The highly anticipated reveal of the HAPEBEAST project is underway! Unfortunately, things are not turning out favorably. For one, floor price took a massive hit from 8.5 ETH ($25,800); it is now down to 3.93 ETH ($11,900).
HAPE Prime by HAPEBEAST is a BAYC inspired collection. HAPE enjoyed early success, gaining nearly 280,000 Twitter followers and 450,000 Discord users in under a month and having a floor asset growth of 3700%. So why are some people expressing disappointment?
The HAPEBEAST Reveal
The main culprit is the art. In fact, Crypto Twitter is flooded with memes comparing the sneak peek and reveal to catfishing. For some, the project simply didn’t live up to the hype. Meanwhile, others are pointing out that this is like the Mekaverse reveal. After strong criticisms against the art, the NFTs have also tumbled in value, many sitting far below their original price.
Can’t quite believe this. I mean come on pic.twitter.com/25dFcNagcE
— Alfie Motion (@alfiemotion) February 5, 2022
Surprisingly, @DiscoverXnft sort of predicted how things would unfold. A few hours before the reveal, he tweeted, “The HapeBeast reveal is today. That means you have < 24 hours to sell for 7.7 Eth ($30k) before the floor cuts in half.” True enough, the floor price tumbled after the reveal.
On the other hand, there are also NFT holders who feel that it’s natural for a floor to drop post-reveal. The pre-reveal floor represents the expected value of all assets. Meanwhile, the post-reveal floor represents the value of the least desired asset. Just take a look at Mekaverse. Yes, the price tumbled after the reveal but it closed in 2021 with a 500 ETH sale proving that a project can bounce back.