If you haven’t heard of Troma NFTs, you might be wondering what they are. What makes them valuable and who wants them? They’re essentially digital pieces of limited artwork that you can purchase on the blockchain, but I go a little more into detail on them and my first NFT purchase from Troma on OpenSea in my earlier article, which you can read by clicking here.
While I did cover what they are, I didn’t cover added benefits to owning them. Troma NFTs are very new, with their first one having been minted 3 months ago (which sold 4 days ago for $500 + listing fees + gas fees). If other NFTs are any indicator, owning an NFT from a particular artist essentially gets you admission into a social club built around the artist. One might ask, what’s the difference between owning a Troma NFT and just saving the image to my computer? Saving the image to one’s computer and saying that they own it and support/follow the artist is akin to saving an image of a Picasso painting to one’s computer and saying that they own a Picasso. It doesn’t make somebody stand out as a fan unless they have some skin in the game.
With the Toxic Avenger Troma remake from Legendary Pictures having wrapped filming, starring Peter Dinklage and Kevin Bacon, we’re going to see a trailer any day now. When the trailer hits, old comic book sales (yes, there’s a comic book!) and toy prices are going to go through the roof due to speculation. Will Troma NFTs be part of the speculation? Who knows. So I went ahead and picked up another one to add to my collection from my earlier purchase. You can view the listing by clicking here and view the transaction on the blockchain by clicking here.
Are there any drawbacks? Or course there are. The NFT space is very nascent and these pieces of artwork might not take off at all. The way the Ethereum network is currently set up (change is in the works), it takes mining power to verify transactions, which equate to executing Smart Contracts. Since space is limited, one must compete with other users trying to push their transactions through, which causes gas fees to go up in a bidding war. However, gas fees change throughout the day and are cheapest during slower times, like early in the morning or on weekends. When I tested executing a transaction on OpenSea during peak hours, it was suggested that I be willing to pay 0.055 ETH in gas fees to make sure that my transaction executed quickly. That’s about $183 at the current spot price of ETH. There is also a $2.50 OpenSea listing flat fee that is paid by the buyer. During off hours, the fees get much lower. For my first NFT purchase I paid about $12 in gas fees and for this last one, about $59 in gas fees.
If you’re interested in checking them out, or maybe even picking one up, you can view all of their minted pieces on Opensea by clicking here. The NFT space is probably here to stay for awhile. Young people especially like owning things that don’t add to clutter in the household, but also serve as a status symbol or entry into a social club. There are also NFTs that give you ownership in the digital space, but also mail you a physical item. Troma has one and is listing more, just make sure that you read each description and understand what you’re getting. Enjoy!