Bill Murray’s NFT Drop On Coinbase Provides A Blueprint For Future Celebrity Launches

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Bill Murray’s NFT Drop On Coinbase Provides A Blueprint For Future Celebrity Launches

What happened

Last week, in collaboration with the CHIVE online community and its branding subsidiary Project Venkman, actor and comedian Bill Murray successfully launched the first drop of his Bill Murray 1000 NFT collection.

The Bill Murray 1000 Collection consists of 1,000 NFTs consisting of 100 unique stories including anecdotes, observations, advice, memories, “Murrayism” and more. These real-life stories range from how Hunter S. Thompson saved Murray’s life to the day Murray met President John F. Kennedy.

The digital artwork depicts a photo-realistic yet surrealistic portrait of Bill Murray that matches the acrylic paint on canvas by artist David Grizzle. The team will auction physical artwork and Bill Murray NFT # 000 next month. In addition, the proceeds will be donated to several charities selected by Murray.

The collection offers specific utilities such as face-to-face events with Bill Murray, rare coins cast for the collection, exclusive merchandise, and membership access to The Shack, a Discord community full of other NFT owners. By doing so, you will activate the fans of Bill Murray.

In particular, this collection was the first publication of Coinbase’s plagued NFT Marketplace. The first sale was 82 out of 1,000 NFTs, each getting 1.5 ETH (~ $ 4,500) for a total of 121.5 ETH (~ $ 180,000). The sale date for the remaining assets has not yet been announced. Coinbase reported that it visited the Bill Murray NFT drop page more than 500,000 times in the first week and nearly 5,000 people were on the waiting list. Interestingly, over 60% of purchases were made by wallets that did not hold a previous NFT.

Broader context

As explained earlier, the NFT market was weak with a wider range of weak cryptocurrency and equity conditions. Celebrity NFT Drop performances haven’t been inspired either, and many projects haven’t been able to catalyze viewers and participate in sales.

Singer Chris Brown recently unveiled the Breezyverse NFT collection, a series of 10,000 3D animated NFTs with sound and visual effects implemented on the Ethereum blockchain. In addition, the project provided utilities specifically for NFT holders, including VIP concert tickets, behind-the-scenes passes, encounters and greetings with Brown, music video wardrobes, tour wardrobes, and video calls with Brown.

The Breezyverse project started on June 30th at a public mint price of $ 420, and so far only 748 (7.5%) NFTs of the entire collection have been mint, despite having 116 million Instagram followers. I am. The project team wanted to reach up to $ 4 million in primary sales, but could only raise up to $ 300,000.

WWE wrestler and actor John Cena called his own NFT project a “catastrophic failure.” Launched in August 2021 at a price of $ 1,000, the NFT kit sold only 37 units out of a total supply of 500. The NFT kit included a digital NFT and physical items such as autographed canvas photos, belts, hats, shirts, and wristbands.

Key player

Bill Murray-Popular movie star, writer, comedian

theCHIVE / Project Venkman-theCHIVE-An online community known for its irreverent content and product partnerships with celebrities such as Bill Murray, Chris Farley, Kevin Smith, Super Troopers and John Daly. Project Venkman is a technology and brand subsidiary of CHIVE, a leader in Bill Murray’s NFT Drops.

Coinbase NFT-20 Coinbase’s NFT platform launched in April 2010

Main quote

“Storytelling has energized our lives and businesses and is now energizing NFTs,” said John Resig, co-founder of Project Venkman at CHIVE and Atmosphere. But it was incredible to see this community, especially the younger generation, accepting Bill as it has always been. “

“This first Coinbase NFT drop and The Chive’s first member program exceeded all of our expectations. In order for the web3 industry to move forward, we need to bring in a new community,” said Gavin Gillas, CEO of Project Venkman. Stated.

“The most exciting part of this drop is that over 60% of the owners immediately joined Discord’s member chat. Most of the secondary transactions stayed at Coinbase NFT and the amount of secondary transactions by adding the drop. Shows that recruitment has been promoted. “

Key statistics

Coinbase’s NFT platform was confused with a trading volume of only $ 3.4 million from 9,700 users before the launch of the first primary drop. Conversely, over the same period, the leading NFT marketplace, OpenSea, achieved $ 6.2 billion in trading volume among 836,000 users.

Prospects and impact

Despite the failure of many early celebrity NFT projects, the Bill Murray collection suggests what, among other several successful drops, is a possible playbook for celebrities to leverage Web3. doing.

Prerequisites include a wide, enthusiastic, and convincing public figure with a predominantly digital audience, in addition to a combination of specific benefits such as physical items and experiences (live or virtual). included. You also need to build a community of Twitter and Discord, and do everything in your power to keep the community involved and grow on a Web3 native social platform.

For example, EDM artist Steve Aoki and rapper Snoop Dogg had early success through NFT drops. In partnership with Sandbox, Snoop Dogg has sold out all 10,000 units of his NFT avatar collection, The Doggs. Doggies represent playable avatars within the Sandbox Metaverse. Similarly, Steve Aoki’s A0K1VERSE Passport Collection offers a blend of real-world and Metaverse features and utilities. These benefits include pre-sale access to future Aoki NFT Drops, Metaverse Performance, free tickets to Aoki’s shows, and access to exclusive products.

Successful meeting of these criteria can also help an asset maintain its value after the initial decline. The minimum price for the Bill Murray collection is 14 ETH ($ 21,000), up + 900% from the selling price of 1.5 ETH. The floor price represents the cost of acquiring the cheapest asset to sell in your collection.

Finally, the Bill Murray collection could have benefited from a drop on Coinbase, the largest cryptocurrency exchange in the United States, with more than 9 million trading users as of the first quarter of 2022. NFT buyers who participated in the drop.

This phenomenon, known as “Coinbase Bump”, is well known in the crypto industry. This happens when new tokens surge in the hours immediately after listing on the exchange. In fact, the SEC has just requested an insider trading from a former Coinbase product manager. He and the two claim to have made more than $ 1 million in accomplices to the Front Run Token, which was about to be listed on Coinbase. However, long-term performance is uneven, as most assets eventually settle into price equilibrium. I still don’t know what will happen here.

Decision point

Users trying to participate in the drop are a good way to track activity and engagement on social platforms, as it is the most direct indicator of the success of a project. The top two social platforms that NFT projects are using to grow their communities and drive discussion are Twitter and Discord. Trading volumes can also be a good factor to consider, as liquefied projects suggest a healthier trading market than illiquid assets.

Finally, it’s important to track how “coinbase bumps” are applied to NFTs. Sometimes it’s wise to buy an asset at launch, but if you’re considering holding it for the long term, it’s worth waiting for the first hype about your project to settle.

Editor’s Note: The content of this report should not be considered financial advice.

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