It took only about 53 minutes for the Spritehood NFT collection to sell 42,956 paid digital assets on the Robinhood Chain network. This flash sale generated a final revenue of $1,282,852, or the equivalent of 684.28 ETH. This final figure surpassed the $755,000 estimate that had circulated and was believed by the market when the minting process was not yet fully complete.
Before the public sale opened, 1,488 NFTs were already distributed for free through 20 zero-value transactions. When combined with the paid portion, the collection’s total supply reaches exactly 44,444 items. Behind these massive sales figures, the Spritehood project is led by Cole Villemain, a figure also known by the alias ColeThereum.
Shadows of the Past
For crypto industry observers, the name Villemain is no stranger. He is the early founder of Pudgy Penguins, a high-profile NFT collection that exploded before eventually being hit by a leadership crisis. In January 2022, Villemain was ousted from the project by his own community amid mounting allegations of misappropriating the organization’s treasury funds. However, he was never prosecuted over those old allegations, giving him the freedom to build a new project and re-enter the market through Spritehood.
Although his new collection generated millions of dollars in revenue in a short time, there is one important detail that buyers should note. The Spritehood smart contract is currently listed as unverified on the Blockscout explorer dedicated to Robinhood Chain. This condition means that the source code governing the collection’s contract mechanism has not yet been published for the general public to inspect.
Riding on an Open Network
The rapid launch of Spritehood also highlights how this new infrastructure is being utilized by the market. Robinhood Chain is a Layer 2 network in the Ethereum ecosystem built on the foundation of Arbitrum technology, with ETH acting directly as its main gas token. The fully open (permissionless) nature of this network allows any independent developer, including Villemain, to release their projects. The presence of Spritehood there is not a form of official endorsement from the Robinhood entity.
The Robinhood Chain network itself is relatively new, having launched to the public about six weeks ago. Initially, this infrastructure blueprint was designed specifically to facilitate transactions of tokenized stocks. However, early activity on the network was instead dominated by the rotation of memecoin transactions and is now starting to be filled with the minting of NFT collections.
Although user activity has deviated from the original plan, liquidity continues to flow in. Citing a report presented by Bitmine Chairman Tom Lee, the cumulative decentralized exchange (DEX) volume on the Robinhood Chain network has reportedly approached the $9 billion mark. Crypto users have proven once again that as long as there is open access to transact, they will always find their own playground - regardless of what purpose the network was originally created for.
Reported from crypto.news.
Read also: What is an NFT and How Does It Work?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
