Rating: Hold
Pittsburgh Knights return to ThetaDrop with their third installment, dubbed Knights World
One would be correct… in finding the timing strange for yet another Knights drop. Their seminal NFT’s [Knight Commander] has a current floor price of 15% mint price. And Knight Games is sitting around 40% of mint price.
But the show must go on at ThetaDrop. And admittedly, they haven’t been too hasty with piling on drops recently.
So what do we have here: A collection of 800 vaporwavey type jpg NFT’s with three rarities — created by Pittsburgh native artist Jack Martin.
Either you dig the art or it’s not your thing.
But do these tokens offer more than just the art? What about utility?
• access to an exclusive Discord channel
• dedicated gaming sessions
• custom curated merchandise
• access to random airdrops of tickets, limited-edition swag
Not many ThetaDrop users are clamoring for much of that.
And the drop proved as much. Limping over the finish line to sell out all 800 containers.
So, how are we to make sense of this?
Because nobody really knows anymore.
While recovering somewhat in recent months — the fanaticism for NFT’s has fallen off a cliff.
The Pittsburgh Knights Twitter account shows 66,400 followers, a discord with over 11,000 members — yet an NFT drop of 800 just barely sells out.
We get it.
NFT’s are a niche thing. People don’t yet understand the value proposition or the utility that the tokens hold. Are we still so, so early or are we chucking our money into the abyss?
One chart that might answer this question is found below; provided by @ThetaGrp who offered some context.
@ThetaGrp acknowledges his hopes for Web3 gaming, but points to this chart saying, Web3 gaming just hasn’t caught on yet with the younger crowd — ages 13-24.
That’s a pretty important segment of the gaming community, kids with ample free time must make up the majority of gamers.
This same sentiment is visible in the Pittsburgh Knights discord. Where chatter of the Knights NFT’s is met by radio silence. No one in their own community much cares about these things.
People have seen the PFP Bored Ape craze over the past two years and assume — right or wrong — that NFTs are some sort of convoluted ponzi scheme.
Can’t really blame them, to be honest.
So what’s the point?
Tread carefully?
There is still a sizeable chasm between the dreams of Web3 and the reality that mainstream isn’t buying digital tokens yet.
Will the tide turn? It usually does. Patience often proves profitable. But with the Knights community in a holding pattern towards NFT’s, you can also hold-off here on these NFT’s for some time.
The bullish case is that when the switch flips, there isn’t a tremendous quantity to go around given the Knights are a global monster in an industry that’s growing exponentially.
Legitimately.
E-sports growth forecast going from $1.2 billion in 2020 to $7 billion industry by 2028.
Business is booming for the Pittsburgh Knights and they’ve got big plans for the future. Jump on board, if you can handle the silence.