Another week, another huge NFT collection hits the Internet. A project called The Saudis is a collection of 5,555 NFT pieces that sold out in hours.
With all the news of crypto winter and NFTs being a bubble, you would be forgiven for thinking that the NFT market has cooled off. However, practically every week sees the release of a new and impressive NFT collection that sells out in record time.
The Saudis are a collection of 5,555 NFT pieces that were free to mint on July 9. The artwork for the collection is a derivative of the ever-popular CryptoPunks collectibles.
At the moment, the floor price for Saudis is around 0.75 ETH (around $1,150 at the time of this writing). Last week, the floor price peaked at 1.3 ETH (nearly $2,000). So far, the Saudis collection has totalled 8,300 ETH (about $12.8 million) since it was minted.
The Saudis had the biggest opening weekend out of any NFT collection on OpenSea since the popular market launched. What’s responsible for this momentum? The huge Twitter following the creators managed to amass.
If you followed any NFT news on Twitter last week, you probably saw one of the many Saudia Arabia-themed meme videos circulating on the Twitterverse.