Morning Drop - Issue #11
Your weekly issue of what’s minting, popping and dropping - straight to your inbox, every Saturday morning.
🥩 NFTs leak into meat-world.
Vogue Singapore releases the September issue with a QR code on the cover, bringing readers into Vogue Singapore’s own Metaverse.
Animated covers by Chad Knight, Baelf Design, The Fabricant, and Shavonne Wong will be auctioned off on Brytehall, in partnership with Binance NFT Premium Marketplace, September 20th.
We all know that envy and innovation are the heart of the fashion world, and Vogue’s entry into NFTs could trigger a huge wave of adoption from designers eager to impress.
BAYC Glams at Sotheby’s
A collection of 101 Bored Apes (+6 mutant serums) rocked the auction world with a $24.4 million-dollar winning bid, crushing the 12-18 million estimate. A total of 23 bidders, most new to the auction house, participated in running the price up.
The BAYC Auction comes just months after Sotheby’s entry into NFT sales, marked by their collaboration with digital creator Pak and Nifty Gateway in April. The auction house has been investing heavily into provably unique digital art, and seem to be positioning for the long haul.
Auction houses provide powerful signalling due to their robust connections with traditional collectors. Clearly, even the mercenaries see that NFTs are more than just a trend.
NFL Tells it’s Teams to Punt their Plans
The National Football League recently sent a notice to teams, barring them from NFT sales and crypto-related activities, while hiring their own NFT strategist.
It doesn’t take a genius to come to the conclusion that the NFL is developing a league-wide digital strategy, and is looking to kneecap the competition. Although many individual players including Tom Brady and Rob Gronowski, have entered the NFT space with their own branded products, the league is drawing the line at involvement at the club level.
With the enormous ratings the NFL generates, their impending entry into NFL collectables will likely spark huge inflows from the league’s massive viewership. The Superbowl alone generates nearly 100 million viewers worldwide, and the perks that could come with purchase of branded collectables will have any Sunday football fan ready to mint.
Loots and Bloots
Loot (for Adventure)
On August 27th, Don Hofmann (you remember him from Vine) launched Loot (For Explorers). The concept: text-based lists of objects that may be incorporated into future NFT gaming platforms, and holders were gifted a 10,000 AGLD (Adventure Gold) which currently sits on an over $160,000,000 market cap.
Launched on a free-to-mint basis, the project has since rocketed to the forefront of the NFT world reaching, floor prices of almost 20 ETH before settling back into the 6-7 ETH range of the past several days.
The project also encourages games and other dApps to be built for the Loot Ecosystem, favoring free-to-mint models for Loot owners. Vitalik Buterin seems to be a fan.
Controversy arose when Loot unexpectedly announced More Loot, which included over 1.3 million additional NFTs and is built with a dynamic supply that increases at a rate of 1/10th of Ethereum’s block rate.
More Loot performs as an accessible entryway into the Loot universe, with floors sitting below .004 ETH, allowing even the most casual NFT enthusiasts to claim a stake in the project.
Bird’s Eye View
We may be witnessing the return of a collector-driven value paradigm in which its the collector base that creates value for a project, enabled by the creators but ultimately operating independently.
This system acknowledges that rather than designing, launching and seeking to profit from initial fees and secondary sales, free-to-mint (high gas fees notwithstanding) collections with semi-open membership can create more value for the community overall.
Essentially operating as free “membership cards”, token owners can look forward to free mints from new projects which integrate with the infrastructure. This is a model explored by artists like Gong Yang, and we’re glad to see it moving into the collectables space.
Bloot (not for the Weaks)
Bloot is an R-rated parody version of Loot that is the equivalent of an NFT shit-post. Which happens to show great promise as a value-driver for token owners.
Created by the four lovable degenerates we know as @beaniemaxi, @tropoFarmer, and the brothers Hunter and Dylan Orrell, Bloot was dropped via a surprise tweet from Beanie last Friday and immediately stole the day’s spotlight while driving Discord membership to over 22,000 within the week.
Bloot may be an affordable entryway into what we might as well call the ‘Beanieverse’ - comprised of PUNKS Comics, the Pixel Vault DAO, and now MetaHero.
Floor prices for Bloots and their accompanying token, $BGLD have fluctuated heavily as the NFT world debates over the legitimacy of the project. Beanie has been posting openly on Twitter about discussions for integration of the token for other projects, and our ears are eagerly to the ground on what may emerge.
Within just one week, we’ve seen several projects making free mints available for Bloot owners, including Bloot Avatars, Alpha Finance’s Provably Rare Gems (For Loot holders also!), and our favorite so far, GAN Apes!
Our eyes are on the volatile $BGLD trading that has so far brought the new coin upwards of $1.10 before cascades down to $.22, where heavy accumulation appears to be occurring. We’ve got a feeling that there may be whales swimming in this pool.
Bird’s Eye View
There’s been some debate about the legitimacy and long-term viability of Bloot, given its status as satire of the original Loot project. Satire is a valid art-form (as proven repeatedly by the likes of Bansky), but can be difficult to do well.
