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Cardano Ecosystem

TapTools

02/25/2024

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NFT Spotlight: SpaceBudz

SpaceBudz stands out as the first NFT collection on the Cardano blockchain, introducing 10,000 unique astronaut-themed NFTs to the market.

NFT Spotlight: SpaceBudz

SpaceBudz stands out as the first NFT collection on the Cardano blockchain, introducing 10,000 unique astronaut-themed NFTs to the market. This initiative marked an important milestone in the use of Cardano for digital collectibles. By leveraging the blockchain’s capabilities, SpaceBudz set a new direction for NFT projects on Cardano. This article delves into SpaceBudz, its history, NFT insights, and more.

SpaceBudz Launch

SpaceBudz’s launch on Cardano marked the first collection of 10,000 algorithmically generated NFT on the blockchain. The collection sold out in just three days, a testament to its popularity and the community’s enthusiasm for innovative digital collectibles on Cardano. Each SpaceBud was sold for 50 ADA, indicating strong initial demand and setting a high bar for future projects​​.

The community’s reception to SpaceBudz was overwhelmingly positive, with the project quickly becoming a beloved part of the Cardano NFT ecosystem. This enthusiasm was not only due to the novelty and uniqueness of the SpaceBudz collection but also to the technological advancements it introduced to the Cardano blockchain. The rapid sell-out of the collection highlighted the community’s readiness to embrace NFTs on Cardano and demonstrated the potential for significant sales within this ecosystem.

Alessandro Konrad, one of the founders of SpaceBudz, played a crucial role in developing the NFT standards for Cardano, including the Cardano Improvement Proposal (CIP) for NFT metadata standards. This contribution was vital in establishing a framework for NFTs on the Cardano blockchain, enhancing the project’s legacy beyond the collection itself. By introducing standards like CIP-25 and participating in the creation of CIP-68, SpaceBudz not only contributed to the Cardano NFT space through its collection but also by laying down foundational standards that would benefit future projects and the broader ecosystem​​​​.

The project’s impact was further highlighted by significant sales in the secondary market, notably when SpaceBud #9936 was sold for 510,000 ADA on October 12th, 2021. The SpaceBudzBot account reported this sale, which, at ADA’s price of $2.11 at the time, translated to $1,076,100. This sale set a record on the Cardano network, marking the first time an NFT sold for over one million dollars. This achievement not only showcases the collection’s high value and the community’s ongoing interest but also reflects the potential of NFTs on Cardano to support highly desirable digital collectibles with significant worth.

NFT Collection Insights

SpaceBudz Chart page on TapTools

SpaceBudz has done 48.4m ADA in volume combined between both CIP versions of the collection and has become a bluechip collection within the Cardano ecosystem. Currently the collection has a marketcap of 7,334,513 ADA equivalent to $4,308,178, placing it at #6 in the Top 50 NFTs on Cardano.

SpaceBudz Overview Pro page on TapTools

Currently 640 NFTs equivalent to 11.77% of the supply are listed on secondary marketplaces. Over the last 24 hours the floor price of the collection held up relatively well only dropping 1.89% in price without much of an increase in listings. 52% of the collection is listed at 1800 ADA or higher, well above the floor price, displaying the communities support and positive sentiment.

SpaceBudz Overview Pro page on TapTools

Over the last 30 days, the Diamond Hand Supply of the SpaceBudz collection has fallen from 80.3% to 78.6%. This means that over 3/4 of SpaceBudz have never been sold on secondary marketplaces, highlighting a community that believes in the project long term. Between both CIP versions of the collection, SpaceBudz has generated 364,371 ADA in royalties.

Conclusion

SpaceBudz has established itself as a pioneering NFT collection on the Cardano blockchain, setting a precedent for future digital collectible projects with its unique astronaut-themed NFTs and rapid market acceptance. The foundation laid by SpaceBudz, through both its collection and contributions to NFT standards on Cardano, has not only enriched the blockchain’s digital collectible space but also poised it for further innovation and growth. It will be interesting to see how SpaceBudz, as well as the broader NFT ecosystem, evolve over the coming months and years.

You can find out more about SpaceBudz here: https://spacebudz.io/

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ORIGINAL SOURCE

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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