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BLUR UP TO $0.62 / LooksRare Deflationary / Hanwe 10% of NFT lending
Recorded: Nov. 24, 2023 Duration: 1:01:58Space Recording
Full Transcription
CryptoPunk Wild here selling for $67,000.
That's $140,000.
And Azuki Lightning, I haven't seen an Azuki high sell for a while.
That was at $45,000.
That's $95,000.
Legendary, that is the price action.
Those are the headlines.
Any numbers standing out to you off the bat?
Definitely like the Azuki Lightning sell.
As you said, it's very, very nice.
As obviously a biased holder, given my PFP, to see Azuki sales very, very close to six figures.
Yep, sounds good.
Yeah, and I haven't seen an Azuki sale that high in quite some time.
So that's good to see for the Azuki community.
One reflection for me is that all the prices seem to be up.
Like the major NFT collections are up again.
I think one of the reasons for that is that the concerns of the end of season two have basically been dealt with.
The market has decided there's no reason to be concerned.
And if you look at the NFT loan market, a lot of the loans are kind of clearing themselves up now.
In fact, remember how we spoke about yesterday or the day before, how in that moment, loads and loads of loans went to like 100% APY, 60% APY, 50% loan to value.
It became like a really risky period to be a borrower because all of your loans got whacked up really high.
I'm just looking at the Bored Ape loan chart right now.
And basically, because of how successful the season two airdrop was, there's so many loans that people, because they're farming the airdrop, have offered at 0%.
And so, so many of them have been refinanced already so that it takes a lot of pressure off the loan market.
Well, at least immediately it does.
So now, instead of there being like 50 loans that were between 50 and 150% APY, there's about 50 at 0%.
And yeah, there's just like a scattering of other loans, which is still quite high, but could probably be refinanced if the borrower has actually just checked that there's better offers available.
Any reflections on that, Legendary, before we hit the headlines?
Definitely like that we've been getting more and more into the loan markets over the last couple of days and weeks.
And again, as you said yesterday, I think that action is a good confirmation that the lending market is willing to accept the current floor prices as correct, as accurate,
and doesn't want to correct them lower by having loans that nobody wants to take or to refinance.
Absolutely.
Absolutely.
I always like to check the loan market for just a little bit of direction.
I don't know if it's always the case that it provides direction, but I think it is helpful to be aware of what's going on there.
I want to get into the first headline, Blur obviously up 30% to 0.6%.
We had the CBB account, which is one of the biggest Blur farmers, saying that, asking the question,
should we retweet every single tweet during the last nine months claiming that CBB is trapped farming Blur at a loss with the increase in price?
They've stated that it was an eight-digit profit airdrop.
So that is a large amount, and it's just interesting.
It's interesting that it's such a large amount.
It's interesting that so many people faded that one.
It's interesting that so many people are faded.
I mean, I know it's attracted a lot of capital, but Blast has at least attracted a lot of criticism as well,
and there's certainly a lot of people saying that it's stupid.
And I guess what CBB is saying is that what you called stupid, we call eight-digit profit.
So, any thoughts on that, Legendary?
Then I want to get into this interesting point by Lupify and discuss a little bit more in Season 3.
Let's get this point nothing of value to add on CBB's comment, really.
Okay, so Lupify said that Blur Season 1 made people money no one expected, and I think that is fair.
People, you know, they traded a little bit.
They didn't know it was going to be that big.
Blur Season 2 was so overcrowded and long that everyone thought the farmers would lose money.
And I think that's also true because it just dragged on and on and on,
and people could see these farmers, like, taking hold of assets and having to sell them at small losses.
And so I think people thought that this would be an unprofitable strategy because they saw those losses racking up.
And I think, combined with that, people thought that with the declining price of the token,
then that's going to seriously hit your profits.
Because yes, if Blur had stayed at 0.16 or whatever its low was, then I don't know if these people would be as much up as they are now.
But now that the token's at 0.6, which is a 4x on the lows, even when it had recovered to 0.3, that wasn't, you know, it's still a 2x, which is significant.
Suddenly it becomes a moneymaker, which people couldn't foresee at the time because all they could see was a down-only token in addition to the fact that the season was going on for so long.
And then he said, Blur season 3 just started, and there is another wave of FOMO after the Binance listing.
