GM - this is The Snapshot, edition #112.
This is what I’ve got for you this week:
This Week In NFT World - 4,500 ETH Alien CryptoPunk sale
Sponsored Post - Lil Nouns Go To A Lil Volcano!
Notable Sales - Aliens, Monochomes, Gold BAYCs, Ether Rocks
Investor Focus - Where my attention is focused right now
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - $1b liquidations in savage crypto downturn but BTC ETFs do $10B volume with $788M inflows
One day this week we saw record inflows for the BTC ETFs, but we also saw a savage downturn to wipe out the excessive leverage as we attempted to break the BTC ATH of $69k.
We were rejected strongly from that price, but as the week has gone on, we are knocking on the door again.
Experts have shared that whenever we have been within 10% of BTC ATH, we always push through into price discovery mode.
In general crypto has rallied strongly again this week (BTC +8%; ETH +11%; SOL +14%) and the timeline appears convinced we breakthrough ATH shortly…
Dogcoin $WIF breaks $2 and gets a Binance listing
The last few months have been insane for this meme-dog-coin.
A clean 835% rise over the last month (!)
Ansem believes we go higher more generally, based on a comparison with 2020.
I am not a chart reader, but am very comfy with the thesis that we go into price discovery soon.
Node Monkes run to 0.9 BTC ($61,000) each before cooling down to 0.6 BTC ($40,000)
This NodeMonke sold for 17 BTC ($1,080,000).
It is a hoodie monke AND an alien monke (a very desirable + rare trait) which is why it commands such a startling price.
The collection was on fire this week as it traded with multi-million dollar volume on multiple days.
Why?
Becoming considered as the “CryptoPunks” of BTC
BTC is the most expensive chain - the god chain - so it makes sense that one or two of its assets will become super expensive
Prominent collectors appear to have collected the monkes early without intention to sell (at these prices)
Those prominent collectors also bought multiple
Unit bias - 0.1 on ETH is $380 dollars; 0.1 on BTC is $6,000. It is much easier to spend absurd amounts on BTC because of this unit bias, so valuations can go higher
4,500 ETH ($1.7M) Alien CryptoPunk sale
One of the rarest CryptoPunks in existence, an Alien, sold this week. There are only 9 in the 10k collection.
Timeline was utterly euphoric. There had not been an alien sale for two years when one sold for 8,000 ETH ($23.7M).
The CryptoPunk floor remained steady at around 59 ETH ($225,000).
Meanwhile ETH NFTs are getting destroyed - Penguins were at 21 ETH; now down 30% in the week to 13.45 ETH
Very popular ETH NFTs have been getting slammed this week.
Pudgy Penguins down from highs of 21 ETH to 13.45 ETH, Mutant Apes down 32% to 2.75 ETH, Azukis down 33% to 3.96 ETH, DeGods down 34% to 1.8 ETH.
Why is this happening?
ETH NFTs have more baggage from previous cycles
BTC Ordinals appear more fun and have ‘clean’ narratives (and the number is going up over there)
ETH has been going up aggressively the last week ( +11%)
Memecoin mania has also distracted many as they think they can earn more from gambling on shitcoins
People who have bought on leverage are getting liquidated as price decreases causing cascading downward sell pressure
Tweet by NFTStats showing number of liquidations of NFT loans on Blend
$25k airdrop for Madlad holders from Wormhole
Once again the Madlads NFT holders are rewarded for being the premier collection on Solana.
$ W is trading at around $1.5 on pre-markets. so their 16,000 tokens should be worth around $25k.
HOWEVER, this airdrop will not be complete on day 1.
They will receive 3,200 tokens on day 1 - with the rest to vest over a year.
This is smart from Wormhole, who can prevent significant day 1 sell pressure by spreading out the Madlads allocation, as well as capitalise on the positive marketing from making one of the most vocal communities on Solana rich(er).
Sponsored Post - Lil Nouns Go To A Lil Volcano!
Lil Nouns DAO has passed a 5 ETH proposal to give Lil Nouns a big presence at important ETH events in Central America to onboard the Latin community.
What are the details?
One part will be IRL at two of the most important Ethereum events in the Central American region, followed by two months of educational and informative content surrounding the Lil Nouns ecosystem in order to push the delegation campaign.
Looks very fun!
This is just another example of Lil Nouns DAO backing builders and supporting those who want to proliferate the meme.
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 - Aliens, Monochomes, Gold BAYCs, Ether Rocks
CryptoPunk, Alien - 4500 ETH
Fidenza, Monochrome - 496 ETH
BAYC, Gold - 246.94 ETH
Ether Rock, 228 ETH ($833,000)
Sam Spratt, Pearlescent - 70 ETH ($254,000)
Investor Focus - Where my attention is focused right now
These are fairly “passive” opportunities at the moment. You can deposit ETH with Blast or Eigenlayer and chill. Or deposit USDC with Ethena. There are naturally risks with both, but you don’t necessarily need to do more than that for exposure to the token.
BLAST - METASTREET; WASABI; JUICE; AMBIENT; PLUTOCATS
These are more complex protocols where you are providing liquidity/loans/leveraging your capital/trading/buying into an innovative NFT project. The benefit of experimenting on Blast is that you can earn your Blast points for that airdrop AND you can get exposure to new protocols’ airdrop AND get an allocation of Blast Gold (the Blast Points which are given to the developer teams to give to their users)
SOL - $TNSR; $MRGN; $KMNO; $PARCL
Also fairly passive opportunities. Can deposit SOL or USDC into these protocols and earn points for exposure to the token.
BTC - LIQUIDIUM
An NFT lending protocol on BTC. I love NFT lending.
Doing things on ZkSync and bridging around for Layer Zero exposure has been part of my routine (but admittedly I’ve got lazy with this since I’ve started using Blast more.)
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