded. If the project meets the established milestones, including the upcoming Sentinel drop, the community will surely strengthen further.
- Twitter followers: +16,800
- Discord members: +31,500
- Announced collaborations: None
Team Overview
The core team of the Goblin Laboratory consists of Zack, aka Gossip Goblin, and Mike, the project’s main developer. Gossip Goblin brings successful NFT experience, as he is the artist behind Galactic Geckos, one of the most traded NFT projects in Solana. Mike, on the other hand, has a bioengineering background, which can explain the details in each Goblin’s anatomy.
While the team is not completely public, some information is publicly disclosed, and overall they seem inclusive and responsive on Discord.
- Creator(s): Gossip Goblin and Mike
- Team: Unknown
Technical Overview
Contrary to most NFT projects, the Goblin Laboratory has a strong technical factor. Starting with the laboratory, the playground where owners can design their own Goblin NFTs. It is intended that the laboratory will be opened for future collaborations.
Also, it is fascinating the manner in which these NFTs work. Each brain NFT grants access to the laboratory where a goblin is created off-chain. Once the design is complete, the piece is rendered and the metadata is stored on-chain. The process is iterative with no limitations whatsoever. Solana’s low gas fees also aid the process.
- Audit status: no audits committed yet
- Storage: Hybrid; once the creation is finished, the version is rendered and stored on-chain on the Solana network.
- Contract address: 0x4be3223f8708ca6b30d1e8b8926cf281ec83e770
Whale Wallet Analysis
Currently, not available in Solana collections
Summary
Despite not having an immediate utility factor, Doodles seem to tick all the boxes for a good NFT project. The collection has been trading well on the secondary market, selling for as high as 100 ETH. The team boasts two experienced NFT founders, and the community seems quite active and engaged already. If the roadmap, which will be decided along with the community, presents enhancements to the utility, this might become a top Ethereum collection in the near future.
The Party Degenerates have one of the most stacked teams in the entire NFT space. With a lineup of talented and renowned NFT artists and a solid founding team, the collection is in good shape. In terms of demand, the project seems to be on track, even though the price is still low compared to the high mint price. It is worth seeing whether important milestones due in the next two months can propel the project’s price.
Finally, the Goblin Laboratory, the first Solana collection that falls into this report. The project is truly groundbreaking. Empowering owners to create their own NFTs out of their imagination is brilliant. There are concerns when analyzing the project financially, but otherwise, the project seems to fulfill other factors. If the laboratory playground gets more traction and visibility, and collaborations indeed occur, the 11,111 original goblins might become a true genesis piece.