Oh, of course, that was the other big bit of news, that there was a Binance listing in the last 24 hours.
And he just said, wonder what happens now?
More importantly, Pac-Man is an incentive genius.
I guess the question to you Legendary is, you know, season 1 was people making money no one expected.
Season 2 was overcrowded, as in lots of people were doing it, but then it became so long that maybe people started giving up and everyone thought farmers lost money.
Where are we at on season 3?
Like, do you think it's become a completely overcrowded trade for both Blur, which is the one side of things, but then also on Blast, on the other side of things,
is it overcrowded? Is it not overcrowded? What do you think?
I think it's the very same as with so, so many airdrops that people have such a short attention span.
As you said, season 2 did run for a pretty long time.
People who might have been very excited about it at the start of the season have lost interest throughout the season 2 over the months.
I think it's going to be similar with season 3. Everyone talks about it now.
People are putting the money into Blast. We are up to 370 mil in TVL by now.
And as we said yesterday, especially with regards to Blast, half the rewards are for putting money into the multisig depositing into that not yet existing layer 2 solution.
And half of the rewards will be given to devs for bridging and building the protocols on Blast.
And as we know, those rewards are often passed on to the users of those protocols.
So there will be more to do on Blast as a network once it is at least live in testnet.
And this is again when you will have strategies where you can just be more competitive than others than just putting in money.
Because like right now, the only thing you can realistically do is put in money into Blast and play a whales game and go for the spins.
But then once there will be more things to do, strategies will evolve and you will be able to have alpha and outperform others.
And there's definitely money to be made in there.
Very similarly, as we talked about it yesterday, that one farmer who started with between two and three ETH in season two on Blur and received an airdrop of, it was either 84, 86K.
So even if it's a crowded market, you can definitely find a way to be smarter than others.
Yeah, I think that's true.
I think that's true.
I just wanted to bring up this tweet from Kix, which I found funny and I think represents my take on it.
And I think I just want to reiterate, I know we say this at the beginning and we say it over and over, but we have to talk about the positions like we're in.
We're obviously in this position.
It's a relevant thing.
It's highly newsworthy.
Um, and yeah, we, we, we are obviously we've taken a position in this.
Um, but Kix, Kix said this thing kind of imitating the fudders of this opportunity because my position is that, yeah, okay, cool.
It's overcrowded, whatever.
There's a lot of people bridging over.
And actually one of the points that Laura Shin pointed out just earlier today is that now the blast TVL is up at $382 million.
So blast now ranks the fifth among L2s on Ethereum, only behind Arbitrum, Optimism Base and ZkSync.
Like that is absolutely insane.
It's absolutely insane that they've become the fifth largest L2 without even being an L2 yet.
And that the four ahead of them are some of the most prominent L2s that exist.
Like there aren't any, I mean, they've probably overtaken a whole bunch of other ones.
That are quite good as well, but you know, the only four ahead are the biggest ones around.
So that's absolutely insane.
So in terms of thinking like, is this overcrowded?
I can see why people would think that.
Um, but my personal perspective is I don't know how people can fade this.
And I think Kix, uh, kind of articulated it quite nicely.
Um, where he, he, he said blast L2.
Uh, you know, one of the things it says is that you can stake and earn yield and rewards,
but the critics will say, but I can't withdraw.
And so in response to that, you'd say, okay,
eStake has waited two years for the merge to withdraw.
But okay.
If you don't want to be locked up, just stake and farm with blur, no lock.
And then the criticism of that would be, but I don't want to risk blur going down.
And the way you'd respond to that is to say, okay, you can farm rewards with NFT activity with no risk.
And then the people will say, no, I don't like NFTs.
Cause I think a lot of the criticism have come from other L2, uh, big brain, like smart developers as such.
Just like, no, we don't like NFTs.
Um, I want to criticize it from that perspective or big crypto people.
And then ultimately all you can say is like, okay, then don't participate.
Um, he, and he says, no, I need to tell everyone how risky this place, despite everyone being in crypto for risk reward opportunities.
And I think that's the bit that cracks me up a little bit because you have all of these big accounts who are clearly really smart people pointing out, you know, legitimate risk opportunity risks.
And we have done the same thing yesterday.
