What is Hedz?

Hedz is a collection of unique hand-drawn characters created by Matt Furie.

Furie is famously known as the creator of Pepe the Frog, one of the internet's most iconic and longest-standing memes.

For those unfamiliar, Pepe has an incredible backstory. I highly recommend reading through a brief history of Pepe as told excellently by Primitive Money in this thread before diving into the analysis.

Hedz NFT Stats

  • • Supply: 1000

  • • Mint price: 0.66 ETH

  • • Mint date: 9/16/2022


Paper Ape's Analysis

There is no utility here, just art and vibes.

I have purchased 5 Hedz and plan on flipping 3-4 of them.

This is my grail Hedz I hope to keep forever, simply titled "Ape".

What attracts me to this collection?

  • • Matt Furie

  • • Small supply

  • • Fine Art PFP

  • • No traits, just vibes

Matt Furie

I'm a believer in culture being the greatest store of value in all of crypto. Culture is what brings likeminded people together and keeps them together.

Without Matt Furie it's possible the Crypto Art movement never would have taken off.

No Matt Furie = No Rare Pepes. This would eliminate arguably the most culturally significant NFT project of all time.

If that were the case, who knows where we would be in the timeline of NFTs?

There is no way to talk about the history of NFTs/Web3 without talking about Rare Pepes. There is no way to talk about Rare Pepes without Matt Furie.

Small Supply

I like trading volatile assets.

Matt Furie has over 130k Twitter followers.

Hedz supply is only 1000.

This should be a big enough audience for continual attention/interest in the collection.

It's also hard to find a group of enthusiasts more loyal to their community than the Pepe crowd. Pepe is akin to the internet's child and has firmly cemented a place in crypto history. I expect new entrants to funnel into the community over time as more people discover the full story of Pepe.

Fine Art PFP

To be honest, I'm not a fan of buying PFPs in the current market environment because it seems like everyone already has their primary PFP of choice. That said, I'm willing to take a risk here because of the collection's "fine art" value proposition. This stems from the fact that every single piece in this collection is unique and hand-drawn by Furie. The personal touch gives an increased emotional connectedness to the holder which should provide Hedz with a security blanket for a more sustainable floor price.

No traits

This is more subjective but I think it's cool that there are no traits. I can't name a single well-known artist who has made a collection this large comprised entirely of 1/1 art.

This doesn't allow anybody in the community to compare rarities or create internal divisions based on traits like fur color, rare clothing, etc.

The beauty of each NFT is in the eye of the beholder. It really makes you appreciate the art of each piece much more, especially for floor NFTs.

From personal experience, collecting Hedz feels a lot like buying Dr. Seuss characters. Imagine owning The Cat in the Hat.

No utility, just vibes

Why can't any other project seem to replicate Bored Ape Yacht Club's success? Because now everyone buys in with expectations of profit.

In the early beginnings of BAYC nobody expected to make money on the NFTs they bought. Everybody was simply there to enjoy each other's company.

What I'm not saying is that Hedz is the next BAYC. What I am saying is that I like how they launched during a bear market and without any utility. There is a noticeable lack of moonbois in the Hedz Discord compared to pretty much any other project.

There are undoubtedly people buying Hedz to flip for profit (you're looking at one) but I think most the people in the group have intentions of owning at least 1 Hedz forever.

It takes a lot of cultural knowledge to know the full story of Pepe and Matt Furie which is what ultimately led everyone to the Hedz collection. Most Hedz owners know the significance of what they're holding and will not be willing to part with their last NFT easily.

If this is true, best case scenario is:

  • • Shortsighted buyers sell their Hedz at the floor for the next few weeks/months

  • • Long-term collectors start scooping the underpriced NFTs from the floor

  • • Hedz starts getting increased social media attention from floor prices starting to rise

  • • Low supply causes a supply shock once new entrants start fomoing in

  • • This turns into a flywheel effect and creates a massive pump

This is the maximum hopium scenario for Hedz and if it comes true, this is when I will be looking to offload any remaining Hedz held.

To throw some stats at you:

  • • 72.3% of owners hold only 1 Hedz in their wallet

  • • 58% unique ownership

Pretty solid numbers for being 10 days old.

NFA. DYOR. All that stuff. I'm just playing the role of information plug. If you plan on buying any Hedz, feel free to hit me up for opinions on what to look for - I consider myself a Hedz connoisseur at this point after staring at them nonstop for the past 96 hours.