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New Sold Out NFT Project ‘The Saudis’ Amasses $7.7M in Sales on Opening Weekend

Tyler Irvin

Summary: Another weekend, another sold out non-fungible token (NFT) collection in the form of a project called The Saudis, who briefly took the number one spot in trading volume on OpenSea. The project was free to mint on July 9 and sold out in hours. It features 5,555 NFTs, whose artwork resembles the legendary CryptoPunks collectibles. ...

Another weekend, another sold out non-fungible token (NFT) collection in the form of a project called The Saudis, who briefly took the number one spot in trading volume on OpenSea.

The project was free to mint on July 9 and sold out in hours. It features 5,555 NFTs, whose artwork resembles the legendary CryptoPunks collectibles. Instead of crypto punks, these NFTs showcase Saudi Arabian men wearing traditional clothing like the ghutra (a traditional headscarf for men).

The NFTs showcase different colored ghutras, eyes, skin color and more. In addition, some of the NFTs feature a person smoking what appears to be a cigarette.

The project’s floor price (which is the price of the cheapest NFT in the project for sale on the open market) is about 0.75 Ether, which comes out to about $850. On Saturday, the floor price peaked at around 1.3 ETH, worth roughly $1650.

Now the project is sitting in the number five spot on OpenSea for trading volume in the last 24 hours, but it ranks number two in trading volume for the last seven days.

At the time of writing, the collection has totaled roughly 6,848 ETH in sales, which comes to roughly $7.79 million.

The project is fueled by its “kingdom” followers on Twitter, who hype up the project by creating meme videos. In addition, the official Twitter for the project has some hype videos of their own to promote the collection. Their pinned tweet on their Twitter says it all.