IOI
New projects continue to emerge each day, each bringing something new to the table. As per the description, it’s The N Project, which uses random numbers that are stored on a chain.
Black background with random numbers
Non-fungible tokens have been a major topic of our writing, namely whether or not they’re currently bubbles. The perception of NFTs makes it hard to identify whether or not this is bubble-like behavior because a user may buy an item based on its subjective value.
NFTs – digital objects with verifiable scarceness, a trackable genesis and overall cycle on-chain, impossible to counterfeit, and so on, have a strong case to be made. As for some of the currently bestselling NFTs, their value is another matter altogether.
It will only take time to tell whether the latest daily hyped projects like Ether Rocks, Punks, Apes, or whatever else is being touted are really worth investing in or just a way to make quick money off them.
The fact is we come across new projects every single day, and their ideas may be so abstract that most people would have a hard time justifying spending $6.5K on a single NFT.
There are 8,888 NFTs that were generated by the “N Project,” each with 8 random numbers displayed on a black background. There is obviously more to it than this. In the sequence, each number has a random chance of appearing, and 0 has the least chance of appearing than any other number.
What Is The Reason People Are Paying Top Dollar To Own Numbers?
OpenSea is offering the entire collection, and its floor price currently sits at over 2 Ethereum. Nevertheless, there are some NFTs that sell for around 1.75 ETH, approximately $6.55K at the time of this writing.
We examine a tweet by Danial – a researcher at 0x – to see why random numbers on a black background sell for this price.
First of all, this is what the probability of minting each number looks like:
On the NFT, the 0 is supposedly the hardest number to get, and getting one would raise the valuation substantially. The researcher explains his high regard for the project at hand in the above thread.
This project is compared to Loot – an NFT project also incredibly popular. User input points are replaced with random words or phrases, themed into worlds that are pitched by creators, in order to create digital roleplay environments, games, etc.
The N Project uses a similar approach, but the concept is stripped down to the bare essentials – numbers. Users have the ability to change these numbers however they see fit – the project itself mentions this. As Daniel explains, they are sometimes used for digital passports, games, and DAOs. Akin to “an element of what you’re creating,” they can be considered “something you’re adding.”
Ultimately, the value of the project boils down to the community around it, seeing that its use cases are potentially unlimited.
Those who understand technical jargon might understand all of the above, but the average Joe might not. Most people look at these numbers and see just a black background, nothing more, nothing less. A possible argument might be made that all revolutionary ideas are initially resisted by the masses. Are these numbers going to become something more? Are there going to be use cases for them? We’ll have to wait and see.
Is this an indication of a bubble? We have yet to see, and the way you view it is completely subjective – that is why it is so difficult to determine whether NFTs are in fact bubbles.
