Oxalus Insights 60s Analytics

60s Analytics: Analyze HV-MTL, Top 2 In Volume After 37 Hours Of Launch

60s Analytics Mar 16 2023

If you take a look at the trending NFT collections today, you might not be familiar with HV-MTL. This is the latest collection from Yuga Labs and includes 30,000 mechs that were created with eight different types of power sources. Eligible Sewer Passes can be burned to start on March 15, 2023, to summon a Power Source that will reveal an Evo 1 Mech. Evo 1 holders can then participate in future minigame sets with their Evo 1s to unlock additional HV-MTL evolution stages. Although this NFT appears to be a utility NFT, the question remains: is it profitable? Let’s explore this further.

Source: Nansen

Recent transactions indicate that this collection attracts a lot of smart money wallets with an average purchase price of 2.25 ETH. This suggests that even whales appreciate this collection. HV-MTL is also at the top of the list for the number of smart buys in the last 24 hours.

Source: Nansen

The top balance shows that the largest holders store a significant amount of NFTs and almost don’t sell any NFTs. This is reasonable since these NFTs were minted from the burning of Sewer Passes, a collection that is also popular among many whales. Although the floor price is around 2 ETH, the largest whale has minted 215 NFTs with a total value of over 1,000 ETH and has not yet sold a single NFT.

Source: Etherscan

Inspecting the NFT distribution, it’s evident that the top 100 holders own just over 21% of the total supply. Currently, there are 6,869 wallet addresses holding the NFTs out of a total supply of 15,447 tokens, it suggests that the unique holder rate is close to 50%. This implies that the collection is not primarily owned by a single individual and would therefore be challenging to manipulate.

In conclusion, the data suggests a positive start for the latest collection from the creator of Bored Ape Yacht Club. However, it’s still necessary to keep a close eye on the major players in the next few days when making investment decisions.

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