The NFT market has been growing rapidly in recent months, it’s not secret. NFTs will be here for the long-term, as evident by Jack Butcher’s Checks and other success stories. The recent Super Bowl may have put a halt to the NFT market’s momentum.
Jack Butcher’s Checks have been a hot NFT project for several weeks. Checks – VV Edition saw its value rise from $8 to more than $4,000 at peak. Super Burn Sunday proved to be a challenge for the market. Many Checks owners migrated their Checks Editions into the new Originals collection.
The results did not favor Checks collectors. Checks – VV Edition dropped dramatically in price to 1 Ethereum on the same day, more than 50% below local highs. Checks – VV Originals is the new collection that was created from the burns and currently stands at 0.95ETH or $1,394.96. More than 5,000 Checks were burned so far, which leaves the Edition supply at approximately 10k. However, this number should continue to fall. Top sales were 8.8ETH and 6ETH on single-colored checks, while 5 single-check Checks were created (required 64 burnings).
This week will be an important one for Jack Butcher’s Checks. It is still to be seen how strong Checks’ collector base will be and if they will stop the bleeding. It is important to remember that trying to launch an NFT project at a time when everyone’s attention is not on NFTs (e.g. during the Super Bowl) might not be a good idea. The NFT market remains relatively young and uncertain, so timing is crucial.
NFTs are gaining popularity thanks to successful NFT projects such as Jack Butcher’s Checks. Events like the Super Bowl can have a major impact on the NFT market. It’s important for NFT projects that they consider timing when launching. While the NFT market will evolve over time, one thing is certain: NFTs will be around for the long-term.
NFT CULTURE’s first post was VV Checks Capitulate.