NFTs were all the rage in 2022 and Singaporean creators were quick to capitalise on the trend.
Influencer Irene Zhao made headlines as her collection raked in US$5 million last January, with single NFTs selling for as much as US$300,000. Rapper Shigga Shay debuted a new verse with his SPACEBARS collection, while entrepreneur Chanel Lee kickstarted her own lifestyle brand, Tasty Toastys.
A year on, the crypto hype isn’t quite as strong as it once was. With the market crash, even the most popular NFT collections have been brought back to reality.
At their peak in mid-2022, Bored Ape Yacht Club NFTs were selling for a minimum of US$400,000. Today, that figure has come down to just over US$100,000.
With that in mind, here’s a look at how some of Singapore’s top NFT projects have held out through the crypto winter.
1. IreneDAO
Irene Zhao is known to have one of the most successful NFT launches among Singaporean creators. In January 2022, she released a collection of around 1,100 NFTs as part of the IreneDAO collection. Each NFT features a picture of Zhao captioned with a popular crypto saying.
Within a week, the collection had recorded over US$5 million in trading volume, with purchases from renowned personalities including Logan Paul.
Zhao set up a decentralised autonomous organisation (DAO) to determine how the sales proceeds would be used, in turn raising hundreds of thousands for charity.
Today, IreneDAO sales have slowed down, with the average price for an NFT sitting at around US$100. Zhao remains actively involved in Web3 and has launched her own social media platform, So-Col, designed to help creators take control and ownership of their content.
IreneDAO exists as a community on So-Col with over 8,000 members. Interested users can support Zhao by buying one of her NFTs, which then grants them access to the community.
2. Titus Low
Titus Low’s eponymous NFT collection bears a striking resemblance to IreneDAO. It follows the same formula, featuring photos of the influencer with popular crypto sayings as captions. Low released his collection of 222 NFTs a month after Irene Zhao, albeit to lesser acclaim.
Low’s collection recorded around 8ETH — US$20,000 at the time — in trading volume on the first day, and has only added 1ETH in the year that has passed since. The most recent purchase was made eight months ago for around US$40.
The collection doesn’t highlight any benefits for holders and appears to purely be an artistic endeavour. Although it is described as the “start of a non-fungible-experience shared by Titus and 222 supporters”, said experience seems to have reached an end.
3. Imaginary Ones
Imaginary Ones was one of the most anticipated project launches last year, not only in Singapore, but worldwide. Created by artist Clement Chia, the collection of 8,888 NFTs gained the attention of over 500,000 Twitter followers and sold out within four minutes.
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