On July 20th 2022, 9,999 Profile Picture (PFP) Potatoz NFTs were minted on the Ethereum blockchain.
The collection is currently the 8th most traded collection in the last seven days, with a total trading volume of over $15 million.
Simply put, this collection is defying the bear market in style.
The name may be unassuming, but the sheer might behind this project demands respect.
The team behind ‘The Potatoz’ NFT
That’s the Hong Kong social media startup, which has garnered 58 million Instagram followers and 16.8 million Twitter followers!
Moreover, a closer inspection of the team behind this project further widens the eyes and drops the jaws.
Hence, The Potatoz is quite the force to be reckoned with and the floor price of the collection has risen by 144% since the mint. At the time of writing, the floor price for this collection is currently 1.24 ETH ($2,400).
The Potatoz NFT utility
First and foremost, Potatoz NFTs grant holders access to the larger Memeland ecosystem, which includes an exclusive community and a metaverse project themed on pirate history.
Essentially, when you purchase a Potatoz NFT, you will receive moving pixel art ‘Potato Sprouts’. Although this may seem underwhelming to the naked eye, the tokens will eventually form into distinctive, potato-inspired figures.
Based on what we know about the team behind this project, it comes as no surprise that they’re pulling out all the stops with their marketing.
In fact, on July 30th, Memeland and creative suite Refinable launched a collaboration as part of an eight-week art display at Hong Kong’s Times Square.
Staking Potatoz for rewards
The Potatoz has introduced an added incentive for those looking to gain long-term rewards.
Initially, holders will gain early access to the Memeland ecosystem, which will enable them to be part of Memeland Memelists, $MEMEs, and Memeland MVPs.
Currently, the Twitter account of Memeland has 442,800 followers, boasting quite the bustling community.
However, the most impressive utility appears to be the staking mechanism, which enables users to gain prizes for keeping Potatoz in their wallets.
Additionally, the Potatoz grow-to-win website was released on August 5th, which allows users to link their wallets and sell their Potatoz NFTs.
According to the New Dapps report, this has resulted in many holders staying with the project, as opposed to flipping their NFTs.
Considering the NFTs have exploded in value on the secondary market, that’s an impressive feat for the collection and highlights its future potential.
Interestingly, The Potatoz NFT collection currently has a Unique Holders Ratio of 49%. However, the whale concentration is 8.58, with one prominent whale owning 6.72% of the whole collection.
As history has taught us, when a prominent whale decides to sell their NFTs, it can cause a ripple effect throughout the system, leading to panic among the unsuspecting community.
Therefore, it’s important to bear these matters in mind.
The Potatoz NFT collection represents the beginning of an intriguing journey, which will give holders access to the Memeland ecosystem.
It is worth noting that Memeland is the nickname of 9GAG inside the Web3 community, and this project will certainly have legs.
In fact, The Potatoz is more of a prelude to the primary collection from Memeland, which will be ‘Memeland Captains’.
In short, think of The Potatoz NFTs as the ground level inside a giant and soon-to-be-flourishing forest, where NFT collections and ecosystems will one day sprout up in abundance.