Stan Lee’s legacy lives forever: Commemorative NFTs sell out instantaneously, prices soar 500% for buyers’ joy
Marking what would have been legendary cartoonist Stan Lee’s 100th birthday, an exclusive collection of non-fungible tokens (NFTs) featuring iconic characters like Spider-Man, the Hulk, and Iron Man has sold out within seconds.
TL;DR
Stan Lee commemorated in digital space
The most recent collaboration of NFTs offers enthusiasts a unique way to commemorate their favorite cartoonist’s legacy. Despite the current sluggishness in the NFT market, these digital collectibles have superseded expectations, primarily due to their appealing $15 price point. More than 8,000 digital artifacts sold out in a flash on Monday, generating an impressive revenue of around $120,000.
The success of this sale provides a promising outlook for the Stan Lee brand, reflecting the undying passion fans continue to harbor for the distinguished cartoonist. Lloyd Mintz, vice president of Kartoon Studios, thanked fans for their love and enthusiasm. David Yu, VeVe’s CEO, echoes the sentiment, recognizing the milestone as an essential turning point in the NFT market.
A successful blend of art and technology
Through this venture, Kartoon Studios and VeVe employed advanced technological innovations to immortalize this legendary creator’s unparalleled legacy. This batch of 8,294 memorial NFTs resulted in a revenue generation of approximately $124,000 at the $15 price point per NFT. In a notable turn of events, the floor price for these NFTs witnessed an astounding surge of 466%, with a minimum increase of 500% on Monday morning.
Prices ranged from $81 for the most affordable collectible to $749 for the highest-priced one, according to the VeVe Collectible app.
Cryptocurrency meets comics
In contrast to Bitcoin’s value increase of 76% this year, NFTs have followed a slightly different trajectory. According to CoinGecko, the highest market value NFT CryptoPunks has only increased by 19% in US dollar terms. However, amidst this volatile cryptocurrency market, Stan Lee’s NFTs have emerged victorious, showcasing the lasting allure of these distinctive virtual assets.
Phase one of the Stan Lee NFT collection: A resounding success
Kartoon Studios revealed the instant sell-out of the first phase of the Stan Lee NFT collection on his 100th birthday. With prices in the collection rising by as much as five times, and showing that there’s still value in collectible digital assets. The specifics of the upcoming stages of the Stan Lee NFT deal have not yet been made public.
The success of this NFT sale does provide some optimism for market participants in the digital asset space, which recently saw a decline due to the crypto winter after seeing incredible demand during the 2021 bull run.
Looking from a macro point of view, something that has been clear is that market participants are more aware of where their investments land, with the current largest sellouts being from established collections’ most recent releases.
In retrospect
Four digital collectibles from the “Celebrating Stan Lee” collection are designed in the Chibi style, a well-known caricature design that originated in Japan and is frequently used in anime and manga. Stan Lee’s significant works are included in the collection, and according to VeVe Setlist, the prices of the least costly and most expensive NFTs have increased by 240% and 5000%, respectively, by the time of writing.
It is evident that Stan Lee’s legacy endures not just in the hearts of fans but also in the constantly changing world of digital collectibles as Kartoon Studios is now working on Stan Lee’s Centennial campaign, the first stage of a far larger Stan Lee Universe initiative.
