Puuvilla Society: Is the new Klaytn-based NFT collection here to sink or swim

The undisputed rulers of the NFT world are Ethereum [ETH]-based NFTs. In recent times, Solana-based NFTs have also managed to establish a decent position. However, the Klaytn-based NFT project Puuvilla Society seems to be the latest entry in the NFT space.

The Puuvilla Society NFT collection launched on 11 June and has already made its way among the top 15 NFT collections, currently standing at #14. Furthermore, the Puuvilla Society NFT collection happens to be the only Klaytn-based NFT collection among ETH-based NFTs at the time of writing.

A star is born…

At press time, the NFT collection already witnessed a volume of 269.674 KLAY. Furthermore, as per data from OpenSea, Puuvilla Society also witnessed 2,825 sales with an average price of $0.0995.

Source: OpenSea

Additionally, as per the Puuvilla Society web page, the creators of this NFT have laid out a roadmap for the progression of this collection. The NFT collection will not just stay limited to the virtual world but projects about converting the same to a retail space along with hosting special events are all underway.

A walk down memory lane…

Popular NFT collections, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and MoonBirds created a buzz in the market with their launch. On the contrary, this doesn’t seem the case for the Puuvilla Society NFTs.

Furthermore, BAYC NFTs sold out in the first 12 hours of being launched, whereas MAYC witnessed 5,592 sales as per data from OpenSea. MoonBirds also witnessed approximately 3,500 NFT sales post-launch. With Puuvilla’s number of sales standing at approximately 2,800, the market seems to show some budding interest in the Klaytn-based NFTs.

All smoke and no fire?

Given the current situation of the market and the ongoing performance of all tokens alike, investors are being cautious of their investments in the crypto and NFT space. At press time, the price of one KLAY stood to be $0.3039 as per CoinMarketCap.

Considering the vast amount of losses that the ETH token has undergone, are investors looking for cheaper options in order to save themselves from making bad investments? There may be some truth to this as the sale volume is expected to rise considering the performance of the collection in the first 24 hours.

At the time of writing, the Puuvilla Society NFTs definitely seemed steady as compared to veteran NFT collections.