5 Things You Should Know About Polymorphs NFTs

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TL;DR- Polymorphs NFTs have some unique traits that make the project stand out about the rest of the crowded NFT field. However, the community and founding seem to be a bit lacking when compared to some other bigger projects on the Ethereum blockchain.


If you’re interested, you can check out the project’s official site.


Look at the most up-to-date rankings on OpenSea.io to see how the project’s trading volume is ranking against the most popular collections in the world.


What are Polymorphs NFTs?


From OpenSea.io:
The Polymorphs are a collection of morphing NFTs, with 11 available base skins and 200+ traits. The Polymorph’s DNA can be scrambled by its owner, which can change the Polymorph’s base skin, outfit, and wearable items.
The ability for the NFTs to morph is a cool differentiator from other collections.

One more time, what are NFTs?

NFTs are more or less digital art. Art (as an asset class) has outperformed nearly everything else over the past 30 years. If cryptocurrencies were stocks, then NFTs would be collections of canvassed art sitting in museums and vaults. NFTs hold similar properties to physical art:

  • They are one of a limited number
  • They belong to an owner
  • They hold, lose, or increase their value
  • They provide daily utility (people argue this one)

If you’re one of the people who doesn’t ‘get’ the NFT space- you don’t have to. Just know that humans have an innate ability to attach value to things that don’t necessarily have everyday utility. For instance- what is gold good for? Nothing, really. According to Warren Buffett it does “nothing but sit there and look at you.” It’s a decent semiconductor, I guess.


What makes a good NFT collection?


You don’t want to waste your money on some JPEG that’s going to zero, right? Neither do I. There are thousands of NFT collections on the Ethereum blockchain alone. Supply outstrips demand several times over. How will you know which collections will survive?


Enter the Coin Bureau framework for sizing up NFT collections. Lucky for us there are some telltale signs that a collection is solid. Here they are:

  • Good distribution economics: A perfect distribution would mean each NFT in the collection has a unique owner. For example, an NFT collection of 10,000 pieces has 10,000 different owners. This is important for the price stability of a collection. If whales that own scores of NFTs start selling, panic will follow and the price could collapse.
  • A solid online presence & community (i.e. Twitter, Discord, etc.). Community and hype are paramount. Check out the project’s Twitter page and Discord- is there a big following relative to other projects on OpenSea? A strong community means the project may hold up better in rough times. It also helps a bit if there are big celebrities that hold some of the NFTs.
  • Plenty of rare traits to choose from and a way to assess the relative rarity of those traits. There are a few great ways to do this. The first is using the ‘properties’ tab looking at individual NFTs on OpenSea. The second is using Rartiy.Tools- I have a quick guide for doing so. The last is on the actual Polymorphs website- they have a cool feature that assigns rarity scores to all items in the collection.
  • A solid product roadmap. Take the Bored Ape Yacht Club, for instance. In 2021, each owner received a Mutant Ape, now worth several thousand dollars each. Lazy Lion NFT holders get ‘Roarwards’ sent to them, and Wall Street Bulls NFT holders recently received ‘Wall Street Intern’ NFTs. You’ll want to make sure that the NFT project you’re a part of has a strong founding team that’s going to continue to make the collection more valuable.


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There are thousands of NFT collections, so what makes this one cool and different? Let’s get to it.

1. Polymorph NFTs, as the name implies, have the ability to constantly change. This happens only on demand of the owner, so as an owner you decide if and when. This means the NFT you hold could look different tomorrow. It’s impossible to make the same exact polymorph twice, so you’ll get something different every time. These changes include the base skins, outfits, and wearable items. This ability is governed by the NFT community, so if the community collectively decides to change this, it’s possible.


2. Polymorphs NFTs exist on the Ethereum blockchain as ERC-721 contracts. NFTs need a smart contract cryptocurrency to exist on, since ownership of an NFT is a smart contract in of itself. If you’re going to choose which blockchain to have your NFT on, it’s tough to beat Ethereum. This is because the largest NFT marketplaces are Ethereum-based (like OpenSea.io).


3. There are 10,000 Polymorph NFTs and they were minted at a price of 0.0777 ETH each in June of 2021. Users were allowed to mint up to 20 Polymorphs in a single transaction, something that sounds great on the surface but unfortunately led to some shitty distribution economics for the collection. The best case scenario is one NFT per person. Unfortunately this collection has 10,000 NFTs and about 2,000 owners, averaging 5 NFTs/owner vs. the Bored Ape Yacht Club’s 1/owner or Lazy Lions 2/owner.



4. The ‘genome’ of each of the Polymorphs consists of a 77-digit fingerprint that is randomly generated upon minting (the NFT being created). Here are a list of the traits and the number of possibilities for each. Skins (11), head/hat (32), eyewear (14), torso (34), pants (33), shoes (25), right hand (32), left hand (32), and background (14). Although there are only 10k NFTs in the collection, the metrics show there are millions of combinations of traits.

5. You can ‘scramble’ your Polymorph’s genome at a cost of 0.01 ETH, currently around $35 at time of writing. The NFTs themselves are selling for around $350 or 0.1 ETH, so we’re looking at a 10% cost of full price to morph the NFT. The obvious benefit here is if you’re able to morph the NFT into something more valuable by getting some rare traits randomly generated. It’s like pull the lever on a slot machine each time you morph it. Sir, this is a casino!



Conclusion


Personally, I won’t be investing in this NFT project because I don’t find the NFTs aesthetically pleasing, and the cool ability to morph the NFTs aren’t enough for me to overcome the low floor price and poor distribution economics. I struggled to find the project’s actual Twitter page, and the founding team’s profile on the website only includes photos of the team and no description. I think NFTs are in a bit of an asset bubble right now, so I’m extra cautious where I choose to invest. But there’s still plenty to like about this project.

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