If you were to spend $10,000 on a new set of non-fungible technology (NFT) stick figures, would you go for it? Mfers is a collection of 10,000 NFTs that want to revolutionize the intellectual property industry.
There are many ways that NFTs are confusing, and it can be hard to understand why people would drop a huge amount of money on a piece of art. However, there are many successful NFT collections that have a logic. For instance, if you are a crypto-rich trader, you would probably spend six figures on CryptoPunks because it is the first ever NFT collection that has historical value.
Mfers collection – what is it?
The Bored Ape Yacht Club NFTs are expected to cost more due to their partnership with some of the world’s biggest companies, such as Rolling Stone and Adidas. But even if you’re open-minded about NFTs, you might find them hard to accept. There are around 10,000 mfers in total.
The collection features stick figures that are wearing headphones as they type on an out-of-frame keyboard. Since it was launched on November 30, over $112 million worth of these have been bought and sold on OpenSea, a major NFT marketplace.
The success of Mfers collection
On OpenSea, the cheapest mfer you can get is 3 ether, which is $9,000. Even with the crypto-rich backgrounds of many NFT traders, the success of these types of transactions is unusual.
Even if you take into account the rich cryptographic background of most NFT traders – dropping 3 ether for a funny jpeg is easier if you bought ether at $40 instead of $4000 – the success of mfers is unusual. Dozens of NFT projects are launched daily. Many of them are scams, even more are money extortion, and most of those who try to be legit fail quickly. A tiny fraction reaches the heights reached by Mfers in the past four months. It is ranked #42 on the OpenSea chart by volume of all time.