Investors are willing to pay high prices for NFT copies of many artists’ and entertainers’ digital products, and this new starting point has reaped significant benefits.
LGB (Let’s Go Brandon) contains tens of thousands of samples that, according to its creators, represent prosperity, liberty, and the spirit of “‘merica.”
A mysterious team tells the story of how it managed to put together the whole collection in the middle of the night. As with Bitcoin, Ethereum, and other successful past initiatives, the project will primarily rely on its newborn community on Discord to grow.
What Impact Could This Collection Have on the Market?
It is always tricky to estimate how a new art collection of NFTs may impact the industry. The success of this technology in 2021 was remarkable, but not all NFT collections managed to collect millions of dollars.
If we were to look at the project with a neutral spirit, we would still need to underline several qualities of the whole work. For example, the team appears correct when it claims that the internet does not offer, as of today, a “Let’s Go Brandon” NFT collection with as many pieces like this one (at least not in a pixeled form).
We do not know yet the names of all the “Brandons” composing this OpenSea collection, but we should receive more information in the coming weeks. What we know is that the artists will let five days pass between each sale announcement.
Those who are not familiar with NFT sales should know that, sometimes, these rounds are tough to join. Artists tend to put their artworks on sale for a limited amount of time, which may require buyers to act quickly if they wish to add NFTs to their wallets.
Can NFTs Offer a Recurring Source of Income?
One of the most appealing features of the blockchain industry is its ability to generate income for passive users. Because of its reputation as a volatile market, passive income has piqued the interest of many risk-averse investors who had previously avoided it.
The Let’s Go Brandon team decided to join this trend as well. The artists promise to reward with a 10% bonus on all system transactions any trader owning four or more NFTs in their wallet.
The Team Wants Investors to Hold NFTs
In a frenetic market such as the blockchain one, it may be tempting to buy NFTs and sell them right away at a higher price. The team prefers to discourage such a short-term speculative approach by giving benefits to anyone holding NFTs.
Besides paying revenue to those holding at least four Brandons (see the dedicated section), the team will share initiatives to enlarge its community. For example, some ultra-rare NFTs should become available during special events, and investors may merge two Brandons to obtain a new NFT.
It will undoubtedly be intriguing to observe how the market will react to the launch of this new collection. As we have already mentioned, not all NFT collections manage to sell for millions of dollars, but some of them can achieve this result.
Let’s Go Brandon will soon go live with a humorous take on the political world, and we’ll keep our readers updated in case of new developments on this initiative.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.