Asian celebrity projects are taking over the NFT market: Data review of Phanta Bear and TheHeartProject

This article is provided by NFTGo.io

Cryptopunks, BAYC, Cool Cats, and many other NFT blue-chip projects are based in the United States. With few exceptions, the market is mainly dominated by NFT projects from the West. Now, Asian culture is entering this space. Recent Eastern projects "PhantaBear" and "The Heart Project" are making waves in the NFT market, becoming the latest hot items in the NFT rankings.

Asia NFT Projects Sweeping the Market

On September 23, Clot founder, well-known actor, and singer Edison Chen posted the latest update on Instagram. The post featured an NFT project called The Heart Project with the caption: "This is my first attempt to enter the digital world." He then jokingly commented on the appearance of this NFT image.

Despite Edison's promotion of The Heart Project, the actual market performance of "love" did not meet expectations. The hype quickly faded, and the price once neared zero.

As a project in September, The Heart Project has been a representative of the recent resurgence in the NFT bull market. Discussing the popularity of "love" naturally involves JayBear's promotion. Let's revisit the two mainstream perspectives on the initial poor market performance of JayBear:

The first category believes that the project team lacks NFT project experience, and the quality of the image itself is not high enough to make an impact in the current highly competitive NFT market, leading to no major market activity;

The second category states that Jay's studio has already declared on Weibo that he could not personally participate, just changing his avatar to show support, so even if there is significant market activity, it won't be sustainable, merely a short-term speculation.

Overall, the first category's perspective is condescending and arrogant, while the second category's perspective is biased and prejudiced.

On January 8, 2022, Jay Chou's Instagram post - PhantaBear ranked second in trading volume in the art section of Opensea; by January 10, 2022, Phanta Bear had surpassed BAYC to rank first in the art section trading volume on Opensea in the past 24 hours.

PhantaBear and The Heart Project NFT markets are growing at a faster pace every day. The NFT market is expanding globally, with new projects from around the world entering this field. Asian NFT projects are rapidly joining the $115.3 billion capital ocean.

Missing out on JayBear may serve as a wake-up call for everyone - the need to rethink the gameplay and patterns of the entire NFT market, whether the project selection criteria are too one-sided, and if there is excessive reliance on news and market noise. After chatting with friends who have benefited significantly from JayBear's project, it is evident that those who have profited fall into two categories: "one is Jay's die-hard fan who believes it is worth it even if it goes to zero, and the other is friends who make investment decisions based on data."

Data Review

Actually, as early as around JayBear 0.6e, significant "anomalies" could be observed through data. The following is the 24-hour price chart for January 7:

And the trading volume bar chart:

On January 7, according to NFTGo.io data, Phanta Bear saw a surge in trading volume accompanied by whale activity, with an increasing number of transactions above the floor price. This was a very clear buying point, with some early warning robots using similar indicators.

Additionally, JayBear's Top01 Holder 0xa63730 owns 358 JayBear tokens.

Clicking on this address's details page, it shows that this address minted 358 JayBear tokens on January 1 and the previous night. Based on the address details page, this appears to be a new address. Further analysis through Activity and its connection with other wallet addresses suggests that this new wallet is likely a whale's alternate account holding Top 122 NFT market value, a whale holding Cryptopunks, multiple BAYC, and numerous other blue-chip projects), as shown below:

Connection with other wallet addresses:

According to NFTGo.io's distribution pie chart of holding time, while JayBear's price has been rising, most people still choose to hold. In the past 24 hours, only a small percentage of people (7.06%) chose to sell, and their dominance in Opensea's trading volume leaderboard indicates the strong FOMO sentiment towards JayBear.

As the Phanta Bear craze continues, many are starting to discuss and invest in The Heart Project. Through the pie chart below, you can see the distribution of holdings for these two projects. The diversity in the holdings of both projects is one of the key reasons many data-oriented investors decisively entered the Heart Project after missing out on JayBear.

Furthermore, the following is the price change chart for The Heart Project in the past 24 hours, with an average price increase of 11.3%. Although the floor price has dropped more than this percentage - indicating a significant disparity between the floor price and other events in the project - relying solely on the floor price data can sometimes be misleading. A clear chart that combines all necessary data can reveal more insights into price trends. According to NFTGo.io's multi-dimensional price trend chart, while the floor price is declining, the average price continues to rise, with active high-priced NFT transactions indicating a more positive momentum.

Reshaping the Intrinsic Value of NFTs

In the new year, celebrity NFT markets continue to capture everyone's attention. Whether driven by the celebrity themselves is a key measure of value. NFTs have evolved from simple image avatars to digital assets with emotional connections to celebrities or actual rights, increasing their intrinsic value. In such cases, the secondary market often becomes hotter than the primary market.

Currently, in this unstoppable NFT craze, the participation of mainstream celebrities will be a significant driving force behind the prosperity of NFTs. However, it remains uncertain whether the long-term value of celebrity NFTs can be maintained or increased. Dealing with the risks and uncertainties brought by volatile markets is one of the challenges investors must face. Without sufficient data support, most people will find it challenging to control their market emotions. Warren Buffett once said, "If you believe others' words lightly and become emotional about it, you will continue to suffer. Truly strong individuals know how to observe calmly." All this is built on data and analysis, becoming a reassuring pill for investing in the NFT market.

In 2022, NFTs will continue to thrive, with one of the most significant trends being the participation of major companies, IP, and brands. We will see more brands and celebrity idols engaging with fans through NFTs to establish interaction and connections.