Remember when they said NFTs were dead!? I think we can officially put that statement to bed now. For anyone who follows the NFT space, it comes as no surprise that there were over 7 major new drops yesterday across a wide range of niche markets.
One of them absolutely demolished the Ethereum network.
Let’s take a look at the Rabbit College Club and what actually happened in this epic sell-out.
What is Rabbit College Club?
Rabbit College Club is a generative NFT project featuring 10,000 cute cartoon rabbits with over 163 different available traits that live on the Ethereum blockchain. They come with access to the “College Club” and grant the holder the commercial and creative rights to the character, which is one of the big selling points of NFTs.
While they offer a roadmap featuring a merch store, raffles, liquidity pools, and even an augmented reality mobile app, everyone is really just in it for the cute rabbits. We have seen a lot of cartoon animals lately, but Rabbit College Club strikes a nice balance somewhere in between Bored Apes and Cool Cats on the cuteness scale.
While you could argue they are just another generative project in a sea of similar ideas, what you can’t argue is whether or not the project is a success. Let’s take a look at the NFT drop that literally BROKE Ethereum and completely sold out in just 23 minutes.
The Day Ethereum Stood Still
Not since CryptoKitties have we seen such an insane rush towards cartoon animals. The Rabbit College Club NFT Drop sold out in just 23 minutes and in doing so, bricked the entire Ethereum network.
So many users were attempting to buy these little rabbits that the Ethereum fees at one point were upwards of $100 just to get a transaction through and the network was still stopped dead in it’s tracks. A huge number of users were complaining on twitter that they submitted a transaction at launch only to have it fail 15 minutes later. Collectors were actually spending 2x more on fees in some cases than the actual cost of the rabbits themselves.
Let’s take a look at some preliminary numbers on RCC and just how successful the sale was.
- Rabbits Released: 10,000
- Iniitial Price: 0.02 ETH + Gas
- Sell-out: 23 Minutes
- Total Earnings: 200 ETH (~$390,000)
(as of 12:15pm on 7/15/2021)
- Owners: 950
- Floor Price: 0.05 ETH
- Volume Traded: 85.3 ETH
While this is a huge success for the RCC team and we are really excited for them, it does put all eyes squarely on the upcoming network upgrades and whether or not they will improve the situation.
If this continues, will we see more NFT Drops launching on Polygon, Wax, or other networks? Only time will tell but it would be a safe bet to say that this sell-out may have re-opened some eyes on the subject.
Why Rabbit College Club Was a Success
While it will take a lot more than a day to analyze the entire situation and the hype leading up to the sale, there are a few key points we can point to that led up to the successful launch.
- FOMO - A lot of collectors missed out on CryptoPunks, Bored Apes, Ghxsts and even Cool Cats in the early days when they were still affordable. They see rabbits as a chance to get in on a popular project at the ground floor at just 0.02 ETH.
- They’re Cute - Just like Cool Cats, RCC has a specific aesthetic that they have developed that combines a bit of cool with a lot of cute. This seems to be playing well right now in the NFT market and can be attributed to the success of projects like Cool Cats and Untamed Elephants. Looks matter, this is art.
- Strong Influencer Backing - There were a LOT of popular twitter feeds talking about Rabbits. I don’t know if they conducted a campaign or provided some kind of push to get the word out, but whateve the case, people were all over it. Sometimes word of mouth and a bit of an influencer push is all you need.
The important thing to understand is that proper planning and solid marketing played a key role in the success of Rabbit College Club. With a strong lead-up to their sale, a lot of influencer buzz, and overwhelming FOMO over Bored Apes and Cool Cats, a lot of people were looking for the next big thing. Seeing it all over their twitter feed definitely helped build the hype that it just might be RCC.
What’s Next for RCC?
Rabbit College Club announced today that the art will officially be revealed at 6 PM EST tonight (7/15/2021). That will be the first time collectors actually get to see their newly adopted rabbits. Until then, you can pickup a mystery box on the secondary market at OpenSea with a floor of roughly 0.05 ETH at the time of writing.
After that, only time will tell. Will Rabbit College Club be the next big thing in NFTs? Will Rabbits give those Cool Cats a challenge for cutest PFP on the market? Let us know what you think!