NFT sales have been plummeting for a few months and their prices are at half-mast. The only sales of non-fungible tokens come from major collections, such as Bored Apes Yacht Club, Crypto Punks and, recently, Dick Butts.
There are things you are not always ready to write about as a journalist. Personally, having to write that NFT Dick Butts was the sensation this August 2022 is already an act that I will surely remember for a long time in my career. Having to write that collection might as well save the file non-fungible tokens it’s an added shock.
NFT, types of digital certificates of authenticity, have enabled the creation of a digital art market, where files are sometimes traded for millions of dollars. But after reaching astronomical numbers and sparking passions, NFTs are currently experiencing a bearish period. The value of sales has dropped by 25% in just a few months, and all signs are in the red. But the arrival on the market of a collection of Dick Butts NFTs reverses the trend somewhat.
The return of the Dick Butts
For those who don’t know them, Dick Butts are among the oldest internet memes. They quickly became very famous and still enjoy unabated popularity. It is therefore not surprising that an NFT project has emerged around them. What may be more surprising, however, is how successful they have been: identified by specialized media Decrypt.
According to the data ofOpenSea, the most popular NFT sales platform, transaction volume for the collection has increased more than 765% since they went on sale, totaling 903 Eth, or $1.6 million. They are currently the first most popular collection on the OpenSea sales platform, ahead of the Yacht Club of bored monkeys and the CryptoPunks. This is far from anecdotal success.
The selling price of Dick Butts NFTs is also interesting: their value increased by 163% in one month. With a minimum price of 3.99 ETH (about $7,000), they remain relatively cheap given their success, and especially compared to other giants in the sector: the minimum price of the Bored Apes Yacht Club is 84 ETH ($150,000).
The success of the NFT collection is as absurd as the character of Dick Butt himself: there really isn’t one large metaverse project supported (unlike bored monkeys), or the utility itself. It would only appear that NFT Dick Butts’ popularity is a result of the same culture.
Dick Butts were a game changer
But, profit or not, Dick Butts’ NFTs still managed, albeit briefly, to reverse the market’s downtrend. While the sector has seen catastrophic sales in recent months, prices fallingand a concentration around a few projects, the DickButts were a game changer. Above all, they have managed to create a buzz around them, something that hasn’t happened for some time, and which demonstrates how much the NFT market is very sensitive to web culture.
It remains to be seen now whether the success will continue, or if NFT Dick Butts will eventually be forgotten. But, in any case, rest assured: it’s not actually a cult at all.