Cryptoadz by GREMPLIN is one of the most popular blue-chip collections right now. Minting 6969 Toadz on September 8th for Ξ0.069, Cryptoadz by GREMPLIN were a hit. The floor at the time of writing is Ξ5.74, or USD 24k. Cryptoadz are a pfp project with no real utility, so why are they the same price as a 2021 Toyota Prius? The reason, memes=money in the NFT community.
Why Are They So Popular?
Created by artist GREMPLIN, who has a fantastic understanding of the history of the space, filled the collection with jokes and references to the community. Toadz is growing a rabid community on Discord. Members were trying to get Toadz with their favorite DeFi or pop culture reference. Including nods to:
- The Matrix
- and more
everyone was trying to get their hands on the most recognizable CrypToadz. Legendary Toadz also came in completely different art styles or even animated. Rare CrypToadz aren’t hard to spot!
— NFT Whale Alert (@nftwhalealert) October 24, 2021
— NFT Whale Alert (@nftwhalealert) October 22, 2021
The CrypToadz fascination is probably confusing to even the average NFT buyer. Unlike Cool Cats, there is no roadmap with promised drops, tokens, and giveaways. Much like Interfaces, this is another “no roadmaps, just vibes” project. This is a pfp that people want simply because it’s popular deep within NFT communities. It isn’t a fully mainstream project either. According to Nansen (a great NFT analytics website), 76 Legendary buyers hold a CrypToad. A legendary holder is someone who is a notable user and their transactions are an indication of the reputation and popularity of the project. Compare this to other blue-chip collection’s legendary holders:
Cool Cats- 143
CrypToadz may not seem that popular on paper compared to other blue-chips. But with the cult-like following they’ve amassed, they have seen Ξ29,978 in total volume the last 30 days on OpenSea. That is third in total volume on the site, behind Mekaverse and Cryptopunks.
CrypToadz by GREMPLIN is a very interesting collection. Toadz is much more comparable to Cryptopunks than BAYC or Cool Cats, in the sense that it is strictly a pfp project. There is no utility in holding or staking it. There aren’t weekly events or giveaways attached to the project. Much like other blue-chip collections, it isn’t easy to understand why they are the value that they are.
You need to take into account the cultural and community influence the project has. There is risk in holding CrypToadz, like any other collection. CrypToadz doesn’t have events, giveaways, or roadmaps on the way to prop up the price like other collections. The only thing maintaining the insane price is the power of the community and the art that represents that. If being a part of the sort of “underground” blue-chip collection interests you, look into CrypToadz by GREMPLIN. A good place is their Discord server.
Remember to always do your own research, make your own decisions and invest in projects that interest you!
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