HBO’s "Game of Thrones" NFTs sell out even as crypto collectibles lose their sheen

Thursday, January 12, 2023 by Snacks

Crypto winter isn't coming… it's here. But HBO embraced the cold this week, launching a "Game of Thrones" non-fungible-token collection on Nifty's digital marketplace. The 5K "hero box" NFTs — minted on ethereum and palm (an ethereum sidechain) — contain "GoT" characters like White Walkers and Free Folk. They were roundly mocked as poorly designed, but still sold out within seven hours — for $150 each.

Like "GoT" season eight… NFTs are in a slump. Once the talk of the tech town, NFTs receded from public consciousness as crypto scandals (think: TerraUSD, FTX) sucked up all the industry's oxygen. Trading volumes plummeted 97% from January to September of last year. And “wash trading” (picture: buying and selling to yourself to create the illusion of demand) is estimated to have represented over half of that dwindling pie. Even so, some non-techy NFT mints have managed to draw interest:

  • NFTrump: Last month 44K Donald Trump-themed NFTs minted on polygon sold for $99 each. (Trading volume has since tanked.)
  • NFTennis: The Australian Open plans to sell 2K+ tennis-themed NFTs ahead of next week's tourney. Last year the Open's mint of 6.7K NFTs sold out.

It's not tech culture — it’s pop culture… NFTs are no longer a buzzword. Last year they were supplanted by web3, which itself seems like a distant fever dream as investors now froth over genAI (cough, ChatGPT). But HBO's seemingly successful "GoT" mint suggests there's still an appetite for some NFT projects, assuming they have a strong mainstream hook.

Subscribe to Snacks