As of June 8, 2022, ill poop it nft and ShitBeast have taken 7th and 8th place on OpenSea's 7-day trading volume ranking. Both of these collections were by the same creator team—what impact on the market did they make with these shit series', and what's the reason behind it?
Market Impact
Background
On June 1, the project creator launched a total of 10,000 free mint ill poop it nfts. The collection has a very unusual style, with the main element being a piece of shit with a picture of other NFTs on top, plus a sign in the top left corner displaying some very sarcastic phrases such as "Fucking interviews still going on in Web 3 huh?" The community only uses Twitter for announcements and has no Discord account. Looking at its roadmap, you'll also find jokes there. Therefore, social media users have teased that a "shitty NFT collection" has emerged as it appeared as a traffic-grabbing project at first glance.
ill poop it nft
After the free mint started, ill poop it nft floor price went all the way up to 0.28 ETH, after which it began to gradually fall. On June 4, it dropped 94% to a low of 0.015 ETH. Just as everyone thought it was just a flash in the pan, ill poop it nft floor price rose again to 0.37 ETH on June 5 and broke through to a new high of 0.57 ETH on June 6.
The figure below shows that June 1 and June 5 are intensive periods of trading for this NFT. Combined with the holders and traders chart, we noticed that ill poop it nft went through a large number of transactions on June 5, and now the trading volume is gradually slowing down and sellers are way less than when it started.
ShitBeast
Meanwhile, the official launch of the second-generation NFT ShitBeast began to take over the volume of ill poop it nft and surged to second place in the intra-day trading volume ranking on June 6, second only to BAYC.
ShitBeast's floor price has been progressively on the climb since its launch, rising from a mint price of 0.06 ETH on June 5 to 0.59 ETH on June 8—an increase of 883%. The most expensive one was sold for 8.88 ETH.
In terms of holders, ShitBeast is also seeing growth in its Whale Holders. As of now, there are 317 Blue-Chip Holders, of which 224 are Otherdeed Holders, accounting for 6.04% of the total. Compared to the 148 Blue-Chip Holders of the first generation of ill poop it nft, of which Otherdeed Holders account for 7.02%, we found that the second generation NFT of the same project has more Blue-Chip Holders than the first generation. What is the reason behind this phenomenon?
ShitPlunger
In addition, the ShitPlunger airdropped to Genesis ShitBeast on June 7 using ERC1155 saw a price surge to 0.478 ETH, while the trading volume remains active and is increasing.
What's Behind the Price Surge?
June 5 saw intensive transactions for the collection. That was the day the creator launched their official website and commenced the second phase along with the announcement of the second generation NFT: ShitBeast.
Deflation
Official information tells us that ShitBeast is divided into two levels. The first is Genesis ShitBeast (3095 NFTs), holders can choose to combine two ill poop it nft into one Genesis ShitBeast; the second is the common type of ShitBeast (6095 NFTs), people can directly mint them on the official website with a price of 0.06 ETH.
If all Genesis ShitBeasts are claimed, 6190 ill poop it nfts will have been burned, making the supply of ill poop it nft more scarce. This may be one of the reasons behind the price surge.
Airdrop
The synthesis of Genesis ShitBeast by two ill poop it nfts also comes with an airdrop of $10,000,00,000 $SHIT. That's right, in less than a week after the launch of the first generation NFT, the creator decided to offer ERC20 $SHIT in addition to launching the second generation. Also, $SHIT is now listed on the MEXC exchange, which sends the price upwards and triggers a massive discussion on "poop NFT".
Re-Deflation
On June 5, the project hinted on Twitter about bathroom cleaner and announced new rules. It is said that holders can evolve their ShitBeast NFTs into the third generation NFT with bathroom cleaner. You may obtain bathroom cleaner in two ways: Genesis ShitBeast holders will get a bathroom cleaner airdrop directly, or you may purchase with $SHIT. Not only does it provide new empowerment for the poops and cause FOMO, but it also invented a deflation mechanism for the second generation ShitBeasts, all the while granting $SHIT the purchasing power.
Operational Characteristics
From the information released by the project creator, it is clear that the whole series is divided into three stages containing one collection each. ill poop it nft and ShitBeast are the first and second generations respectively, while the third remains unknown. However, in an official tweet, we found some hints. The style indicates that the NFT follows a path of "Shit→ShitBeast→ShitMan". Each generation is linked with a deflation mechanism. For instance, 2 ill poop it nft→1 ShitBeast, 1 ShitBeast+1 bathroom cleaner→1 ShitMan. This mechanism allows holders of previous collections to convert theirs into new NFTs as a means of value transfer. On the other hand, old NFTs become scarce through burning.
Besides, the project constantly associates itself with other NFTs, such as tweeting as Murakami.Flowers is about to be airdropped, suggesting that there will be a $SHIT airdrop for ill poop it nft and Murakami.Flowers holders. The "staged collision" culture is continued with ill poop it nft. Apart from that, the collection attracts attention by referring to and criticizing other popular NFTs. Apparently, people buy the idea of mockery presented through their content.
Aside from style, professionalism and promptness of the project creator are witnessed through the three collections launched in just seven days. The creator skillfully employs ERC20, ERC721 and ERC1155 to match the different operational paths, which not only can keep early holders through rewards but also constantly opens up new ways for newcomers to join.
"Postmodernism" of NFTs
To a certain extent, art, literature, and music are interconnected. While being in an emerging track, the development of NFTs have evolved through "realism", "modernism", and is now at the "postmodernism" stage.
In the early stages of NFT development, NFTs relied primarily on the art and the artists. The focus is on the essence shaped and portrayed by the artwork. In this case, Beeple is a good example. However, as projects like BAYC and Doodles emerge, NFTs have become a multifaceted representation of creation, identity and community. Some people still care about the NFT's practicality, roadmap, community values and aesthetic values when trading. Nevertheless, the NFT PFP craze (that doesn't seem to be fading anytime soon) demonstrates a rebellious spirit and movement belonging to the 21st century.
And now, with projects like ill poop it nft and goblintown.wtf, NFTs carry within itself a self-denying, ironic and questioning spirit. Coupled with the current market situation, the aesthetic dimension has been restated and people are using bizarre symbols and simple forms for self-expression.
"Your NFT is just a piece of shit." This perhaps indicates that NFT doesn't have any mission or utility, but is merely a pastime for everyone. Everything is short-lived and vague, just like the NFTs you hold.
Conclusion
The bear market is now witnessing a mushrooming of collections that pride themselves on being "ugly, evil and weird". Their sudden and abrupt emergence has made people wonder about the consensus they match with. It may have been caused by discontent with the market as most NFTs are currently at a loss. These NFTs can evoke resonance and emotional consensus in such situations by mocking others. However, as ShitDeployer continues to upgrade its rules while making its way to the top of the market, will it eventually become the NFT it once despised? We shall keep watching.
Note: The above information is for informational purposes only. Investing in digital assets such as NFTs and cryptocurrency brings with it a high degree of risk. Please consult with a financial advisor before making any investment decisions. NFTGo does not provide financial advice and is not responsible for any losses incurred as a result of investing in digital assets.