Below are the “most successful” NFT projects minted since the beginning of 2023. Selection criteria includes:

1. Projects must have at least 1K unique wallets minting
2. Free mints are excluded as the minter does not have to make a financial commitment/put skin in the game to express conviction in the project
3. Top 10% of USD value generated
4. Top 10% of NFTs distributed amongst minting wallets. Proxy to determine future flipping behavior. Theory: if someone has conviction about future value of a project and they only have 1 NFT, they are less likely to flip

Mint Activity

While “a KID called BEAST” generated slightly more in USD for its treasury than “BaseHeads”, the latter was able to distribute roughly 1700 more NFTs. Given all projects had approximately 1 NFT minted per minting wallet, this translates to wider distribution for “BaseHeads”.

Post Mint

While the “BaseHeads” project had the most NFTs minted, there was extreme flipping over the first two weeks which resulted in an average decreased sales price over time. While this behavior generated significant creator fee revenue week 1, creator fee revenue drastically declined over time. In contract, while “A KID called BEAST” did significant secondary sales, the average price strictly increased over time, suggesting the project was able to maintain traction and popularity with its target audience. As a result, cumulative creator fees for the project have steadily increased. While a smaller project at mint, “Hope” has seen relatively low secondary sales and fairly consistent pricing, suggesting the community has a strong belief in future value of the project.

In sum, “Baseheads” was a popular project at mint, but did not seem to maintain the hype and looks to have fizzled out over the first few weeks. However, a decrease in secondary sales may suggest that the flippers are now out of the project and the true believers are now holding. If avg sales price holds steady over time, it would suggest the project indeed has a loyal audience. Given the size of mint, amount generated at mint and secondary market performance, in our judgement, "A KID called BEAST” is the most successful project of 2023 thus far

*UPDATE: Since first creating this chart, top communities have changed with only “A Kid called Beast” remaining as a top collection. As analysis predicted both Hope and Baseheads fizzled and no longer meet the criteria to be deemed a top community