NFT collection on the theme of Saudi Arabia - the latest free hit
Another week, another hit collection of NFT tokens. A project called "Saudis".
The collection of 555 NFT, whose works are derived from the famous CryptoPunks collectibles, began minting for free on July 9 and was sold out within a few hours. The formal price of the project is about 0.75 ether (approximately $867), after a peak of about 1.3 ETH (approximately $1,650) on Saturday.
The momentum of the project is fueled by its "kingdom" of Twitter followers, many of whom create meme videos in the style of Saudi Arabia to ignite the hype of the project. The pseudonymous founding team of the project is just the latest in a series of free, performance art-based NFT projects of this kind. Goblintown is the most notable of the group, which increased sales of over $7 million in its first weekend. The project has maintained its momentum with the help of goblin-filled Twitter noise spaces and partnerships with influencers, most recently capturing NFT.NYC with a host of ghoul-themed parties.
Like the performance-based projects that came before him, the Saudis' first few days on the market were not without some controversy, especially from a bot created to artificially lower the minimum price, which the team eventually banned. The release also came with a fair share of the NFT influencer drama, with fingers pointed at popular Twitter personalities who were able to benefit from insights.
Since then, sales of the project have cooled after weekend highs, but the return of noisy mints on Twitter is a welcome sign for many on NFT land, given recent market conditions, with The Saudis becoming the first popular project launched since the price of ETH dropped by as much as 50% in early June.
https://coin-signal.com/cryptonews/nft-collection-on-the-theme-of-saudi-arabia-the-latest-free-hit/
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