Yuga labs are adding, once again, a new NFT collection to the space. I don’t think there’s any limit to what Yuga Labs can release. I mean, they released a sewers game, Dookey Dash. And now, you can burn your sewer passes NFT to get an NFT from another collection.
What Are Sewer Pass NFTs?
Okay, I might have just put a bunch of words together without making much sense. Dookey Dash, Yuga Labs, Sewer Pass NFTs… got the words now I need the actual information. So, Dookey Dash is the Yuga Lab’s bored ape yacht club game.
Basically, it’s an endless-runner style of game where you have to get a high score. The person with the highest score won the golden sewer key and ended up selling it for 1000 ETH. They also released a toad mode. But, in order to play the game you had to get a “sewer pass NFT”.
And, your score is embedded in this NFT. We’ve fully covered the game here if you’re not familiar with it.
However, the important thing is that these sewer pass NFTs give you access to Yuga Lab’s latest NFT collection: HV-MTL.
HV-MTL is Yuga Labs’ most recent NFT collection made up of 30,000 Mechs. These mechs are derived from 8 different power source types depending on your game score:
- Legendary: Dookey Key
- Holo: Rank 2 – 250
- Reaver: 251 – 1250
- Celestial: 1251 – 4250
- Knight: 4251 – 9250
- Bio: 9251 – 15250
- Dynamic: 15251 – 22250
- Glitch: 22251 – 30000
Plus, some NFTs are “companion NFTs” while others are not. Based on the listed NFTs on OpenSea, 15.5K aren’t companions while only 2.04K are.
As of March 15th, holders of eligible sewer passes were able to burn their sewer pass NFTs to summon a Power source. This power source will reveal an Evo Mech 1. Evo 1 holders can participate in future minigame sets with their Evo 1s to unlock additional HV-MTL evolution stages.
The most intriguing one is the holder of the golden key NFT. He got a unique 1-1 NFT with the attribute “legendary”. What power does it give him? I’m interested.
Did Anyone Actually Burn Their Sewer Pass NFTs for this?
They sure did. I mean, it’s YUGA so despite any ridiculousness some holders will play along. Plus, the sewer pass NFTs in their past state don’t have that much value or utility.
The HV-MTL collection is the next, and some would say better, step. So, a lot of people actually burnt their sewer passes to summon the mech NFTs.
The collection has gathered, until now, 8,326 ETH in total volume. Its current floor price stands at 2.01 ETH (approx $3.65K per the ETH rate at the time of writing) on OpenSea.
Collection Floor Price Drops 28.47%
However, looking at the chart below by NFTGo, you can see that the FP declined. It reached a maximum of 2.81 ETH on the day of the summoning. But, it then declined to 2.01 ETH. This is a 28.47% decrease in four days.
Certain Attributes Are Lower In Value Than Others
As previously noted, per the score you got in the game (that is embedded in the sewer pass NFTs), you get a different power source. And, companion NFTs are less than ones that aren’t.
The thing is that the floor price range is insanely different between such attributes. The floor price for “no companion” NFTs stands at 2.010 ETH (exactly as the collection’s FP). So, these are the cheapest.
However, the companion NFTs’ floor price actually stands at 4.830 ETH. This is more than double the “no companion” NFTs’ floor price.
It is normal for different attributes to have different floor prices. Or else, the entire collection would be worth the same meaning your score doesn’t matter. But, did the community approve of such a vast floor price range?
Mixed Community Feedback on the Summoning
What’s the reason behind this decline? Let’s zoom in on the community.
The Sewer Passes NFTs Burn Excited Holders
Frankly, the excitement over anything Yuga is always expected. They have a huge and solid community. And, SO many holders. Even in their worst drops, they still would have people supporting it.
So, yes some sewer pass NFTs’ holders actually got excited about the summoning. Especially that depending on your score, you might get a mech companion NFT. The fact that the reveal hasn’t happened yet adds to the excitement and anticipation.
So stoked to figure out what these HV-MTL will be for pic.twitter.com/xfUemDnRfK
— BaronVonHustle.eth (@TheeHustleHouse) March 16, 2023
Kubz fam got 46 companions out of 96 HV-MTL @BoredApeYC
— Keungz (@keung) March 17, 2023
And, already insane sales took place.
Wow HV-MTL box #7 sells for 45 ETH. Highest sale of a pass or a power source yet. pic.twitter.com/th1urpm3QM
— NFTstatistics.eth (@punk9059) March 17, 2023
Holders Criticizing the Scores’ Value
Remember when I said you get a power source depending on your game score in your sewer pass NFTs? Well, the price range has pissed some holders. They’re saying that their scores don’t matter that much unless they were on the top.
It looks like you had to be in the top 4250 to really get value from your Dookey Dash skills. Floors for the bottom 4 tiers of HV-MTL are all bunched below 2.8 ETH.
And Top 1200 to get to the 8.50 range.
Top 250 for the grail. pic.twitter.com/6q3vTXgwOo
— NFTstatistics.eth (@punk9059) March 16, 2023
It’s not far from the truth as I already mentioned the floor price difference.
Other proceeded to point how the facts posted and what’s actually happening don’t add up.
Last comment on the HV-MTL burn…
the FAQ stated that every power source would be unique
it seems there are eight tiers with the same appearance and metadata.
Is this not false information? pic.twitter.com/IFBBS0ih4F
— Bag Holder (@BagHoldingNFTs) March 16, 2023
What’s the Final Verdict On Sewer Pass NFTs Summoning?
Yuga has released another NFT collection as a continuation of its Dookey Dash game. Some are with, some are against. Honestly, I think Yuga is becoming a pump for new NFT collections.
Regardless of whether or not you approve of this approach, you gotta give it to Yuga for consistently working and “innovating”. Other blue-chips are sitting doing absolutely nothing besides selling empty words.
We’re gonna have to see how the reveal plays out. But, just like anything else Yuga, it has high chances of succeeding. Meanwhile, you can check what other projects are also doing like nouns for example. Enjoy!