Street machine pumped ten times in 11 days. Here’s what we know about the latest NFT phenomenon

Street Machine saw NFT prices multiply by 10 since October 7, although the collection’s actual items have yet to be revealed.

Taking the streets by storm

The bear market does not prevent all NFT collections from creating hype.

Street Machine, an NFT collection that launched on October 7th at OpenSea, has seen the average price of the items (as yet undisclosed) ladder from a low of 0.04 ETH on mint day to 0.41 ETH at the time of writing – an impressive 1.125% increase considering the adverse market conditions in which the collection debuted.

Street Machine is built on Ethereum and aims to be a story-driven NFT project that allows holders of Street Machine NFTs to have a say in the development of an online graphic novel. According to the project website, the NFTs themselves—all 8,000 of them—represent characters in the Street Machine universe, some of which can have a major impact on the story. Unlike previous Story NFT collections, Street Machine claims to offer a well-plotted and easy-to-understand narrative, told in three parts, that invites participation while remaining fun and surprising.

One of the collection’s main selling points is its spectacular art, which combines anime, cyberpunk and sci-fi aesthetics into highly distinctive characters reminiscent of Azuki. Each NFT is hand-drawn by PUBG artist SpenzerG, whose stated inspirations include Metal Gear franchise lead designer Yoji Shinkawa’s own creations. The collection promises 500 different properties and several “1-of-1” unique characters. An unveiling is planned for the next few days, but no firm date has been announced yet.

The financial dynamism of the collection is also worth noting. The team claims that the core products are the brand and the graphic novel. The stated purpose of the NFTs is therefore to raise funds for the project and make the IP available for others to own, as commercial rights will be granted to holders of Street Machine NFTs – similar to how the Bored Ape Yacht Club operates. . Future merchandise, games, and physical collectibles have also been hinted at. The Street Machine team tired it would not have a “whale role status”, meaning it does not plan to keep an outsized portion of the collection’s NFTs for itself.

So far, their actions seem to match their words. The commemorative price for the NFT collection was set between 0.01 ETH and 0.03 ETH, meaning the team raised between $108,000 and $324,000 – a rather modest sum compared to other launches in the room. On the other hand, creator fees are set at 7.5% on OpenSea, which is relatively high. Subsequent upgrades, mints and airdrops have also been hinted at.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.