How are Singapore’s top NFT projects holding up today?
NFTs were all the rage in 2022, and creators in Singapore were quick to capitalize on the trend.
Influencer Irene Zhao made headlines when her collection raised $5 million last January, with individual NFTs selling for as much as $300,000. Rapper Shigga Shay debuted a new verse with his SPACEBARS collection, while entrepreneur Chanel Lee kicked off her own lifestyle brand, Tasty Toastys.
A year later, the crypto hype is not quite as strong as it once was. With the market crash, even the most popular NFT collections have been brought back to reality.
At its peak in mid-2022, Bored Ape Yacht Club sold a minimum of $400,000 USD of NFTs. Today, this figure has come down to just over 100,000 dollars.
With that in mind, here’s a look at how some of Singapore’s best NFT projects have held up through the crypto winter.
1. IreneDAO
Irene Zhao is known for having one of the most successful NFT launches among Singaporean creators. In January 2022, she released a collection of around 1,100 NFTs as part of the IreneDAO collection. Each NFT features a photo of Zhao captioned with a popular crypto saying.
Within a week, the collection had registered over $5 million in trade volume, with purchases from famous personalities including Logan Paul.
Zhao created a Decentralized Autonomous Organization (DAO) to decide how the sale proceeds should be used, thereby raising hundreds of thousands for charity.
Today, sales of IreneDAO have slowed down, with the average price for an NFT around $100. Zhao remains actively involved in Web3 and has launched his own social media platform, So-Col, designed to help creators take control and ownership of their content.
IreneDAO exists as a community on So-Col with over 8000 members. Interested users can support Zhao by purchasing one of her NFTs, which then grants them access to the community.
2. Titus low
Titus Low’s eponymous NFT collection bears a striking resemblance to IreneDAO. It follows the same formula, with images of the influencer captioned with popular crypto words. Low released his collection of 222 NFTs a month after Irene Zhao, albeit to lesser acclaim.
Low’s collection recorded around 8ETH – USD 20,000 at the time – in trading volume on its first day, and has only added 1ETH in the year since. The last purchase was made eight months ago for about $40.
The collection does not highlight any advantages for holders and appears as a pure artistic endeavor. Although described as “the start of a non-fungible experience shared by Titus and 222 supporters”, it appears that said experience has come to an end.
3. Imaginary
Imaginary Ones was one of the most anticipated project launches last year, not only in Singapore but worldwide. Created by artist Clement Chia, the collection of 8,888 NFTs caught the attention of over 500,000 Twitter followers and sold out within four minutes.
Over the months, the project has consistently maintained its value despite the fallout from the crypto winter.
In February, the founding team announced plans to expand the Imaginary Ones ecosystem through a wellness app and a second collection of “rides,” which can now be used in a Mario-Kart-esque racing game called Bubble Rider.
During this time, Imaginary Ones also worked in partnership with Hugo Boss to release special one-off NFTs.
Following these announcements, the minimum price for Imaginary Ones’ NFTs shot up by over 100 percent to almost 1 ETH. Currently, it costs around 1700 USD to buy an NFT from the pool.
Within this list of Singaporean NFT projects, Imaginary Ones has been the best able to maintain its success and is constantly building its brand value.
4. Thesis thesis
A project founded by renowned beatboxer Dharni and entrepreneur Kenneth Koh, Tezarekt is a cross-platform digital vending machine designed to offer unique social experiences.
Over the past year, a number of NFT collections have been launched on the platform by a roster of artists on board.
Most notably, Tezarekt offers tickets to events such as Grand Beatbox Battle 2023 in the form of NFTs. The platform has also listed trading card-style NFTs depicting popular figures in the beatboxing scene.
For Dharni and Koh, Tezarekt started as a way to help artists and bring merchandise with real utility to the world of beatboxing. Since then, the concept has evolved and they aim to work on bespoke projects with other brands as well.
5. TTTreasures
Last April, Singaporean influencer Tammy Tay launched TTTreasures NFT collection, taking a different approach compared to Irene Zhao and Titus Low. Tay decided not to display his own photos as NFTs, and instead used cartoon avatars with ice cream for hair.
With 888 NFTs in his collection, Tay aimed to create a community of individuals with a shared interest in cryptocurrency, NFTs and the metaverse. Each NFT minted for 0.1 ETH, which was worth around 280 USD at the time.
In the months following its launch, TTTreasures collaborated with a number of events in Singapore, including the Hypeworld EDM festival. Unfortunately, the effort was short-lived and the community seems to have crumbled over the crypto winter.
6. Tasty Toastys
In late 2021, entrepreneur Chanel Lee quit her full-time job to kickstart a business using an NFT collection.
Tasty Toastys launched in November and got off to a less than ideal start. The collection of 7,600 NFTs wasn’t even close to being sold out, and Lee was left to regroup.
Three months later, and with a new plan in hand, she gave her idea another go. This time, whitelisted members of her community could create an NFT for free. There was a smaller group of supporters who still remained, but they were more committed and dedicated to the project’s success.
Today, Tasty Toastys is alive and well as a lifestyle brand, and its NFTs – works of art depicting pieces of toast – now also exist as plush toys.
Most recently, the goods have found a home at Food Folks SG on Lau Pa Lør. The NFTs themselves have not appreciated in value, but the Tasty Toastys community is still struggling through the crypto winter.
7. Kong Collective
In August 2022, actor Mark Lee announced a collection of 444 NFTs titled Kong Collective, each for 1.5 ETH – worth nearly $3,000 at the time. Since then, NFTs from the pool have traded for as much as 4.85 ETH.
Owning a Kong Collective NFT was meant to serve as a lifetime membership card with Mark Lee’s King Kong Media Productions company. This will include benefits such as VIP tickets to concerts, film premieres and other entertainment events.
Last November, members of the Kong collective enjoyed a front-row view of JJ Lin’s concert.
Currently, the minimum price for a Kong Collective NFT is around 1700 USD. According to the Telegram group, the project is still active, although interest seems to have died down in recent months.
Kong Collective’s last Twitter post dates back to January, and it’s unclear if members have enjoyed more benefits since then.
Featured Image Credit: Imaginary Ones / Titus Low / Irene Zhao / Tasty Toastys
