Still remember NFTs? The price of the new project has surpassed Bored Ape Yacht Club!

The NFT on Robinhood has been receiving more and more attention, with the most direct catalyst being an interaction between Robinhood CEO Vlad Tenev and a tweet from beeple.

NFT has been in a slump for a long time, and beeple is one of the very few people who can still have a boosting effect on NFT assets, giving off a feeling of "whatever beeple draws, goes up." In the tweet above, Vlad appears as a savior of NFTs, holding Cash Cat, with the caption "Robinhood is saving NFT." Vlad then replied, "Someone's gotta do it."

As the "second main character" in the image, the floor price of the Cash Cat NFT series has surged to around $660, a 5x increase in 2 days.

Prior to Vlad's tweet as this direct catalyst, StonkBroker, the Robinhood-native NFT flagship, saw its floor price break above 13 ETH (approximately $25,000), which is still holding strong at 11.75 ETH. In terms of individual NFT prices, this series has surpassed BAYC, and its total market value once exceeded $100 million, surpassing various old-school blue-chip NFTs like Pudgy Penguins and Milady.

Has NFT truly seen a revival on the Robinhood chain? How can one quickly get started in this long-forgotten track?

meme Coin/NFT

Pairing a meme coin with an NFT series is the first type of Robinhood NFT project category worth mentioning in this article. In addition to CashCat, projects like $HOODRAT have also released complementary NFT series. Moreover, this was directly organized by the meme coin's team, so there's no need to worry about community recognition. However, $HOODRAT currently has a market cap of only around $3 million, making it challenging for the NFTs to see significant price increases.

At the beginning of the article, we mentioned the Cash Cat NFT. Although this NFT series does not come from the official Cash Cat meme coin, after Vlad's tweet, it had three imaginative reasons for a short-term logical:

- Currently, the market cap of $CASHCAT is approximately around $150-160 million, based on the recent floor price high of $660. The corresponding market cap of the entire NFT series is only $6.6 million. If $CASHCAT's price can continue to remain stable, or even break new highs and continue to rise, then the NFT's price will become even more cost-effective.

- What if Vlad changes his X profile picture to a Cash Cat NFT?

- Although it's not done by the $CASHCAT team, it's not unheard of for a successful meme coin to spawn a successful example not from the original team. The most typical example is $SPX6900/AEON, with AEON having once reached a market cap of around $25 million, corresponding to a floor price of about $7,500.

After a short-term FOMO, the Cash Cat NFT's floor price has dropped to around $375, which is considered a normal pullback. It will still be a key NFT series on the Robinhood chain in the future, but this highly depends on the height of $CASHCAT and whether it can gain wide acceptance from the $CASHCAT community.

So, projects of this nature should be tracked from two perspectives:

- Coins that perform well and have a meme image, like the recent significant surge in $hmm on Pons. If it can withstand the current substantial pullback, the NFT will also attract attention, but it's hard to say which series.

- NFTs led by meme coin projects or related meme coin NFTs that have already surged in price. Pay attention to the price trend of the meme coin itself and observe whether the corresponding NFT odds are appropriate.

StonkBroker Series

The current top 3 ranked NFT series by floor price are all part of the "StonkBroker Series."

StonkBroker's coin itself has a very high market value. It follows a tokenomics logic, and you can refer to our recent article analysis on BlockBeats:

"Is StonkBroker Undoubtedly Robinhood Chain Dragon II?"

Chain Mancers and Yardkeepers, collectively referred to as the "StonkBroker System," have 3 key characteristics:

- Both have participated in StonkBroker's Anvil NFT AMM, and both NFT series are composable

- Neither series consists solely of images; Chain Mancers aim to build a DEX, while Yardkeepers aim to establish a cross-chain optimal route for RWA assets. Holding their NFTs allows participation in the protocol in some way, essentially earning rewards

- StonkBroker has designated them as Special Projects because both have some protocol revenue flowing back into the StonkBroker ecosystem

To simplify the above 3 points, they both claim to be working on real-world projects, have some level of endorsement from StonkBroker, interplay with composable assets, and offer NFT rewards. Therefore, the current hype is more about the projects' implementation progress and revenue potential rather than mere speculation, with everyone viewing them as small-cap projects within the StonkBroker ecosystem.

Regarding the current price and the odds, it's up to individual perspectives. As for whether this opportunity can be early-mover advantage? It can be. Pay close attention to StonkBroker's official announcements and community discussions to see what they are working on. However, seizing such early opportunities also comes with costs. Chain Mancers require burning a specific token and NFT in exchange for whitelist access, while Yardkeepers conducted a public sale using the Anvil NFT AMM, essentially dumping all the tokens into the pool. If you want to participate, you'll need to buy tokens to swap for NFTs. This scenario is akin to a public sale, making it challenging for early-bird investors to enter at a low cost.

Senior Entrepreneurship

Pudgy Penguins co-founder Cole Villemain was removed from the project through a community vote in January 2022. However, in the early hours of this Tuesday, he launched a 44,444-piece NFT series called Spritehood on the Robinhood chain, which sold out in less than an hour. Based on on-chain transaction data, the revenue generated from this NFT minting event is approximately $1.28 million.

The Saudis, a vintage 2022 Saudi-themed project, used to be worth over $2,000 each at their peak. However, starting from 2024, their value plummeted to below $200, remaining relatively stagnant for a long time. When news broke out that they were launching a new project on the Robinhood chain, their value surged by 3x, skyrocketing from $100 to $440 instantly.

In addition to the two projects mentioned above, many veterans and old projects are also ready to make a splash on Robinhood. For example, Pizza Ninja, who was previously in the first tier of the Bitcoin ecosystem, meme artist @boldleonidas, and others. As for Chain Mancers and Yardkeepers mentioned earlier, they are not newcomers to the scene but rather familiar faces.

In my opinion, if the minting price is right, then with the current interest in NFT assets on the Robinhood chain, it is viable for veterans to bring in new blood. The existing traffic from veterans and the original support from old project communities provide a foundation for the project in its initial stages.

However, many times when you see information, old projects have already pumped just because everyone rushed to participate in the whitelist, and at this point, it is difficult to determine whether the risk-reward ratio is still favorable. These types of projects may very well bring the NFT space back to the situation of mint whitelisting frenzy.

Conclusion

Lastly, it is important to note that for players who were not previously active in the NFT space, NFT liquidity cannot be compared to meme coins. It is highly possible that while the floor price may seem cheap, buying in bulk, and then when it comes time to sell, setting the floor price may not result in quick transactions, leading to high slippage when accepting offers.

For this reason, assets like NFTs are unlikely to mimic meme coins where one could invest thousands of dollars early on or increase their position significantly, especially for NFT series with a total supply of less than 10,000.

Overall, Robinhood NFTs have recently garnered attention, but they have not yet produced the kind of high-profile market targets. StonkBroker is considered, but its coin-to-chart ratio attracts much more attention. To reach a conclusion on whether there will be a wave of NFT trading on the Robinhood chain, I believe further observation is needed. We need to see more attention-grabbing events driving the market or witness a project (purely NFT) outside of the coin-chart gameplay reach greater heights.