Bargain vs. Blue-Chip: Inside Dave Krugman’s “DRIP DROP” and “DRIVE” Collections

Few artists in web3 are as intentional in their community building as Dave Krugman.

After rising to prominence with his 1/1 works on SuperRare, the photographer and Allships founder has strategically expanded the ecosystem around his artistry according to a carefully created blueprint. Dubbed the “ring theory of community value,” Krugman’s approach is based on thoughtfully growing his total community footprint through larger collections that drive value back to his earliest investors while offering accessibility to new entrants.

“It’s really hard to build a community one 1/1 at a time,” he recalled in last year’s nft now podcast episode. “The next thing I need to do is build a much wider collection to welcome in a bigger community of invested advocates.”

Critically, Krugman realized that he would need to reward his 1/1 collectors so they didn’t view forthcoming collections as diluting their investments in him. By offering his collectors free mints and the first picks in his wider collections, he not only created value (and potential liquidity opportunities) for those who had supported him from the start, but he also built a strong foundation of influential holders to aid him in amplifying the projects.

Minted in September 2021, “DRIVE” was Krugman’s first larger collection to launch. Consisting of 111 1/1 automobile photographs drawn from a decade of street photography, the collection regularly plays host to gamified mechanics such as “races” — challenges where holders can enter to win “trophy” cars. His 1/1 collectors were given three cars each, incentivizing their participation and, in many cases, rewarding their early support by recouping their initial investment. Consisting of eight “Grails” sold in 24-hour auctions and three tiers of cars at corresponding price points from 0.25 to 0.5 ETH, the collection has driven more than 196 ETH in total volume.

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In June 2022, Krugman followed up “DRIVE” with his larger “DRIP DROP” collection to grow his ecosystem further. Inspired by generative art and encompassing 1,111 unique photographs of rain-pelted puddles in Times Square, Krugman worked with Transient Labs to build a custom algorithm to categorize and assign rarities to each Drip based on traits like colors and drop count. Once again, he rewarded previous collectors by giving “DRIVE” holders free mints and allowlist spots based on the tier of their vehicle — Grails received three free mints, Tier 1 received one free mint and two allowlists, Tier 2 received one free mint and one allowlist, and Tier 3 received one free mint. The project has driven more than 437 ETH in total volume.

For this week’s edition of “Bargain vs. Bluechip,” I will examine Krugman’s two most popular projects through an investment lens. As always, this is not financial advice — simply an analysis of the collections and the opportunities they may present!

Bargain: “DRIP DROP”

Credit: Dave Krugman

The Collection: “DRIP DROP” By Dave Krugman

Floor Price: 0.1619 ETH ($550)

The Case for Bargain:

Currently sitting below its original 0.2 ETH mint price, “DRIP DROP” offers an obvious opportunity for those who believe in Krugman and recognize this project’s innovation in bridging NFT photography and generative algorithms.

Boasting a strong collector base that includes the likes of Cozomo de’Medici, Deeze, Gmoney, Benny Redbeard, and J1mmy, as well as a laundry list of prominent artists in the space, the collection is characterized by strong hands who did not panic sell during the bear and will not necessarily be clamoring to take profits during the bull.

“DRIP DROP” also found a notable new collector this past month in Kanbas.eth, a pseudonymous collector who has been on a generative grail shopping spree spanning Fidenzas, CryptoPunks, Ringers, and more. Their vote of confidence could be a signal that indicates how future collectors will view the project as it ages.

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“As the most affordable entry point to his ecosystem, “DRIP DROP” will almost certainly appreciate from here in Krugman’s next chapter.”

Considering its 1,111 token supply, the project’s floor is unsurprisingly thin. After the ten Drips currently listed below 0.2 ETH, there are only seven Drips listed below 1 ETH — meaning that it’s only a sweep or two away from materially increasing in floor price.

While Krugman has not tipped his hand toward his next large-scale photography collection, it’s reasonable to expect that the prolific creator has one in the works. If he continues expanding his ecosystem by degrees of 10, could there be an 11,111 supply project in store for the bull market? Given his aforementioned ring theory of community value, Drip holders would stand to benefit from free mints and the floor price hike that typically accompanies the anticipation around a new drop. As the most affordable entry point to his ecosystem, “DRIP DROP” will almost certainly appreciate from here as Krugman’s career develops.

Blue-Chip: “DRIVE”

Credit: Dave Krugman

The Collection: “DRIVE” By Dave Krugman

Floor Price: 0.4 ETH ($1,358)

The Case for Bluechip:

While Krugman’s 1/1 works may be the crown jewels of his catalog, “DRIVE” is the collection that appears poised to benefit most from his artistry’s network effects over time.

First, “DRIVE” enjoys the provenance of its September 2021 mint date and the distinction of being Krugman’s genesis photography NFT collection. Compared to other blue-chip photography collections of a similar supply size from the same era, such as Justin Aversano’s “Twin Flames” (50 ETH floor, 16 ETH last sale) and Drift’s “Where My Vans Go” (14.69 ETH floor, 5.49 ETH last sale), “DRIVE” (0.4 ETH floor, 0.27 ETH last sale) seems criminally undervalued at present.

“While Krugman’s 1/1 works may be the crown jewels of his catalog, “DRIVE” is the collection that appears poised to benefit most from his artistry’s network effects over time.”

With only a 111-token supply, “DRIVE” cars are significantly less liquid than Drips and don’t change hands nearly as often. As expected, the price floor is extremely thin. Of the six total listings, only one car is currently listed below 1 ETH, and the price points quickly scale up to 6.9 ETH. Additionally, the current floor includes coveted Tier 1 and Trophy cars listed for 1.4 ETH and 1.9 ETH, respectively, despite the likelihood of such tiers commanding a premium in the future. For reference, Tier 1 cars have sold for as much as 16 ETH in the past, and while they may not regain the all-time highs they saw in 2021, there’s plenty of room for value accrual from here.

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Much like “DRIP DROP,” “DRIVE” features a star-studded collector base — Punk6529 alone has three cars (one of each tier) on display at his museum — that figure to help spread the word when it comes time for Krugman’s next photography collection. Even during a long and difficult bear market, the artist has exhibited a commendable dedication to the gamified elements of the project, running eleven races for holders and continuing to reward the community with access to his mints on platforms like Noble Gallery. Do you really think he’ll forget it now that the bull is back? Owning a higher-tier car feels like an easy ticket to preferred treatment in Krugman’s next chapter.


With Ethereum NFTs down across the board, there are a number of good deals to be had across Krugman’s catalogue.

An investment in “DRIP DROP” at current price points is a low-risk play with the likelihood of returns as the market pendulum swings back to digital art and photography. With one-tenth the supply of Drips and only a 4x price floor multiple, “DRIVE” is an undervalued opportunity with higher upside for those who are comfortable holding the less-liquid project until Krugman’s next collection drops.

Anyone who knows Krugman understands the passion and commitment he brings to his craft, as well as his proven track record of delivering value to his collectors. He’s playing the long game, so it’s a matter of “when” and not “if.”

Editor’s note: At the time of publication, the author holds one “DRIVE” NFT and one “DRIP DROP” NFT.

The post Bargain vs. Blue-Chip: Inside Dave Krugman’s “DRIP DROP” and “DRIVE” Collections appeared first on nft now.

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