The Hape NFT That Sold Out In 4 Hours And Why

HAPEBEAST was one of the world's most oversubscribed NFTs

By Shishir Jajoo

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The name might contain EXODUS, but the HAPE : EXODUS debut non-fungible token (NFT) collection saw a massive influx of fans. Indeed, if there's been any kind of departure, it's been of the doubts of any detractors as the HAPE : EXODUS collection went roaring up the OpenSea leaderboards at launch.

HAPE : EXODUS released their NFT collection on February 7 this year. They sold out within 4 hours in organic spending spree from collectors drawn to the collection's distinct Hypebeast flavor.

Why did it sell out so fast? First, let's look at what all the buzz is about. HAPE : EXODUS are a derivative of the HAPE : PRIME or HAPEBEAST NFT. These are animated characters inspired by apes designed to be avatars online on social media and other platforms. Each character is unique and can only be owned by one person as standard NFTs.

HAPEBEAST was one of the world's most oversubscribed NFTs, so it should not be shocking to see HAPE : EXODUS sell out fast. The hype for HAPES began to grow during January of this year as the 3D HAPE images began minting. Then over 8,000 people, including celebrities and sports stars like Neymar and Reece James, paid an initial $600 for their unique ape avatar. Since then, the price of re-sells had gone up and up, reaching $22,000 before the images were even released at the start of February. No small feat for the HAPEBEAST team.

As a derivative of HAPEBEAST, the HAPE : EXODUS NFT project aren't officially associated with the HAPE : PRIME project or team, but instead based their 2D art and stylings on streetwear and hip hop - there's a lot of basketball culture and hypebeast drip in the collection, taking inspiration from HAPEBEAST. They currently have 7,500 items with just under 4,000 owners. The collection actually shrank due to a unique mechanic where HAPE : EXODUS owners could burn (permanently remove) 5 of their NFTs to receive a HAPE : EXODUS ALPHA NFT with different traits.

So, we can see here that the HAPE : EXODUS NFT project has created their collection as a derivative of one of the most popular and anticipated NFT collections in the short history of non-fungible tokens. They're latching on to a new desire to be part of unique online artistic properties, all while creating an avatar community. It's a pretty sound plan that works due to consistent, high-quality artwork, and designs that people resonate with.

It's not without its challenges, though. As a Medium post by HAPE : EXODUS explains, there had been unease in some quarters surrounding the use of brand names and logos on the HAPE : EXODUS avatars. This ranges from the names of sports teams to brand names. If a piece of art, a 3D avatar, is uniquely owned by one person, are they liable for any brand infringement? This is now no longer a problem, as the group removed all brand names and likenesses, replacing them with safe alternatives. This shows that this is an ever-evolving and ever learning meta world. Maybe someday large brands will be begging to be put on these avatars.

While being an extension, HAPE: EXODUS had their philosophies inspired by the Azuki Collection. Their vision sees them focused on a community inspired by a love of underdog winning and a shared love of art, music, and fashion.

One thing is sure; these High-Culture Hapes are going to remain stylish and Hypebeast chic in the long term.

Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.

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