The next Bored Apes? 5 reasons why the KB24 NFT can follow suit
NFTs have become synonymous with the selling of Digital Art, but skeptics would argue that NFTs are just a bubble. However, collectors and investors are piling in record numbers. Before even launching, there is already a great deal of hype surrounding the soon to be launched KB24 NFT Collection in honor of Kobe Bryant and his daughter Gianna. To get into the presales list, you can head over to KB24.com and join Discord to stay up to date. Before we dive in at the reasons why we think KB24 NFTs will be successful, here is a brief explanation of what NFTs are.
The KB24 NFT team
The KB24 NFT is a combo of Kobe fans and serial entrepreneurs rooted from Los Angeles natives, Andy Treys and Sako Waves, who were recently able to purchase the domain only months ago in a secondary auction. They shared via their Discord that their purchase of KB24.com was not inexpensive, but they pulled the trigger “without hesitation” with the idea of “restoring the integrity of Kobe’s official website”, their official Discord server also states that a NFT release was not their initial intention.
Andy and Sako are viral marketing experts who have their hands in various industries. The duo dropped all current projects and temporarily moved their team to San Diego to avoid any distractions, this means that they are fully focused on making the KB24 NFT reach its highest potential Once they got settled in, they knew they needed to get more help, extending invites to their business partners from their other projects, David Bullock, Omkar Ganesan, Roman Royale, Vatche Ourishian, and Erin Zadoorian creating a superteam of marketing and data experts.
The newly formed superteam started to reach out their contacts across their respective industries, ranging from celebrities to high level individuals at notable companies to ensure they have everything lined up for the KB24 NFT launch. The KB24 further expanded their team by adding Tory Waligroski and Elijah Steen to manage the development and design of the NFT.
What are NFTs?
NFT stands for Non-Fungible Token. Tokens are usually used in cryptocurrency transactions and can be exchanged between currencies in accordance with a rate of exchange. NFTs however are not interchangeable. Each NFT is unique. There is not a single other identical NFT. They are used to confirm and protect the authenticity, origin and ownership of the art work or item they are assigned to. They are publicly tradable and can be exchanged for any cryptocurrency.
Mamba & Mambacita Sports Foundation
The KB24 NFT announced last week that all revenue generated from the sale of the KB24 NFT will be donated to the Mamba & Mambacita Sports Foundation in perpetuity, potentially raising millions of dollars for the charity for generations to come. Here are five reasons why KB24 NFT collection can be the next big one:
- The Legend of Kobe Bryant
- Kobe Bryant and his Legacy
- KB24 and the Media
- NFT Surging in Demand
- Proof of Concept: CryptoPunks and Bored Apes.
Kobe Bryant is a basketball legend – KB24 NFT can be a NFT legend
Kobe Bryant’s legend will attract global interest from fans and investors alike. He was an all-star basketball player who led the LA Lakers to five championship wins in his 20-year career with the outfit, who deemed it fit to retire jersey number 24, Bryant’s player number, when he retired from the game. His patented slam dunk is legendary and he is regarded as one of the finest players ever in the NBA. The memorabilia will be coveted as keepsakes by devout supporters or for it is future value by those seeking to profit. In either case, the KB24 NFT Collection is thus bound to fly off the virtual court.
The legacy of Kobe Bryant and KB24
Kobe Bryant’s legacy is his philanthropic work in the communities in Los Angeles and Orange County and indeed across the world. He donated his money and, perhaps even more importantly, his time. Hence the KB24 NFT wants to preserve his legacy by supporting the foundation. Bryant’s legacy adds what other NFTs don’t have, sentimentality. Buying something knowing that you are helping a good cause adds a feel-good factor which is an incentive to buy on top of the “show and tell” bragging rights as well.
KB24 NFT can dominate the media
In the midst of all the negative COVID-19 pandemic headlines, the media is in desperate need of good news stories. Unlike companies and investors buying and selling NFTs to boost their bottom lines, the proceeds generated by the sales of the KB24 NFT collection will be used for altruistic purposes. The media is naturally attracted to goodwill and fairly unusual stories. The beneficiaries will also be under the media spotlight. The Mamba & Mambacita Sports Foundation will be the recipient of the proceeds but will be more like a guardian. The beneficiaries will be those that the foundation seeks to serve which are young, disenfranchised and disadvantaged athletes, especially female athletes, striving to reach the top. This story is a fountain of good news stories for the media and will be dominating headlines.
Proof of concept
If anyone needs proof of the commercial success of combining NFTs with digital art and memorabilia, here are two very good examples.
Case study: CryptoPunks
The estimated total sale value of CryptoPunks so far since inception is estimated at around $ 1.31 billion. CryptoPunks are actually arbitrary, computer drawn, pixelated pictures of “people ” or characters. There are ten thousand of them. Each one now has an exclusive owner. The current lowest price of a CryptoPunk available for sale is 99.9 Ethereum (ETH), which converts to over $ 361 000.00. This is all just because people like them and a fad developed. The creation of CrytoPunks has been credited with being the pioneer of the modern CryptoArt movement. If such randomness can create such a value and concomitant returns, the KB24NFT Collection, which has intrinsic value, should do very well.
Case study: Bored Apes
This could be a case of ‘from the ridiculous to the ridiculous,’ as the only sublime part is the fortuitous success that the Bored Ape avatars have enjoyed. These avatars are “warholic”, comic book representations of apes with human characteristics. Launched as an NFT ostensibly for people to gain membership of the Bored Apes Yacht Club, they went on sale at $200. All ten thousand sold out on day one and their value has more than tripled. There is no famous name or celebrity endorsement associated with them. Their appeal has no intrinsic basis – people just like the pictures and favour being part of a limited community. Consequently a passing fancy became an investment opportunity. If price is a function of value, then the pictures are clearly valuable. The valueless, apart from bestowing club membership, is now valuable
Demand for NFTs
NFT sales surpassed $2 billion in the first quarter of 2021. Oceansea, the platform of choice for the trading of NFTs, saw NFT trade in excess of $4 billion alone in August 2021. This is impressive given that the NFT market was only formally established in 2017 with a market turnover of $250 million. The biggest NFT deal to date saw a single piece of digital art change hands for $69.3 million.
KB24 NFT collection is a slam dunk
By all accounts this will be a successful endeavor. It has the right mix of intrinsically valuable collectable items, sentimentality, good will, media interest and it can build on the success of less worthy NFTs. The true delight is that Kobe Bryant’s legend and legacy will continue to be remembered through the work that will carry on in his name, all of which could be seen as his greatest ever slam dunk.
Story by KJ Smith