IYKYK: The Five Most Important Takeaways From...Nakamigos
A deep dive on the NFT market's hottest anon project.
👋 GM, GM! Hello everyone, and welcome BACK to another edition of Overpriced JPEGs and the latest edition of OPJ PRO.
Today we’re breaking down the success of Nakamigos - with the five biggest takeaways from the latest, hottest project.
~The Migos~ hit the scene a little under three weeks ago, and have been on a crazy run since then, with rumors flying that everyone from Larva to Yuga to Beeple is behind the project.
And yet unlike some of the other recent flashes in a pan (Owls, GitCoins), we believe Nakamigos has the potential for staying power.
In fact, the more we researched Nakamigos, the more bullish we became – believing it has more bluechip/grails/insert-your-favorite-term-here upside than anything we’ve seen in a long time. And we don’t say that lightly…
The reality is, the NFT market runs on more than just ~vibes~, it runs on attention, community and whales. And Nakamigos has proven itself expert at navigating all three.
While this piece is focused on Nakamigos, we dive into broader lessons that can be learned and applied elsewhere, such as:
Early Detection: Recognizing the telltale signs of a project like Nakamigos in its infancy – what kind of triggers & information to look for.
Deciphering Whale Signals: the largest players in the market give us signs; it’s up to us to read them.
Lasting Appeal: Identifying the factors that contribute to a new project's endurance (two weeks or more) as opposed to being just another pump-n-dump scheme.
Mint Date: March 22, 2023
Total Collection Size: 20,000
Mint Price: Free for EOS holders; 0.01 ETH for Public Mint via Dutch auction started at 1 ETH
Current Floor Price: 0.65
Current # of Holders: 5,810
Unique Holders %: 29%
Total Volume Traded as of 04/11: 25,640 ETH
So, without further ado, let’s dive into the 5 Most Important Takeaways from Nakamigos…if you know, you know.
Coming in at #5…
#5 — Keepin’ it Mysterious, The Right Way: When Anon Founders Are Good Instead of Bad
Anonymity can be a blessing or a curse: it can contribute to your downfall (countless examples lost to NFT history) or contribute to your success (Bored Apes, Goblintown, Azuki).
It is, in short, an accelerant: if your project is already shoddy, anonymity can sink you further into oblivion, if your project is well-executed, anonymity can add a significant air of mystery and speculation that can cause you to trend.
It may seem like a crapshoot, but there are ways of implementing anonymity that factor into a project’s success, and Nakamigos has played it right.