OVERVIEW
DigiDaigaku is a collection of unique non-fungible token (NFT) characters created by Limit Break, a blockchain gaming company. Stored on the Ethereum blockchain, each DigiDaigaku Genesis NFT is a distinct digital asset with attributes and characteristics, making them highly sought-after among collectors.
According to recent data, the DigiDaigaku NFTs have a high level of rarity and value. The average price for a DigiDaigaku NFT is currently around $4,000, with some rare NFTs selling for as much as $20,000. In addition, the project has seen significant growth in recent months, with trading volume increased by over 300% since its launch.
The Super Bowl ad featuring Dragon Egg NFTs generated significant buzz in the NFT community but failed to meet expectations in terms of viewership and impact. Despite this, the Dragon Eggs collection on OpenSea saw its floor price rise to 0.31 ETH (about $460), indicating intense market activity. This has sparked concerns among experts about the potential risks of investing in NFT ads.
The rise in the price of the NFTs after the Superbowl ad
The Super Bowl ad promoting the Dragon Egg NFT created a lot of buzz in the NFT community, but its impact on the market was relatively minimal. Read along to know more about Digidaigaku’s Superbowl commercial.
THE STORY BEHIND SUPERBOWL AD
On Feb 12th, the world’s biggest sporting event, the Super Bowl, took place, and while cryptocurrency advertisements were absent from the big game, there was one non-fungible token (NFT) collection that managed to make its mark. A Web3 gaming company called Limit Break announced that they would be giving away 10,000 “free-to-own” non-fungible tokens (NFTs) in their DigiDaigaku Dragon series during the Super Bowl. To advertise this event, Limit Break aired a commercial giving away a free mint of its Dragon Eggs collection during the game. Viewers were induced to scan a QR code that appeared on the screen, which directed them to a site to claim their free NFT. The NFTs being given out were designed to represent different dragon eggs, each with its unique traits and characteristics.
The ad showcases 3D animated figures running for a QR code throughout most of the 30 seconds ad. And the QR code, when scanned, directed viewers to a site where they could mint their free NFT. Minting refers to the process of creating a new NFT and adding it to the blockchain. The ad also promised to make this the “largest minting event ever,” which could help attract more attention to the company and its NFTs.
It’s worth noting that the cost of advertising during the Super Bowl is extremely high, with a 30-second spot reportedly definitely costing more than $5 million. In Digidaigaku’s case, the company claims that it paid $6.5 million for its ad placement, which is a significant investment.
An issue that arose was when due to certain technical glitches, very few people were actually able to mint the NFTs. After scanning the QR code, most were redirected to Gabriel Leydon’s Twitter account because the site to collect the NFTs failed to load. Therefore, people who were supposed to receive free NFTs got sent to Gabriel’s Twitter handle instead while people who were able to mint made hundreds of dollars; this led to dissatisfaction amongst the majority. The second issue was when only people holding an Ethereum wallet were able to mint the NFTs and not just everyone who was able to access the main site, if at all.
Well, on the other side, the ad also helped the company gain more than 1.3 million followers on its social platform.
IMPACT OF THE NFT SUPERBOWL COMMERCIAL
The NFT Super Bowl commercial was seen by an estimated 96.4 million people worldwide, but the restricted access to the NFT claim, limited to Ethereum wallet holders, meant that only a small percentage of the global population could participate. This exclusivity, combined with Leydon’s pre-airing promotion of the ad and mint link, contributed to the quickly developing DigiDaigaku debacle. The limited accessibility of the NFT claim was a significant factor that potentially hindered the commercial’s impact on the broader public’s perception of NFTs.
https://twitter.com/brycent_/status/1626853787427307521?t=a0dDWeKx_Mc1oA2XmeUVEg&s=08
As the NFT Super Bowl commercial aired, many took to Twitter to express their disappointment at the missed opportunity to onboard enthusiasts into the NFT space. It soon became apparent that DigiDaigaku had not lived up to its potential as a guiding light for the industry. Despite some collectors managing to claim the digital collectibles and profit from a successful quick flip of 0.5 ETH (valued at around $700 at the time), floor prices quickly dropped to 0.288 ETH. In a bid to salvage the situation, Leydon announced a second-chance mint featuring another 5,000 of the free unrevealed NFT Dragon Eggs. However, the future of the project remains uncertain.
https://twitter.com/PurpleViking403/status/1622999972978339848?t=IxXJbJKJLVlY2HNhKislhw&s=08
Despite the negative sentiment surrounding the launch, Leydon remains steadfast in his belief that the commercial was a success. During a DigiCult Twitter space event after the game, he defended his actions against accusations of engagement farming, noting that he was simply using financial logic. With seven million dollars invested in the project, he saw no alternative to maximizing engagement with the audience.
As for the future of Limit Break and DigiDaigaku, only time will tell how they will move forward from the backlash. However, the launch serves as a reminder of the potential pitfalls of over-hyped NFT drops, and the need to manage expectations while operating under the watchful eye of a discerning audience.
THE FOUNDER’S PERSPECTIVE
Despite the majority expressing that the ad turned out to be a disappointment, Gabriel Leydon sees it as a success.
He remained pretty optimistic about it and exclaimed that “I don’t know what they were expecting, but Digi did exactly what we said it was going to do.” in a Twitter space.
What took most of them by surprise was when Leydon tweeted the link to the minting of the free NFTs before the ad was broadcasted live.
“ It was literally instantly one second” is what Leydon had said after the ad. Even though he is impressed by the response received, he knew that it was going to be extremely fast and wanted it to be as clean as possible.
“In the past, the gas fees were too expensive” is what he claims and therefore he stated that his company used its own technology and did not rely on any other layer 2 blockchains.
Leydon claims to be a huge believer in Super Bowl ads and feels that they have definitely invented a new way of advertising and believes that this indeed is the future of advertising. By being able to distribute the assets through a commercial, Leydon thinks of it as a “watershed moment” for game marketing.
Despite most people’s disappointment regarding not being able to mint the free NFTs, the NFTs are still selling for hundreds of dollars out there in the secondary market. Although, there were frequent fluctuations in the prices; this is primarily due to Gabriel Leydon’s series of tweets.
CONCLUSION
Following the airing of the NFT Super Bowl commercial, it was quickly apparent that the campaign was plagued with issues. Founder, John Leydon, tweeted the ad and mint link before the commercial aired, which did not go unnoticed by users. Additionally, the NFT claim was only accessible to those with an Ethereum wallet, meaning that the majority of the Super Bowl’s millions of viewers would not be able to participate.
Many took to Twitter to express their disappointment with the missed opportunity to onboard NFT enthusiasts. However, some collectors were able to claim the digital collectibles and made a successful quick flip of 0.5 ETH or more, with floor prices initially dropping and currently sitting at 0.288 ETH. Despite the backlash, Leydon views the commercial as a success and defended the project’s engagement farming accusations, stating that he was simply making financial sense.
It is to be kept in mind when conducting such giveaways in front of such a massive audience that it is important for everyone to be able to access it seamlessly. The user experience is what makes all the difference at the end of the day. Hence, the more convenient and seamless it is, the better engagement and response will be acquired from the public.
Well, the future of Limit Break and DigiDaigaku remains uncertain. Only time will tell what’s next for the project, but the aftermath of the NFT Super Bowl commercial underscores the importance of a carefully planned and executed launch.
