The GODA Mint Pass is an Art NFT collection leveling the playing field for artists to enter the world of NFTs.
In the June 2022 edition of DappRadar’s New Dapps Report, we dive deeper into the GODA Mint Pass Collection, which is climbing the NFT charts. The New Dapps Report serves as a detailed analysis of financial metrics for NFT collections with strong appeal.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity, price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
The Gallery of Digital Assets Mint Pass is a collection of 1,000 tickets granting holders access to privately curated contemporary art exhibitions. It is a platform for collectors and developing artists of traditional art, enabling both parties to break into the world of web3 and NFTs.
The project is headed by Nina Channel Abney, who comes from a successful fine art background. She had difficulties entering the world of NFTs from a traditional background, and she aims to simplify the process for future artists breaking into NFTs from marginalized social groups.
Please do not consider this document as financial advice.
Data updated on: Jun 16, 2022
Table of Contents
Key Takeaways
- GODA is the fourth most-traded collection in the last seven days, with a volume of over $8 million
- The collection’s price floor has appreciated by 469% since the mint
GODA Mint Pass – Small collection punching above its weight
Blockchain: Ethereum
Launch date: June 8, 2022
Edition size: 1,000 – Limited Edition
Traits: 1
Attributes: N/A
Floor price: 5.74 ETH
Source: DappRadar
The financial overview for GODA shows that it has significantly fewer assets than most collections. Whereas most collections have between eight to ten thousand, and some have as low as five thousand, GODA has only one thousand assets.
This is important because, despite the low quantity, GODA generates volumes that outcompete many prominent collections. In the week since launch, it has amassed over $8 million in trading volume, beating out leading collections like Goblin Town and Wagdie, which we recently covered.
The collection follows a standard trading pattern. It experienced a considerable trading spike on the day of trading that subsided quickly in the following days. The average price likewise rose rapidly during the first few days, going as high as 10.6 ETH on June 12th, and it currently sits at 5.74 ETH, an appreciation of 474% since the mint.
The floor price is not far behind, sitting at 5.69 ETH; it shows an appreciation of 467% from the mint price. This price appreciation is solid in the bear market compared to recent collections like Veefriends Series 2 and Wagdie, which appreciated by 85% and 24%, respectively.
However, it lags behind Goblin Town and Murakami Flowers, which appreciated by 4568% and 3696%, respectively. The relatively small discrepancy between the floor and the average price is because all NFTs in the collection are mutually interchangeable, possessing the same aspect as each other.
Ultimately, the price difference mainly results from the potential holders’ time preference.
Added Utility – Bridge between Web3 and Fine Art
The collection has a unique mechanism that caters to professional collectors who invest in fine art and to up-and-coming artists who want to gain digital exposure quickly.
The collector-holders of the pass gain access to a professionally curated online exhibition that ensures only the finest pieces get displayed. Of course, the pass holders get first picks on the best works within the collection.
This can be potentially attractive for investors who want to diversify their portfolios by investing in alternative assets like fine art.
For artist-holders, it presents an opportunity to break into a burgeoning space that aligns with their ideals and offers fair value for their art.
Social Awareness and Engagement
Twitter went live in February 2022, but it started being active on May 23rd, 2022. Like many traditional NFT projects, GODA has a Twitter, Discord, Instagram, and an official site.
The Twitter profile currently has 56,494 followers, 100% of which it has gained in the last two weeks. A first for the Dapp Reports is that Twitter reached its peak on June 10th with over 60 thousand users and has been slowly declining since then.
Factoring the decline into account, the profile grew daily by 1,936 new followers, an average growth rate we recorded on the DappReports.
Discord has a population of 7450 registered users, and the server is moderately active. The team also provides a simple onboarding procedure to its users. There are three public channels where people congregate, and the presence of bots and bad actors is minimal, thanks to the active moderation team. GODA also has an Instagram used for posting promotional material for the project and has 1958 followers.
Team Overview
The team for GODA is fully public and comprised of experts from fashion, crypto, and fine art. This kind of transparency adds more trust to the popular NFT project.
Among them are:
Nina Abney – Project lead and artist advisor. Accomplished fine artist, her collections are displayed in MoMa, Rubble, and the Whitney Museum of American Art.
Shaun Neff – Branding advisor who worked with Sony, Sandbox, and Robinhood trading app.
Pharell Williams – Grammy Award winner, producer, and fashion designer.
KAWS akaBrian Donnelly – Accomplished Artist and designer. He is famous for creating sculptures, paintings, and prints.
Todd Kramer – Web3 Advisor and Artist manager
Easy Otabor – Creative Advisor and Artist Relations Manager
Nick Adler – Metaverse advisor who advised Snoop Dog on his web3 projects
Brittni Hudson – Social Media manager
J1mmy.Eth – renowned NFT collector and founder of the Nameless
Ken Nelson – Brand Designer who worked with artists like Snoop Dogg and Whiz Kalifa corporations like Disney.
Andrew Drayton – NFT and web3 advisor. He created the Vogu Collective.
Casey – Community manager for the team.
Ryan Ross – Art dealer in the second generation and private art advisor for 25 years.
The team is well-rounded, with multiple experts covering all the necessary bases like development, branding, art production, and community relations. Such a team composition inspires confidence and builds trust with the community.
Whale Wallet Analysis
GODA has a Unique Holders Ratio of 73%, which indicates it is a very diversified collection. The more unique holders there are, the less chance of collusion exists between the holders. A higher ratio also shows a lower risk of sudden price fluctuations.
The whale concentration is 9.60%, one of the highest that we recorded on the Dapp Reports. Among the top five holders, there are two prominent whales. They are jpegjohnny.eth and hypebeast.eth.
A higher whale concentration suggests an increased risk of price manipulation by famous collection holders. A higher whale concentration also increases the risk of a selloff should they liquidate their holdings. The selloff often causes a chain reaction forcing many smaller flippers to sell as well. Potential buyers are always advised to exercise due diligence.
Technical Overview
Like most NFT projects, GODA stores the metadata using IPFS rather than fully on-chain. This type of storage is the standard practice because storing images on-chain is often too data-heavy. Although no known technical issues are reported about the project, it is always advisable to exercise caution, mainly due to the lack of transparency of the development team. It can be challenging to gauge the team’s expertise in running these projects or their intentions.
- Audit status: no audits performed yet
- Storage: NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals live on IPFS for immutable ownership.
Summary
GODA is a novel collection with many features that set it apart from the competition. Unlike most collections, it is not a profile picture but a utility pass unlocking various services based on the user’s preference.
Despite its low asset count of one thousand, the team is edging out many established collections with a weekly volume (which is also the total volume) of over $8 million. The price and volume growth follows the standard pattern of intense growth in the first few days, followed by a rapid decline.
The floor price appreciation of 469% is middle of the road compared to its contemporaries. It is not high as Goblin Town (4568%), nor is it low as Wagdie (24%). The collection’s most unique feature is the utility that comes with the pass.
The pass is catered toward artists and art collectors/ investors who want to invest in modern art and get the perks of access to professionally curated galleries and best investment picks.
On the other hand, the artists have professional managers and experts who can help them leverage their traditional art into the web3 infrastructure. GODA team will ensure the artist is happy with the artistic process and is fairly compensated for their work.
Most investment assets are losing value in this bear market, where even traditional safe havens like bonds, retail stocks, and precious metals are feeling the burn.
Many investors are seeking alternative means of investment and are drawn to art, a specialized field requiring specific knowledge. This is precisely the unique value proposition that GODA offers to its holders.
The project is staffed by a team of public and highly successful individuals, increasing the odds of its success.
