While the hype of non-fungible tokens is almost dead, there is a rare NFT from the Wall Street Bulls collection in the market that is still grabbing headlines as some collectors have given it the tag of “the Mona Lisa of NFTs” after it soared by around 300X increase in value in a single day; however, there is a different side to this story.
According to the official press release from the creator, Golden Elon, a rare piece of the Wall Street Bulls NFT collection, has witnessed a surge in its price after it soared from its initial purchase price of $250 to $74,750. However, there is no official on-chain data that confirms this offer. The on-chain data on Opensea is still showing that the top offer is around 0.0791 WETH, which is lower than what its creator cited in the press release.
What is Wall Street Bulls
Wall Street Bulls is an NFT collection of 10,000 items with various traits and metadata. It is a collection of 10,000 unique NFTs on the Ethereum blockchain. It was launched in October 2021. The collection is inspired by Wall Street degen culture, meme stocks, and the WallStreetBets community.
The collection was created by artist Cam Rackam in partnership with the Wall Street Memes Instagram account, and it sold out in just 32 minutes. This NFT holder has various benefits, such as event access, gamification features, and sister collections.
According to Opensea, Wall Street Bulls has a floor price of approximately 0.0999 ETH, which is around $175 based on the current market price of ETH. The total volume of the collection is revolving around 1,886.78 ETH.
What the Wall Street Bulls Creator is Claiming
The press release mentioned that “Golden Elon” is the holy grail of the Wall Street Bulls collection. This digital collectible is a futuristic golden bull with a jeweled “Techno King” crown. The bull is riding a rocket-powered Ethereum crystal through a field of floating coins. The piece also contains symbols linked to Elon Musk, Tesla, and Dogecoin, which is a symbol that combines financial imagery, internet culture, and luxury aesthetics.
In the press release, the creator of Wall Street Bulls claimed that, “The original owner famously rejected the 16.9 ETH offer before later transferring the NFT through a private cash-and-trade acquisition to its current owner. That rejected sale has since become part of the lore surrounding the NFT and fueled discussion among collectors about the long-term cultural value of rare digital art.”
According to its creator, the NFT has witnessed a price surge of approximately 300x from its initial purchase price of around $250. The Golden Elon NFT has strong “provenance, identifiable iconography, rarity, and cultural durability.”
“The current owner believes Golden Elon could eventually command a billion-dollar valuation based on prior landmark NFT and art sales, including Beeple’s $69 million Everydays transaction and historically significant fine art sales. The owner believes the NFT market is still in its earliest historical stages and argues that today’s blockchain artwork may eventually be viewed similarly to early periods of traditional art history,” stated in the press release.
The claim of a 300x surge is linked to a past offer that was rejected for a rare combination of traits within the collection. However, the current market data from OpenSea is showing that the overall collection is trading at a much lower price, as top offers for many NFTs from the same collection are very low.
However, it is difficult to verify private sales independently. The value of NFTs is highly volatile, like any other digital asset, and it completely relies on hype. The hype of NFTs has been completely wiped out after the bubble burst in 2022.
