Stan Lee NFT collection sells out almost instantly, rises 500%: Report
The collectibles sold for $15 each, Kartoon Studios' partner Veve said on its website, meaning the drop of 8,294 netted about $120,000 in revenue
 "Stan Lee NFT collection sells out almost instantly, rises 500%: Report")
By Immanual John Milton
Kartoon Studios Inc. said its batch of more than 8,000 Stan Lee digital collectibles sold out “nearly instantaneously” on Monday, illustrating strong demand for some virtual assets still exists despite the slow recovery of the NFT market.
The release, in commemoration of what would have been the famed comic book writer’s 100th birthday recently, marked the first phase of a roll out of a broader Stan Lee collectibles universe, Kartoon said in a statement Monday. Lee is famous for creating of plethora of well-known superheroes including Spider-Man, the Hulk and Iron Man.
The collectibles sold for $15 each, Kartoon Studios’ partner Veve said on its website, meaning the drop of 8,294 netted about $120,000 in revenue.
They had risen by least 500% on Monday morning New York time, with the cheapest collectible available for sale listed at $81 at 10:40 a.m., while the most expensive was $749, according to the Veve Collectible app.
Crypto markets have resurged recently after turmoil following the collapses of major exchanges like FTX Trading Ltd. and BlockFi Inc., with Bitcoin up 76% this year. NFTs have struggled in comparison, with the highest market value NFT CryptoPunks up just 19% in dollar terms, according to CoinGecko.