RENGA Dethrones Bored Ape Yacht Club As Most Popular NFT Collection

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CryptoMode RENGA NFT BAYC

When new NFT collections come to market, people tend to get excited. Most users will pick up an early-access collection piece whenever the opportunity arises. In the case of RENGA, momentum continues to heat up across social mentions, floor pricing, trading volume, and much more. 

What Is RENGA Exactly?

Many people would not bat an eye at the umpteenth Ethereum-based NFT collection consisting of 10,000 pieces. Even if there are twenty 1/1 characters, they may not trigger too much excitement. However, there has been a tremendous focus on the RENGA NFT collection lately, and seemingly for a good reason. There are rumors/plans regarding RENGA playing a “villain role” in the 10KTF metaverse. That would give the collection some utility and appeal right away.

Like other modern NFT collections, RENGA’s art is handcrafted. The creator, DirtyRobot – or Daniel Isles – is responsible for all the artwork depicted in these non-fungible tokens. To Isles, RENGA represents over 20 years of hard work and commitment revolving around using ink and paper rather than modern technologies. It is good to see artists stick to their roots in that regard, and it is something collectors and fans will appreciate too.

As one may have guessed, RENGA is not just a profile picture collection. Instead, it is a project to make a Japanese Manga comic book series and plot featuring the NFT collection’s characters. Moreover, NFT holders may have a prominent role in these stories to come. Whereas other collections base artwork on existing Manga, RENGA goes the opposite route, which can prove equally successful.

Stellar Growth Across The Board

All NFT collections will see ups and downs regarding their floor price. Crypto market prices and overall volatility are native to the industry. However, one must acknowledge RENGA has seen a  solid floor price increase in the past month. Considering there are under 7,800 assets minted out of the 10,000 – some black boxes holding artwork have been/will be burned – there is a form of scarcity to contend with.

Additionally, the price floor notes a healthy 265% increase in a month where crypto assets have been held down violently by bearish traders. Like those assets, this floor increase is not a straight rise, as there have been various highs and lows over the past 30 days. In fact, the floor dipped to 0.8 ETH on September 22 before stabilizing near 1.32 ETH two days later. 

Fast forward to today, and RENGA’s average price floor sits near 2.44 ETH. That is a solid overall performance, although there will be some people who cash out in the coming days. It all comes down to driving further demand for these assets. Their artwork alone holds value, but the envisioned utility needs to be delivered too. The actual price floor right now is over 3 ETH, a fair bit higher than the monthly average. 

With nearly 11,000 ETH in market volume to date, RENGA is one of the more popular NFT collections. It also builds strong social engagement according to LunarCRUSH, putting it well ahead of Bored Ape Yacht Club, Genuine Undead, Azuki, and Volted Dragons Sailors Club.

Sustaining that momentum is always tricky, especially with the sheer number of collections hitting the market weekly. Even so, things look promising for the collection, at least for now. 

Social Momentum Needs To Remain

Perhaps the most crucial aspect of a successful NFT collection is the ongoing social momentum. Anyone can trigger short-term hype cycles, but remaining relevant for months or years is a different ordeal. That requires planning ahead and a keen business sense. While DirtyRobot has plenty of experience in the field of art, drawing, and storytelling, investors and speculators are not one’s average Manga enthusiasts either. 

RENGA has built substantial social momentum this past month, topping 258,000 social mentions and noting nearly 712 million social engagements. Those statistics are impressive, even if the momentum has flattened a bit in the past few days. That may hint at a lower price floor shortly, especially if crypto markets move up a bit more. However, all momentum is temporary in any industry, and it seems safe to assume RENGA will remain relevant for the foreseeable future. 


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