Morning Drop - Issue #4
Your weekly dose of what’s minting, popping, and brewing.
🥩 NFTs leak into meat-world.
Super-$RARE Space Race
Digital art marketplace SuperRare released its governance token, $RARE, on Wednesday. The launch is part of a bigger rollout that involves the formation of a SuperRare DAO, the introduction of Sovereign Smart Contracts, and SuperRare Spaces.
$RARE will function as a governance token for the SuperRare platform, enabling holders to elect curators - individuals or groups with the ability to manage Spaces, onboard artists, market and earn commissions on art sold through their space. A portion of sales will contribute to funding the SuperRare DAO, as incentive for the community to maintain a high standard of curation.
$RARE holders will vote on which Spaces will be going live next as part of a recurring vote. You can read more about $RARE and about SuperRare‘s vision for the platform here
If there’s one thing we’ve learned this week, it’s that the mutants are insane. The run-up to the launch of Mutant Ape Yacht Club (the long-awaited next chapter of the BAYC roadmap) has seen the floor on Bored Apes float up to nearly 24 ETH.
The run was accompanied by some of the most exciting news to come out of the swamp yet: a merch drop in collaboration with street-wear brand The Hundreds, and the fine folks at Arizona Iced Tea ape-ing into the club.
Arizona is doing a surprise reveal of something fun tomorrow in collaboration with BoredApeComic, a community run project releasing its first issue today.
NFT Summer, Live in New York
If you’ve ever wanted to meet people to talk about JPEGs with, New York City has you covered.
Philip’s auction house hosted a live event for Slimesunday’s series “What the Fork” August 17th through the 20th this week.
Speaking of events, check out Portion’s NYC Gallery show August 21st.
Tom Sach’s “Rocket Factory” launch is open on Saturday, August 28th
Rugs and Plugs
The going has gotten rough into the end of NFT summer. Manic buying has supported three rug-pulls this week, although the flood of new entrants from other internet subcultures continues.
The Untamed Elephant Crew may yet be okay, but if you minted 9021 or BONEHEADS: Sorry for your loss.
What Happened to the Elephants?
TLDR: They got rugged, but they’ll make it.
Project developers hit Pause on the project due to a family tragedy, before quickly announcing he was shutting down the project out of grief. Community members reached out to help, but the project owner’s response was less than inspiring.
Before long, the whole project - both wallets, IPFS, control over the Twitter and Discord, and full transfer of the IP - were listed for sale over Twitter.
Inspired by the Fame Lady Squad turn around, @adamagb eventually purchased the project, with the intention of running a rescue mission. The herd is now in the hands of a team that’s run brands like theOtaku, NimbleStrong, and Hello Fam!, and is well positioned to resource the project going forward.
Bird’s eye view: We may be seeing the beginnings of a trend towards a new model for launching generative avatar projects. While young founders are better positioned to build concepts that resonate with the market place, curate a brand voice that the community responds to, and work their networks to launch the project, managing it long term requires a fundamentally different set of skills which usually comes with experience.
This is the second (unceremonious) transfer we’ve seen from a young and innovative team to a more mature one in as many weeks, but the model of introducing experienced executives to build a company after it’s gone the 0-1 curve successfully is familiar in the start-up world. We may be seeing the beginnings of the next natural step in a space that’s maturing quickly: a trend towards companies bringing in experienced executives.
0N1 Out in Force
The latest addition to the Metaverse boasted an impressive launch: 17,000 fans were vying to buy one of 7,777 issues of the 0N1 Force drop, which sold out within five minutes early this week.
0N1 Force is a story that takes place in a post-apocalyptic world after the death of a benevolent emperor in the ethereal enclave. The project features a rich lore that the community develops together. Individuals build their own characters and role-play, with engagement-based ranks that give special features within the project.
The iconic art is inspired by Jaime Hewlett‘s work on “Gorillaz”, a grungy post-apocalyptic tone driven by the world’s narrative, and a style of line art that addresses anime enthusiasts directly.
The project is one of the more successful execution case studies in the space today. The team delivered a minting process that rewarded early fans, with a white-listing pre-sale mechanic that helped them avoid the gas wars. Not that those didn’t happen, of course - thousands of dollars in gas money seems to be par for the course during hot launches these days, and 0N1 certainly qualified.
Bird’s eye view: 0N1 Force is one of the first projects that very intentionally worked to build out their community before launch. As the space has become more saturated, project leads recognized the need for mechanics that not only capture the crowd’s attention with a strong narrative, but also avoid making the dedicated fans of the project’s success.
