The non-fungible token (NFT) market is having its breakout year in 2021. Now the one of the latest collections to take the market by storm, Sneaky Vampire Syndicate, has successfully had a launch that generated more than $40M in aftermarket volume.
Migwashere, the artist behind the Bored Ape Yacht Club teamed up with the secretive 23 year old Cypriot programmer who goes by the screen name “woof” to launch “SVS” in September.
Sneaky Vampire Syndicate is a series of 8,888 vampire NFTs, each one a unique Migwashere creation.
Sneaky Vampire Syndicate’s drop was instantly met with intense demand. In its first weekend, more than 4,600 people bought at least one NFT for a price of 0.08Ξ (approximately $313). More Sneaky Vampire NFT generations will be released over the coming months.
Sneaky Vampire Syndicate’s success echoes the accomplishments of Migwashere’s previous project. Bored Ape Yacht Club earned the equivalent of $24.4 million from a sale of 107 NFTs at a Sotheby’s auction in early September.
Building an NFT Community
Migwashere and his partners are planning to make the project something different from the average NFT offering. As with Bored Ape Yacht Club, the team is building a community around Sneaky Vampire Syndicate. They’re doing so in unique, independent ways.
Interest in the new project exploded when the identities of the team behind Sneaky Vampire Syndicate were revealed. Since its launch, the Sneaky Vampire Syndicate Discord community has grown to over 40,000 members. The growth has been completely organic, without the dubious use of invite rewards.
Holders of Sneaky Vampire Syndicate NFTs also get community-oriented perks. In addition to a free companion bat, they’ll receive exclusive access to the “Vampire’s Lair,” a private online club in the MetaVerse, and other specialty merchandise.
Sneaky Vampire Syndicate and the Static City Games studio are also developing a browser-based survival game strictly reserved for its NFT holders. Players will use their individual vampire NFTs in the game.
The Sneaky Vampire Syndicate team says there are more plans in the works on the NFT community’s roadmap.
Making the NFT Versatile
There’s a larger, more encompassing vision behind the Sneaky Vampire Syndicate: making the NFT more of a utility, rather than a simple art piece.
Already, NFTs have caused a major disruption in the traditional art world. This year has seen NFT collections being sold at the world’s most prestigious art galleries and auction houses — a development the digital art world could hardly fathom just a few months ago.
But there’s more to the Sneaky Vampire Syndicate NFT offering than just art. The team felt earlier NFT offers amounted to little more than “profile picture projects.”
While their sales have been extraordinarily beneficial to artists’ revenue, Migwashere and his partners believe NFTs can serve as more than stand-alone digital art. The forthcoming game is one example of the real-use scenarios Sneaky Vampire Syndicate envisions.
A Streamlined Sales Path
One of the most significant factors in the Sneaky Vampire Syndicate’s success was its transaction model. Prospective buyers were permitted to reserve their NFTs in advance at the time of launch. They then had a four-hour window of time to complete their transactions.
This process, Migwashere and the team believes, helped users save huge amounts in typical Ethereum “gas” fees. It may also be the reason behind the Sneaky Vampire Syndicate’s unusually high 55% rate of distribution.
Before the sale, Sneaky Vampire Syndicate offered 888 of its NFTs to those who interacted with them on Twitter and Discord, letting them mint up to two NFTs before launch.
The Road Ahead
Sneaky Vampire Syndicate looks to reshape traditional thinking about NFTs, turning them into a medium for more connectivity between communities, rather than just individual art investments.
The team has already made steps in a more community-minded direction, thanks to its sudden prosperity. Sneaky Vampire Syndicate will make charitable donations in the amount of 45Ξ ($150,000) to three organizations that were chosen by the community: American Foundation for Suicide Prevention, Cancer.org & Forgotten Animals