Cheap WOO NFTs Soon Gone?

sudeon(70)

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After a prolonged period of low market activity, a few users swooped the market of cheap WOO NFTs. This led to some interesting price appreciation for some of the cards. Epic wrestler cards that were selling below a dollar for the longest time have gone up significantly. Some cards even doubled or tripled in value in an instant. And to think that it just took a few individual users to stock up on their own inventory to spike the market, does this mean that we are running low on card supply?

Let's first look at the status of the WOO Alpha Packs since they consist the majority of the cards. We can see that out of the 60,000 total supply, there are still 20,744 unopened packs held by users. So at most, we can expect an additional 52% card supply once these packs are all opened.

But if we look at the top Alpha pack holders, Randumb has positioned himself well by holding a quarter of the unopened packs. Next to him is Shitsignals with 2,059 packs. They are early supporters of the project and has held assets for a long time. I can only speculate but I doubt that they would dump these packs all at once on the market.

There's also the case of Leontomorphic who lost access to his Hive account and 500 Alpha, Raven, and Saturn packs. There's a possibility that more dormant accounts that hold WOO assets exist.

Let's assume that the three accounts above do not make a move with their holdings for the rest of the year. That leaves us with around 13,146 packs that have a high probability of being sold and or opened. That's still 33% card supply possibly entering the ecosystem. If the current upward trend of card prices is a good enough incentive to sell more cards, packs might continuously be opened. And more supply will eventually lower the prices. A chance to flip your two-dollar pack into a five-dollar epic or twelve-dollar legendary is a good enough bet that many would take, not to mention hitting the jackpot and pulling gold belts.

But if the game launch executes as planned, we may see an influx of new players swarming the ecosystem. If that happens, hopefully, then all bets are off because the truth is there are not enough cards to go around and accommodate a large playerbase, especially if we account for the card levelling which will significantly shrink the total NFT supply. And this scarcity will undoubtedly cause a spike in card prices. I'll discuss that further in my next post. Thank you for reading.

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