GM - this is The Snapshot, edition #106.
This is what I’ve got for you this week:
This Week In NFT World - Mocaverse hits 5 ETH up 20% on $MOCA news
Sponsored Post - Lil Nouns Vote For 1.2 ETH VC Meetings
Notable Sales - CryptoPunks, Rare BTC Ordinals
Investor Focus - $3BN FDV Altlayer airdrop live today
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Mocaverse hits 5 ETH up 20% on $MOCA news
Today the @MocaverseNFT account announced:
"We are thrilled to announce Mocaverse officially signed on as an inaugural launch partner to the @MOCAFoundation. Together, we will facilitate the adoption of $MOCA across Mocaverse, @animocabrands ecosystem and beyond"
Why has the price gone up?
The expectation must be that Mocaverse holders should receive a nice allocation of $MOCA.
The interesting thing about this is that they literally told us that a token would be coming when they conducted their first raise in September 2023:
"Animoca Brands has raised US$20 million (approximately A$31.3 million) via the issue of new ordinary shares at a price per share of A$4.50; as part of the raise, the Company has granted to the investors in the round a free-attaching utility token warrant on a 1:1 dollar basis."
In September the floor price was around 0.6 ETH. It has taken around 4 months to do an 8x from there.
This market discounts *virtually* guaranteed things purely because of how impatient it is / how little people read.
This is where you take advantage.
I remember kicking myself thinking I had missed it after it broke 1 ETH, but I ran the comps with Captainz - which I think is a reasonable comp - and thought we were fine to go much higher given that Animoca are Animoca.
I picked up three between 1.4 - 2.3 ETH each.
Key learnings
- Do the reading
- Make the right comparisons
- Assess an asset on its current merits not what your entry price could have been
- Have conviction
5 year loan for a Chromie Squiggle on @gondixyz
You do NOT need to debate what blue chip NFTs are.
The NFT lending market is always telling you:
A lender was just willing to lend 5 ETH on a 5 year loan at 8.99% APR to a borrower, who had to pay 1.5 ETH to originate the loan - 5 years (!)
(Certain) NFTs are the highest quality asset because the borrower can get such a high LTV, AND the lender can liquidate their asset so easily in the case of default.
Solana Generative Art "Rubber" 50Xs: mints at 0.25 SOL and runs to 13 SOL
By @CryptoPopPunk this collection caught fire one night this week and went on an insane 50x run up.
It actually ran to 22 SOL before retracing back to 13 SOL.
The cool thing about this for minters: it was actually an open mint ie not whitelisted or gated. This gave the whole run up an extra feeling of exhilaration as I don’t think many people saw this coming.
Magic Eden marketplace announces its huge reward programme
TLDR
Feb 2nd retroactive diamond drop to Solana OGs for historic activity back to 2021
Magic Ticket NFTs will be included in reward system but the best way to get rewards is to use Magic Eden daily, not buy tickets
To receive "double the diamonds" you need to have 100% loyalty to Magic Eden
Rewards programme will be cross chain: past, present and future activity on Solana, Bitcoin, Ethereum & Polygon will be rewarded
Thoughts:
1. Excellent to reward historic activity. Too many protocols are obsessed with new user acquisition and seek this by new points programmes which forget about their most loyal users
2. NFT Ticket speculation not great. When you say "this isn't meant to hype Magic Tickets" you basically hype magic tickets. Could easily have announced at a later date when ready with details
3. 100% loyalty comes out swinging. Battle with Tensor is very much on. Other marketplaces too. When Blur created that one-click option to nuke all your listings on other marketplaces that was the death knell for OpenSea. I wonder if people will do the same here, or if people will have one ME wallet, and one Tensor wallet etc
4. Cross-chain is cool. Feels like we are genuinely moving into a universe where we have thriving NFT markets on multiple chains. Bullish.
BTC Ordinals see multiple 6 figure sales at Sotheby’s
Sotheby’s hosted a curated sale of Ordinals this week and the results were pretty impressive.
In order of highest price achieved first:
Genesis Cat, Taproot Wizards - $254,000
Black Rare Sat - $165,000
Rare Sat - $107,950
Shroomtoshi, Inscription 21 - $101,600
Des Lucrece, Benediction from Between Worlds - $95,250
Asprey Studio, Asprey Bugatti Crown Egg #10 - $82,550
If you still have not looked into Ordinals yet, start.
Bitcoin is in a strange situation where, despite being the most prominent coin, it is behind both ETH and SOL in terms of the development of its financial (DeFi) and cultural (NFTs) layers.
Since we have seen how things play out on ETH, we are seeing it happen on SOL too, I have to think the time is right for BTC to follow.
I am looking to invest in protocols building on BTC right now.
Sponsored Post - Lil Nouns Vote For 1.2 ETH VC Meetings
Lil Nouns DAO has voted for a 1.2 ETH proposal for Dr.Dune to set agendas for and run internal VC calls to make sure we have a forum to discuss Lil Nounish points of discussion.
In essence, the DAO decided that “we should commit to putting at least a small amount of ETH towards setting a 'loose' agenda, populating the VC with familiar faces, and having an open mic for anyone who may want it. There is power in this happening at the same time, same place, twice a week.”
This is just another example of Lil Nouns DAO governance in action, backing positive contributors to the DAO.
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, Rare BTC Ordinals
CryptoPunk, Hoodie - 200 ETH ($494,000)
CryptoPunk, 3D - 91.9 ETH ($218,000)
CryptoPunk, Cap - 79.68 ETH ($179,000)
Des Lucrece, Benediction from Between Worlds - 2.25 BTC ($95k,
Black Rare Sat: 3.9 BTC ($165k)
Quantum Cat, 1/1 - $254,000
Investor Focus - $3BN FDV Altlayer airdrop live today
The @alt_layer airdrop went live yesterday for NFT holders, Altitude Campaign participants, Eigenlayer restakers & TIA stakers.
TIA stakers cannot claim yet, but this is how it played out for me restaking on Eigenlayer & @ether_fi
If you had between around 720 - 7200 Eigenlayer points you received 667 ALT, which is around $220 right now.
I had 4 wallets eligible in that first bracket, each of which received 667 ALT.
Total was 2668 ALT which is around $850.
How much ETH did you need?
To get Eigenlayer points it's not just about ETH; it's about time restaking.
I used a reasonable amount but I only entered Eigenlayer like one month ago when the caps were raised. (You can read my article on it from 3 weeks ago here.)
There have been people restaking for many months more.
Front of my mind:
- The restaking narrative is big and I want to participate
- The criteria for $EIGEN itself could be completely different
- Risks include but are not limited to smart contract risks, key management risks, regulatory risks and financial losses. DYOR to understand fully
- This is the take from real “airdrop expert” Olimpio.
If you would like to restake you can do so on Eigenlayer here or via my Etherfi referral link here.
Remember I wrote a whole article on this 3 weeks ago here if you need some extra reading.
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