You did a great job talking about some of the risks, but it's like, sometimes I think people forget where they are.
Like, where do you think we are?
We're in crypto.
Like we're here to take risks.
And yes, everyone, everyone needs to determine the amount of risk that they want to take.
And on some level, fine, you can point it out.
But at the same time, I think it, it, it, it moves into a realm where you actually just protecting your own situation or your own bags in some way by pointing out the risk to such a point where, you know, you're not actually, I don't know.
You're becoming a bit blind to the opportunity, uh, especially in an industry that is built on people taking risks.
Um, Leslie, what do you think about that?
Uh, what are your thoughts?
I think that's a very fair take.
And if, if we speak about risks, I, um, reposted a long thread by talking professor yesterday who got into some of the risks and he pointed out one interesting thing that is very obvious, but I didn't see many people talk about it, which is the risk of opportunity cost.
Because this really aligns with what kicks has been saying.
Um, yes, everything is risky, but we are here for risk reward opportunities.
So the question, um, should really be if you lock up your ETH in blast, what's your expectation?
Do you think you will get 30, 40%, whatever the return on that might be?
And the question is, do you think you can opt to form that over the next couple of months or not?
Or do you even want to do that?
Because, you know, as we said, there's so many things to do and you might just not have the bandwidth and time to put all of your ETH to work.
And you just have a bunch of ETH laying around, you're like, yeah, instead of, you know, just having it laying around, I think it is a good way or a good, good approach to put it in blast work for some that might be spinning up a validator and going for eigenlayer for the eigenlayer points, because thinking that that might be a very good airdrop.
So that opportunity cost risk is one that I would really, really consider.
And the rest that we spoke about, yes, slido centralization, smart contract risks, it is only a multi-sig.
It is a massive honeypot.
People will try to social engineer to get three out of those five signatures to get access to those 300, now 80 mil.
Um, but, uh, it is definitely a true, true aspect that kicks his pointing out.
If you only focus on the risk, you might miss out the potential of the opportunity.
I've got a more personal question now, kind of a reflection on where we were in 2021 versus now.
I'm, I'm just noticing the way that I'm looking at the market now, and it's just so much more heavily focused on airdrops than it was in 2021.
In 2021, I came in fresh at the top of the year, uh, bought some, what was the first stuff?
Some nifty gateway stuff, which ripped, bought punks comics, which ripped meta heroes ripped and kind of got, you know, got into the ecosystem via purely via NFTs.
And then, but all the airdrop stuff just wasn't on my radar.
It just, I kind of learned about it as the year went on.
Like, oh, okay.
Well, the more you participate, it seems to be the case that you can get exposure to all of these things.
And then I kind of decided, well, if I'm going to be in this space full time and I had quit my job after like four months of being in, of, uh, participating in the NFT market, um, I was like, well, I'm not going to miss out.
Like, I'm not going to miss out on all this stuff.
If I'm going to be here all the time, like, why should I miss out?
I should be getting as much as all these other people, uh, just for participating.
And I guess my question to you is when you look back, do you think you like, are you looking at the market differently now and, and seeing all these edge opportunities more because there are more opportunities or were we just not aware of them back then?
And now we're just like loads wiser to those opportunities.
Uh, I am very certain that there's so many more add up opportunities now.
So there literally are more in 2021 for three reasons.
So first of all, you had in the last, um, cycle, you had, um, DeFi protocols doing add drops mostly.
Right.
And that was like, ENS was also a big one.
You had some NFT marketplaces, but that was like very, very easy to track.
And obviously new DeFi protocols, new marketplaces, et cetera, will follow that same playbook.
So you have this base level.
Then you have that increased competition and scalability of ETH with multiple layer two solutions who all try to attract users and who many of them follow the same playbook of teasing an add drop that, you know, might come to people testing that early.
But that also attracts new protocols building on these new layer tools, who will also come up with an add drop themselves.
And then the third, um, layer, in my opinion, is the gaming method that we're currently seeing where so many projects are coming out with the token or already have done the token, have done the token add drop like exit.
And, um, that's another basically angle where airdrops are coming from and I think all of them are happening in a very, very tight timeframe for the reason that we've been in a very long bear market.
Many projects, you know, struggled to survive to keep the burn rate low and to keep the runway as long as they could.
