The Saudis Free to Mint NFT Collection Sold Out after reaching 7.7 million USD in sales

 

In the past few days the Saudis NFT Collection has topped the OpenSea volume charts just below cryptopunks. The Saudis Free to Mint Collection totaled 6,700 ETH (roughly $7.7 million) in sales volume since its mint on July 9^th 2022.  It is now sold out!! The Saudis is a collection of 5,555 NFT, an exclusive club, max bidding to the top.

Each Saudi is unique and programmatically generated from over 80 possible traits. All collectibles are on the Ethereum blockchain. The Saudi NFT will grant its holder a Sheikh status in the Saudis Kingdom and allow owners access to upcoming venues.

The Saudis NFT also has onchain metadata as one of its features given that they store their metadata on their smart contracts unlike most NFTs which rely on external sources like AWS (Amazon Web Services) or IPFS to host metadata. Storing the metadata on chain helps to reduce the costs. Not only does this metadata include the name and traits, but it also includes data to generate the image itself

As per a tweet on Saudis NFT, the NFT collection had been flying, topping the OpenSea Charts with almost 7,000 ETH traded since the weekend.

The collection of 5,555 NFTs were free to mint on July 9^th a Saturday and sold out within hours.

The project’s floor price (which is the price of the cheapest edition currently for sale on the open market) is around 0.75 ether (roughly $867), after peaking at around 1.3 ETH (roughly $1,650) on Saturday.

As per a Coindesk article, the release came with its fair share of NFT influencer drama, with fingers being pointed at popular Twitter personalities who were able to profit off early knowledge of the mint.