Renga is basically the art of storytelling. Having a total of 23,591 discord users, there is no roadmap for the project, as it permits the community to tell the story of the character however they like.
Creators are able to create their own unique narratives around the collection and its utility as something closer to inspiration. Renga’s lead creative is Daniel Isles, an artist and professional illustrator who blends different elements of the East and West, metallic, organic, and the future and past together.
Renga Has 11,90 Black Boxes and 11 Archetypes
Renga is the Japanese collaborative form of poetry storytelling in which many poets work together to create a collection. Each Renga NFT character is exceptional and is created using a possible 900 traits. The Renga universe will have eleven different archetype characters, and some are rarer than others.
The eleven archetypes are Motor Corp, Delinquent, Agent, Robot, Alchemist, Samurai, Golem, Ninja, 8-Bit, Cube, 1/1. The total number of Renga Black Boxes is 10,000, meaning there are 10,000 NFT characters. Every black box holder is able to open their box and reveal a character from the RENGA universe through a burn to mint mechanism. The company has been opening the boxes live on Discord and Twitter.
Besides the gas fee, there is no other additional fee to open the box. As more and more people will buy these boxes, less boxes will be available; this is why it is becoming more and more valuable.
The success of this NFT lies in the communities ability to create their own unique stories and narratives around the collection. It is an inspiration for collectors to create stories. It is a community driven 10,000 art pieces that permits the collectors to create their own stories.
The Market Analytics of Renga
The floor price of this NFT is 0.394, and total volume is 53.5K. Its market cap is 3.53K and it has 3,115 holders.
As per the owner distribution chart, there are 1,967 owners for 1 item, 725 owners for 2-3 items, 319 owners for 4-10 items, 73 owners for 11-25 items, 20 owners for 26-50 items, and 11 owners for more than 51 items.
The lowest price at which the NFT was sold was at 0.3945 ETH for RENGA #9384 and the highest price is at 45 ETH for RENGA #45. The recently listed NFTs include RENGA #1966 at price 0.4214 ETH, RENGA #9384 at price 0.3945 ETH, and RENGA #1234 at 0.422 ETH.
In the analytics of holder trends, it is shown that on September 03,2022, the number of holders were 1,792, and there were no whales. This number has risen to 3,115 holders and 19 whales on June 30,2023. Renga has completed 23 transactions and has 10.45 ETH of trading volume within 24 hours. The floor price change is -8.13% within 24 hours.
Summary
Personal preference and investment strategies should be considered while considering any NFT project. The Renga project is focused on hand drawn distinctive characters which includes art, imagination, and Japanese style manga and anime. The hope for this project is exponentially higher than others because it lets the community create the stories.
Source: https://www.thecoinrepublic.com/2023/07/09/renga-nft-introspection-of-the-incredible-anime-inspired-project/