The “Game of Thrones” official NFT collection, dubbed “Build Your Realm,” has totally sold out on Nifty’s NFT marketplace barely seven hours after its introduction yesterday.
Because of the show’s success, the strong demand for these collectibles may have been predictable (and its new spinoff series “House of the Dragon”). However, many people are now comparing the collection’s art to the eighth season of the HBO series: a massive letdown.
The collection’s first series, announced in November, is a collaboration between Nifty and Daz 3D, a digital production company that designed and developed the non-fungible tokens (NFTs).
Each NFT, which is minted on the Palm blockchain—an Ethereum-compatible sidechain developed specifically for NFTs—includes various elements from the “Game of Thrones” universe, allowing collectors to create their own distinct realms and avatars.
The NFTs were distributed through a presale of 3,450 Hero Boxes followed by a public sale of 1,500 Hero Boxes four hours later. One Hero Avatar, three Story Cards, and nine Resource Cards are included in each Hero Box, which costs $150 (0.11 ETH).
Delays in minting and mocked art
The NFT launch has been marred by two issues: problems with the mint and mockery of the comically bad avatar designs.
Nifty announced that it had “temporarily paused the queue” due to congestion, assuring buyers that their purchases would appear soon or would be refunded.
One Twitter user claims to have waited an hour only to learn that minting will take another 2.5 hours. Another claimed that the floor price had already lowered by the time they received their NFTs. The floor price of a collection refers to the lowest price for an NFT inside the collection that may be purchased instantly.
While concerns with minting and distribution are usual during the debut of a project, the more prominent critique relates to the visual appearance of the avatars—specifically, the bizarre hands.
“ This Game of Thrones NFT collection is just like the last season of the show,” wrote Justin Taylor. “No creative vision and terrible,” Justin Taylor remarked.
Despite the criticism, other observers believe that the roasting could be beneficial to collectors.
The NFT collection for HBO’s enormously popular fantasy series is simply the most recent example of NFTs breaking into the public.
Former President Donald Trump released a collection of 44,000 NFTs last month, which sold out in less than 24 hours. Those who bought in President Trump’s effort into digital collectibles, however, have watched the floor price of their NFTs collapse following the initial euphoria.
The overall NFT market has increased in the last month, with many of the top ten collections, such as Bored Ape Yacht Club, Bored Ape Kennel Club, Azuki, and CryptoPunks, showing double-digit gains in 30-day trading volume.
However, if we zoom out and look at the NFT market over the last two years, we can see that trade volume is still a fraction of what it was in late 2021 and early 2022.