XCOPY, a pioneer in the world of crypto art and one of the first artists to release NFTs on the Nifty Gateway, dropped MAX PAIN and Frens last year. The launch of this collection also marked the first anniversary of XCOPY’s previous drop on the platform.
Drawing inspiration from the frantic, high-octane world of Web3, this collection by XCOPY captures the sheer chaos, adrenaline, and risk that define this thrilling space. Let’s dive in!
What are MAX PAIN and Frens NFTs?
In March 2022, Nifty Gateway witnessed the launch of “Max Pain and Frens,” a stunning collection of multiple artworks by OG NFT artist @XCOPYART.
The drop was unique, consisting of an open edition, two ranked auctions, a drawing, and two burn levels to redeem artworks.
For those unfamiliar, open editions have no limit on the number of NFTs available for minting within a specific time frame.
In the case of “Max Pain and Frens,” the minting process was open for ten minutes, between 6:30 PM and 6:40 PM EST on March 24th, 2022. It meant that people could mint as many NFTs as they wanted within the given time frame.
1 ETH Too Much for an Open Edition?
Nifty Gateway set the price for each of XCOPY’s open edition NFTs at 1 ETH, which was approximately $3,100 at the time of minting.
It is a significant amount of money for an NFT mint – but given XCOPY’s reputation as one of the most prominent and expensive NFT artists in the space – it’s not entirely surprising.
Moreover, the NFTs showcased a mesmerizing array of lively, pulsating skulls meticulously designed in the inimitable artistic flair of the legendary Jean-Michel Basquiat.
As the viewer delved deeper into the NFT, they were transported into a dynamic world that felt both otherworldly and familiar, as if they were experiencing the vivid dreams of Basquiat himself.
But Who Is XCOPY?
XCOPY is a true pioneer in the crypto art realm, having been one of the earliest artists to experiment with NFTs. Despite being a bit of a mystery to the public, XCOPY’s works are consistently among the top-selling NFTs on the market, cementing his position as a legendary NFT artist.
Drawing inspiration from the darker side of popular culture, XCOPY’s death- and dystopia-themed visual style is a dazzling explosion of color and chaos that brings to mind the iconic works of Jean-Michel Basquiat.
One of XCOPY’s most iconic pieces, “Right-click and Save As guy,” is a tongue-in-cheek jab at those who dismiss crypto art as something anyone can easily download for free.
This 1/1 edition artwork was sold to celebrity NFT collector Snoop Dogg for a staggering 1,600 ETH (approximately $7 million), further cementing XCOPY’s position as one of the most in-demand artists in the world of NFTs.
XCOPY Attracts the Celebrities
Besides, Snoop Dogg has regularly backed XCOPY’s work, purchasing another NFT from the artist for 1,300 ETH (~$3.9 million) in September of 2021.
And it’s not just celebrities who appreciate XCOPY’s innovative art – rfc.art founder Pablo Rodriguez-Fraile is another famous collector who has acquired one of XCOPY’s pieces. In April 2021, Pablo purchased Rabbles: #3 / #4 / #16 (Bundle) by XCOPY from Sotheby’s Metaverse, underscoring the enduring appeal of this groundbreaking artist’s work.
XCOPY revealed the preview of an NFT drop in a special edition of Medici Minutes. This issue also featured an exclusive interview with XCOPY by Cozomo de’ Medici, better known as Snoop Dogg.
During the interview, XCOPY shared some exciting details about himself and his artwork.
For example, he revealed that if he had to choose one of his characters to be forever, it would be “Some Asshole.” He also disclosed that if an evil demon came along and burned all of his published crypto artworks except for three pieces, he would save “summer.jpg,” “Gods of Tesco Metro,” and “Mortal.”
The XCOPY MAX PAIN AND FRENS Collection
The release of XCOPY’s “Max Pain and Frens” collection on Nifty Gateway was nothing short of explosive.
The star of the show was undoubtedly XCOPY’s creation, Max Pain, a mesmerizing and intense piece that could induce epileptic seizures in some viewers.
Moreover, the sale lasted just ten minutes, so fans scrambled to secure one of these unusual collectibles.
The rules were simple: collectors had a brief window to claim as many NFTs as they wanted at a fixed price of 1 ETH, translating to roughly US$3,108 each. Once the timer reaches zero, NFT enthusiasts will lose the opportunity to mint additional items forever.
Despite the frenzy, the sale was a massive success, with 7,394 NFTs finding new homes in the hands of eager collectors – and XCOPY was 7,394 ETH better off!
In addition to the open edition of Max Pain, XCOPY also offered two limited pieces through ranked auctions on Nifty Gateway. The first, Waster, was a rare edition of just six NFTs.
Bidding Wars
The Waster auction was conducted through a ranked system, meaning that the top six highest bidders would each receive a copy of the artwork.
Bidding was fierce, with the top six bids ranging from an impressive US$101,000 down to $91,000!
Along with Max Pain and Waster, XCOPY offered another limited edition piece, Damager Luxe.
Like Waster, Nifty Gateway conducted the auction for Damager Luxe through a ranked system.
The bidding for Damager Luxe was just as intense as the other limited editions, with the winning bid coming in at an impressive US$79,999.
Besides, XCOPY also offered a special raffle for fans who held five NFTs on Nifty Gateway’s marketplace.
Fans who met the eligibility requirements could purchase one of 24 unique pieces, “Gourmet Spicy.” Fans of XCOPY’s work highly coveted these pieces, and the raffle added an extra layer of excitement to the “Max Pain and Frens” drop.
