The NFT industry is steeply declining along with the general crypto market. The market’s downturn has negatively impacted NFT projects that once boomed and brought holders millions in profit.
Despite that, we have ABC- an NFT project listed on MagicEden, booming in the face of the bearish trend.
What is ABC (abracadabra)?
On the 22nd of August, ABC announced its launch on the Solana (SOL) blockchain. It featured 10k immutable NFTs.
The founder, known as HGESOL on Twitter, announced that his collection would take a different stance on non-fungible tokens. It would give holders true immutability, as he- the creator would have no authority.
According to a Twitter thread, he explained that,
“ABC isn’t a project; it’s just Art that I resonate with as I always miss the time when we were kids. Things are more simple when we are kids. I miss it. I wanna do something to bring me closer to it. This is not a typical project, there is no company or team working behind it.”
He stated that holders weren’t to expect a pump or increase in floor prices as the collection was to hold a piece that resonated with nostalgia and simpler times. How did the project then find itself on top of the bear market?
Unique Features Of The ABC Collection
The ABC collection has a few features that single it out and set it in the spotlight. An NFT project, it has no team, no dedicated page, no Discord channel, and no launchpad.
Whatever means used for media advertising, as other projects had done in preparation for launch, was disregarded by HGESOL. More surprisingly, there was no minting date set, zero royalty, and an absence of official rarity.
HGESOL revealed they had paid for community mint upfront. According to many tweets that interacted with his post, the price paid to bring the collection to live was around $400k. The ABC NFTs were revealed and listed on MagicEden at 1.23 $SOL. Early birds had the opportunity to choose the ones they liked or more rare ones.
While the project wasn’t designed for profit, it witnessed explosive growth. It first rose to the list of the most popular weekly NFT collections on Magic Eden. This happened on the same day as the direct listing.
ABC (abracadabra) Community
ABC has acquired a large community of NFT enthusiasts for a newly listed project on Solana. It likely concerns HGESOL’s intention of making the ABC project genuinely decentralized.
Encouraging communities to build on ABC has seen a turnout of influencers and sub-DAOs gifting smaller communities with free ABC NFTs. Interestingly, holders are known as wizards, as explained by the project’s creator.
ABC has also secured a partnership with Shopping.io, a leading platform for online shopping. Hadeswap– a decentralized NFT trading platform, posted a few days back on their Twitter platform about a possible onboarding with ABC NFTs.
ABC NFTs On MagicEden
With an impressive ranking on MagicEden on the same day of a direct listing, ABC has gone on to rank number one on the OpenSea marketplace. The current floor price of the project on MagicEden is 16.19 SOL.
Conclusion
The ABC NFT collection has begun a revolution in the Solana NFT space, emphasizing the importance of transparency, community, and utility. It has come so far, and there’s no doubt there’s more to expect from the project.
