Punks On Hive - The Good, The Bad And The Ugly

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Yesterday, during Hivefest, a very cool project launched on the Hive blockchain. It's an NFT drop, closely mirroring the more famous Punks drops on Ethereum.

For those not knowing yet how this works, these avatar icons are "generative NFTs", meaning they are created more or less on demand, and they have distinct attributes. These attributes contribute to the "rarity" of the punk. The higher the rarity, the higher the value of the NFT (theoretically).

The price to "mint" a punk is 25 HIVE, discounted at 20 HIVE during Hivefest. The NFTs are sitting on the hive-engine layer 2 ecosystem.

The total supply is 10,000, meaning no more than 10,000 punks will be available to mint. At the moment of writing, there were a little over 6,000 remaining, which means 40% of the entire supply was sold during just one day.

And that brings me closer to the topic of the article.

The Good

The project, once everything will be sold, will net 200,000+ HIVE to the developers. That's close to $160,000. I find this incredibly exciting. It's probably the first project of this size in Hive history and seeing this kind of numbers made by the buidlers and developers here makes me very, very happy.

The Bad

There must be some bad in every good, but in this case it's not that bad. The NFT minting script had a few bugs, which resulted in the wrong memo sent to the minting script. In other words, some people couldn't mint their punks. But the devs addressed this quite fast. Since yesterday, they also added a Discord link to their website, which tells a lot about their willingness to help and stay in contact with their customers. I would expect this level of commitment from any project that aims to cash more than $150,000, so, in the end, this is actually good.

The Ugly

Believe it or not, there is no ugly. Some of the punks are... well... special. But I find them all really nice.

What To Do With These Punks?

Once you acquired a card, you can query it (details), send it to another account, or sell it on the Market. There are quite a few interesting punks already for sale, one with a rarity above 4000. For comparison, getting a punk with a 900+ rarity is considered serendipitous.

Other than that, you can simply enjoy them. Set your Hive avatar to one of the punks you own (I already did this, it's visible on my Hive account). Hold them and wait to appreciate. Sell them now, if you feel it's a good deal.

And rejoice in the fact that you're one of the first lucky owners of a crypto punk on the Hive blockchain.

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