GM - this is The Snapshot, edition #116.
This is what I’ve got for you this week:
This Week In NFT World - $1M NodeMonke & Puppet Sweep
Sponsored Post - Lil Nouns fund 0.5 ETH Insta Visual Media Curation
Notable Sales - Azukis, Fidenza, NodeMonke, Memeland Alien
Investor Focus - 0.25 BTC Profit Lending on BTC Ordinals
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - $1M NodeMonke & Puppet Sweep
$W launches at $15B but falls to $12B FDV
Many people received thousands of dollars this week for their historical activity of bridging funds between ETH and Solana via the Wormhole drop.
Interestingly we were a little confused on the show why it traded so high at a $15B FDV, because historically “bridging” tokens don’t trade that high.
Hear our thoughts below.
CryptoPunks have 100 loans over 40 ETH that expire in the next couple of months with FP at 41 E
CryptoPunks are in a precarious position. The north star of NFT collections has many loans at an insanely high LTV at the moment.
"Don't hate me for bringing this up, but there are around 100 loans >40e on Cryptopunks that expire over the next couple months Couple punks sold today for 40-41 Pretty good chance we see a bunch of liquidations and punks sub 40 for the first time since summer 2021 soon"
Ideally the floor price would move up, meaning borrowers would be more incentivised to pay back because their assets would be worth much more than what they borrowed.
As things stand, there is a chance that some of these assets will be dumped beneath the floor causing a further reduction in floor price for the collection.
Also not great to see the main ETH NFT collection struggle. Usually strength in Punks can mean strength for the rest of the market.
Watching this…
XCOPY $FLIES up 4x on NFT mint price
We have been wondering recently if coins really are the end game for NFTs.
Ie. Launch an NFT: at some point fractionalise and trade it as an ERC20
This is exactly what happened with XCOPY’s recent mint with an interesting wrapper.
"Two weeks ago, XCOPY minted an open edition of a fly image for $2.30 each. People bought over 1,000,000 of them. A week ago, a token $FLIES was created. You could wrap your open edition NFT for a token. XCOPY endorsed the token today and the price jumped from $4 to $20 and now down to $10. In just a couple weeks, open edition minters are up 2-3x (when you include fees)."
Crypto VC Paradigm in talks to raise over $750M fund
"If the deal is completed at $750M, the fund will be the industry's biggest since the crash. The high point for crytpo VC fundraising came in May 2022 when Andreessen Horowitz raised $4.5B fund"
VC is really starting to come back in a big way - probably a sign of confidence and strength for the moment.
Feels like this is still ‘early-ish’ compared to the mega fund of $4.5B by Andreesen Horowitz in May 2022 which marked the top of the last cycle.
NodeMonkes and Puppets bought aggressively in $1M sweep
Tradfi capital allocator Franklin Templeton wrote a whole paper on Ordinals this week (!)
On the same day Puppets and NodeMonkes were swept.
“8feff9” just spent around $1,000,000 sweeping Node Monkes + Puppets Floor is up 20% on both and quite thin, the wealth on bitcoin is foreign to CT, unimaginable even”
BTC ETFs reach half the size of Gold ETFs
Finally, we realised this week the BTC ETF has reached half the size of the Gold ETF (!)
This is actually so wild for an ETF which is so new, and considering how historically valuable gold has been.
Would recommend this for further listening. Warning: will make you very bullish on BTC and ETH.
Sponsored Post - Lil Nouns fund 0.5 ETH Insta Visual Media Curation
Lil Nouns DAO has passed a 0.5 ETH proposal to curate visual media on Instagram.
What are the details?
Lil Nouner travsap asked for 0.5eth for the next 12 months for visual media tracking, curation and posting (with captions and tags) to the @lilnouners Instagram account. And the DAO were very happy to fund trav!
Trav had already delivered:
180 visual media posts
50+ reels; and
Hundreds of stories highlighting and clarifying the Nounish community's worldwide activations
Moreover, in the last 30 days, Lil Nouns visual media reached 2k+ accounts and made 7500+ impressions.
Pretty cool! And a great example of how Lil Nouns DAO is willing to support builders from within the DAO to do great things!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - Azukis, Fidenza, NodeMonke, Memeland Alien
Azuki, Spirit - 72 ETH
Fidenza. - 31.25 ETH
NodeMonke, 2.2 BTC
Azuki, Fire - 30 ETH
Memeland Captainz, Alien - 29 ETH
Investor Focus - 0.25 BTC Profit Lending on BTC Ordinals
0.25 BTC ($17,000) profit on this NodeMonke loan using @LiquidiumFi
A couple of weeks ago I lent 0.3 BTC ($20,000), and then the borrower defaulted this week. I did two things:
(i) tried to take a loan out against the defaulted NodeMonke at around 0.44 BTC to 'lock in' a 0.14 BTC profit when the FP was around 0.51 BTC
this would cap my downside and if the price rose a lot in the next two weeks, i could repay and sell for higher. also would get me more liquidium points for potential airdrop woo (liquidium does not facilitate 'instant' loans, so i say 'tried to take a loan' because i submitted a tx for the loan but then lender again needs to agree it)
(ii) listed at the same time for 0.55 BTC because i thought that was the right price for a quick sale slightly above floor for this lil monke - and was happy with that profit margin
in the end, it sold before the loan was accepted - but thought i'd share the thinking
if you are interested in btc lending you can use my referral link here.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters