Lately there has been a lot of talk about NFT exhaustion and a general decline in interest in NFTs. At the same time, new and interesting projects are dropping and seeing incredible support from investors.
While I might be biased, I think this is a very special time and projects like Bonsai from Zenft Studio are a good example why. With 8,888 unique bonsai trees, the project sold out in an hour flat and like the title says generated $2M.
So what made this project so special? One of the three developers (who aptly call themselves gardeners) shared the following with CoinTelegraph:
In an interview with Cointelegraph, “8ncient Gardener,” one of the three Zenft “gardeners” (or developers), said that marketing played a role — 8ncient “took painstaking care around crafting our giveaways,” in particular — but ultimately, the quality of the art is what made the bonsais such a hit.
“I think our art speaks for itself quite honestly. And everyone can unify around a bonsai. We had Apes, Punks, Voxo, Sandbox, Camels — all these NFT factions all rallying around bonsai,” he said. “In a world of pixel art we made gorgeous 3D bonsai.” (Source - CoinTelegraph)
Lately I've heard people talk more and more about NFT exhaustion or general concerns about the crypto world as a whole. Having been in crypto since 2016 I don't see anything happening now as that surprising. The reality is, crypto and everything in its ecosystem, of which NFTs certainly are, follows some pretty wild up and down cycles. At the same time, when you look over a longer time horizon, those ups and downs almost don't exist. It's like when people talk to me about Bitcoin crashing to $30k and I'm thinking, I remember when it was $300, and heck, last year at this time it was under $10k - $30k is amazing 🤩
As an early investor in Bored Ape I might also be a bit biased because from my perspective I'm just watching a community grow, floor prices continue to go up, and the beginning of something I think we all feel is going to be truly transformational.
In some ways Bonsai was able to capture a little bit of this magic by making NFTs that are truly unique, but also centered around something that people seem to universally see as beautiful and interesting.
While there are 8,888 Bonsai NFTs in the wild (some pun intended), there are only 1,800 owners. Like Bored Apes, the founders of Bonsai decided to provide owners with full commercial rights. I think this is an important facet of the project to point out as it's something that has really benefited BAYC. In addition to full commercial rights you also get membership to the Zenft Garden Society and an AR/VR model which means you're likely going to see Bonsai's in the Metaverse soon.
While the average price of a Bonsai sits at 0.28 ETH today, I'd be surprised if it isn't over 0.5 ETH a few months from now, or higher. I think the founders of this project did their homework and replicated what has worked for other successful projects and followed the formula with something truly special and artistic that people around the world resonate with.
I missed the boat on the drop but I did buy a Bonsai that I'm really proud to own and there's a chance I might just buy another this weekend because, well, that's how it tends to go with projects you like.
Congrats to the Bonsai team, it's clear they put a ton of thought into this project and it's no easy task to get something like this off the ground smoothly, but they managed to do just that. I'm looking forward to watching the community grow and am proud to be an early member - now here's to the adventure ahead!
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.