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Top Ten NFT Projects Ranked
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Top Ten NFT Projects Ranked

the OPJ Power Index

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Overpriced JPEGs
Mar 21, 2023
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Hello everyone, gm, gm, welcome BACK to Overpriced JPEGs and to our first OPJ Power Index for NFTs.

Today we’re giving you our monthly rankings on the strongest 10 NFT projects right now. This is meant as a snapshot of the market as it stands today in March of 2023. 

We used a specific set of criteria (all PFP brands, for example, so as to keep comparisons consistent) and have a defined process we use to make our determinations (starting by looking at the top 50 PFP projects by volume). You can find all of the information about our process and criteria at the bottom of this newsletter. 

We also solicited opinions from 15 hand-selected “OPJ council members” from different corners of the web3 ecosystem. These council members were asked to rank the top 12 projects for themselves and give additional feedback, which we quote throughout this piece. 

Council members are all deeply entrenched in the industry and track the market closely: ranging from NFT fund managers, to full-time traders, to project founders.

We also include data from our partner, Web3Sense, which gives us a look at the total wealth of a particular community, number of unique holders (de-duped for one holder with multiple wallets), and the percent of holders, flippers, and believers (defined below). We also include an overview chart of all of these metrics, broken down by community, at the end.

What community do you think has the most unique holders? How about the highest percent of holders vs. flippers? Let’s get into it…

As always, this is not financial advice.

10 - Coming in at number ten on our list is… Doodles

Topline: Might be going through a midlife crisis

You likely saw the headline last week that Doodles is “no longer an NFT project.” 

Twitter avatar for @nftnow
nft now @nftnow
“We are no longer an ‘NFT project’” - @doodles co-founder @poopie 👀 Many projects are navigating the tension between delivering value to holders and creating new and sustainable revenue streams. Thoughts?
Image
4:21 PM ∙ Mar 16, 2023
201Likes22Retweets

The comment didn’t sit well with many in the community, though it’s not exactly… surprising? Far from being controversial, we feel this sentiment simply lays bare a tension that cuts at the heart of NFT projects: how much time should you spend satisfying your original core base of holders vs. time spent building a bigger, broader company? 

In general, Doodles has frustrated members of the community by – in the community’s view – too often opting for the latter.

Poopie’s latest comment became yet another proof point for holders already upset with Doodles’ management and communication style, while long-term enthusiasts emphasized that this is what all NFT projects should strive for: escape velocity outside the narrow world of web3.

Poopie later clarified his statement here:

Twitter avatar for @poopie
poopie 🗺 @poopie
hey web3, here are my comments on the feedback "doodles isn't an NFT project" this is true. but what’s also true is i've dedicated my career to the blockchain. i'll never abandon the pursuit of delivering the promises of this tech to the world. doodles started as an NFT… https://t.co/Eq9fZN3sx4
8:34 PM ∙ Mar 16, 2023
1,770Likes304Retweets

At OPJ, we’ve long been fans of Doodles and remain so. Its position at number 10 on the charts rather than in the top 3 or 5, where it likely would have been a year ago, reflects the serious concerns of our council members.

One wrote: “Doodles have the best art but the worst team. Lebron the player + Lebron the GM.”

And yet, for as much FUD as they’ve had, 48% of the wallets holding a Doodle have been identified as “Believers,” which we define as wallets that bought in, then bought more after a month, and still haven’t sold anything. See more on this below.

Why we’re bullish: 

  • Incredible art + IP

  • A clear vision: media/production company

  • The Golden Wolf acquisition: this is an undervalued asset in Doodles’ corner. Having a world-class, in-house animation team at its disposal to develop stories and content, gives them a huge leg up relative to many of the others on this list.

  • Proven track-record of excellent, immersive activations (SXSW, Doodle Putt)

  • Large war chest (raised $50+million)

  • High percent of believers, low percent of flippers

Why we’re hesitant: 

  • Vocal community frustration

  • Historically poor social media presence

  • A communication style that at times borders on dismissive towards holders

  • A focus on long-term company-building which is bad news if you’re looking for a quick flip

In short: we believe Doodles, as a company, has more potential than others that may even fall higher on this list, but their attitude toward holders leaves questions as to how much holders will benefit from their success – especially in the short-term.

By the numbers - powered by Web3Sense

*TVC = total value of community, or, how much in ETH and NFTs do the members of this community hold

*Holders = Wallets that buy assets in the ecosystem and hold > a week

*Believers = Wallets that bought, then bought more after a month, and haven’t sold anything

*Flippers = Wallets with hold time < 1 week

As much FUD as they’ve had, they have very few flippers and the 3rd highest percent of believers of any community on the list.

9 - Next up, coming in at #9…

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