In the June 2022 edition of DappRadar’s New Dapps Report, we look at ‘We are All Going to die or Wagdie, a mysterious collection climbing the NFT charts. The New Dapps Report serves as a deep analysis of financial metrics for NFT collections with a strong appeal.
This New Dapps Report is part of a series of executive reports providing readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity, 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.
Wagdie is a collection of 6,666 procedurally generated NFT avatars launched on June 3rd. It is inspired by video games like Dark Souls and Blasphemous and takes organizational cues from previously covered Goblin Town. It revels in the mysterious and the macabre, so details surrounding it are few and far between.
The project has no official website and revealed all the information thus far through cryptic snippets during nightly, hours-long twitter hangout sessions. This veil of mystery has intrigued many to engage with the project.
Please do not consider this document as financial advice.
Data updated on: Jun 13, 2022
Table of Contents
- Key Takeaways
- Wagdie Financial Overview
- Utility
- Social Awareness and Engagement
- Technical Overview
Key Takeaways
- Wagdie is the second most traded collection in the last seven days, with a volume of over $10 million
- The highest ‘soul’ was sold for 69.42 ETH or $85,108
Wagdie – Strong initial burst that quickly faded
Blockchain: Ethereum
Launch date: June 3, 2022
Edition size: 6,666 – Limited Edition
Traits: 8
Attributes: 261
Floor price: 0.26 ETH
Source: DappRadar
Wagdie has amassed over $10 million over the last seven days, slightly under 50% of the total sales. After eleven days since the mint, the collection has accrued over $ 22 million, making it the second most traded collection. In a wildly unorthodox fashion, the NFTs of this project were free to mint, not counting the gas fees. Since there was no mint price, the average sale price during the day of trading is used as a substitute of 0.21 ETH.
The average price rose rapidly during the first few days, going as high as 2.16 ETH on June 9th, and it currently sits at 1.08 ETH. The floor price of 0.26 is an appreciation of 24% from the mint price substitute. This is a steep decline in appreciation, and the collection effectively dropped from 929% on June 9th to 24% as of June 13thIn comparison with our previous Dapp Reports, an appreciation of 24% is one of the lowest that we ever covered.
It is typical for collections to experience massive trading spikes during the first few days after the mint, which are usually succeeded by sharp selloffs. Wagdie is very unusual as the volume swings back and forth.
The strange collection was briefly delisted from OPENSEA following controversial events. This significantly hurt the trading volume and the price.
Added Utility – A Cryptic game with no clear rewards
The project has no official website, and no utility roadmap is mentioned on the official Twitter. Instead, the team creatively uses Twitter and twitter-hangouts to engage with the community and has devised a choose-your-own-adventure-style game with willing participants.
Some instructions require members to connect their wallets and burn ETH or even NFTS; sometimes, it includes voting. Each day the team posts the previous night’s and sets up the next challenge with humor and cryptic narration clips.
Their DnD style storytelling seems inspired by the Dark Souls NFTs franchise. The hangouts have also been a place where the team performed rituals with daring members of the community. Gremplin has also changed their pfp to the style of Wagdie, which led the community to speculate on their involvement and drove the hype for the project.
The burning of a Mutant Ape NFT caused a heated response. According to non-confirmed rumors on Twitter, this is the reason behind their delisting on OpenSea due to mass reporting.
The wagdie community created their own Discord in the absence of an official one but since the unfortunate delisting on OpenSea, the atmosphere turned sour, forcing its members to shut it down.
To make matters worse, it has been revealed that some of the art has been copied from Magic the Gathering art, leading to the artist being removed from the team and the individual pieces also burned.
Social Awareness and Engagement
The Wagdie Twitter went live in December 2021, but it started being active on May 31st, 2022. It currently has 15,000 followers, 99% of which it has gained in the last two weeks.
Their Twitter profile shows one of the lowest growth rates recorded on the Dapp Reports with an average daily growth of 495 new followers. There is no official Discord server for people to congregate around the project.
There have been fan initiatives to create Discord channels for the community; however, as previously mentioned, those closed soon due to the negative atmosphere.
Team Overview
The team is entirely anonymous. They have no channels of communication with the community besides the official Twitter. This anonymity contributed to the controversy surrounding the collection landing the project in hot water.
A lack of openness increases people’s suspicion and the risk of wrongdoing from the devs. Perhaps this test of faith is precisely the goal of the developers.
Whale Wallet Analysis
Wagdie has a Unique Holders Ratio of 45%, which indicates it is a decently diversified collection. A lower ratio indicates higher susceptibility to sudden price changes. At 4.58%, the whale concentration for the collection is average. A higher whale concentration suggests an increased risk of price manipulation by prominent collection holders.
The top five holders are known whales: hot.izebel.eth, fadedface.eth, slurpzone.eth, piyu.eth, and notgriffden.eth. The high involvement of established whales indicates that the collection has a high profile and promises potential.
Simultaneously, their involvement also elevates the risks of price manipulation. We encourage potential buyers to exercise due diligence.
Technical Overview
As with most NFT projects, Wagdie stores the metadata using IPFS rather than fully on-chain. This type of storage is the standard practice because storing images fully on-chain is often too data-heavy. Although no known technical issues are reported about the project, it is always advisable to exercise caution, mainly due to the lack of transparency of the development team. It can be challenging to gauge the team’s expertise in running these projects or their intentions.
- Audit status: no audits performed yet
- Storage: NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals live on IPFS for immutable ownership.
- Contract address: 0x659A4BdaAaCc62d2bd9Cb18225D9C89b5B697A5A
Wagdie has undoubtedly taken a very novel approach to NFT launches. Like the recently successful Goblin Town, they decided to forego many established NFT practices. Their deviations include a free mint, a lack of a Discord channel, a completely anonymous team, and a lack of clear structure for the project in terms of roadmap or utilities. Instead, the project expects the users to take a leap of faith and engage with it despite no future prospects.
While this approach seemed to work for Goblin Town, it has fallen flat for Wagdie. In the last seven days, the collection has accrued a weekly trade volume of over $10 million, and a total volume of $22 million has been accrued over the last 11 days. This is a far cry from Goblin Town which has accrued over $22 million in its first week and around $ 40 million in the first two weeks.
Likewise, the floor price for Wagdie has appreciated by only 24%, and even at its height of 929%, it falls short of 4568% of Goblin Town.
Although Wagdie has no roadmap or utility, not counting the art, the project’s devs are using community engagement in a very creative fashion. They are leveraging Twitter engagement to its full potential by playing a choose-your-own-adventure game of sorts and rewarding the participants with airdrops of items of unknown value or utility.
The lack of traditional social and information channels and methods of spreading information about the project via cryptic audio snippets, which games like Dark Souls have inspired, has certainly turned a few heads. Many established whales are among the top holders of the collection. This lack of transparency has also backfired, as evidenced by the collapse of fan-made Discord channels due to panic surrounding the delisting of Wagdie from OpenSea.
The future of this collection remains uncertain. However, the social games will likely keep the community engaged for a good while. They inspire the community to come together and solve the cryptic meaning behind each snippet of information. The Dark Souls games use this formula with success and it can potentially work for this collection.
