The long-awaited CryptoDads public drop of 10,000 mostly frumpy cartoon fathers sold out last Friday. It sold out in less than three minutes. Of course, CryptoDads had an unusually high number of pre-sales so there were only about 5,000 available for the public mint. Gas spiked to over $1,200 as per usual with popular drops. You could buy one on OpenSea for about 0.3 ETH that evening. On Sunday, you could get pricing just under 0.3 ETH and the floor is now 1.5 ETH. It would not surprise me if it retreated a bit but this is great momentum.
However, the most interesting stat might be the ownership rate. There are 6.3k wallets holding CryptoDads. That’s a concentration rate of just 1.6 CryptoDads per wallet and it is sure to rise in the coming days. This dispersion means that you shouldn’t expect a lot of CryptoDads to flood the market because most of the holders would then be forced to abandon the project entirely as very few have multiple tokens. The NFT PFP market is still very new but these look like some indicators of a project that will have staying power.
Ramping Up Activity
The first thing the team did after the reveal was get listed that evening on Rarity Sniper and Rarity Tools the next day. They also shared a full trait list with the community the next day and hit number 1 on OpenSea. A $30,000 donation to Men’s Mental Health was announced on Sunday. CryptoMoms is expected for later this month or early October and breeding of CryptoTots will come afterward.
In addition, they are working on a Lawn Mower racing game, a deal with a Beer sponsor, and hope to develop an animated television series. The characters selected for the series will all come from the CryptoDads mint and token holders are expected to receive fees for use of their CryptoDad. It’s a busy project and the founders are have shared their real-life names and been appearing in public adding a level of transparency absent from many recent PFP drops.
CryptoDads Prospects – Should You Ape In?
Full disclosure, I bought two CryptoDads shortly after the mint. I tried to mint at launch but didn’t set my gas quite high enough. Given the gas spike, I actually saved a little by buying in the aftermarket when gas was low later that evening. And, of course, this isn’t financial advice. It is my current analysis.
I don’t expect too many people to use their CryptoDad PFP right now as their social media avatar. The Bob’s Burgers style art has resonance culturally in the U.S. but this project doesn’t carry much caché just yet in social media circles. However, in valuing CryptoDads I see it as investing in a media property. If the animated series takes off, then the value of the tokens should rise significantly. In the meantime there is plenty of other activity and concrete plans to add value.
The community and games should have value comparable to other NFT projects, particularly given the low concentration of holders. This is a good landing spot for newbie NFT collectors. Where this project may set itself apart from others is with brand integrations, special deals, and of course family expansion (CryptoMoms, CryptoTots). The implied demographic will be very appealing to consumer goods brands so the downstream benefits could be very appealing. Watch for some interesting brand integrations at the Super Bowl.