There is no denying that pop culture has entered the NFT space in full force. The World of Women collection created by Yam Karkai has followed in the footsteps of Bored Ape Yacht Club (BAYC) by signing with a big-time Hollywood agent, and Madonna was propositioned to buy a blue chip NFT and she might be giving the offer serious consideration.
Many new entrants are influenced by celebrity endorsements, yet the community proclaimed “OGs” are bullish on “historical NFTs” and are allegedly not swayed by hype. However, when entrepreneur Gary “Vee” Vaynerchuk purchased “CrytptoSkulls,” a resurfaced 2019 “historical NFT” for 100 ETH, the market for pixelated skulls surged.
One of the 1/10 @Crypto_Skulls Skull Lords just sold to @garyvee for 100 ETH pic.twitter.com/PC2TXsFeVo
— medved (@mattmedved) January 15, 2022
The current rise in attention around historical NFTs, begs the question: Is the historical relevance of the NFT/artifact where it derives its value or, is it just the hype around the narrative?
Some projects and entities make history, others go down with it.
The hype around history lures investors
On January 10, 2022, CryptoSkulls re-surfaced into the ether and quickly became relevant as several investors and influencers ran to the collection to take part in holding a piece of history.
Self-proclaimed NFT archeologists Adam McBride and Leonidas.eth are known for their extensive knowledge and advocacy of “historical” NFTs. These particular collectors are not keen on the notion of short-term flips, but instead see the long-term value in holding a historical NFT.
CryptoSkulls had been at the top of OpenSea in total volume for the last week but has lost its spot within the top 5 on the ranking charts. Nonetheless, the project closed out a total volume of $41.79 million on OpenSea alone.
All-time avg. price and volume. Source: OpenSea CryptoSkulls.
Leonidas.eth sold the “historical blue-chip”, CryptoPunks, for CryptoSkulls, leaving other collectors wondering if this was some alpha they…