With a serious bear market underway and market sentiment at gulag lows it’s probably a good time to have cash or credit set aside and analyze what NFTs and crypto are undervalued and what is potentially a rug pull. NFTs in general are not looked kindly upon and this is doubly so for brand origin corporate backed NFTs. People are so negative on NFTs that some companies with large IP’s are low key releasing NFTs as their initial toe in the water introduction to the nascent market. One of these low-key digital collectibles is Hello Kitty, owned by Japanese corpo giant Sanrio. The management of this IP the collections grand debut is by Recur, a Miami based tech startup.The HK collection includes not only HK herself but here other, more popular, pals like My Melo, Kuromi, Kerropi, Cinnamoroll, and Pompompurin. Though HK is an enormous IP the non fungible collection has languished since its debut in late August of this year. Whether due to a combination of bear market sentiment and poor execution and design by Recur, the collection has fallen to a current floor of just under $40 dollars as of today. The origin suit cases were set at $100 dollars and yet at one point Open Sea had at one point sales of HK collection fps for a under $20 dollars! Clearly the floor fell from under the collection and people were angry that they miscalculated demand of the collection. Nevertheless I have been buying, pfps, buying stamps of different rarities, buying sealed stamp cases. I personally believe that this collection has yet to leave the NFT/blockchain bubble it mostly resides in and has yet to not only enter the mainstream collectors world of thought but also has yet to fully realize its own potential as pfps/NFTs. I believe Sanrio will eventually release millions of NFT’s from its IP vault however the inital HK collection is the genesis collection for Sanrio. Don’t believe that releasing millions of digital collectibles in the future will dilute the present collection. This HK origin collection will forever be 10,000. No more from THAT collection will ever be minted. Subsequent collections whether 1000 or 1 million will be second, third, fourth eras/seasons/releases. These future mints might be cooler and nicer but they will always be secondary to the original HK release. Yes there are correlations to the Pokemon TCG Base set and subsequent releases. Nothing will ever be base set. Nothing. Despite Nintendo printing billions of cards since the late 90s. Oh and wait till Nintendo releases their first NFT’s for the variety of IP’s they own, its going to be absolute madness and you best believe the collections as a whole will eventually be worth billions. Back to HK. So HK is not a TCG, it has a weak anime following relative to DBZ or One Piece, has no real gaming provenance and is basically alive only in the collector community. So why am I excited? Well first gaming will eventually be part of the HK collection experience as interoperable games are developed where you can take your kitty PFP to any number of games, collection rep and points and increase your Web 3 social standing and thus add value to your pfp. Interoperable gaming is 2 years away from mass adoption and most likely with 2D Habbo type gaming that people, in my opinion, will find endearing. Second subsequent HK collection releases will add value to the original collection as more average folks are onboarded onto the idea of owning an NFT for playing, staking, drops, exclusivity and of course for collecting. Collectors always have deep pockets and this is one of the bigger reasons for me buying up as much from the HK collection as possible. Collectors/gamers will pay huge premiums 2 or more years from now for the chance to own from the origin collection. Once hardcore HK collectors who are now parents and even grand parents are not only comfortable with NFTs but in fact are full supportive of the you’re going to see absolutely crazy prices for this collection. As an example an average floor price of $2500 gives the collection a 25 million value as a whole. This is tiny. I believe this genesis collection will find a value of at least 100 million dollars sometime in the next 5 years or $10,000 dollar average floor price. This still isn’t THAT expensive in the NFT world. As HK gains popularity so to will the collection value. $100 million dollars isn’t that much folks. It isn’t outside the realm of possibility for this collection and it will seem less ludicrous as time goes on. NFTs are here to stay and we are just getting started.