Over the past 30 days, The Saudis NFT collection ranks among the 10 top collections on the OpenSea marketplace. How could a collection thatās barely even a month old be able to do such an impeccable feat? Well, for starters, they continued on with the Goblintown legacy with a free-to-mint move. Also, considering that they take design inspiration from the CryptoPunks collection, it was basically expected!
Weāre going to talk about the NFT collection that sold out within hours of its release! The one that, despite the market decline, managed to turn the heat WAY up! But, before we jump right into it, we gotta make sure you know your thing. Know your way around the world of non-fungible tokens! All you have to do is click on the button below to join our free NFT hub. Become an NFT master today, to start making money tomorrow!
First things first, what is The Saudis NFT collection all about? At the time of writing, this collection boasts a total volume of $12.35 MILLION in volume on DappRadar. This is just over the past 30 days of launching! However, thatās not even the most interesting part of it. You see, the collection launched on July 9th ā within hours it was sold out.
On July 10th, the collection briefly became THE number 1 project in total volume traded over 24 hours. Within a week, it became the second most popular NFT collection on OpenSea ā right behind CryptoPunks NFT! The collection features 5,555 NFTs programmatically generated from over 80 possible traits. Each one of the non-fungible tokens from The Saudis is completely unique!
Ever since The Saudis NFT launched back in July, it used the free-to-mint model. This means that those who were lucky to catch the wave got to mint NFTs for FREE. Everyone was talking about these free Arab-versions of the CryptoPunks! Everyone wanted a piece of the collection!Ā
The collection currently has a floor price of 0.36 ETH on OpenSea which is currently around $595 per token. But, consider how much money the collection has amassed so far, itās extraordinary! However, one of the biggest reasons behind their huge hype is their Twitter following! The Saudis NFT collection sits atop a following of 113.9K followers on Twitter ā aka The Kingdom.Ā
So, The Saudis release and the hype that came with it did not come without a price. People were going crazy trying to buy from the collection. And so, a lot of people resorted to āunorthodoxā solutions which did not sit well with the creators. This came from a user that used an NFT bot to lower the floor price and ultimately make a profit.
However, needless to say, the creators found the āinfiltrator of the kingdomā as they called him, and banned the user. They also stated that they will punish the user with MAXIMUM LASHES, but thatās just being dramatic.Ā
THE OIL RIG
According to a recent Tweet by The Saudis, NFT holders of the collection can claim their Oil Rig. This is where āyour soul bound token has converted to an oil rig accumulating oil 24/7 on-chainā. Each rig generates one gallon of oil every two minutes ā a barrel every hour. However, every time you sell your rig, the amount of oil on the rig resets to zero.
What will users use the oil for? We donāt know yet. But, The Saudis team did state that āA great treasure awaits those who accumulate barrelsā. So, weāll have to wait and see!