This is likely a first move into a broader trend that pushes project leads to build narrative, brand value, community, and a history of execution well before opening the minting process.
Since it matters...
Have you ever wondered how to tell a successful project from an unsuccessful one by the numbers? If so, you’re in luck.
Dune Analytics interviewed danner.eth, one of the major contributors to the Dune Analytics community, about how he uses TradFi (traditional finance, for the un-initiated) quantitative analysis frameworks to examine the fundamentals of NFT projects.
The interview also covers some pieces on the learning path for on-chain data science and some insightful commentary on finding work in the space, if you’re looking for it.
Chatting with Danner.eth about NFT Analytics
Here are the highlights:
danner tells us about some of the key metrics he looks at when analyzing a project. In his view…
Ownership distribution far more important than price in the objective sense. From a behavioural economics standpoint, a wider base of holders with fewer tokens creates a more stable price as people are less willing to sell their stake in a good project.
A steady consolidation (very slow rise in price as distribution increases) is a healthy sign. Community and brand don’t develop overnight, and prices rising too quickly are sensitive to fast reversion as the influx of new owners is more motivated by profits than by membership.
You can play around with one of danner’s dashboards here - there’s even space to plug in a contract address of a project of interest, if you don’t see it on his list.
Feature: Generative Masks
Generative Masks is a series of 10,000 unique masks with different expressions generated by a program.
The twist? The colors are dynamic, regenerated every time you reload the page. The collection from Takawo Shunsuke, a popular Japanese generative artist, film director, advocate of creative coding, generated buzz with collectors and fans alike during its launch August 16th.
At a glance:
Floor: 0.2 ETH Highest sale: 3 ETH Value Traded: 1.9K ETH
Issues: 10,000 Unique Wallets: 3,200 Average Owned: 3.15
Generative masks may be a new project, but the artist behind the scenes is anything but. Takawo Shunsuke has been active on OpenProcessing since 2017, and has published 1525 works (some of which are available to use as jumping off points for Creative Coding newcomers).
The inspiration for Generative Masks came from discovering a sense of organic growth in geometric, symmetrical, fractal patterns. Takawo describes his work as “scary, yet somehow charming”, and took his inspiration from depictions of Native American and indigenous Japanese spirits (“Yokai”).
All proceeds from primary sales will be distributed to organizations focused on developing the generative art and creative coding industry, including Processing Foundation, Processing Community Japan, OpenProcessing, NEORT, and Coolors. Secondary sales will be used to expand the Generative Masks universe into galleries and wearables in Decentraland, and bring the NFTs into the physical world by producing prints, published collections, and 3D prints of the works.
The collection was outperforming ArtBlocks, the other comparable generative project on trading volume immediately after launch, according to data presented by DappRadar.
The project’s base has an overlap of 13% with the ArtBlocks collector base, with a slightly flatter distribution. ArtBlocks boasts 1800 unique owners with 12 wallets holding between 1 and 10% of the collection, while Generative Masks has climbed well past the 3,000 owners threshold.
Time will tell if ArtBlocks has finally found a rival in the generative art space, but Generative Masks certainly seems to have the makings of something interesting.
Do Your Own Research 🧠
We’ve all heard this phrase a million times, but for people without hard data science skills, getting real insight into the data underlying trading activity can be a challenge. Here are a few apps that make it easy.
Market history: Past performance may not guarantee future results, but history does tend to rhyme. NonFungible provides easy access to sales data for the biggest NFT projects, including trading volumes, unique buyers and sellers, and primary as well as secondary sales activity.
Asset valuation: Non-fungible also provides a professional asset valuation service, if you’re interested in a professional appraisal of your portfolio.
What you pay for: No question about it, Nansen is a paid, professional-grade service. With plans starting at $149/month, Nansen provides a premium research platform that tracks on-chain activity across the Ethereum, Polygon, and Binance Smart Chain networks to get institutional clients the best information out there.
More than data: Nansen is built around the use-cases investors need. Unique applications like Wallet Profiler (for all your counter-party tracking needs); Smart Money (an app that shows you the most active wallets), and trackers for ETH flows to and from major exchanges, help clients keep tabs on competition as well as market activity.
Afterparty launched a platform to allow creators to engage with audiences using “semi-fungible” tokens on Thursday.
Deadheads released the first season of their animated series.
Look out for our exclusive interview with Alejandro Cartagena about his latest series, the 20th Century Photography Project, later this week.
The Fame Lady Squad turn-around is in full swing. Find Bored Becky on The Wendy O Show, Blockchain and Booze, and Thee Hustle House and keep your eye out for the re-launch party under #ladyrelaunch on Twitter.
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