#95 Did The Simpsons Bring NFTs back?
Homer "NFTs" Bart as market turns giga-bullish
GM - this is The Snapshot, edition #95.
This is what I’ve got for you this week:
This Week In NFT World - Did The Simpsons Bring NFTs back?
Sponsored Post - Lil Nouns DAO exercises veto to prevent fork of 16 Nouns worth 400 ETH
Notable Sales - CryptoPunks, MVPs, Azuki Spirits
Creator Focus - Fine digital artists win big
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Did The Simpsons Bring NFTs back?
In a hilarious new Simpsons episode NFTs are satirised for their wild prices, Homer turns Bart into an NFT, and Marge discovers that the NFT train is powered by FOMO.
Clearly written by someone deeply familiar with the NFT landscape, the FOMO meter perfectly explains how the NFT market works at times.
Thanks to NFTStats for spotting this fun detail
So what did the NFT market do?
The same day the episode aired, Springfield Punks minted out for free and then ran to a 0.4 ETH floor: 0 → $800 in hours.
They are now down to a 0.03 ETH ($62) floor.
All in a day in the NFT market!
NFT daily volume hits $20M for the first time in a long time
There was $20M of NFT trading volume on multiple days this week.
We have really been going up in terms of volume since mid October.
Why?
- $MEME airdrop has made many think other 'similar' collections could drop similar tokens
- ApeFest/Breakpoint conference vibes seem to have been strong
- Crypto rallying has strengthened confidence in sector
- Huge run on CryptoPunks in the last week. Typically a sign of confidence for the market
Typically NFTs struggle when ETH price increases rapidly, but we are not seeing that...yet.
OpenSea announces 50% layoffs; investors mark down by 90%
The once dominant digital marketplace recognises it has lost market position and made mistakes.
Opensea’s valuation now appears to be in the region of $1.4B - down from $13.3B valuation in 2022.
Gordon Goner's $1.3M NFT spree injects excitement into the NFT market
The founder of Yuga Labs, Gordon Goner, went on an NFT spree this week which injected some much needed excitement into the market.
A cool $1.35M thus far…and he announced there would be more to come today!
Adidas x Bugatti limited edition football boot crypto auction live
Adidas partnered with Bugatti this week to bring this limited physical collectible football boot of 99 editions to market - sold via a crypto auction.
The auction is live now and started at 0.2 ETH ($400).
I recently googled how much boots cost these days, and I was mortified as a former footballer. At this starting price, I expect these auctions to go higher.
ETH rips up as Blackrock prepares ETH ETF
Ethereum quickly ran up from $1,920 to $2,130 in the last 24 hours.
Why?
BlackRock has moved to create an ETH ETF. The proposed ETF, which awaits regulatory approval, would be listed on Nasdaq, with Coinbase entrusted with custody.
This is against the backdrop of the BTC ETF expecting approval sooner rather than later too…
Market has always reacted to these positive steps very positively.
Dawn AI wallet launches a crypto wallet with which you can speak
Dawn AI is a crypto co-pilot and personal assistant that lets you use Ethereum by simply talking to your wallet.
This sounds completely wild: Crypto X AI is coming!
Sponsored Post - Lil Nouns DAO exercises veto to prevent fork of 16 Nouns worth 400 ETH (with thanks to Mike Good, whose article is the basis for this condensed version)
Lil Nouns DAO used its veto on two props; one to escrow 16 Nouns and kick off the fork process, and one to send 16 Nouns directly to the fork should we miss the escrow period. This was a big call!
People do not like vetos in DAOs because it feels like “centralisation”. So what happened?
The decision to prevent a majority decision was not taken lightly, with two days of deliberation and 24hrs+ on community calls
“I have voted to exercise my veto authority in my capacity as lil nounder on the basis that proposals 162 and 163 pose a non trivial risk to lil nouns dao including by enabling persons to unequally withdraw the treasury for personal gain.”
Lil Nounder, Lil Dot
The non-trivial risk was considered to be that if some anonymous wallets who were voting for the fork controlled the vote, then potentially they could collude to not allow the DAO to claim its ETH from the fork. (I recommend reading Mike’s article for further context and explanation of the complexities.)
So what happens now?
A number of the Nouns will be sold. This will give the DAO even more ETH than its 200+ETH right now to fund its builders - and potentially you.
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, MVPs, Azuki Spirits
CryptoPunk, Knitted Cap - 60 ETH ($113,000)
Memeland, MVP - 46 ETH ($87,000)
Azuki, Spirit - 89 ETH ($170,400)
Doodle, Crown - 69 ETH ($132,000)
Creator Focus - Fine digital artists win big
Thoughts from NFT Stats: "Now we have a 6 ETH and 3.2 ETH sale on Trichro-Matic and floor is up to 2.1 ETH vs a 0.85 ETH lowest mint price. It's been a minute since I've had Art Blocks FOMO but here we are"
Breakdown by Hardart: "Total Mint: 852 ed. Collector mint: 361 x $40 = $14,440 Public mint: 491 x $120 = $58,920 Total Primary Sales: $73,360"
From Jake: "Seeing my work get a ton of love today is just beautiful. It’s an indicator that I’m tapping in to the right thing, that I’m on the right path"
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