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- 1 NFTrees were created in Feb 2021 on the Ethereum chain.
- 2 It is a collection of 420 randomly composed trees that comes with gameplay utility.
NFTrees represent trees digitally and are basically cryptographic tokens on a blockchain. It can’t be duplicated. It can be placed in the game world, growing its own fruits which can be sold to other players.
The user has an individual right over the tree. After creating an account a free NFT tree is provided. It has specifications like the location and type. The NFTree token represents the condition of a real tree over the course of its life. To trade the NFTree bidding system will be implemented where users can set the lowest price and buyers can bid within a set timespan.
Recent Market Analysis of NFTrees
It has a total volume of 4,184 ETH and a floor price of 6ETH. There are 183 owners for 1 item, 44 owners for 2-3 items, 20 owners for 4-10 items, 2 owners for 11-25 items, and no owners for 26-50 items.
The lowest price of this NFT is 6ETH for Nftree #48 and the highest price is 48ETH for Nftree #236. The recently listed NFTs include Nftree #48, Nftree #87, and Nftree #281 for 6ETH, 27 ETH, and 12.69 ETH respectively.
NFTrees has a market cap of 1.46K. The traders and holders of 7 days chart show that there are 248 holders with one buyer and one seller on July 5, 2023, while there are 249 holders on July 11, 2023. There are two buyers and sellers on Jul 8, 2023. There are 4 whales and 75 blue chip holders of these NFTs.
The chart of the holding period before the first sale shows that there are 81 NFTs whose holding period is less than 24h which accounts for 19.29%, 36 NFTs that are held between 1 to 7 days and which accounts for 8.57%, 35 NFTs hold for a period of 7 to 30 days accounting 8.33% and 30 days and 3 months accounting for 3.81%, 141 NFTs which are held for 3 months and 1-year, accounts for 33.57%, and 31 NFTs which are hold for more than 1 year accounting for 7.38%. There are about 80 NFTs that are never sold which accounts for 19.05%.
Summary
One of the biggest challenges with NFT is determining the price of the NFT. The price of NFT depends on the originality, uniqueness, and scarcity of buyers and owners. NFTree solved this problem by recommending the price. With a physical tree linked with a digital NFTree token, a more concrete item is there to base the price. This project aims as an initial step towards this new revolution that focuses on sustainability.
The evaluated price of the tree is also included which depends on the location, age, weather, and size to provide a reasonable ground price. This price is just a suggestion, the real sold price will depend on the users.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
