What is Rektguy NFT Collection - Everything You Need to Know

What is Rektguy NFT Collection – Everything You Need to Know

Rektguy is an NFT collection that consists of 11,000 items and is based on the Ethereum blockchain. Launched May 21, 2022, the Rektguy NFT collection was created by influential NFT collector and former Wall Street trader OSF as well as NFT influencer ALIENQUEEN.eth. 

Centered around a character of OSF’s own creation, the collection embodies crypto/NFT culture and personifies the term “rekt” which has come to mean being utterly destroyed or ruined, especially in the case of loss on investments.

The collection largely displays skeletons wearing a hoodie and drinking from a bottle. The figures consist of blinking neon colors on a deep black background, highlighting the dark, nocturnal aura of the designs.

What is Rektguy Project?

The Rektguy project is a collection of images of rektguy. For now, the project hasn’t released much information. According to its website, rektguy is “art and pfps and stuff”. Well, okay…So what about the utility and roadmap? Lol. No, wait – “lol” is the project’s answer to utility and roadmap. 

While there isn’t much to go on, let’s take a look into what we know so far. Firstly, the rektguy NFT collection is based on the rektguy character. A misspelling of “wrecked”, “rekt” denotes an NFT/crypto trader who is devastated by a recent price crash. To be honest, in the current market conditions, that amply describes a lot of traders. 

The artwork in itself represents this—a hooded skeleton drinking to cope with the current situation. That might sound familiar to a lot of crypto/NFT traders. 

“We communicated an allowlist schedule and gave people a week to get their marbles together before we took the snapshot, which was communicated ahead of time,” OSF tweeted. “We didn’t announce an official mint date. This also gave us time to figure things out.”

The mint went live at 5 PM EST on May 21 and lasted for six days, before closing on May 27 at 5 pm EST. The idea was to ensure that people didn’t end up worrying about FOMO or exorbitant gas fees during a limited mint period. Eventually, of the total supply, 8,814 rektguy NFTs were minted.

Notably, Rekt Guy is a unique entrant into the CC0 sector of the NFT market. While the project offers no roadmap or utility to its holders, similar to CrypToadz or mfers, it’s characterized both as a meme and a symbol of unity within OSF’s community. 

As influential investor Cozomo de’ Medici and rap icon Snoop Dogg have collected Rekt Guy NFTs, the project has not only taken on life as a status symbol but as a testament to what influencer hype can help bolster a collection.

More About Rektguy NFT Collection

The collection has been successful on the market since its launch. Only a few days after its minting process took place, big names in the industry, like Cozomo de Medici and rapper Snoop Dogg bought rektguy NFTs, which attracted a lot of attention to the project.

The rektguy collection doesn’t have a roadmap or any ideas for an extended ecosystem, beyond the ownership of the tokens. OSF, the artist behind rektguy, stated in his Twitter account that they decided to create the project like this to emphasize the artistic and cultural values of the collection.

“Thus, expectations are not really contingent on a certain creator or team carrying out a roadmap […] So, with these NFTs, we are not worrying about a new CEO or what valuation they raised at or when the token drop is coming in order to distinguish value, we just know they are going to appreciate over time as fine collectibles, because they are primarily about ART and CULTURE.”

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The Team Behind Rektguy

The rektguy collection was initially outlined by British artist and investor Ovie Faruq, also known as OSF, along with artist Alien Queen. Mike Anderson (also known as Mando) is also a part of the project, and he has been a partner of Faruq in several previous collections.

OSF is a well-known figure in the NFT space and has sold several high-value NFTs. Just recently, he sold his 1/1 NFT “rekt city” for 25 ETH (around $48,000 by current market values). In April 2022, another one of his works fetched 82.88 ETH (about $270,000 at the time) in the secondary market. 

Moreover, OSF is a former Barclays trader. “6 months ago I was bored at my day job an doodled rektguy,” he tweeted recently. “Yesterday @SnoopDogg bought the NFT. Life is wild.” 

Along with his business partner and friend Mike Anderson (aka Mando), he previously launched a PFP collection called Degenz, another successful NFT project, and they’re part of Canary Labs, the company that developed these two NFT projects.

The rektguy collection features slang and elements used widely in the crypto space, like the Pepe meme, Wojak, or the acronyms “gm” (for good morning), and “wagmi” (for we are gonna make it).

Market performance

The floor price for the rektguy collection is currently 1.21 ETH, with a seven-day trading volume of 3,326 ETH. Furthermore, the project has a market cap of 10,576.8 ETH, worth over $17 million, data by CoinGecko shows. 

Over the past 24 hours, the project has registered a sales volume of 737.21 ETH. As of today, there is a total of 8814 NFTs minted, held by 3589 unique owners.

Why is Rektguy NFT Collection Trending?

The Rektguy NFT collection’s artist, OSF, already has a huge fan following. On Twitter alone, he currently boasts close to 118,000 followers. Besides, he has built up a strong community around his Degenz NFT collection, complete with an NFT-gated Discord server. 

Around 7,000 rektguy allowlist spots were also given to the Degenz holder. In short, OSF is an established NFT artist with a focus on community building.

Next, within days of the reveal, both Cozomo de’ Medici and Snoop Dogg endorsed the project. Both have been actively championing NFT projects since last year, so their endorsements quickly shot up rektguy’s popularity and value. Snoop has even changed his Twitter PFP to a rektguy! 

In addition, several popular NFT influencers have also bought the NFTs.

Lastly, rektguy has adopted the CC0 licensing agreement. In simple terms, this means that there are no restrictions on commercial rights. 

In other words, holders can “modify, distribute and perform the work, even for commercial purposes, all without asking permission”. Needless to say, this is a big plus for the NFT holders.

All in all, the rektguy NFT collection from NFT artist OSF is off to a promising start. The project yet again proves that having a strong, established team is extremely important in getting a headstart in the crowded NFT space. 

Artwork that speaks to the wider NFT community and community-building are also equally important. And rektguy checks all of these boxes!

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