Are Story-Telling NFT Projects the next meta?

Renga is leading the charge with insane volume

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Exit Liquidity
September 20, 2022

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It looks like the stage is set for the next NFT project trend. With Renga ripping this weekend and doing some insane volume during this bear market, it was the story-telling NFT narrative that was pushing this next meta phase into the space. Renga is not the first or only story-telling NFT project out there, but it sure seems to be the shiniest at the moment.

Renga has done over 4100 ETH ($5,565,340 USD) in volume over the last seven days with some double digit ETH sales too. It seriously reminded us of the good ol’ days when everyone was bullish and it was the norm to see projects swarmed like Renga was. It’s also been awhile since we’ve seen a project that was heavily aesthetics based. Normally you see rares scooped and coveted, but there were a few traits like the Samurai and Ninja archetypes that were in high demand. It was fun to watch and see the action this weekend, we hope you were able to get in on it and scoop a little cream off the top.

We mentioned how this is a story-telling NFT project and the project has been teasing out some details about different archetypes via Twitter. If you scroll through the official Renga Twitter you’ll see little write ups like this one Ninjas or this one on Golems. They also have been releasing these black and white manga strips for awhile. They used them to build the world, leak some previews and tell the story so far. These strips are images without words, so there is some interpretation and guessing that needs to be done by the community which is a great way to get them to interact and buy in.

We’re excited to see what kind of world and story they can tell with these NFTs. We have seen what other projects like 10KTF can build. We’re pretty sure they’re in the middle of their Mech vs. Kaiju battle or they recently wrapped it up. It’s been really interesting to watch the 10KTF ecosystem unfold and the lore that comes from it. 10KTF may be one of the most evolved story-telling NFT project so far and it still has plenty more to come in stories and NFTs.

One of the other OG story-telling projects is Jenkins The Valet. This project literally started out as a community sourced and funded story. They set out to write a novel based on Bored Ape Yacht Club NFTs and their backstories with the help of those who minted. Since completing this task in The Writer’s Room and giving way to the Bored & Dangerous novel, the Jenkins world has evolved into much more of a story driven project. The latest in the series is the option for holders to burn for an Azur Root NFT or stake to get Hawthorn DAO tokens with their Bored & Dangerous NFT.

There’s so much more to each of these projects that we mentioned. Seriously, we brushed the surface of them. That does make us wonder about the possibilities and the many other things that teams can build when they are story driven and focused. It also gives project communities a space to thrive and grow with each step of the process as well. That’s not to say that story-telling NFT projects don’t face their own set of unique problems. The biggest challenge for many of these projects is always going to be the barrier to entry on price and narrative. When a project is so far down the rabbit hole, it doesn’t matter how amazing their stories or projects have become, it's often hard and expensive to catch up.

Unless you catch the mint and start out at the beginning, most people are not going to spend to catch up. Looking at these projects mentioned above, you’re looking at spending a few ETH to buy in. This instantly eliminates most new NFT collectors or traders from joining existing projects. New people to the space are not going to want to spend or risk that much and seasoned veterans in the NFT space are either going to think they’ve missed the boat by not getting in at mint or will want to wait for the next new project to get maximum returns.

Price isn’t the only barrier either. Most of these projects have become complex and the lore has so much depth that someone new to the project is pretty far behind. If we have seen one thing time and time again, it is the lack of content or information that beginners need to start out and get up to speed in many of these NFT projects. Your options are to try and figure it out on your own and/or spending time in the discord trying to figure things out. Most people don’t have the patience or interests to do either. It's not impossible, but imagine if you could read a quick blog post or watch a 3 minute video.

It’s an extremely challenging task because projects will need to bring more holders into their ecosystems to continue to grow while still delivering value to existing holders. When story-telling NFT projects can offer value to holders as well as a low-cost entry and well thought out stories where anyone can quickly ramp up, they will easily carve out a huge portion of the NFT space. The future for story-telling NFTs is bright to say the least.

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Disclaimer: The Exit Liquidity Newsletter is meant to be an informational and entertaining way to share interesting things found in and around the Crypto, NFT and Web3 space. Nothing in this newsletter should be taken as the contributor's, Exit Liquidity's or AlphaMint's personal opinion or views. Nothing in this newsletter constitutes as professional and/or financial advice. Cryptocurrencies and crypto-related assets can be extremely risky investments, invest at your own risk.

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