Reuters reported that non-fungible tokens (NFTs) sales reached a whopping $25 billion in 2021, compared to a "mere" $94.9 million in 2020. As the NFT market continues to grow, we see the influx of more projects into the space. However, most of these projects tend to flop upon launch, while a handful goes on to thrive and yield millions of dollars in revenue for creators and collectors.
A good example of the latter is the Hypebears NFT project that just launched a few weeks ago (February 2, 2022) and has already yielded $40 million in sales. Over 300,000 NFT collectors have accepted the project. Each of the assets is priced at 0.4 ETH.
Overview of Hypebears NFT
Hypebears NFT features 10k static and animated 3D avatars of bears created by Ernest Siow. Many enthusiasts from across the world make up the community on the Discord platform. Some of the renowned buyers include the likes of Alexandre Arnault, who currently serves as the executive VP of product and communications at Tiffany & Co, and Steve Aoki, a DJ in the United States.
According to Ernest Siow, Hyperbears will not only be an art project, they want to build it into a self-sustaining social club. The goal is to ensure the project creates a long-term value for all holders. In the press release, Ernest also revealed that the project is unlike any other and that the movement is real and limitless.
By owning a Hypebear NFT, you will have unlimited access to an exclusive social club with a variety of benefits, such as real-world utilities and whitelists in collaboration projects. According to the founder, the recent success is only the beginning of the great things to come.
The Upcoming Governance Token
As Hypebears is making waves with its sales volume in a few weeks, the team is already working on the launch of a governance token ($HYPEB). With the token, Hypebears can increase the level of innovation within the NFT industry, and also help impact how holders engage with the assets. As a token holder, you will be allowed to participate in ecosystem discussions and share your thoughts on the future of the project. Also, you can stake the $HYPEB token to earn passive income.
Half of the project's royalties are earmarked for the HYPEBank NFT vault. The funds will be used to secure other notable NFTs like Doodles, MAYC, and WEBB3. All Hypebear holders who have staked the $HYPEB token will be allowed to purchase these popular assets. By March/April 2022, all Hypebear holders will be given the opportunity to add limited-edition merchandise to their collections.
The Future of Hyperbears
Hypebears is not resting on its laurels as the team is currently working to partner with brands in the fashion industry. Although it is still in the early stages, brand collaborations and partnerships are already in place to ensure Hypebear NFTs are not just about digital arts. They aim to expand into fashion, technology, and toys.
With an innovative and futuristic founder like Ernest Siow, Hyperbear NFTs is undoubtedly gearing up to 'wow' the entire NFT space. As the partnerships and collaborations begin to materialize, we might see an astronomical increase in the value of the assets.