And now they see that positive shift in sentiment and like, yeah, we're going to accelerate our plans to introduce a token.
We've seen it with, you know, um, the, the kungs cups ecosystem where yoga pets will get the own prana token who's posted in discord.
We are moving and we accelerating those plans with, um, the token add up with the TGE.
And that's certainly not the only project was now looking at an accelerated timeline to distribute your token because that's the last one on that.
You want to find that middle ground and you don't want to be the first one to release a token, especially on the web three gaming.
Um, because if that happens, you, you know, and you don't have a product ready, you run at the risk that people sell your token and just go into the next NFT project that has a token coming.
But you also don't want to be the last, um, at the end of the cycle and hype.
So you want to be in that middle.
And now that we've seen token launches in all those different verticals, projects, people, games, et cetera, will probably think we are getting closer to that middle and have an additional reason to want to launch the token even faster.
So definitely more airdrops to, to look out for in this cycle than the last.
Yeah, I think you're right.
Cause there was one part of me that just thought maybe we're wiser now, but actually if they're, I mean, before 2021, there were no proper, I mean, maybe there were some small collector bases of NFTs, but there were no big bands of NFT communities.
Right. And now all NFT projects and communities have the potential to drop tokens as part of airdrops.
And like, that's just a whole new sector, a whole new group, a potential group of token holders that did not exist before.
So therefore practically it must be the case that there are more chances now because that NFT ecosystem just didn't exist before.
And maybe even there's more opportunities because other chains are becoming more developed and mature.
So at one point in time, yeah, maybe the ETH DeFi ecosystems did the biggest airdrops because that's where all the TVL was.
But in this round now, in this, in this round of a more bullish market, you know, Solana's airdrops could also be hyper profitable.
If you've done loads of volume on Jupiter, which is one of their major exchanges or the tensor NFT marketplace.
There's also in their route doing their rounds of airdrops for the amount of volume that you've been pushing through there.
So there's just even there's more chains, there's more different types of marketplaces, there's more communities.
So, yeah, I mean, that was just a personal question because I think that kind of explains maybe the small amount of stress that you can feel when you think, right, there are so many things going on at the moment.
And it's because there literally is. But yeah, you've got to try to make sense of it.
What's one of your thoughts, Legendary, before we move on to the next headline, put this kind of airdrop chat just to the side, a final reflection on airdrops.
What can people do to approach it in a wise way?
Also taking into account that we have run an airdrop educational set of tutorials for almost two years.
What are your thoughts?
A couple of points. First of all, be aware that farming airdrops or hunting airdrops is not a free thing to do.
You need to have transactions. You need to have volume.
And even if you're on a layer two solution, you will incur gas costs.
So it is not a free thing to do.
Second of all, if that's truly an endeavor that you want to follow, it is a long term commitment.
It's not I'm going to do a couple of transactions today on ZkSync and hope that one year down the line when ZkSync might have the token that I will get handsomely rewarded.
Because what protocols like to see and what we've seen, especially with the airdrop is repeat activity.
They checked if you had a transaction over six, over nine different months, and that got you significant extra rewards.
So rather than trying again to capture all the airdrops in this space, which is absolutely not possible, try to focus on a couple that you either have high conviction in and try to be active.
And I don't know if you pick up ZkSync, Scroll, Starknet, pick out two, three layer two solutions, and just try to focus on those and try to use new protocols on those who could also do an airdrop.
But don't spread yourself too thin by trying to capture all of the Solana airdrops, try to capture all of the gaming airdrops and tokens that might be upcoming.
And also try to farm the entire L2 ecosystem, because that's not possible, unless you want to make that your full time job.
If you want to do that and you want to spend 40 hours a week, 60 hours a week farming airdrops and have the capital to do that, then it's definitely going to be a lucrative thing to do.
But then it becomes your main gig.
Absolutely. Makes a lot of sense. Funky, your hand is just raised and I've got a final point to conclude the airdrop chat.
Then we're going to get into the looks rare news, as well as some interesting news from the loan market. Funky.
GM, thanks, guys. I just have a quick question for Legendary, just while he's laying out some strategy.
Do you often do these kinds of things? Like, let's say you hunker down on one or two protocols.
Do you do it with multiple wallets? Do you just stick to one or two wallets?
