#98 Madlads 90% surge leads Solana NFT charge
How liquidity is running into Solana NFTs
GM - this is The Snapshot, edition #98.
This is what I’ve got for you this week:
This Week In NFT World - Madlads 90% surge leads Solana NFT charge
Sponsored Post - Lil Nouns 1 ETH experiment with Origin Ether
Notable Sales - CryptoPunk, ENS, Bored Ape, ACK
Investor Focus - How to invest in crypto coins
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Madlads 90% surge leads Solana NFT charge
VC backers Paradigm criticises Blast TVL tactics
This week the most prominent VCs and backers of the fastest growing L2, Blast (which I wrote about last week here) criticised the founder’s approach.
Despite attracting more than $600M (!) from people bridging over for the potential airdrop, the backers thought it was not great that the team launched without the L2 being live and used pyramid scheme style tactics.
Thoughts from @punk9059: "1) VCs maybe like it when you're disruptive in a lane, but perhaps have reservations when you disrupt an entire ecosystem 2) If you invested in Blur and don't like dopamine-inducing, casino-esque marketing tactics, not sure which game you were following"
If you would like to bridge over to participate you can do so by using my referral link: http://blast.io/0VNF5
Mads Lads break 180 SOL ($10,500) and Solana NFTs continue to ascend
Madlads are up more than 100% in a few weeks. I bought one not long ago at around 80 SOL, and now we see them rise above 180 SOL (and SOL has gone up in this time frame too.)
Just yesterday @DegenerateNews reported: "SOMEONE SWEPT 22 @MadLadsNFT FOR 3286.31 $SOL (~$194,665)"
The rush on SOL NFTs has not been confined to the top collection. This is how the whole SOL NFT market has basically looked all week:
SOL NFTs are COOKING!
Michelin Explorers Club up 85% in 24 hours to 0.30 ETH
The Michelin NFTs minted out not so long ago at 0.05 ETH.
They quite casually did around a 2-3x without anyone noticing for quite some time.
And yesterday they ripped up to a 0.3 ETH floor - a clean 6x from mint.
Why?
They have been doing awesome raffles for VIP tickets for the Valencia Moto GP, and now they are also doing raffles for free meals at Michelin Star Restaurants for holders with a +1 (+ a lot more raffles planned).
That is more utility than many projects have offered over a long time. They can do this because they are a multi-billion dollar company with highly established connections and ongoing opportunities which they can leverage for holders.
Seems like the market is waking up to this. (I’m a top ten holder from around mint price.)
Creepz up 60% this week on token connection with $PORTAL
Coin season is upon us.
There are many NFT projects which are up a lot because holders believe there will be an airdrop of tokens.
Creepz have soared 60% to a 2.5 ETH floor after a blockbuster clothing partnership with END in London, and rumours of an allocation to the new gaming coin, $PORTAL, which has had the whole timeline enraptured.
Prominent collector, Seedphrase
Transient Labs announces mint by Bored Ape artist @allseeingseneca
This is the artist who produced arguably the most important NFT PFP collection since CryptoPunks, the Bored Ape Yacht Club.
Details from @TransientLabs for the mint: "There are 2,880 pieces at 0.22 ETH each."
This is a relatively expensive mint, so I’m watching closely to see how the market reacts to someone who has contributed to the space in such a huge way.
Sponsored Post - Lil Nouns 1 ETH experiment with Origin Ether
Lil Nouns DAO unanimously voted for a lil 1 ETH experiment...
Origin Protocol is an OG team that launched in 2017. They launched OETH about 4 months ago, with the goal of making it possible for retail users to earn the same kind of yields that institutional traders earn, without needing millions of dollars and a full-fledged trading team.
So why did they make this proposal?
It’s a proposal for a (very) low-risk test to earn yield for the Nouns treasury by utilizing Origin Ether (OETH). Converting 1 ETH into 1 OETH (they are 1:1) for 30 days would act as a case study to test that Nouns can safely earn high risk-adjusted yields (8.01% APY) for the treasury by utilizing OETH.
If you want to see how they won 1510 votes (vs 1 against) - check out their proposal here.
And 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 - CryptoPunk, ENS, Bored Ape, ACK
CryptoPunk, Mustache - 60 ETH ($123,000)
ENS, memecoin.eth - 42.07 ETH ($86,000)
Bored Ape, Trippy Astronaut - 138ETH ($280,000)
ACK, Warothy - 16ETH ($32,000)
Investor Focus - How to invest in crypto coins
There are so many coins which are breaking out of year long accumulation phases - as well as new coins coming to market.
The following is a small part of the research I did when reading @cobie articles to understand marketcaps and FDV (fully diluted valuation) - two basic but crucial metrics to evaluate any coin.
A true must read:
"The market cap of a crypto asset is the price multiplied by the amount of coins/tokens that are currently in circulation. FDV means “fully diluted valuation” which is another valuation metric.
FDV is the price multiplied by the total amount of coins/tokens that will ever exist (for that asset).
You can imagine the “market cap” as the total $ public demand. This rises and shrinks as the price goes up/down and demand changes – but market cap is basically the total amount of public $ that wants to buy a token at current price.
Where market cap is a measure of public $ buying demand, FDV is not a measure of demand at all. Instead, it is a measure of supply. This is why the fully-diluted valuations get confusing.
As demand increases for unlocked coins and the market cap increases, the FDV increases proportionally, even though demand for these locked coins does not necessarily increase. As a result, the FDV increases 1:1 with market cap even if those locked coins could perhaps have happy sellers at much lower prices."
Thanks Cobie.
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