According to DappRadar’s new Dapps Report, Memeland’s Potatoz NFT collection is climbing the charts despite being in the midst of a down market. So what is The Potatoz NFT?
The Potatoz NFT is 9GAG’s collection of 9,999 utility-enabled PFPs. Each Potatoz is your entry ticket into the Memeland ecosystem—a metaverse project created by 9GAG. Like other membership-based collections, Potatoz grants access to an exclusive community and a metaverse project themed on pirate history.
With multiple PFP collections, exclusive private groups, and IRL events, The Potatoz is mooning amidst a bear market. In this article, we cover what Memeland’s Potatoz NFT is and why it stands out amongst a crowd of rapidly declining NFT projects.
What Is The Potatoz NFT?
The Potatoz NFT is a free-to-mint PFP collection on the Ethereum blockchain created by the popular online platform and social media website, 9GAG.
Best known for showcasing user-generated memes from gamers, manga enthusiasts, cosplayers, and other young people around the world, “9GAG is your best source of happiness.”
The collection was a free mint that launched on July 20, 2022. Although the collection initially displays moving pixel-art “potato sprouts”, they are set to morph into distinctive potato-inspired figures.
The NFT’s metadata is stored on an InterPlanetary File System (IPFS) rather than fully on-chain.
This type of storage poses a common concern to visually appealing metadata projects, as the smart contracts and the metadata are separate.
You can view the contract address on Etherscan.
In addition to the surprise release of Potatoz, Memeland announced a collaboration with Refinable—an NFT creative studio—to deliver an eight-week art display at Hong Kong’s Time Square beginning on July 30.
In the first three days after launching, Potatoz displayed a surge of interest. And even though the trading price following the launch had fallen almost 90%, the collection still managed to be the 8th most traded collection in the previous seven days, with a total trading volume of $2.8 million.
Following the initial hype, on July 30th, The Potatoz announced its NFT staking feature, propelling the trading volume by 60%.
The trading volume has slowed down once again, but the average floor price is growing daily, currently sitting at 1.31 ETH ($2450.89).
That being said, the floor price has increased substantially (144%) from the mint price. This indicates that there is considerable interest in the collection and that it’s regarded as highly valuable by the market, considering the team and utility behind the collection.
What Is the Utility Aspect of Potatoz NFT?
Holding a Potatoz NFT provides you with a unique opportunity to participate in the Memeland ecosystem in its initial stage. Not only can you grow your own Potatoz, which will soon sprout into artwork, but you will also become a part of the Memeland Memelists, $MEMEs, and Memeland MVPs.
Furthermore, on July 23, the team announced a staking function via a Tweet. This function allows users to earn prizes for keeping Potatoz in their wallets. Also, the grow-to-win website released on August 5th allows users to link their wallets and sell their Potatoz NFT.
According to this Tweet, the Growing feature is set to be fully enabled on August 18th, enabling users to stake their Potatoz and collect prizes.
As far as engagement goes, the Potatoz NFT collection doesn’t even have its own Twitter account, however, that’s likely because it’s associated with the Memeland account, which has fostered over 441,000 followers since its initial creation in February 2022.
Moreover, the team doesn’t have a separate Discord account for Potatoz, but the Memeland Discord is home to more than 31,000 active users, with more than 318,000 total members.
Within their Discord, there’s also a private channel that is only accessible by Potatoz NFT holders.
Potatoz has roughly 9,918 unique traders, which is average according to DappRadar’s benchmark. The Potatoz NFT collection heavily emphasizes the community holding the token to reap future benefits. As a result, many traders choose not to flip their Potatoz for short-term profit.
Who’s Behind The Potatoz Collection?
9GAG is the company behind the Memeland project, which is also the umbrella brand of The Potatoz NFT collection. 9GAG is a Hong Kong-based social media startup launched in 2008. On average, the company receives four million daily visits and 150 million monthly visitors across its website, apps, and social media.
They have more than 16.8 million Twitter followers and over 58 million Instagram followers.
In addition to the brand’s massive online presence, Memeland is supported by some of the industry’s leading advisors and investors such as Gary Vee, Kevin Rose, First Round Capital, Freestyle Capital, Greycroft Partners, True Ventures, and 500 Startups, among others.
Considering Memeland’s impressive group of advisors and investors, there is strong reason to believe that this project has the potential to be the next blue-chip NFT.
What Is Memeland?
Memeland is 9GAG’s web3 ecosystem metaverse, aka Memetaverse. Members of Memeland gain access to $MEME, private club membership, an exclusive creator NFT marketplace, IRL events, upcoming Memeland & 9GAG drops, plus more.
To become a member, you must hold one of the following NFTs: YOU THE REAL MVP, Potatoz, or soon-to-mint Memeland Captains.
Memeland Captains is the primary NFT collection of Memeland. It’s a collection of 9,999 utility-enabled PFPs. Each Captain unlocks all the perks in Memeland, including $MEME, private club membership, exclusive access to the creator NFT marketplace, IRL events, upcoming Memeland & 9GAG drops, and more.
The launch date for Memeland Captains is still unknown. For all the latest updates, make sure to follow Memeland on Twitter and join their Discord.
The $MEME token supports the creator economy and serves as Memland’s governance token. You can earn $MEME through passively holding and staking or actively playing and creating an account. Every Memeland Captain yields [redacted] $MEME daily for [redacted] years.
Ultimately, The Potatoz is a collection of 9,999 NFTs published on the Ethereum blockchain by Memeland. Each Potatoz NFT is utility-enabled and provides access to the Memeland ecosystem. It is not the primary collection in Memeland, but it acts as a prelude to Memeland Captains, the primary collection.