#102 A Frog Owned Company
The NFT Equity Revolution by The Plague
GM - this is The Snapshot, edition #102.
This is what I’ve got for you this week:
This Week In NFT World - A Frog Owned Company
Sponsored Post - Lil Nouns Support $250k Strawberry Proposal
Notable Sales - CryptoPunks, Ordinal Punks, Otherworld
Investor Focus - Airdrop Szn
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - A Frog Owned Company
The “greatest moderator in the world” Jason from the All In Pod questioned consumer applications on Solana, suggesting that the blockchain which has gone from $8 to over $100 in a few months is wildly overvalued.
From @Jason
CT responded strongly.
Armani Ferrante, Founder of Backpack Exchange, responded:
"I don't know why prices go up and down, but I do know one thing. Transitioning the world's compute over to state verifiable systems is one of the most important engineering problems of our lifetimes. And we should do everything we can to accelerate that timeline."
Response from @armaniferrante
+ some extra spice from Mert
I agree with CT: this is the “upgrading of the existing financial system”. Thinking it is only gambling and speculation is very short-sighted.
Froganas become highest volume NFT collection with almost $4M daily volume
The Froganas on Solana exploded from 1 SOL ($100) to as high as 20 SOL ($2,000) this week as Bored Ape holders discovered the collection.
The collection had initially “gone to 0” after the founding team rugged - but it was taken over by the community and, once it had attracted some prominent Bored Ape holders, it caught fire.
Since the initial crazy appreciation, it has settled at an 8 SOL floor ($800).
This underscores the importance of prominent holders who proliferate your brand on the timeline - web3 marketing on steroids.
Solana NFT marketplace Tensor passes $1B in volume - though high SOL price brings floor prices down
"@tensor_hq by the numbers: - 10M SOL volume - 325K SOL royalties given back to creators - ~10 full-time contributors"
The stats from @0xrwu
NFT volume on Solana has been rocketing.
On most days it is beating or on par with ETH NFT volume.
Why?
People are very bullish on Solana
Profits on Solana make people feel rich and these flow into NFTs
Tensor, the NFT marketplace, will do an airdrop - so it should be right to assume at least some of this volume is created to farm the airdrop
As Solana hit almost $120 this week, Solana NFTs pulled back.
The premier collection, Madlads, has gone from a 220 SOL to 150 SOL floor - whilst maintaining an ATH USD price.
Keep an eye out for more rapid moves and how the SOL/USD price adjusts.
The Plague NFT project grants holders equity in the company
On Christmas I announced that all members of @ThePlagueNFT would be given a percentage of equity in our company on a per NFT basis.
We have seen many attempts to “reward holders” in Web3.
Many have tried airdrops to decentralise governance, some have tried revenue share, but we have never seen equity share - until now.
Pons, the founder of The Plague NFT project, made the big decision on Christmas Day to surprise his holders with equity.
Why did Pons want to do this?
“The answer is very simple. There are only a few legal ways to reward the members of a project that have helped that project become successful. And imo only one obvious way to do it in a meaningful manner. Give the equity away.”
How would it actually work?
(i) No governance rights = founder retains complete control
(ii) Valuation will depend on future valuation
(iii) Listing / holding / vesting requirements apply
In Web3 we talk about founders empowering their community to be advocates for their project.
This is the biggest swing yet at trying to financially align incentives between company and holders.
Whilst there are many questions which can only be answered by a closer analysis of the documents, I wish them good luck - and look forward to seeing how it plays out.
You can read more of the details in the full thread here.
Microstrategy acquires an additional 14,620 BTC for ~$615.7 million at an average price of $42,110 per BTC
"As of 12/26/23, @MicroStrategy now hodls 189,150 $BTC acquired for ~$5.9 billion at an average price of $31,168 per bitcoin."
Details from @saylor
Saylor just doesn’t stop buying Bitcoin (!)
L2 Blast reaches $1.1 Billion in TVL
85,836 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points.
Remember I wrote about the L2 Blast a few weeks ago as one of the potentially best airdrop opportunities: #97 Blast Off: The Next Airdrop Opportunity . It has now gone past $1.1B (!) TVL. Quite something.
If you would like to bridge over to participate you can do so by using my referral link: http://blast.io/0VNF5
Sponsored Post - Lil Nouns Support $250k Strawberry Proposal
Lil Nouns DAO has supported a $250,000 proposal by Ian Wylie Hedrick, aka wylin💎, to grow 5,000 strawberry plants in a vertical farming warehouse in Chicago.
The Nouns Berries proposal started in the FoodNouns discord, where it won a Prop House round. From there, wylin💎 was funded 10 ETH by Lil Nouns DAO & Gnars DAO for the Lil Gnarly Skate Jam.
Afterwards, Nouns Berries was floated to Lils, where it was workshopped for two months before being put onchain with Nouns DAO as Proposal 465.
How did Lil Nouns DAO help get this proposal in front of Nouns DAO?
Lil Nouns DAO sponsored the proposal - you need to have a Noun to submit a proposal to the Nouns DAO, which has over 6,500 ETH in its treasury. Lil Nouns DAO has the Noun to support quality creators and proposals.
Voting power - With 1 Noun, Lil Nouns were able to support the proposal when it came time to vote.
The Nouns ecosystem is complex - The amount of knowledge and wisdom in Lil Nouns DAO proved super helpful to wylin💎 - who has extensive experience in urban agriculture and forming partnerships to execute projects. Several Nouns voters are also active Lil Nouners. Extensive feedback and dialogue with those experienced in the Nouns universe shaped the proposal.
The vote for Nouns Berries at Nouns DAO closed as a tie!
The Nouns Berries team is working to integrate voter feedback, and expects to be onchain again by the middle of January.
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 - CryptoPunks, Ordinal Punks, Otherworld
CryptoPunk, Beard - 71.5 ETH ($159,000)
Ordinal Punk - 1.8 BTC ($78,000)
Otherworld, The Last Prayer - 23.0 ETH ($54,000)
CryptoPunk, Beanie - 130 ETH ($304,000)
Investor Focus - Airdrop Szn
“the number one way to stay ahead in crypto is to remain curious”
What my friend Hunter said today on the timeline resonated with me a great deal: “the number one way to stay ahead in crypto is to remain curious.”
When I look back at the airdrops from 2021 which I did not receive because I had just joined the space, and the airdrops in 2023 which I have received (>$25,000 to date), the key is to stay curious - AND be consistent.
When everyone forgets about the opportunity because they are chasing the shiny new object on the timeline, that is the time to concentrate.
All of the following protocols help you navigate the various blockchains and/or are attempting to push the tech forward in innovative ways. Many people believe that they will want to decentralise their organisations, which means they would give tokens to their early users. Whilst it is impossible to guarantee any airdrop, it strikes me as useful to interact with protocols which MIGHT airdrop rather than protocols that will NOT airdrop (taking into account all RISKS e.g. smart contract risks where you could lose all of your money - DYOR and manage your risk!)
I provide here for you a list of protocols which I like at the moment.
I hope that’s a helpful starting point for your research.
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
great roundup legend