Nakamigos NFT Prices Dip 15%, Despite Its Creator Launching More New NFTs

Updated: 22 September 2023

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HiFo Labs, the digital asset firm and the team behind the popular Nakamigos non-fungible token collection, has launched its highly anticipated NFT collection. Despite launching its much-hyped NFT collection, the price of original Nakamigos is down 15% in the past 24 hours. In this article, we shall explore what went wrong with the launch.

Nakamigos Launches A New NFT Collection

In a September 12 blog post, HiFo Labs announced plans to launch a new non-fungible token collection dubbed Nakamigos Cloaks in the ecosystem. The Public Mint for the new NFT collection began September 21 at 4:00 p.m. ET with a minting price of 0.05 ETH. Remarkably, the NFT collection has sold out in less than 24 hours.

CLOAKS are sold out!

Official OpenSea collection:https://t.co/kcFLxQ2AmT pic.twitter.com/uhy44Q8DOg

— Nakamigos (@Nakamigos) September 21, 2023

Established sometime in 2021, HiFo Labs is a digital asset incubation studio that claims its team has been producing NFT and digital projects for the past five years. The digital asset firm came into the spotlight earlier this year after launching its Nakamigos NFTs.

The NFTs in the collection are 24×24 pixelated characters, which resemble the NFT Collection called CryptoPunks. The name “Nakamigos” is derived from the pseudonymous founder of Bitcoin, Satoshi Nakamoto, as it represents “friends of Nakamoto.” It has a limited edition of 20,000 NFTs hosted on the Ethereum network.

HiFo Labs is back in the limelight with another brand-new NFT collection. Like the original Nakamigos NFTs, the new Nakamigos Cloak NFTs involve 20,000 Nakamigos characters of “human-like characters and wolves.”The new NFTs feature three NFT tiers: Warriors, Knights, and Archers, all with different rarity levels.

Each human-like character is also a member of one of seven clans – Water, Sky, Earth, Steel, Crystal, Fire, and Darkness. These “Main Characters” also can take on unique forms – Undead Reaper, Possessed, or Android (Good or Evil). Archers can appear in Wild form, while Wolves can appear as Grey Wolf, Forest Wolf, Mountain Wolf, or an Arctic Wolf.

Nakamigos Prices Down 15% – What Went Wrong?

Despite HiFo Labs adding a new NFT collection to its ecosystem, its flagship NFT collection, Nakamigos, has continued to tank. In the past 24 hours, the NFT collection has attracted a trading sales volume of just 64 ETH. This NFT collection has dipped 15% in the past 24 hours.

Source: CoinGecko.com, Nakamigos trading activity

The Nakamigos NFT team has seen its community members expressing skepticism about the new project’s overall value and utility. They argue that introducing another NFT collection has diluted the project’s supply, similar to what happened with Azuki and its latest collection, Elementals.

Nakamigos has decided to repeat the experience of DeGods S3

What is the essence of the "DeGods effect"? 👇

1) Publishing news that will undoubtedly receive a huge amount of hate

2) Changing the plan

3) Implementing an actual change that will be better than the first one

4)… pic.twitter.com/W0iKMoKRzl

— juke.eth 🦋 (@jukeweb3) September 14, 2023

In June, Chiru Labs, the digital asset incubation studio and the team behind the popular Azuki NFTs, launched its Elemental NFTs. The most hyped NFT collection went contrary to the expectation of many collectors as many NFTs appeared similar to original Azuki NFTs. At the time, the controversy left Azuki NFT floor prices dropping more than 50%.