Yesterday, during Hivefest, a very cool project launched on the Hive blockchain. It's an NFT drop, closely mirroring the more famous Punks drops on Ethereum.
For those not knowing yet how this works, these avatar icons are "generative NFTs", meaning they are created more or less on demand, and they have distinct attributes. These attributes contribute to the "rarity" of the punk. The higher the rarity, the higher the value of the NFT (theoretically).
The price to "mint" a punk is 25 HIVE, discounted at 20 HIVE during Hivefest. The NFTs are sitting on the hive-engine layer 2 ecosystem.
The total supply is 10,000, meaning no more than 10,000 punks will be available to mint. At the moment of writing, there were a little over 6,000 remaining, which means 40% of the entire supply was sold during just one day.
And that brings me closer to the topic of the article.
The Good
The project, once everything will be sold, will net 200,000+ HIVE to the developers. That's close to $160,000. I find this incredibly exciting. It's probably the first project of this size in Hive history and seeing this kind of numbers made by the buidlers and developers here makes me very, very happy.
The Bad
There must be some bad in every good, but in this case it's not that bad. The NFT minting script had a few bugs, which resulted in the wrong memo sent to the minting script. In other words, some people couldn't mint their punks. But the devs addressed this quite fast. Since yesterday, they also added a Discord link to their website, which tells a lot about their willingness to help and stay in contact with their customers. I would expect this level of commitment from any project that aims to cash more than $150,000, so, in the end, this is actually good.
The Ugly
Believe it or not, there is no ugly. Some of the punks are... well... special. But I find them all really nice.
What To Do With These Punks?
Once you acquired a card, you can query it (details), send it to another account, or sell it on the Market. There are quite a few interesting punks already for sale, one with a rarity above 4000. For comparison, getting a punk with a 900+ rarity is considered serendipitous.
Other than that, you can simply enjoy them. Set your Hive avatar to one of the punks you own (I already did this, it's visible on my Hive account). Hold them and wait to appreciate. Sell them now, if you feel it's a good deal.
And rejoice in the fact that you're one of the first lucky owners of a crypto punk on the Hive blockchain.
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I got a low rarity one, but not going to buy more. I can get buying NFTs is they reward a creative person, but this is more of a development exercise. They don't have any utility like the game ones. People are just getting excited about the concept and there's nothing wrong with that.
Did you pick up a 'bee' on DLUX?
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What is that?
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Go here and you may have one to open if you were registered to attend Hivefest.
Very glad to see my first two Punks in my gallery already. The other 4 will be there soon, I'm sure.
You're right. The 160k for the devs are well earned and I'm glad, they are here on Hive. We all are lucky to have some talented programmers on the blockchain.
These precious PUNKs will be scarce on the HIVE blockchain.
Your Punk is amazing.
!PIZZA
Your punk is quite interesting too, thank you very much!
You've got some cool ones.
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Thanks, I saw some memos with your name too when looking at those who minted, so congrats on yours!
Thank you! I've got one and hoping to mint another one tonight :)
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I guess most people will sell it on the Market.
Rarity is the key
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Yeah, rarity counts, but I would say also timing, once there are no more punks to be minted, we will see some real action, IMHO.
Excited for Punks On Hive!
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It wasn't as much as a bug but confusion with the UI.
The problem was the mint button pulls up a dialog that includes a drop down that shows how many you want to mint and an input box if you want to send it to someone else (the idea was to do contests and giveaways so you can send blind without seeing what it is first). The problem is some people thought this was where you enter the number you want to mint.
Once I figured this was confusing people, I changed this to prevent numbers from being sent. I have tried to minimize any potential errors by prefilling the dialog with your username and other checks, but there are always other ways people look at things you may not expect.
Thanks for the details, all good!
I'd love to throw some 25 Hive at a punk if I had some liquid Hive sitting around for the fun of it, I like the concept. Cool stuff!
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still don't have my first nft yet ... but i did add the phantom wallet from solana and registered with ftx.us ... now just waiting for the #socialtokens phase to fully begin
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