Reading Between the Lines 👇
My Takes on Everything in the NFT Market
Welcome to this week's edition of Web 3-2-1, your source for the latest news and insights in the world of NFTs.
I’ve always prided myself on taking an analytical approach to the NFT market and I want this newsletter to reflect that.
In this issue, we'll dive into 3 charts you have to see, share 2 numbers you need to know and leave you with 1 question to make you think.
Let’s dive in!
3 - Charts You Have to See
(1) DeGods Downgraded By The Market
The news of the week…DeGods art is downgraded and so is the price.
Last week, DeGods released their new art for Season III and the general market reaction was “bleh”. Somewhat expected, nothing all that special.
Well the DeGods team took it hard and decided they would have a NEW announcement this past Sunday.
That announcement was to downgrade the art…huh? The art they just released? Yes, that’s the second big announcement.
You can see the chart above for how the market reacted.
tldr; not good
DeGods is down over 50% over the last 2 weeks and I’m not too sure where we go from here.
My Take: I’m a holder of y00ts so I want to see DeGods succeed because I think their success benefits the entire DeLabs ecosystem. But I have to admit, this was bad.
Months of hype and this was what the team delivered? I was hoping for so much more. This was simply dissapointing.
(2) BASE Blasts Off 🚀
When Coinbase announced their “BASE” chain, I really wasn’t sure what to expect. Why do we need another L2?
Well BASE mainnet has officially launched and it turns out people love bridging to L2s. Over $200M in assets bridged so far and it only seems to be increasing.
Coca-Cola even released a really unique open edition collection on BASE that combined Coke’s classic bottle with fine art.
My take: Institutional companies may feel more comfortable building on BASE since it’s backed by a publicly traded company in Coinbase rather than a group of anon devs. To me, that’s the biggest differentiator for BASE right now.
(3) Daily Traders Stuck at 10k 😑
The NFT market feels like we’re stuck in the mud. For the past month, we’ve been stuck in this 10k daily traders range and I don’t see any sign of movement.
We’ve had 2 of the largest NFT projects (Azuki and DeGods) drop MAJOR announcements and neither one moved the needle…on daily traders that is.
My take: We’re still seeing traders jump from project to project and the money rotates with it. Very few projects have seen sustained growth in this market and I honestly don’t know what is going to change that.
2- Numbers to Know
(1) 0.01 ETH
Snowfro is launching a new generative art collection called “Heart + Craft”. Here are the details:
When: 8/24/23
Amount: 0.01 ETH
Where: The mint will be on Prohibition.Art, a new generative platform on Arbitrum
No matter the market conditions, Snowfro (founder of Art Blocks) continues to build.
My take: This latest piece offers collectors a unique opportunity to get exposure to one of the most prolific generative artists at an affordable price.
(2) 11,500%
Jack Butcher is a MACHINE!
Butcher’s latest Opepen Edition (011) was oversubscribed by 11,500%!!
Almost every Opepen holder wanted exposure to the “Opepeng” set.
My take: Between this and being recognized as one of the artists in the PROOF Grails IV program, Jack is the King of art.
What’s he doing different than everyone else? He’s living and breathing in the NFT ecosystem every day and his art reflects the culture. He’s able to reflect the current state of NFTs through art, the most powerful medium.
1 - Thing to make you think
Staying positive when you’re surrounded by negativity is hard.
How do you avoid the traps?
Take a step back and get away from Twitter, Crypto, NFTs, etc.
Surround yourself with positive people.
Remember, there is SO MUCH more to life than trading jpegs on the internet.
Thank You
That’s all for this week! If you enjoyed this newsletter please share it with a friend or through Twitter.
I’d love to know what you think of the newsletter! Feel free to leave a comment or send me a message on Twitter.
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. I’m not a financial adviser. These are only my own opinions and ideas. You should always consult with a professional/licensed financial adviser before trading or investing in any cryptocurrency related product.