Algorand’s ‘Al Goanna’ and Cardano’s ‘Space Budz’ Dominate Non-Ethereum NFTs
NFT’s not listed on OpenSea are at a huge disadvantage, but Al Goanna and Space Budz are still doing big numbers and creating loyal communities.
Covered:
- How are NFTs Ranked?
- Space Budz and Al Goanna Dominate
How are NFTs Ranked?
NFT collections are notoriously hard to rank. The two main metrics that Open Sea and Coinmarketcap use are trading volume and floor price. Even then, it is difficult to accurately rank the top NFTs. Volume can skew rankings because if the collection has a large supply then the trading volume will be higher because there are more sellers. Conversely, the floor price can be very high with low trading volume because there are few sellers.
However, most NFTs in the top 50 on Open Sea have a supply of between 10,000-20,000. Data from NFTpricefloor.com shows that of the top 10 collections, around 7% of the supply is listed. Right now, there are only 776 Bored Apes for sale out of 10,000. So when the supply is below 500 total like Al Goanna, the activity can be quite low. Right now, only 56 Al Goanna’s are up for sale.
All this is to say that when ranking NFTs, these types of things must be taken into account. When the project is so exclusive, the retail interest cannot spread as easily. That’s why it is so remarkable to witness the huge success of Al Goanna with a small supply of only 489. This leads to my next point: OpenSea is basically the only game in town, and it’s only for Ethereum. Ethereum NFTs absolutely dwarf every other chain’s total volume.
In fact, it is quite difficult to find a ranking of NFTs outside of those that live on Ethereum. Coinmarketcap’s NFT rankings only show Ethereum, Solana, and Binance NFTs. On that list, it’s basically only Ethereum anyways. So when comparing non-Ethereum collections like on Algorand, Cardano, and Solana it’s very difficult to even aggregate and rank them. It is an interesting question because we’ve never really seen a non-Ethereum collection take off in a big way.
Space Budz and Al Goanna Stand Out
After comparing the top NFTs of Solana, Cardano, Avalanche, Fantom, and Algorand, it was clear there were two projects that were ahead of the pack: Space Budz and Al Goanna. Without going into all of the data, Cardano’s Space Budz, with a total supply of 10,000, 3,007 total sales, a floor price of $7,600, and an all-time high sale worth $591,600 stands out maybe the top non-ETH NFT.
Al Goanna, on the other hand, with a total supply of 489, 705 total sales, a floor price of $7000, and an all-time high sale worth $100,000 is a close second. What’s different about Al Goanna, is just how present and symbolic they are in the Algorand community. Moreover, Al Goanna received a major investment into 24 of their NFTs from several high-profile venture capital funds. Institutions seeing the potential for growth in Algorand NFTs is a big deal.
Al Goanna is much more of a long-term project than Space Budz, however. With a roadmap that includes NFT staking, a video game, 3d metaverse interface, governance, and even a Goanna DAO. This is why Al Goanna is far more likely to become a cultural force than Space Budz, which doesn’t currently have a roadmap or any future plans. The team at Al Goanna is even launching a ‘V2’ which includes an entire storyline, NFT eggs that hatch into Lizards, and different mutations.
Critically, V2 will also have a larger collection than V1, which is needed as it has been proven that the most successful collections have a supply of at least 10,000. It is anticipated that the V2 collection will launch in late-April 2022. When comparing the most prominent NFTs on these non-Ethereum chains, Al Goanna is certainly the most robust with the largest community, buzz, and capital to build something major.
GM.
Thank you to @al_goanna for changing my life. And thank you for playing such a pivotal role on the Algo NFT space.
Bye to Goanna 010. One of the only 4 basic naked Goannas. Thank you and congrats to LTVZ. pic.twitter.com/atdiCURdXs
— AC (@algocollector) March 23, 2022
It’s an interesting thought to imagine: “will there be another Bored Ape?” It’s even more interesting to imagine: “will it be on Ethereum or another chain?” NFTs have been a vector to mass awareness of crypto, and if a non-Ethereum chain can generate enough buzz and catch on even a fraction of how much the Apes did, it would be groundbreaking.
You can check out both awesome collections here and here.
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Text source: CryptosRus
