!croak: An intro to CrypToadz 🐸
Here's a quick guide to get you up to speed on the rise of CrypToadz!
Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & collectibles
Dear Bankless Nation,
CrypToadz: really crazy, or crazy cool?
I’m in the latter camp because I’m a fan of its creators. Yet I’ve also seen some people say they don’t understand how CrypToadz have burst onto the scene like they have. Totally fair!
I can totally appreciate the confusion, as the NFT ecosystem moves at breakneck pace, and CrypToadz have arrived and thrived quickly even by 2021 NFT bull run standards.
No worries if you’re feeling lost, then. I’ll catch you up quickly so you can come to your own conclusions on more solid footing. So here’s a CrypToadz primer: let’s talk the basics, the quick rise, and the possibilities that may lie ahead!
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Rise of the ‘Toadz
CrypToadz is a series of 6,969 NFT toad collectibles created by the artist Gremplin and a team of friends. The project “stealth dropped” last month on September 8th, meaning the creators didn’t publicize the mint (.069 ETH per toad) beyond word-of-mouth efforts.
Behind the creators
Gremplin is an artist with a signature playful style. He discovered NFTs earlier this year and then dove in headfirst, having since gained acclaim for contributing to the artist team that helped design the iconic Noun NFT avatars among other things.
Gremplin steered the creative vision for CrypToadz, bringing with him an artisanal, auteur-like, and charismatic vibe to the crypto-themed toad illustrations. Yet it took a team effort to bring the project to fruition. For that a group of talented NFT veterans came together to aid the cause!
Notably, the creators released CrypToadz into the public domain. So why are people trading ETH for these NFTs right now when anyone can freely use the content however they see fit? Indeed, for example we’ve already seen a SolToadz fork arrive on Solana.
What’s the ‘Toadz moat, then?
Well, we’ve already mentioned Gremplin’s artisanal touch. That’s a factor. We’re also in the midst of the first major NFT bull run so collectors and speculators are racing to find NFTs that have good vibes and may increasingly become celebrated going forward. That’s a factor, too.
Yet I think the real foundation of CrypToadz’s moat is its anti-moat strategy.
By using the CC0 designation, CrypToadz is metaphorically employing an open garden, rather than a walled garden, approach. “Anyone can do anything,” as project community manager MotivateMe.eth noted on Discord earlier today in response to SolToadz.
The idea here? That the aura and vibes of the original ‘Toadz may grow with every bit of building around the project’s peripheries. Because of this perceived dynamic, some NFT adventurers are seeing opportunity in the wide open CC0 possibilities and synergies that could lie ahead.
Why it matters
It’s been a month since the CrypToadz launch. In that span of time, the project has surged in popularity and spurred a viral wave of community activity. In recent days, this activity has translated into what you might call a ‘Toadz Rush.
Of course, the tides — or rather vibes — of NFT projects rise and fall, and we’ll see the trading volume around CrypToadz rise and fall, ‘round and ‘round, in kind. That’s the nature of our space, and no one knows what exactly comes next.
What is clear, though, is there are some new non-Pepe frogs on the block(chain), and they’ve gained quite a foothold and made quite an impression on many NFTers in rapid fashion. So it’s likely the !vibes and !croaks are here to stay, whatever that ends up looking like going forward.
And who knows what that will be: CrypToadz is wide open from here, after all!
👉 Helpful ‘Toadz resources
toadz.world — A website and newsletter by lanx.eth for all things CrypToadz
GREMPLAND — A CrypToadz-themed Cryptovoxels build
📰 For more background read “Nouns 101: Inside the grand avatar experiment” by Metaversal
📺 Watch “OpenSea & the Business of NFTs | Devin Finzer” by Bankless
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.