TL;DR- Neo Tokyo NFTs dropped in October 2021 and were developed by crypto YouTuber Alex Becker and developer Elliotrades. The collection is on OpenSea, lives on the Ethereum blockchain, and includes 4 parts. These are Neo Tokyo Identities, Vault Cards (part 2), Item Caches (part 3), and Land Deeds (part 4). The collection passes all my sniff tests for what makes a solid NFT assembly.
What is Neo Tokyo?
Neo Tokyo was orininally a 1987 Japanese animated film that’s considered a cult classic in anime circles. The film itself is made up of three 50-minute long short stories, each with different screenwriters and directors. The movie sets itself in an urban dystopian landscape.
Watch 90-second trailer of the film that has some super patchy audio.
Neo Tokyo NFTs
The NFT collection has doesn’t appear to have any official ties with the film, but most certainly was inspired by it. The NFTs themselves are nothing more than text descriptions of of the different aspects. This article at NFT evening has a better-informed backstory to the project.
Neo Tokyo NFTs were released by famous crypto YouTuber Alex Becker, who has over 1 million subscribers to his channel. I love NFT projects that have strong communities, because I think they’re more likely to persevere.
Neo Tokyo Identities are actual identities of characters within the game. These characters can be men or women, have different classes i.e. ‘assistant’ or ‘club owner’ and have different colors of file text like white, green, blue, etc. plus a few other traits.
Neo Tokyo Vault Cards appear to be bank accounts complete with credit ratings, additional supply items, and proportion of wealth in the game owned.
Neo Tokyo Item Caches include apparel, vehicles, helms, and weapons.
Neo Tokyo Land Deeds are simply just parcels of land within the map, in different neighborhoods. Other collections like Decentraland and others have shown insane increases on virtual land.
Together you can see that the components of a blockchain-based video game are being made. One thing that stumps me is that if items and characters in this game are costing people hundreds of thousands of dollars, I don’t know how many people are going to be able to play this game. This redditor below gave a good explanation of what’s going on:
If you own an NFT of specific cache items, does that mean you have the rights (and possible royalties) to all reproductions of that item within the game, and the game will have millions of players someday? I’m thinking if Halo started as an NFT collection, and I owned the Rocket Launcher. Anyone who purchased that item in the game would owe me a small royalty. This is only speculation, of course- I have no idea how the game will develop in the future, what platform it will be on, and when it will come.
How do Neo Tokyo NFTs hold up metrics wise?
If you’ve been around this blog a little, you know my favorite criteria for evaluating NFTs (which I stole from this video from Guy at the Coin Bureau).
- Rarity and distribution of rare traits
- Distribution of the collection across holder
- Project roadmap
- Founding Team
Let’s break down each of these to see how NT NFTs hold up!
Community & Founding Team
Neo Tokyo NFT founder Alex Becker has over 600k Twitter followers and 1 million YouTube subscribers, and this dude is constantly tweeting and talking about the Neo Tokyo NFT collection. Needless to say, this gets the collection a LOT of clout.
Alex Becker has used his money made on his YouTube channel and crypto gains to start his own crypto gaming studio. The problem with many NFT collections is that after the drop, there is some initial hype that lasts a few months and then dies out. For collections that flame out like this, the best case scenario is a 20-40% price correction. The worst case scenario is that the collection goes to zero. And I do mean zero. With a strong community and founding team, however, that’s far less likely to happen.
Neo Tokyo also has an extremely popular exclusive Discord channel, another good sign. Overall I’d give the Neo Tokyo community and founding team an A+.
Distribution of the collection across holders
This is the part about this project that I love. Alex Becker said the NFT drop was “the fairest in history” and I have no reason to doubt it. In order to gain access to spots on a whitelist, users had to solve riddles, like converting emojis into words to be at a certain website at a certain time to register. The NFT minting was completely free for users, sans Ethereum gas fees (which do suck). Now the NFTs have a 16 ETH price floor. Not a bad deal for those who scored!
Becker insists that there are games within games (i.e. ‘Easter Eggs’) for ‘citizens’ who pay attention to his tweets, and the details of the collection. Another thing that’s awesome about this project is the ratio of NFT holders to total NFTs in the collection. OpenSea shows with the Neo Tokyo Identities that there are 1,900 different wallets that hold around 2,000 NFTs. This is near perfect distribution.
Rarity and distribution of rare traits & project roadmap
I’m not super good a judging this because I’m an ape, but it appears that Neo Tokyo NFTs have a good distribution of traits. A quick way to check this and see how rare certain traits are in the collection is to go over to Neo Tokyo’s Identities page on OpenSea.io.
The properties section tells you the traits the NFT has that are specifically rare. If NFTs have rare traits, there’s a higher likelihood that you’re able to make bank and sell it for a lot. That is, provided you get a decent price on buying the NFT. Check out my tutorial on using rarity.tools to find the relative rarity at traits to see if you’re overpaying for NFTs.
There’s been no officially released roadmap for the project- there are only hints from Becker that the collection will keep proliferating and eventually be part of a gaming metaverse. This is where I’m a little iffy on the project- since everything is getting branding “+metaverse” these days. Often projects and companies just do this because it gains them attention and valuation.
If the project really is going places, why don’t we see a clear roadmap? As a product manager, I really don’t like this.
I’m super intrigued by this project and think it has a lot of things going for it. Not financial advice- but I do think the NFT space is over heating right now, and we’re likely to see a correction in valuations. This NFT collection is super young, and hasn’t yet shown its staying power, despite having a great backing. It will be interesting to see if the game does develop and turn into something big.