Combining NFTs, philanthropy, and exclusivity, these randomly-generated images are becoming a Web3 status marker.
As the community got more and more star-studded, YouTuber-turned-boxer Logan Paul sold a WoW avatar to The Sandbox — an online gaming platform for metaverse world-building — for a whopping 200 ETH and set a new record. When asked about the intent behind this purchase, Sandbox spokespeople didn’t immediately reply.
Prominent figures across booming industries took notice. Two-time WNBA all-star and Olympic gold medalist Napheesa Collier, Ralph Lauren’s chief digital officer Alice Delahunt, Bumble chief brand officer Selby Drummond, and Mexican singer Thalía, who has a combined social following of nearly 40 million fans, started buying. One Direction’s Liam Payne revealed that he was a WoW member. And on Wednesday morning, Jan.
When the Oseary news broke, the WoW project was already trending in the top 15 on OpenSea, the world’s largest NFT marketplace. The next morning, it was number four, and the floor price had risen347 WoW NFTs changed hands on Wednesday, selling for an average price of 8.9 ETH — nearly $29,000. That means approximately $10 million was traded in those 24 hours alone.
All of this money was fueled by the secondary — i.e. resale — market. WoW only earned about two million dollars from the initial sellout, 15 percent of which was put into a fund for reinvesting in crypto art, according to the WoW website. An additional five percent was divided equally between She’s the First and Too Young to Wed, which are charities focused on educating girls and ending child marriage. Another 2.
Although there was no mention of donations made on secondary sales in the original plans, WoW announced in a Decemberthat it had hired a philanthropy advisor, climate’s rights activist Inna Modja, to help the group “renew [its] vows to charities.” Modja should play a key role in the plans for a larger, spin-off collection, which WoW has said is coming this year.
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