A collection of tokens with little tangible or obvious artistic merit raises serious questions about the rise of non-expendables. The NFT series of random numbers features assets that have numbers on a black background. And that’s it.
Remarkably, these NFTs, officially known as ‘The N Project, were uploaded to OpenSea with starting prices set at over 2 ETH. However, some have sold for less than this, although not by much: 1.75 ETH, which is around $6,500. Cynics are already saying that this is a sign that non-expendable products are reaching new levels of hype. However, they may not be looking in the right places.
There is More to The N Project’s NFT Series
Maybe things aren’t as random as they seem. In total, 8,888 NFTs have been minted as part of ‘The N Project’. Each features eight random numbers on a plain black background. So far, so bubble ready to burst.
However, the collection does follow a few rules, which may explain why it’s already garnering so much attention. First of all, not all numbers are created equal: some are more likely to appear in a sequence than others. As you may have noticed by now, this introduces rarity levels, a fundamental aspect of any non-expendable collectible series and a key indicator of value.
According to a Twitter thread by @Danial, 0 is the scarcest number in The N Project NFT series. The prevalence of each number increases as you progress. For example, 6 has almost a 90% chance of appearing.
Danial has compared the project with ‘Loot’, another NFT series in which users generate random words, according to the creator’s speech. Agree or not, ‘The N Project NFT’ series is certainly an example of why simplicity often works well, although we’re not sure this collection will generate the same revenue as Bored Ape Yacht Club, CryptoPunks and other series. of a lot of money. Then again, we’ve been wrong before.