Following the recent series of projects on the NFT Storytelling trend that has been causing FOMO recently, RENGA NFT is a name not to be missed with the floor price that has sometimes touched 3ETH in such a gloomy market context. A quality team with many speculations backed by the "big guys", what is the potential of this NFT collection? Let's find out with Holdstation through the following analysis.
To better understand what NFT Storytelling is and its potential, you can read the following analysis: Storytelling NFT - New Trend To Build The Metaverse?
Another notable NFT Storytelling project you might like: What's Behind the "Hot" NFT Storytelling Collections Today? (Part 1) - KITARO NFT
RENGA NFT Ecosystem
- Twitter (75.5K Followers): https://twitter.com/RENGA_inc
- Official Website: https://renga.app/
- Discord (27K Members): https://t.co/BKnFL0z6hP
- OpenSea (16K ETH Volume): https://opensea.io/collection/renga
What is Renga NFT?
“In its purest form, RENGA is art and the art of storytelling.”
In the style of Japanese Manga/Anime mixed with streetwear and futuristic, RENGA - created by Dirty Robot, an illustrator and manga artist - has created a fever in the NFT world as soon as it was released in August 2022. A collection of 10,000 PFPs of hand-drawn characters with distinct identities and will be a core part of the vast Renga story ecosystem.
The name "Renga" (連歌) is inspired by the Japanese genre of cooperative poetry, in which one writer begins with the stanza "5-7-5" and is followed by a second writer with the stanza poem "7-7", the cycle continues until the work is completed. Thus, RENGA also follows the concept of Renga poetry, DirtyRobot has sketched the first part of the story to create a plot from which the creative team and the community together develop as well as uncover the mystery of their characters, forming a unique universe.
Each character is a combination of many attributes with 11 different archetypes.
A set of heroines, the Delinquents, is said to be connected to a network of gangs. This fearless group and their various associations are a multifaceted group known as the Guardians of the Playground.
These riders compete in the biggest race in the world every year - The Flying Circus. Rumour has it that some former champions are recruited into the criminal organization to work as drivers to carry out missions.
Double Agents are cunning masters of espionage and secrecy. They usually work with the Intergalactic Star Federation. Supposedly doing good things, very few people know about their true goals.
Originally created as guardians of an ancient city, they are peaceful creatures. Time has caused the numbers to dwindle, and only a few survive to this day. These gentle creatures are often altered in shape and position to carry out an Alchemist's bid.
As a powerful archetype, the Alchemist is capable of performing magic, one faction trying to advance the arts while the other side utilizes their skills with an evil nature.
At the top of the hierarchy are assassins and mercenaries. The world of ninja is covered in secrecy and mystery. Very few people escape their hands of spreading misdirection and misinformation. However, a rumor that one of them is trying to break a curse of suffering has spread.
The Samurai are warriors. Each of them is a member of a clan. The only governing principle is their devotion to the sword. While many clans fight each other for supremacy. It is believed that there is one who stands above the rest both in strength and in swordsmanship.
A conduit for the Black Box, the soul of CUBE, assumed to be physical appearance. Their expression ranges from cruel person to benevolent person, they are as mysterious as the boxes themselves.
The Robot Army was created to fight in the Great War. These machines were decommissioned and abandoned to rust in a place known as the "Techno Graveyard", where those are looking for parts.
The black box infected the rhythm video game. Replication is like a virus, it spreads from one console to another and infects the entire network. It rewrote the code of what would be called 8-bit and assumed control of the virtual world, shaping and molding it to its own desires.
These are individual instances with the highest rarity in the collection. As far as construction goes, each character in the NFT collection will be the key to everything that leads to the RENGA ecosystem.
Talented artists and the team of RENGA NFT
The project was built by Daniel Isles (@DirtyRobotArt) - an Illustrator and Comic artist from Japan - who has many years of experience in the field of story creation. Before entering the world of web3.0, Dirty Robot wrote the manga series Mister Miracle: The Great Escape and Joyama - published by Dark Horse, one of the 5 largest Comic Book publishers in the world.
⇒ Danile Isles' expertise in comics will be a solid foundation for the project to grow long-term and create value.
For NFTs, the artist is the "father" of a collection worth tens of thousands of dollars - The Art of Seasons (TAOS), a full collection of dynamic visuals over four seasons Spring Summer Autumn Winter. Released in March 2022, TAOS marks Daniel Isles' first successful milestone in the NFTs market.
