Free-to-Mint NFT Hit The Saudis will be the second most sold collection at OpenSea last week
A new free NFT project called The Saudis has become the second most traded collection in large marketplaces Open sea during the last seven days.
At the time of writing, the collection has reached over 7,000 ETH ($ 7.4 million) in trading volume in the last week, just after the popular NFT collection CryptoPunks which has scored ETH 9,574 (USD 10m), according to OpenSea rankings.
On Sunday, the collection even briefly became the number 1 project in terms of volume over the last 24 hours, and attracts more than ETH 4000 in trading volume.
The Saudis are a collection of 5555 NFTs programmatically generated from over 80 possible properties, according to their website. When it comes to art, the collection seems to be inspired by CryptoPunks. The collection was launched on July 9 and was sold out within hours.
The project’s floor price (the cheapest item in an NFT collection) is currently set at ETH 0.67 (over 700 USD) after reaching a peak of around ETH 1.3 (approximately 1,650 USD) on Saturday.
Like other free-to-mint hits, the project’s progress is driven by the vocal army of social media users, many of whom make Saudi Arabia-inspired meme videos to spread the project’s hype.
In particular, the project’s hype has cooled relatively in recent days. The collection had a trading volume of ETH 474 in the last 24 hours, down by around 65%.
Meanwhile, the rise of the Saudis has not come without controversy.
Over the weekend, the project announced that it will block 217 of its NFTs, which were owned by OpenSea user Rightblock, from being sold on OpenSea and other NFT marketplaces. The team accused the user of being a “hacker”.
The Saudis are the latest hit NFT collection to come just a month after another free-to-mint project Goblin Town hit the NFT market with its performance. In one month, Goblin Town sales fell by 60%, floor prices fell by almost 4%, while the number of owners increased by 30%, per data from Kryptoslam.
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