Page One #36
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Last week tolks and I jumped on the Magic Hour podcast with some friends to chat Page One and market topics - check that out here and let me know if more audio content is something you’d like to see from us.
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TLDR:
9dcc, luxury fashion house from gmoney, holds first mint
Azuki, Clone X, Doodles, Moonbirds continue creeping lower
Bored Apes in BendDAO raise eyebrows as floor dips
Bridgeworld Games go live, starting the Magic Wars
Commoners are a pixelated mash-up from Commonopoly
Lil Pudgies, Pudgy Rods follow the Pengoos higher
PUMA’s Nitro Token provides access to the Nitropass
SudoNauts see smoothest launch on SudoSwap thus far
Todd James’ Art Party is the next GODA collection
VeeFriends Iconics make Spectaculars into 1-of-1 avatars
We Do A Little Podcast mints Season 0 access token
News and Notes:
Azuki, Clone X, Doodles, Moonbirds continue creeping lower
Maintaining attention in the world’s biggest attention economy is proving difficult for a number of projects many have called Blue Chips. With overall NFT volume down +90% from all-time highs and an ongoing liquidity crisis at one of the largest NFT lending protocols (more on that below), top-tier avatar projects like Azuki, Clone X, Doodles and Moonbirds are down ~40% over the past 30 days. In this market, traders are in and holders are down and out.
Bored Apes in BendDAO raise eyebrows as floor dips
Much discussion has been had this week about BendDAO, a popular NFT lending protocol, and the Bored Apes in their custody. The liquidity protocol currently holds 218 Bored Apes (and a variety of Mutants, Clones, Doodles, Punks and Azukis) as collateral. Many have speculated that falling floors could cause a cascade of liquidations, forcing cheaper tokens onto the market and creating a spiraling effect.
Given the stipulations of BendDAO auctions - and the coinciding liquidity crisis the DAO is experiencing - the situation is complex and difficult to predict. Cirrus has done a good job tracking developments on Twitter - read his latest thread here and check out the thread from NFTStatistics above for more details on The (Potential) Great Ape Liquidation.
Bridgeworld Games go live, starting the Magic Wars
Bridgeworld, Treasure’s native metaverse and the home of Magic mines, entered a new phase yesterday. The Bridgeworld Games have begun and the Harvesters, giant creatures which collect and exude Magic, have come to life. Legions can place Harvester Parts, earned from completely various tasks in Bridgeworld, on a Harvester to divert emissions. There are two Harvesters to begin, but the TreasureDAO can add more over time. Other collections can portal into Bridgeworld and attempt to apprehend a Harvester from the collection controlling it, supplanting them on its back if they are successful.
Integration of Harvesters has been a long-term goal for TreasureDAO and its introduction brings the project into a long-awaited new chapter. For more details on Harvesters and the Bridgeworld Games, check out this blog post and this thread from Treasure Founder John Patten.
Lil Pudgies, Pudgy Rods follow the Pengoos higher
The flightless birds continued flying over the past week with Pudgies briefly reaching a floor above 4Ξ, while Lil Pudgys rose to 0.3Ξ and the infamous Pudgy Rods currently sitting at 0.2Ξ. This week, the Penguins launched a native marketplace (and aggregator) on their website, announced their new advisory board, saw the rarest penguin sell for 400Ξ and an incredibly entertaining Keyboard Monkey re-acquisition saga. Regardless of whether the run continues, it’s been refreshing to see prices go up and people having fun with animal jpegs again.
Recent Launches:
PUMA’s Nitro Token provides access to the Nitropass
Sports retailer PUMA is continuing their foray into NFTs with the Nitro Token, a free claim which gives holders the rights to mint one Nitropass for 0.2Ξ on Friday the 26th. Nitro is PUMA’s first owned and operated NFT project meant to showcase the brand’s future. They’ve been purposefully opaque about what exactly holders are in for, but we know that the Nitropass will give holders access to future projects and that it will be divided into two parts. Look out for the Nitropass mint this Friday.
VeeFriends Iconics make Spectaculars into 1-of-1 avatars
Those who held a Spectacular VeeFriend S1 character - the highest rarity available - during the April 15 snapshot received a matching VF Iconic last week. The art was designed by Gilang Bogy, an Indonesian artists best known for designing the Iconic cards in the CryptoStrikers collection, the first set of blockchain sports cards minted for the 2018 World Cup. Snapshot participants are also eligible to claim a free Metarelics Canvas of their VF Icon by September 17th and can do so here. Read more about VF Iconics in this blog post.