There are also a number of other members such as Tails, Ben, Steven, Myke Forte, Garr,... One more remarkable point is on the Renga.app homepage appeared with the words Powered by WENEW - the NFT company co-founded by "big names" Figge, Beeple, and Guy Osheary and is currently developing 10KTF - a project creates derivative NFT collections and has a partnership with Yuga Labs,... and is invested by FTX, Animoca Brands, Digital Currency Group,...
Not only that, the character Renga appeared in the Wagmi-san Twitter Trailer (a famous craftsman who runs 10KTF).
⇒ Although never officially confirmed, it is highly likely that these two ecosystems are linked. This is a powerful catalyst for later growth and sets the stage for joining the 10KTF Metaverse universe.
A minus point in the community development stage of the project team is that the frequency of AMA sessions is almost zero, so it can make it difficult for the community to grasp the progress and vision of the project.
Currently, the project has not revealed much information about the upcoming development roadmap. In the immediate future, it is still in the process of revealing the final pieces of RENGA NFT. The Renga team is still secretly building, so they can bring as many surprises as they do with the TAOS NFT project.
Mysterious Black Box and the operation model of RENGA NFT
The maximum number of Renga characters can be up to 10,000. However, currently, only about 7,900 have been revealed. This is because the team has applied a unique Burn-to-Mint mechanic to the relationship between Black Box and Renga Character.
Each Black Box corresponds to a Renga character of a random archetype with different attributes and contains information about RENGA's past, present and future.
In mid-June 2022, TAOS NFT holders unexpectedly received the Black Box airdrop - this collection once promised certain rewards but no one thought it could be worth this much. ⇒ This raises expectations for such an unexpected airdrop/retroactive event to happen with RENGA in the future.
There will be 10,000 Black Boxes initially, 2,500 of which will go to the lucky premint raffle and the rest airdrop The Season of Arts holders. 9,401 are "Black Boxes", a few others will be rarer and give the owner 1/1 NFT when minted. As boxes are burned, their supply decreases, while the supply of Renga NFTs increases. Apart from the gas fee, there will be no additional fees to open the box (Burn).
Currently, the floor price for a standard Renga Black Box is around 3.1ETH on secondary markets like OpenSea or Lookrares.
On-chain data analysis
NFT Renga Character
It can be seen that the floor price of Renga NFTs is correcting strongly after peaking at 3.9 ETH on October 2, as well as due to the general influence of the whole market. Currently, the floor price of the collection is around 1.6 ETH, but there are still Renga sold at around 2 - 2.4 NFT depending on the rarity and demand of the buyer.
Since the strong increase, the collection has also received a certain amount of attention from the cash flow of Smart Money investors as assessed by Nansen, most of which are Smart NFT Holders with a total of 16 wallets out of a total of 35 Smart Money wallets investing in the project.
Up to 92% of wallets hold Renga NFTs from 7 days to over 30 days, compared to 44 days since the project was launched, it seems that most of them are investors. invested in the project from the early days and are making profits or know when the project peaks.
However, most wallets hold a large number of NFTs from the collection, and after taking profits (Most wallets last out about 7~13 days before the collection price increases sharply), these do not take any action or buy more.
The price of Renga NFTs for sale on the platforms also shows the long-term optimism of investors in this project. With 1090 NFT Renga is being offered for sale with a price range of 3.2~16 ETH.
NFT Renga Black Box
The floor price of the black box NFTs is also experiencing the same situation as the whole collection, but the burning rate is still quite stable, currently there are only more than 2000 NFT Renga Black Box in existence on the market. Making the scarcity of these black boxes increasing.
We can also see that most of the Blackbox Holders hold a large amount of NFT, most of them are rich investors (we can see the appearance of Smart Money, ETH Millionaire, Token Millionaire wallets and they are also holding. holding other Bluechip NFTs like MAYC, Azuki,...) most of them have been stocking up on Blackbox since the collection was released and there was almost no profit taking even when Renga peaked in early October. (Last Out 117 days ago).
Elsewhere, Smart Money wallet 🤓0x🌊.eth, a wallet that used to hold 32 NFT Renga, after taking profit about half, bought 9 more NFT Kitaro - one of the NFT Storytelling collection is also hot recently, and was mentioned in the previous post.
What's Behind the "Hot" NFT Storytelling Collections Today? (Part 1) - Kitaro NFT
Thus, through the above analysis, it is possible to see the potential of the RENGA NFT collection with a professional team backed by a potential organization, impressive drawings, a plot and a elaborate concept-building process. dual. Currently, although somewhat affected by the general market situation, the project support community and developers are still active. The project is still in the early stages and the roadmap has not been revealed so this may be a good time to invest in the Renga collection, especially the Black Box because the supply will gradually decrease.