[Coinlive Feature] The rise and fall of WAGDIE, a free-mint NFT that once mooned above 1 ETH

WAGDIE, the abbreviation for ‘We are All Going to Die’, is another free-mint NFT project that made wave right before the recent crypto crash. While its floor price had dropped more than 80% since the all-time high (ATH) of 1.6ETH, this project is still worthwhile to talk about.

The first tweet of WAGDIE

It’s all started with the above tweet. WAGDIE came out of nowhere and left with a mysterious message in medieval text font. The team continued with a few more short and frightful tweets, then stay silence until 3 June 2022, the mint date. A Twitter Spaces titled ‘Death is only the Beginning’ was held subsequently. Nobody was talking during the whole duration of 39 minutes and 43 seconds, all we heard were creepy mumbles, chants, screams, animal noises, monkey’s screeching, and ended with a poem reciting.

I dare you to listen to this alone at night

6666 NFT were all claimed in the span of 30 minutes. The sales of WAGDIE were going so well that it hit 1 ETH floor price less than 24 hours. As the market was anticipating this might be the next goblintown.wtf, it somehow triggered the market went FOMO. If one was managed to grab a few of WAGDIEs at 0.1 ETH off secondary after the first hour of public sale, he or she could bag a 10 times profit in a single day! How crazy is this!

24H price movement of WAGDIE, the market went wild!

What sound even crazier is that some holders choose to burn their WAGDIE NFT that worth 1 ETH, in exchange for a pile of ash, which its utility was unknown even until now. Holders tend to burn their NFT in the first few days, however due to lack of explanation from the team, no one is interested to burn anymore. You can check out these burnt warriors via https://www.wagdie.net/

At least 100 ETH was evaporated during the sacrificial offering

Yet, little did everyone knows one of the biggest stunts in NFT scene is about to be pulled. 3 days past, the market sentiment has cooled down and so does the floor price. WAGDIE floor price hit 0.5 ETH as it didn’t meet holders’ expectations, that’s a tremendous decrease of 70% from ATH. While holders begun to dump their holdings, somewhere in the jungle, an ape was abducted. In fact, the WAGDIE team bought a Mutant Ape (MAYC) for 21 ETH off OpenSea. This ape was valued at USD$38K on the day of transaction.

Sale record from OpenSea


One hour later, the WAGDIE team sent the ape, along with 21 warriors, to the blockchain underworld - the notorious burn wallet address - 0x000000000000000000000000000000000000dEaD. This address is commonly used by projects to burn tokens (NFT) and to reduce circulating supply. As the wallet above is not owned by any user, any NFT that been transferred into, is basically booking its one-way ticket to hell.

R.I.P. MAYC #20438

This $38,000 PR stunt successfully ramped up WAGDIE sales, the floor price recovered back to its ATH of 1.7 ETH in 24 hours. The stunt has became the hottest topic in NFT scene and brought the project to light. Since the team managed to grab public’s attention, the floor price will continue to skyrocket, right? Unfortunately this was not the case. The crypto market crashed then. When ETH failed to defend its $1,800 mark, WAGDIE holders were slowly offloading these warriors at the same time.

Besides the bearish crypto market, even the NFT enthusiasts are losing interest in WAGDIE. In order to immerse in the lore of WAGDIE, it requires a lot of reading. Unlike roadmap or utility offered by most NFT projects, WAGDIE is a story-telling based project which holders are able to cast vost and decide how the story goes. Through each voting, we can see the voting numbers are getting lower and lower, from 1,500 plus to 461 in a matter of a few days.

Lesser votes as time goes by

Thus, those who are not keen to read a lot or to play novel game, are selling their NFT at a loss. At the time of writing, WAGDIE is holding a floor price between 0.2 and 0.3 ETH. The daily trading volume has dropped significantly as well.

Trading volume reduced from millions of dollars to less than a hundred thousand

WAGDIE is considered an one-of-a-kind NFT project among thousands of others, sadly it didn’t turn out well in terms of floor price. The market seems to prefer something more direct, easier to understand, and of course, the ability to appreciate in value.

Written by: [Coinlive] Nell