GM - this is The Snapshot, edition #104.
This is what I’ve got for you this week:
This Week In NFT World - Ordinals & Gaming NFTs Hot; Other NFTs Die
Sponsored Post - Lil Nouns Sponsor The TLNS Show for 36 ETH
Notable Sales - Jack Butcher, Grant Yun, CryptoPunk, NodeMonke
Investor Focus - BTC ETF approved & ETH up 10% - why?
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Bitcoin Puppets surge to 0.029 BTC ($1,300)
After the Monkes last week, the Puppets surged to more than a $1000+ floor with more than $1M volume on one day and one buyer deciding to sweep 20 (!) for around $20,000+.
To the extent that there are more “serious” cartoon JPEG collections, the puppets should not be put into the same basket as the Monkes (more meme value vs provenance).
More $ for Saga Phone Holders
Saga Monkes airdropped to Solana phone holders passed a $1k floor as SOL founder @aeyakovenko made it his PFP.
The collection has since pulled back to around $750 dollars.
Remember, the phone cost $500 (!) - and is selling on secondary now for around $3,000.
Age of Dino mints out at 0.59 ETH and FP doubles instantly to 1.1 ETH
"Yep, insta sold out at 0.59ETH, current fp is sitting at 1.3E in the first hr of trading & it should go higher. This is bullish for: -> Gaming mints (especially NFTs w/ airdrops) -> Xterio mints (eyes on Palio & Iseky) -> Projects with hype in Asia -> Projects raising via mint"
From @sparkcsays
These Xterio NFTs just keep cooking after mint.
This was a fast 2x out of the gate.
And this is after the famous Overworld mint which went from 0.15 ETH mint to almost a 3 ETH floor price (20x). (Now sitting at a 1.9 ETH floor price.)
Why are they moving this way?
Web 3 gaming is hot; strong founders; tokens coming for NFT holders; and the kicker…backed by Binance Labs.
They have more mints coming soon. Something to watch.
AZUKI rip to 7.3 ETH as $ANIME token suggested for ecosystem…
…and then fell back down to 6.7 ETH.
Why the rise and fall?
First, obviously everyone wants liquid tokens dropped to their NFTs - especially if the token could somehow power the most popular web3 Anime IP right now.
In addition, Azuki went on to announce a short form anthology series led by Goro Taniguchi, the director of One Piece Red and Code Geass.
"Azuki will release three complete stories with Taniguchi, each with its own director and set of character artists. The goal is to broaden the reach of Azuki IP, connecting with the global audience of anime fans.”
So whilst that sounds very cool, the good news was never going to be able to push back against the broad ETH NFT market sell off due to ETH’s 10% rise (more on that later).
X removes support for NFT profile pictures
"Hexagonal avatars have now been removed... X has removed all mentions of the feature from its X Premium support page"
From @nftnow
Just as we push on in the bull market, X decided to pull NFT integration which proved who were the real owners of their PFPs.
Big deal?
Probably not for JPEGs.
Perhaps a bigger deal with respect to how Elon plans to build out his all-encompassing financial services app. Especially (for us) if that means a step away from using crypto rails to a more centralised payment system.
Sponsored Post - Lil Nouns Sponsor The TLNS Show for 36 ETH
Lil Nouns DAO has voted to support The Lil Nouns Show which goes live on X each week for 36 ETH ($94,000).
The Lil Nouns Show achievements:
The most listened to weekly X spaces show in the Nouns ecosystem
346 listeners average per show
This is the show’s 5th sponsorship. This one is for:
A six month term, to enable them to build and scale without uncertainty;
Utilizing analytics to assess, amongst other things, impact on shows CTA’s, via Click-through Rate to the DAO’s Discord and Auction page;
Hosting The Lil Nouns Show fully from TLNS X account;
On-boarding a full time market analyst to cover a wider breadth of topics of interest, during the show; and
Potential integration with one of the world's largest cross chain data platforms.
This is just another example of Lil Nouns DAO supporting their builders from within!
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 - Jack Butcher, Grant Yun, CryptoPunk, NodeMonke
Jack Butcher, Check #13 - 25 ETH ($60,000)
Grant Yun, Overpass - 30 ETH ($69,000)
CryptoPunk, VR - 60 ETH ($156,000)
Node Monke, Two Beams - 1 BTC ($44,000)
Investor Focus - BTC ETF approved & ETH up 10% - why?
After the BTC ETF approval, ETH has absolutely gigasent 14% in the last 7 days, whilst BTC is just up 6% (at the time of writing - things look quite volatile right now.)
When everyone was so lazer focused on BTC and its adoption by mainstream institutions via the ETF, why has ETH run so much?
One some level, it's not always obvious why things happen in this space (and it seems very easy to explain in hindsight).
Whilst I heard a number of people say attention might shift to ETH because after the BTC ETF it is expected that ETH will have its own, I saw noone say that literally on the day of the (fake + real) approval, ETH would run and everything else would be down. Sometimes we just don't know.
Having said that, here is one interesting thought:
In essence this suggests that BTC dominance had simply got too high, and ETH deserved more inflows because it had become under bought in comparison to BTC - so people rotated into ETH.
Is there a deeper thesis for ETH?
Of course.
It still has an enormous amount of economic activity which takes place on it, it has high value participants and high value assets living on it (and its security and level of decentralisation is considered better when compared with other chains).
To me, this week was a reminder: the market is FORWARD LOOKING.
The BTC ETF has happened now, and we are ready for what is next.
However, that doesn’t downplay the significance of the BTC ETF approval.
It’s truly a historic moment for the financialisation of Bitcoin for it to become an easily investable asset for institutions and ordinary people.
The secular bull trend for crypto should still be on.
How the ETF played out in comical fashion
The denial - The SEC Twitter got hacked (!) and the hacker said the ETF was approved - after which it had to be denied - not great lol
The X weigh in - X decided to confirm the SEC had indeed been hacked
The Winklevoss accusation - Gemini founder Cameron Winklevoss levelled a very serious accusation at the SEC (overboard in this case imo because it appeared to be just incompetence rather than nefarious activity)
The dunking - A fun tweet was pulled up from October last year where the SEC preached that only their account should be trusted for SEC info lol
???? lol
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