A collection of tokens with little tangible or obvious artistic merit are raising serious questions about the non-fungible boom. The randomised number NFT series features assets that have numbers on a black background. And that’s about it.
Amazingly, these NFTs — officially known as ‘The N Project — have been uploaded to OpenSea with starting prices set at more than 2 ETH. However, some have sold for less than this, albeit not much — 1.75 ETH, which is around $6,500. Cynics are already saying this is a sign of non-fungibles reaching new levels of hype. However, they may not be looking in the right places.
There is More to The N Project NFT Series
Perhaps things aren’t quite as random as they seem. In total, 8,888 NFTs have been minted as part of ‘The N Project’. Each features eight random numbers on a plain black background. So far, so bubble ready to burst.
The n project is a collection of 8,888 NFTs, each of which contains 8 numbers between 0 and 14. An example is attached.
The probability that an n NFT contains a specific number is also attached. The most common numbers are 1 – 10, and the most rare are 0 and 11 – 14.
— Danial (@d4bba) September 7, 2021
@the_n_project_ is the most fascinating project in all of crypto today
Of all the projects I’ve ever seen, its potential value is the most polar: either literally 0, or infinite.
1/
(Note: *Please* do not buy NFTs w/ money you can’t afford to lose. This is risky stuff. DYOR.)
— Danial (@d4bba) September 7, 2021
However, the collection follows some rules, which can explain why it is already garnering so much attention. Firstly, all numbers are not equal — some are more likely to feature in a sequence than others. As you may have already figured out, this introduces rarity levels, a fundamental aspect of any non-fungible collectibles series and a key indicator of value.
According to a Twitter thread by @Danial, 0 is the most scarce number in The N Project NFT series. The prevalence of each number increases the higher up you go. For example, 6 has an almost-90% chance of appearing.
Danial has compared the project to ‘Loot’, another NFT series in which users generate random words, based on the creator’s pitch. Agree or not, ‘The N Project NFT’ series is certainly an example of why simplicity often works well, although we’re not sure this collection will generate the same revenue as Bored Ape Yacht Club, CryptoPunks, and other big-money series. Then again, we’ve been wrong before.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
