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
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
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
Conclusion