#119 Blast Gold
Why We Want It & How To Get It
GM - this is The Snapshot, edition #119.
This is what I’ve got for you this week.
This Week In NFT World - Are ETH NFTs back?!
Sponsored Post - Lil Nouners 40 ETH Artist Program Seeing Success
Notable Sales - Coldie, Tyler, CryptoPunk, XCOPY
Investor Focus - The Blast Guide Pre-Airdrop
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Are ETH NFTs back?!
Major ETH collections really rebounded aggressively this week, adding thousands of dollars to their floor prices.
Bored Apes moved from almost 10 ETH to 17 ETH ($20k+), with less pronounced moves for Mutant Apes and Pudgy Penguins too.
What was the reason for the move?
getting rid of the deadweight gaming ip was good
founders trying to revive original of spirit of club good
and without checking i suspect some of the blur farmers (who have been consistently lowering floors by killing demand with their persistent sell pressure) had a lower number of nfts to sell at the moment
I find it hard to think this can sustain - but PFP NFTs are momentum assets - and if they can become cool again, they can get moving up again.
$3.5B restaking protocol Renzo ezETH depegs due to airdrop dissatisfaction
We speak a lot about restaking and its potential, but this week we saw one of the dangers: a serious depeg.
Restakers with Renzo were unhappy with their airdrop allocation which caused a huge sell off of ezETH against ETH, triggering a depeg where 1 ezETH was no longer worth 1 ETH in the pools (in fact much less as the chart shows) because people were using leverage. This is how it worked:
- Swap 1 ETH for 1 ezETH
- Deposit ezETH for a 0.5 ETH loan on @GearboxProtocol
- Swap 0.5E for 0.4 ezETH
- Deposit for 0.2E loan
- ...repeat
As you can see, because you can leverage the restaked ETH you hold to borrow more ETH, you can create a loop of borrowing. I recommend reading the full explainer by NFTStats and BreadGuy here.
Further explanation from Bread on the show:
My key takeaway: leverage is a killer. Don’t use it so unnecessarily.
Chromie Squiggles 16x sweep by fund sends floor to 7.2 ETH
Fine digital art seems to be hitting back! XCOPY sales are on fire, Squiggles are moving, and huge loans like the ones below…
"'Chromie Squiggle' 10k by @ArtOnBlockchain sees a batch of 16 sales for 98.428 (avg: 6.15 ETH) to @1confirmation. The sales range from 4.99 to 7 ETH, driving the collection to a lowest list of 7.1 ETH."
$1.26M of loans taken out against 6 Autoglyphs
"Gondi's escrow wallet now holds 21 Autoglyphs, which is 4% of the collection supply"
Louis Vuitton craft exclusive $7.9k jacket designed by Pharrell Williams for NFT holders
Context: "Retailing for €7,900, this luxury jacket—designed by Pharrell Williams—is crafted exclusively for 200 owners of the Louis Vuitton Via NFTs. The apparel boasts suede buckskin, shimmering fasteners, and an intricately embroidered emblem, encapsulating the current enthusiasm for “cowboy fever”, as per Vogue, and the high-end collector’s market."
The popular Nightclub meme photo of a man shouting into a woman's ear at a club in Edinburgh, Scotland sold for 15 ETH on @foundation
Sponsored Post - Lil Nouners 40 ETH Artist Program Seeing Success
Nouns DAO has passed a 40 ETH small grants program that seeks to fund artists to create CC0 artwork in any medium.
Round 1 had over 100 entries and has now voted through the first 20 artists to the program.
Three of those artists have already submitted their final work, and anyone can go and mint them here
These pieces have already been minted 250 times between them!
Round 2 submissions have now concluded and there were just under 80 submissions.
Voting is taking place until April 29th where we will see the next 20 artists inducted to AP.
If you are an artist, or know of one, head to Artistprogram.org to get details on how you could be funded 0.3 eth in the next round.
This is just another example of Lil Nouns DAO buildors doing great things!
Notable Sales - Coldie, Tyler, CryptoPunk, XCOPY
Azuki, Spirit - 67 ETH
Coldie, Edward Snowden - 65 ETH
Tyler Hobbs, Fidenza - 33 ETH
XCOPY, Rabble - 17 ETH
CryptoPunk, Hoodie - 195 ETH
CryptoPunk, Alien - 4000 ETH ($12.4M)
Investor Focus - The Blast Guide Pre-Airdrop
The game is to get Blast Gold. Gold has been estimated to be worth anything from $10-$18 each (although we could obviously be exceptionally wrong!)
The main way I accumulated Gold so far was by betting on Roulette on Decentral Games.
1.3k of my 1.8k Gold came from there.
I bought 1 ETH of their $BAG token which gave me a multiplier of Blast Gold, which you earn in real time which is pretty cool. I then just bet over and over again. The main advantage of doing this is you earn the Gold in real time and because roulette spins are fast you can earn the gold quick (I think I earned it all in a week: 1 ETH of $BAG; around 1 ETH deposit into casino)
Do note it’s risky to just bet it! Even if you cover both red and black you will ultimately bleed out. There is an element of luck in me surviving so long to keep farming the Gold.
NB you have to KYC to take money out of here, and you are at risk of legit losing all of your ETH, and you are at risk of $BAG losing its value and you not being able to swap back for the full ETH with which you bought it.
Nevertheless, even if I have burned an ETH in this process, I think that amount of Gold was worth it.
I’ve stopped that strategy recently - but I might go back to it.
What else am I looking at?
Mintify NFT Marketplace - For NFT trading, we are partnered with Mintify, I think they have a great product, and they have been given 9k+ Gold to distribute. This is where I will trade NFTs.
GambleFi - YoloGames you can spin away for ETH (550k Gold); Insrt you can spin for ETH/NFT prizes (275k Gold)
DistrictOne - Blast really want to incentivise social activity this time around, so this is a really low cost way of getting some points. Join a room in DistrictOne, vibe, chat, and accrue points.
Wasabi / NFT Perp - On Wasabi you can go long or short assets, and you can also provide liquidity for a variety of Blast assets. On NFT Perp you can do the same, but you can also provide liquidity.
Will stop there to not overwhelm.
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