Quick take:
- “The Legend of Cockpunch” collection is a fiction project created on Ethereum.
- The primary sale sold out immediately with secondary sales now approaching $5 million.
- Proceeds from direct sales will go to his non-profit organisation Saissei Foundation.
Tim Ferriss’ NFT collection is topping the sales charts just hours after launch. “The Legend of Cockpunch” primary sales sold out immediately on Wednesday.
According to NFTgo.io data, the collection has sold nearly $5 million in secondary sales. On the other hand, its market cap has risen to about $6.6 million according to CryptoSlam.
According to Ferriss, all direct sales from The Cockpunch NFTs will go to his non-profit organisation Saisei Foundation.
The charitable entity is dedicated to exploring and treating conditions that are largely considered untreatable. According to the organisation’s website, Saisei Foundation is also committed to funding projects that are invested in conserving remote cultures and wildlife.
While the Ethereum mint sell-out may have highlighted people’s desire to support Ferriss’ charitable deeds, the secondary sales are what caught the attention of the wider NFT community.
The Legend of Cockpunch NFTs were going for 0.3 ETH (about $370) at the time of mint. However, the floor price momentarily rose to 1.38 ETH before pulling back to about 1.09 ETH (~$1,350) according to CoinGecko.
The project contains 5,555 Cockpunch NFTs, thus netting just over $2 million for the foundation. The NFTs tell a story about a fantastical realm, which Ferriss describes as bizarre, and a “gateway rug to his Emergent Long Fiction (ELF) project.”
However, while the primary sell-out shows collectors were willing to back Ferriss’ project, some crypto degens on Twitter were not as impressed.
One Twitter user @DaRealMilkBagz tweeted: “You spent 3,000 ETH on Cockpunch which goes to his charity and he said he’ll just quit when he gets bored. Then complain about losing money.”
However, others could see how the collection sold out so fast and soared to the top of the daily charts in sales volume, with @snowypack replying: “Dude has a massive audience and a real tight group of supporters. Not sure why people are surprised it’s doing numbers.”
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