XCOPY Raises $24M with NFTs in Minutes
XCOPY's latest drop of NFTs sold over $24 million in NFTs. "MAX PAIN" mints sold as open editions accounted for most of the money raised, but there were also many ranking auctions that brought in large sums.
A company like XCOPY is demonstrating that high-value NFT artwork is here to stay.
A "MAX PAIN AND FRENS" NFT drop was launched by the London-based crypto artist on Thursday through Nifty Gateway. Open-edition sculpture "MAX PAIN" was the star of the show, along with a number of more limited pieces. Open-edition sales accounted for more than two-thirds of the drop's total revenue of $24.4 million, according to the company.
"MAX PAIN" went on sale at 22:30 UTC. It took patrons just 10 minutes to mint NFTs, with no restriction on the number that could be minted at any given point. All in all, 7,394 NFTs were created for $3,108 per coin—the price of a single Ethereum at that point.
In addition to the auction for "MAX PAIN," two additional, more limited-edition XCOPY sculptures were also offered. "WASTER," a six-edition print, was the first to go on sale, using an auction-based method. An NFT was sent out to the top six bidders, which were all between $101,000 and $91,000. DAMAGER LUXE, another limited-edition artwork, was auctioned off using the same approach and sold for a whopping $79,999. One of 24 "GOURMET SPICY" pieces was up for grabs for the taking in a raffle open to anybody with five NFTs. After the last open edition drop, "Afterburn" holders might burn one or two of their NFTs to obtain an assortment of previously unpublished works as a follow-up release.
In March 2021, "Afterburn" and two additional NFTs were published for $999 in a five-minute open edition. Only 1,127 pieces of the "TRAITORS" drop were made, an indication of the recent surge in interest in NFTs. There are several examples of early XCOPY items that have sold for a lot more than their initial listing prices. Since XCOPY was one of the first digital artists to embrace NFTs in 2018, their particular glitchy-based aesthetic has been emulated by many other artists. They're recognized as a prominent player in the space, along with others like Beeple and FEWOCiOUS.
Even if "MAX PAIN" doesn't have the value of XCOPY's rarest pieces, individuals that minted one of the NFTs are already reaping the benefits. OpenSea presently has a floor price of 1.125 Ethereum, which is about $3,559. Even if these latest NFTs follow in the footsteps of past XCOPY crypto art, they might see even greater valuations in the future."
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