Participate in the raffle for Sugartown NFT!
Sugartown
Expired
Progress mission: 0 of 3
Expired
Rewards
Reward Results
$150 $670
Details
Minimal cost
Free
Time required
5 min.
Category
Raffle
Rating
7/10
Risk
Low
Deadline
2023-09-13
At the day of the launch, the floor price on OpenSea/Blur reached 0.21 ETH, which is equivalent to $350.
The collection sold out. The minting process didn't go to the public phase, as the collection sold out during the phase where raffle winners could mint.
The mint price was free. On the launch date, the NFT started selling on the secondary markets with the average sale price hovering around 0.1 ETH or approximately $150, for it to later reach $350. Within the week after launch, the Sugartown NFT reached an ATH of 0.41 ETH, which is equal to $670, given the current Ethereum price of $1630
Therefore, the net profit from an average sale, after accounting for gas costs, was around $410.
Pros & Cons
Why is it worth it?
Backing
- the Sugartown project is backed by a big gaming company (Zynga), which has been valued at $12.7B, meaning that there are a lot of resources to develop the project.
Price
- the mint price for Sugartown is free, making it accessible to anyone
Raffle
- to participate in the opportunity, you only need to join the premint raffle, which doesn’t require a lot of time
Risks to consider
Unknown supply
- the supply is unknown and should it be high (>10.000), it may impact any potential financial gain
NFT market volume
- as of August 2023, there isn’t a lot of volume in the NFT market, which means that even a good project might have trouble achieving a decent floor price
How to participate?
As of August 2023, the NFT market has been awaiting a promising project and Sugartown can fulfill those criteria.
It is being developed by a giant Web 2 gaming company Zynga, which has been valued at $12.7B.
With such an entity behind the project it will have a lot of more resources compared to projects without such backing.
Additionally, the Sugartown NFT will be a free mint reducing any risk. The time required to participate is also low as you only need to join the premint raffle.