The only good thing I have to say about the NFT market on the Internet Computer is that there are likely to be a lot of bargains. While the stock and crypto markets both continue to struggle, the IC NFT market seems like it is just finally about to begin following suit. The low price of ICP appears to have kept the marketplace strong over the past six weeks. But Monday's downturn sent a lot of people running for the hills.
The odd dichotomy is that many projects are still selling out at launch. For example, Azumi from NyanNaynStudio was half sold out during the 30-minute private sale for whitelisted wallets, and the rest were gone in seconds when the sale went public. The floor price immediately spiked to about three times the mint price, although it has retreated to a more reasonable 5.5 ICP (still almost double the mint price of 3 ICP).
So what do we have to look forward to next? The main thing I'll be watching is the sale of Impossible Passes this Thursday.
Impossible Things Prepares to Set a Price for Their Impossible Passes
For those of you who don't know the connection yet, Impossible Things is an NFT marketplace from the ORIGYN Foundation. The Impossible Passes, set to mint Thursday, June 16th, for whitelisted wallets, are the all-access pass to NFTs on the Impossible Things site. Whether you want to have early access to their many exclusive upcoming NFT projects or even get the first shot at sought-after IRL events, you'll want to have a pass. So how much will it cost?
The answer is that we may not know until the last second. In the Impossible Things discord, the only thing we've been told is that it will sell at the equivalent of $314 in ICP. We were first informed of that number in an FAQ released on May 6th. At the time, ICP was about $12.50, which would have made the passes approximately 25 ICP. As of June 13th, ICP is at $5.50, which would make the passes approximately 57 ICP each. So we're all waiting with bated breath to find out if this is going to be the most expensive mint in ICP history.
Flat Fiat holds the current record. All 137 NFTs sold out at 30 ICP each. The main difference here (besides the price) is that there are 5000 Impossible Passes, not 137. At the same time, Flat Fiat is an art collection with no utility. Impossible Passes are granting a lifetime whitelist to mints and IRL experiences (besides being a really cool looking NFT).
Will the 5000 passes sell out? The release of the OGY token on Sonic resulted in $1.26 million in volume on launch day. So clearly, the interest is there. This is an important opportunity for new collectors and investors to be introduced to the Internet Computer. In that sense (and that sense alone), I have a very similar feeling as I did when BTC Flower launched back in January.
Impossible Things has been hitting us with the tagline: "Be Realistic. Demand the Impossible." over the past month. It's catchy but another dichotomy. So which will we get? Will the decision to set the ICP price at the last minute prove to be realistic, rocketing the Internet Computer into the future? Or is the team demanding the impossible from battered collectors and investors? We'll find out soon enough.
BREAKING NEWS: Impossible Things has locked in the price for their Impossible Passes at 54 ICP!
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