Clearly, XCOPY has a dedicated fan base eager to own his work and support his artistic vision.
Moreover, XCOPY and the Nifty Gateway team had reserved one edition of the MAX PAIN NFT for a Twitter giveaway.
Following the “Max Pain and Frens,” XCOPY offered a special bonus for holders of Afterburn, another of his popular NFT releases.
Afterburn was originally released in March 2021 as a five-minute open edition, with each NFT priced at US$999. The drop also included two other NFTs, adding to the exclusivity of the release.
Holders of Afterburn could burn one or two of their NFTs to receive a selection of previously unreleased works from XCOPY’s collection. This bonus incentivized fans to collect and hold onto XCOPY’s NFTs, as they knew there would be future rewards and benefits prospects.
The Burn Mechanism
With the Max Pain and Frens drop, Afterburn NFT holders could “upgrade” to a new XCOPY NFT by burning one or two Afterburns.
Moreover, holding multiple sets of two Afterburn NFTs enabled users to buy numerous open editions of this drop, equal to the number of sets they owned.
On the other hand, burning one Afterburn granted holders entry into a drawing for a chance to purchase one of 100 Green Afterburn NFTs.
As if that wasn’t enough, XCOPY added an extra element of surprise to the collection with a subset titled “Traitors Redemption.” He offered an option to burn two Afterburns, which allowed holders to purchase one of three different XCOPY open editions: “Damager,” “Guzzler,” or “Reachback.” Each of these three NFTs costs a mere $1.
alpha for the grifters ahead of Thursday, don’t tell @XCOPYART 🤫
Burning two “Afterburn” pieces will allow you to purchase open editions “DAMAGER”, “GUZZLER RED”, or “REACHBACK”
— Nifty Gateway 🌐 (@niftygateway) March 23, 2022
Record-breaking Sales!
To purchase items from the Max Pain and Frens collection, users had multiple payment options available to them. They could use a credit or debit card or pre-pay ETH from their external wallet or Gemini account.
The hype leading up to XCOPY’s open edition drop of “MAX PAIN” on Nifty Gateway was palpable, with early projections estimating 3,000 to 5,000 editions minting within a 10-minute window for 1 ETH (~$3100).
But those expectations were shattered entirely when NFT enthusiasts bought a whopping 7,394 editions, generating a jaw-dropping $23 million in total sales for XCOPY. The artist shared his thoughts after the sale:
well that was quite intense
— XCOPY 🏴 (@XCOPYART) March 24, 2022
Meanwhile, the secondary market was ablaze, with a total of 357 ETH traded on OpenSea within the first 12 hours, holding a solid 1.13 ETH floor price.
Currently, the collection has amassed over 7,948 ETH in total trade volume and has a floor price of 0.54 ETH on OpenSea.
What’s intriguing is that Otherdeed for Otherside holders owns a significant 21.9% of the Max Pain and Frens BY XCOPY collection, followed by Moonbirds holders at 11.35%, and Mutant Ape Yacht Club holders at 10.16%.
Additionally, holders of rektguy, CLONE X – X TAKASHI MURAKAMI, Meebits, and Moonbirds each own at least 5%.
Clearly, many blue-chip NFT holders have shown immense interest in the project and haven’t hesitated to invest in this open edition. Not too shabby, eh?
Controversies With an Open Edition Approach
Leading up to XCOPY’s Max Pain open edition drop on Nifty Gateway, there was a notable scarcity of XCOPY NFTs on the secondary market. The cheapest verified XCOPY NFT on OpenSea, from the artist’s Afterburn collection, was listed at over 6 ETH, and only a fraction of XCOPY NFTs were up for sale.
Consequently, many people on Twitter saw the open edition as their best chance to own an XCOPY NFT, though some balked at the 1 ETH price tag.
The most common criticism of the XCOPY open edition was its open nature, which many felt would lead to oversupply and drive down secondary market prices.
While some collectors were excited to hold an XCOPY piece long-term, others were only looking for a quick flip.
Really @XCOPYART you didn't make a 10k pfp project and now you’re doing an open edition for 1 ETH 10min. I feel that we are in March 2021 on NiftyGateway. I thought we had learned the lesson. Sorry but someone had to say it. 🧵
— NFT Collectorᵍᵐ| Nifty Gateway (@cryptoartcollec) March 23, 2022
Although some agreed with this tweet, there were mixed responses in the replies, with some expressing disappointment in using the Nifty Gateway platform.
Despite the criticisms, the mint was a huge success, with XCOPY selling 7,394 editions and netting around $23 million in total sales. XCOPY responded to the controversies:
All I learned is that people get triggered by 'open editions'. 😄
— XCOPY 🏴 (@XCOPYART) March 24, 2022
Nevertheless, XCOPY’s position in the NFT space remains unquestionable, and the mint was yet another victory for the artist.
Conclusion
XCOPY’s Max Pain and Frens NFT drop on Nifty Gateway was a huge success, selling 7,394 editions for around $23 million in just a 10-minute window.
What’s more, the secondary market for the collection on OpenSea has also been strong, with a floor price of 0.54 ETH and over 7,948 ETH in total trade volume. Granted – the floor price is not as high as before. But we can attribute this decline to the overall market downturn and the open edition hype dying down.
Besides, many blue-chip NFT holders have shown strong interest in the project.
Undeniably, even despite some criticisms of the open edition format, XCOPY’s position in the space is undisputed, and the artist continues to be a significant player in the NFT world.
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