SudoNauts see smoothest launch on sudoswap thus far
sudoswap burst onto the scene the week before last when projects began holding their initial sales through pools. Given the experimental nature of this mechanic, execution of these sales varied: some provided no sell-side liquidity, others created a bonding curve that was too large. Last week’s SudoNauts collection was likely the smoothest sudo debut we’ve seen thus far, with the project locking in upwards of $300,000 of liquidity at its highs. Project creator Brent shared some thoughts on the experience in the thread above.
0.27Ξ floor | 2,000 supply | 0.1Ξ mint | minted 8-16-22
We Do A Little Podcast mints Season 0 access token
Tessera, the collective NFT ownership protocol formerly known as Fractional, revealed their new name last week alongside the announcement of their $20M Series A round led by Paradigm. Co-founder Andy Chorilian and Director of Vibes Deeze followed up this news with the premier of their new podcast We Do A Little. They released an access token which gives holders early access to episodes from Season 0. The S0 token is an uncapped mint that is open until Sep 20, when S0 ends. While this likely isn’t a money-making trade (at the moment), it’s a notable example of how NFTs can give community members a way to support their favorite content producers while also receiving some benefits themselves.
0.019Ξ floor | 3,000 current supply | 0.01421Ξ mint | minted 8-18-22
Upcoming Launches:
9dcc, luxury fashion house from gmoney, holds first mint
Innovator and ape gmoney (and his friends) will introduce the world’s first crypto-native luxury fashion house today with the release of ITERATION-01, an NFT redeemable for a pima cotton fitted tee. The supply of 1,111 will be difficult to grab - 111 are to be given to friends and family, while the remaining 1,000 are reserved for Admit One holders. The drop starts at Noon EST. For more on 9dcc, check out this interview with Vogue Business.
Commoners are a pixelated mash-up from Commonopoly
Many of us are familiar with pixel artist Commonopoly from the countless custom Smol Brains he created for community members. His debut NFT collection, Commoners, builds upon these community-blending customs to create a CC0 project that hopes to have something for everyone. Traits inspired by multitude of collections are included and while he has no stated roadmap or plans, Commoners aims to be a building block for holders to continue iterating and experimenting with. A variety of PREMINT raffles were held for allowlist spots and the mint date may move forward if all spots were filled, so keep an eye on their socials for info as its released.
Todd James’ Art Party is the next GODA collection
The Gallery of Digital Assets will release its second collection next week, bringing Todd James’ art to the blockchain for the first time. Best known for his vibrant, cartoonish paintings that fuse graffiti with art history and themes from current events, James has designed graphics and album covers for a number of high-profile musicians including Iggy Pop and The Beastie Boys. While the six motifs personified in the collection - Tanks, Warplanes, Snipers, Graffiti, The TitWizard, and the Phantom Rider - feel scattered, they all draw from themes James has worked with in the past to create a collection that (hopefully) comes together with ease.
NFT Market Overview:
With volume as atrocious as you might except (~$121M last week) and transactions and users remaining about flat, we’ve got some different charts today.
The first two show Nansen’s NFT-500 and Blue Chip-10 indexes since the start of the year. The indexes paint a brutal picture, down 68% and 62% respectively in USD year-to-date. During the most recent selloff in August, you can see Blue Chips falling farther than the NFT-500 index, indicating holders of higher-price collections are looking for exits faster than the rest. One potential factor in this is the upcoming Ethereum Merge, as some traders are looking to maximize their liquid Ether in case a PoW fork provides any value (it probably won’t).
The third chart shows the numbers of projects that saw 10, 100, 1,000 or 10,000 sales each week. These numbers have remained surprisingly consistent, with the only notable deviation coming in the number of projects seeing at least 10 sales. These projects have increased constantly since the start of the year, implying traders have become ever more willing to gamble on some garbage instead of spending big on name brands. Some trends to keep in mind as you watch the market this week.
Other Stuff Happened/ing
NFTs:
10KTF opens Super Secret Command Center for minting
BAYC Founders went on the Full Send Podcast to talk Apes
Chimpers arcade game is released to the public
Isekai Meta reveal plagued by duplicates
LinksDAO announces PFP are coming
Sappy Seals tease upgraded art
General News:
Anchorage Digital launches custody services for Punks, Apes, WoW
Immutable X passes Solana for 2nd most daily NFT sales volume
Lanyard launches protocol to create allowlists that work across web3
Spotify beings rolling out NFT profile features for artists
SudoRare rugs for $800k on launch day
TokenProof launches online authentication
Page One #36
Great weekly update, fren! Always looking forward to your Page One's