It’s no secret that the NFT market has been heating up over the past few months. With the success of projects like Jack Butcher’s Checks, it’s clear that NFTs are here to stay. However, the recent Super Bowl event may have thrown a wrench into the NFT market’s momentum.
Jack Butcher’s Checks have been one of the hottest NFT projects for weeks. The value of Checks – VV Edition soared from its $8 mint to over $4,000 at peak. However, the market didn’t seem to take kindly to Super Burn Sunday, which saw many Checks owners migrate their Checks Editions to the new Originals collection.
The results were not favorable for Checks collectors. The price of Checks – VV Edition fell dramatically on the day to 1 ETH, down over 50% from local highs. The new collection created from the burns, Checks – VV Originals, is currently sitting at 0.95 ETH or $3,036.69. Over 5,000 Checks have been burned already, leaving the current Edition supply at around 10k but should continue to drop. The top sales include 8.8 ETH and 6 ETH on single-colored Checks, and 5 single check Checks have been created (required 64 burns).
This week will be a telling one for the future of Jack Butcher’s Checks. It remains to be seen how strong the Checks collector base is and if they will decide to stop the bleeding. It’s important to note that attempting to launch a NFT project during a time when all attention is inherently not on NFTs, such as during the Super Bowl, might not be the best idea. The NFT market is still relatively new and unpredictable, and timing is everything.
The success of NFT projects like Jack Butcher’s Checks is a testament to the growing popularity of NFTs. However, events like the Super Bowl can have a significant impact on the NFT market and it’s crucial for NFT projects to consider timing when launching. Only time will tell how the NFT market will continue to evolve, but one thing is certain: NFTs are here to stay.