This entertaining utility is bringing storytelling to the NFT space, adding fun, adventure, and a bit of drama to collectibles
A new trend has taken over NFT projects during this crypto winter. As the Web3 landscape evolves and communities become stronger, NFTs are proving to be more than JPGs. Engaging storytelling is turning around what’s behind NFT collections, redefining the value of digital collectibles with a rich and interesting background. Let’s dive into what this trend is, which Storytelling NFTs are succeeding, and analyze if this is part of the future of NFTs.
Table of Contents
What are Storytelling NFTs?
Storytelling NFTs are a way collections or communities give their non-fungible tokens a backstory and expand their potential.
NFT collections are often criticized for lacking meaningful value. With the art of telling stories, some famous projects are stepping up their game in a competitive scenario.
Members of the community contribute with original stories, taking their beloved NFTs to live incredible adventures on Web3.
In addition, some Storytelling NFTs may also change with the releases of new collectibles, gamified partnerships with other brands, and much more that can further expand the collection’s universe.
Why are NFT projects investing in storytelling?
NFT projects are not so trendy anymore. As you can see in DappRadar’s NFT Report Q3 2022, the NFT market’s trading volume decreased by 75% ($2 billion) from the prior quarter.
Still, blue-chip NFT collections, the most valuable and which have demonstrated the best strategy so far, have maintained their value. Perhaps not coincidentally, they are all, in one way or another, more engaged with the community and encouraging storytelling initiatives.
Therefore, it seems certain that NFT projects are winding up storytelling initiatives because of the benefits it brings to the brand. For example:
- Engages the community of NFT collectors and creates stronger bonds with the brand;
- Increases the demand for certain NFTs involved in a story;
- Revive the market and redefine the utility of the digital collectible.
Top NFT collections exploring storytelling
Meet some of the NFT collections that are doing a phenomenal job connecting storytelling to their assets – sometimes even starting from the community.
Renga
Renga is a new collection of storytelling NFTs recently released, but which quickly climbed the charts and surpassed the record holder Bored Ape Yacht Club.
Created by artist Dirty Robot, Renga became the second most traded NFT collection in the DappRadar rankings last month. At the time of writing, Renga NFTs had an average price of 2.26 ETH ($3,020.)
Renga’s success and the popularity of the use of the term Storytelling NFTs on Twitter are two facts that may be linked. In this collection, each NFT character has their own story and identity that allow the community to discover and create stories within the Renga ecosystem.
Definitely one of the most important projects uniting NFTs and storytelling that you should keep an eye out for.
World of Women
Conceived by Yam Karkai’s own project, World of Women is also leading its community to discuss and have fun with an evolution of the story of its collectibles. At the time of writing, WoW NFTs had an average price of 3.22 ETH ($4,246.)
In addition to being a project that brings underrepresented groups to the spotlight, this project is investing in expanding its universe, better said, WoWverse. From the original blue-chip NFT collection to World of Women Galaxy and, more recently, their metaverse and WoWverse Capacitors – the WoW project is deeply invested in storytelling.
So much so that it has its own Twitter account to give visibility to the WoW community’s story creations, Humans of WoW.
The entire background of the launch of the project’s second collection, WoWG, already brought the community a rich background story. Over the months, the community has enjoyed solving puzzles to unlock new parts of the story that lead to new brand releases and exciting twists and turns.
This is a brilliant example of how blue-chip collections bring communities together through storytelling.
Mutant Apes Yacht Club
A storytelling project created by the Yuga Labs NFTs community has caused a stir in the Mutant Apes Yacht Club (MAYC) collection. Applied Primate Engineering involves several NFTs from the collection in a curious and dramatic story that would explain the creation of the Mutant Apes.
At the time of writing, MAYC NFTs had an average price of 14.2 ETH ($18,727.)
They’ve been developing the story for months, even taking the movement to Ape Fest in New York in June 2022.
“Our friends at Yuga Labs are becoming the Disney of Web3, and we want to build the next Marvel Studios inside the Yuga universe.”
The community’s response to the creation of the mutant collection was very positive, and the community itself carried on what Bored Ape Yacht Club started. Unsurprisingly, these remain the largest NFT collections on the market.
Storytelling NFTs: for the community, by the community
As you can see, storytelling in NFT collections is often an initiative that starts in the community itself.
People develop a special affection for their NFTs, and when they give free rein to their imagination, that investment becomes much more meaningful.
When joined to the group feeling, that is, when the whole community is involved in the NFTs’ stories, the collection’s identity is also reaffirmed. Collectors become not only customers of that brand but true advocates.
This certainly strengthens the collection in such uncertain times as those we are now.
We want to follow closely how this trend will develop in the coming months. Also, with the more frequent creation of dynamic NFTs and project partnerships with different virtual worlds in the metaverse, this space promises to grow again and attract new collectors.
Keep tracking NFT trends with DappRadar
We hope you enjoyed learning more about the Storytelling NFTs trend with us. DappRadar will continue to follow NFT trends and keep you posted with educational content and resourceful data and analysis.
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