Hollywood’s Baobab Studios’ Debut NFT Collection Sells Out in Hours

Baobab Studios, a nine-time Emmy winner, has just made a big stir in Web3. According to CryptoSlam data, its first-ever NFT project, "Momoguro: Holoself," saw 12,000 sales worth $7.6 million on its first day.

The collection of 8,888 Holoself avatars on the Ethereum blockchain sold out in under nine hours, outperforming all other NFT collections in terms of 24-hour sales volume. 

In the colorful fantasy universe of Momoguro, which was created by writer-director Nico Cassavecchia and multimedia director and animator Martin Allais, creatures known as "Momos" can merge into hybrid characters. Momoguro is releasing NFTs as well as an NFT roleplaying game (RPG) in which players may engage in "quests" across the Uno Plane to combine Momos.

The Momoguro RPG will be built on top of ImmutableX, a layer-2 Ethereum scaling solution, with NFTs as a core game component. The game is expected to come out in the second quarter of 2023.

According to Crunchbase data, Baobab has raised over $31 million in total funding from companies like Disney, Samsung, and Comcast and now boasts that cofounders of Pixar and Twitch, Ed Catmull and Kevin Lin, are on its board of directors.

Baobab is not the first Hollywood studio to foray into NFTs and Web3. Warner Bros. launched an NFT collection inspired by its popular "Looney Tunes" cartoons last summer, dubbed "Looney Tunes: What's Up Block?". NFTs have also been used by Lionsgate, Netflix, and Paramount for some of their most prominent properties.

We'll have to wait till the Momoguro game is out in the second quarter to see how well it is received by users. Notwithstanding, the success of Baobab Studios' debut NFT release is another indicator that the NFT space is improving.