If we take a look at any of the charts which rank NFT collections by volume over the last 24 hours, then we only see one name at the top, RENGA. RENGA launched back in August and it is one of the very few collections which has experienced consistent upwards price trajectory in recent months. From launch, RENGA tokens were being traded for 0.25 ETH. Since then, RENGA has been climbing, with just a few corrections. Volume has remained strong, resulting in the floor price reaching all time highs of above 2.5 ETH just a couple of days ago. It also has an impressive 13k ETH of total trading volume.
Learning this, you’re probably curious about what RENGA is and why it has been pumping?
What Is RENGA?
RENGA is an illustrated 10,000 supply collection of carefully curated, Japanese-style hand-crafted artworks created by digital artist, DirtyRobot. The art is inspired by the NFT community and his imagination. RENGA is also a brand strategy and design studio from Toronto that partners with different brands to impact the world positively.
Each RENGA NFT character is unique and created from a possible 900 traits. Just like other NFT collections, there is also a selection of 1/1s. The RENGA universe is made up of 11 different archetype characters, these are motor corp, delinquent, agent, robot, alchemist, samurai, golem, ninja, 8-bit, cube and 1/1. Some of these traits are rarer than others, with the 1/1s being the rarest.
RENGA is the latest collection released by DirtyRobot, also known as Daniel Isles, who is also responsible for a once popular NFT collection called The Art of Seasons. The Art of Seasons has a floor price of 0.32 ETH at the time of writing, and it has seen more than 11k ETH worth of trade volume since its release. Some of Daniel Isles’ 1/1 work has sold for $50k – $70k on SuperRare. The Art of Seasons collection serves as an access pass to Dirty Robots work. This may include, but is not limited to, access to purchase NFTs, exclusive prints or other forms of traditional artworks from DirtyRobot.
RENGA isn’t the only collection which has been pumping, RENGA Black Box has also been ‘mooning’.
The RENGA Black Box
The total supply of RENGA Black Boxes is 10,000, meaning that there are a possible 10,000 NFT characters. The current floor price of RENGA Black Boxes sits at 4.75 ETH at the time of writing.
Every black box holder is able to open their box (burn) and reveal a character (mint) from the RENGA universe via a burn-to-mint mechanism. Aside from the cost of gas, there are no additional fees to open the box. Basically, these boxes allow you to mint an NFT character with random attributes. As more and more people buy and burn these boxes, fewer boxes are available, which could be why they are becoming more valuable (supply and demand).
Why Is RENGA Pumping?
There are many reasons why RENGA is pumping. Mainly, it’s down to the facts that RENGA has been in development for a substantial amount of time, and it also has all of the ingredients needed for a very successful NFT project.
Art: RENGA has some of the most visually stunning art in the NFT market, which is created by a well known and reputable artist. The art is up there and being compared with the likes of Azuki and Doodles. Additionally, the fact that there are 11 archetypes, makes it unique.
Community: At the core of RENGA’s community is a tight knit group of diamond handers from The Art of Season and also whales. These community members are genuine collectors who do not care about the floor price. They are invested in the project to support RENGA and nothing more. The word on the Twitter streets also informs us that the 10KTF community is also heavily involved.
A project’s true value is primarily determined by community consensus, then market consensus. For any project to succeed and stand a chance of reaching the elite ‘blue chip’ status, the community is the most important factor.
Burning Mechanism: Anybody who held a ‘The Art of Season’ token was airdropped an RENGA box, then the rest were sold for 0.4 ETH. To get your hands on a RENGA profile picture, you have to burn the box. This is an exciting event, just like opening a rare pack of old school trading cards. The community has been opening boxes live on Discord and Twitter, which creates a euphoric moment of anticipation in hopes of getting a rare.
Storytelling: Daniel Isles is a professional illustrator and comic artist, so storytelling comes naturally to him. We all know that storytelling and lore is a very attractive feature for an NFT collection, and this is something that The Art of Season and RENGA has nailed. The story has been developing nicely and it is set up well for future chapters.
Momentum: In the midst of the bear market, the high quality and fresh art has come as a nice surprise to many. Once people realized its quality, and as the momentum started to build, the snowball effect took care of the rest.
Organic Growth: RENGA has been in the works for a very long period of time now, and Isles has been constantly developing the ecosystem. For this reason, the amount of people with a genuine interest in the project is exponentially higher than in many others. People come and people go, but RENGA has a lot of new-comers who want to stay and be a part of the ecosystem.
What’s Next For RENGA?
The short answer is, no one knows. There is no roadmap for guidance, but this leaves the team with many options and endless possibilities. The price could shoot up, or it could crash. Saying this, many whales are paying way above the floor price for rares, which suggests that people genuinely love the art, and not just looking for a flip.
With all of the ingredients mentioned above, RENGA definitely has the potential to join the elites and become a ‘blue chip’, but only time will tell. If you missed this one and you’re feeling the FOMO, then you’re not alone. Be sure to use this as a guide to find the next project with great potential.