0N1 Force Reportedly Bought Out
0N1 Force is on the move this morning, following a report from The Block announcing the anime NFT project had been acquired by a purchasing group that includes former executives from Binance and Yield Guild Games.
❗ Why It Matters
0N1 Force was one of the hottest NFT projects when it dropped in 2021, reaching its peak in August of that year when Logan Paul purchased a rare 1/1 for 188 ETH (~$623,000 at the time). Since then, 0N1 Force went through a slow bleed, with the project's floor price sitting below 0.30 ETH during the summer of 2022. The floor price has shot up in recent weeks amid sale rumors, which were confirmed today by The Block.
Acquisitions in the NFT space are not unprecedented. Today's news follows a similar acquisition last week when Hadeswap acquired Solana NFT project SolanaMonkeyBusiness. Perhaps the most successful example of an NFT acquisition to date was Luca Netz's purchase of the Pudgy Penguins in April of 2022 for $2.5m.
🔍 The Deets
- The purchase was led by Old Fashioned Research (OFR) and the sale amount was not disclosed.
- OFR was founded in 2021 by two former Binance execs, and the group launched a $100m fund last year.
- OFR plans to revitalize 0N1 Force by deploying "significant funds into the growing 0N1 Force franchise, with a view of establishing it as a leading metaverse-native IP."
- 0N1 Force's original founders are no longer with the team, and current project lead Henry Finn (aka Starlordy) will become CEO.
🎤 Community Feedback
The greatest M&A team in crypto of all time is buying out 0N1 Force to make it their flagship and core product. Built out entire expansion of Binance in Asia etc... This is kinda nuts wow@wizardofsoho