Given Beanie’s track-record of creating value in his community, we wouldn’t want to bet against him. With both Bloot and Loot as bottom-up projects (depending largely on collectors to drive value) Beanie’s status as a personality in the NFT world may well be playing to his advantage here, as he may be able to attract more design and development resources into the Bloot ecosystem long term.
In addition to dropping $BLDG to holders, $10M worth of $BLDG was pre-minted and split 50-50 between Beanie and ArtChick. While this may rub some the wrong way, it does clearly designate responsible parties for asset allocation, at least until the community organizes a better format for funding projects.
Since it matters...
Speaking of Bloot, there has been a curious story about @digitalartchick being scammed in relation to the $BGLD drop. The prevalence of scams has always been a part of the wild crypto west, and the NFT space is no exception.
Too often we see stories about massive losses stemming from small mistakes: a recent 250 ETH vanishing act that occurred when Sohrob Farudi mistakenly shared his secret MetaMask QR code with bad actors posing as friendly support. Here’s are some other horror stories we’ve seen if you’re not scared enough: @rebeccagund and @_jeffnicholas_.
Here’s your daily inoculation against the (increasingly creative) scammers among us.
Watch your wetware: Your wetware (read: brain) is the most sensitive point of failure in any secure system. While we talk a lot about hard wallets and other safety measures for your precious JPEGs, the best protection against irrecoverable losses can be sleep, thinking twice before you click, sign, or authorize anything, and an abundance of skepticism when it comes to anything too good to be true. You are at your most vulnerable when you are distracted, tired, or in a rush.
Know where you’re going: Bookmark commonly visited websites, double check the collection you’re buying from, and verify the links you’re clicking; they should be official. The announcements channel in Discord, the project website, and the official Twitter account are likely safe sources; that one Discord DM is not.
Keep your failsafes: Don’t screen-share with your wallet open, use 2FA whenever possible, and never share your seed phrase. Rules of banking apply when talking to anyone who claims to be tech support or part of the project team; if they reach out to you, ask to reach back out via an official channel (OpenSea’s support email; DM the team member directly from Discord).
And lastly: seriously consider if your Discord DMs need to be open to strangers. We’re willing to bet they don’t, and this is just needlessly annoying in the best case (and a point of vulnerability in the worst.)
Stay safe out there.
Space Punk Club saw huge volume yesterday as they released the owners-only mint of their companion project, Space Dino Club. The “hatching” is expected within 48-hours, and from the art work we’ve seen will undoubtedly add some serious swag for their showboating community.
In the lead-up to the Space Dino Mint, floor prices nearly approached an ETH as the team made a surprise reveal that owners will soon be eligible to stake their punk/dino pairings for a daily percentage of OpenSea royalties. The concept of owning a portion of cashflows has been tried with other projects, but to our knowledge, this is the first time it’s been done at scale.
At a glance:
Floor: 0.42 ETH Highest sale: 8 ETH Value Traded: 4700 ETH
Issues: 10,000 Unique Wallets: 4100 Average Owned: 2.43
Space Punk Club consists of comic-like renderings of punks in space suits, and frankly - they just look kinda cool.
The project debuted its initial launch back on August 15th and has shown steady, healthy growth ever since. This was demonstrated by the eye-opening price comparison between SPC and BAYC during their respective first month after launch.
The project is produced by an international team which, beyond creating great artwork and generating value for its community, has plans in the works for a merch store and a comic book. Given the huge staking news, we’re curious to see what more this squad has up their sleeve.
At the very least we know their hustle is top-notch. The team produced a custom avatar for @garyvee after he dropped into their Discord for a visit a few weeks ago, as a thank-you gift. @JRNYcrypto is also rocking a sick rare ape space punk that we’re hugely jealous of.
SPC appears to be doing all the right things from dropping bomb artwork to pushing value into their community, and consistently tooting the whistle on their hype-train. With distribution of ownership just recently passing over 40%, and with a Discord channel that’s 10k strong, we’ve got eyes glued here to see what comes next.
Please don't stop the music
Some of us fondly remember the golden days of Web 1.0 and the loads of free tunes we’d download from sites like Napster and Limewire. Those days are long over, but the next generation of online music ownership is coming.
Those days are long over, but the next generation of online music ownership is arriving, and leading the charge is Vezt.
ISOs (Initial Song Offerings): Fans can invest in, and take a share of the royalties of the songs that artists make available for public sale. You can now get a cut of showing your friends that sick new beat.
Blue-chip music: The company has already acquired rights to songs by blue-chip artists like Jay-Z and John Legend.
For lesser-known musicians it’s an opportunity to both sell their work directly to their fans and share in the value of potential licensing down the road. Much better than getting skinned by Spotify.
eMusic is planned to launch later this year, and promises to rebuild the distribution of music by balancing rewards between artists and fans.
What’s the point: Royalty and rights management; distribution; monetization of back-catalogues for artists
For the fans: eMusic is rewarding loyalty, reducing friction, and rebuilding a broken industry, with no change to habits required.
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