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Zenft studio sells more than 8,000 NFTs in 1 hour for $2 million

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Vandana Mrigwani Follow

INDIA

Jun, 11 2021

Jun, 11 2021

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The digital trees are thriving as there is demand shortage for NFT projects. However, the short-term market outlook for several NFT projects look uncertain and multiple new releases fight to gain traction. One gardening-themed drop by Zenft Studio may have set certain records by selling 8,888 non-fungible tokens (NFTs) in just under an hour.

 

Non Fungible token studio Zenft launched a line of 8,888 exclusive Bonzai NFT plants that speedily sold out on Tuesday. It was with the studio selling each digital tree for 0.08 Ether (ETH), or unevenly $220 at the time of publication. The bonsais have augmented virtual reality functionality. The 3D design is a step up from earlier pixelated, 2D projects. The studio renowned for the nearly $2,000,000 sale with a tweet: “8888 Bonsai sold out in under an hour. We are eternally humbled”.

 

The achievement is to some extent of a surprise, given that NFTs continue mired in a slump subsequent explosive growth for this year. New drops like Crypteriors fight to sell out totally, making the one-hour mark a specific feat.

 

On the other hand, some collectors are unsure that the success may be due in part to clever marketing. A club named the Bored Ape Yacht- another new success among the market dip, achieved to attract a fervent community. In the part on the back of outreach to prominent investors and collectors in the NFT space and as one collector put it. There the whales go smaller collectors, or “plankton,” the trail sometimes to their detriment.

 

In an interview with Cointelegraph- one of the three Zenft “gardeners” (or developers), stated that the promotion played a role of 8ncient “took painstaking care around crafting our giveaways. In particular but eventually, the quality of the art is what made the bonsais such a hit”

 

The on-chain indication is somewhat mixed. There are presently 1,736 different holders of the closely 9,000 bonsais, with over 22% of the source concentrated in two NFT whale addresses. From there, there’s a steep drop-off, still, with a broad range of addresses holding smaller measures of the bonsais.


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Vandana Mrigwani

CBW - External Analyst

INDIA

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