Because I have a friend who does a lot of these airdrops, and she actually did 35 wallets across stuff like Arbitrum.
And it does get to become like a full time job. So I just want to kind of pick your brain about that real quick.
Very good question. So what protocols want is obviously organic activity.
What they don't want is airdrop hunters, airdrop farmers who come with 100 wallets to farm the shit out of their token.
But obviously, what's going on is the airdrop, the protocols are doing their best to protect themselves against civils,
against people who try to farm with multiple, multiple wallets and detect them.
And on the other hand, airdrop farmers try to get smarter and smarter to find ways to use multiple wallets
without not being, without, sorry, without being detected as one single person who is using 50 wallets.
So if you farm with multiple wallets, but then they are connected between one another by just sending,
you know, your farm wallet one, send funds to wallet two, farm wallet two and send funds to wallet three and so on,
you're not going to get any airdrop because it's the easiest way to find out.
People go for like more sophisticated setups where they have multiple subaccounts on a centralized exchange,
fund each wallet individually, consolidate funds in a centralized exchange wallet
that's different for every airdrop wallet that they farm.
But then again, you also have protocols who start looking at what are some of the other things that are happening in the wallet.
Is that wallet, you know, does the wallet have an ENS?
Is that wallet connected to an X account via Vulcan or Collabland or other wallet authentication tools?
Are they collecting NFTs?
So the more people are trying to obviously game those airdrops by farming it with hundreds and hundreds of wallets,
the more protocols will find ways to protect themselves.
And this is going to be like an eternal battle.
So yes, obviously you can farm it with multiple wallets, but if you do that, just be aware of the things you need to do
to make those wallets look as organic as possible and be independent from one another when it comes to funding or consolidating those.
Again, if it's not your full-time gig, I'd rather focus on the two or three main wallets that you use.
And I think with that low amount of wallets, it's also not an issue if they have transactions that go between them.
At least it hasn't been the case for me and not to try to have a cluster of 50 wallets,
because in the worst case that will get you ineligible for the airdrop.
And one final note on that, because I like how Hop, the bridge, did it back then when they had an airdrop.
They actually had a very cool program.
They said, look, if you're a Sibyl, if you farm with a cluster of 100 wallets, for example,
you can tell us that they had a program where I said you can, you know, admit to that farming of yours,
and you will just get, I don't know, I think it was 25% instead of like the full 100% that you would have gotten.
But also be aware that if we flag you as a Sibyl, you would get zero tokens,
and then they incentivize their community to figure out on the blockchain which wallets were actually Sibyl farmers.
And if someone had proof that this cluster of wallets was a Sibyl,
then they would have received 50% of the airdrop that the Sibyl would have received if they remained undetected.
So there's definitely be a lot of game theory and incentivizing going on
for protocols to protect themselves against ad hoc farmers.
Awesome answer. I think that thoroughly addresses any concerns people may have.
And just as a final point, I do think that there are times where it's completely legitimate to have more than one wallet, right?
Because we all have multiple wallets doing various things.
Some might be in a personal capacity, some might be in different business capacities.
So there are very much legitimate reasons to be working on multiple wallets.
And it's not obviously the case that just because you have two or three that that will mean that you get flagged.
But as Legendary said, if you're literally just sending funds and cycling them around and doing the exact same transaction,
that's probably going to get flagged.
So definitely be aware of that.
Did I have a final point to make on it?
I don't think so.
So that should be a super interesting and helpful discussion on airdrops.
We want to put a bow on that now and get into the headline about LooksRare,
who sold out 10,000 NFTs in five minutes at 0.05.
It sounds like a pretty degen play.
Legendary, do you want to take this piece of news?
Absolutely.
LooksRare has tried to gamify their NFT marketplace with spins, with little mini games.
And infiltration is kind of taking that to the next step.
And it's also the attempt at making their token deflationary with a concept that honestly, to me,
is strikingly similar to what Nate Alex did back in the day with the Chain Faces arena,
which is you have the agents.
Those are the NFTs that sold out.
There's 10K agents.
As you said, they sold out for 0.05 ETH.
And they play a survival game that works as follows.
Every 35 Ethereum blocks, that's every seven minutes.
0.3% of all active agents are marked as wounded.
You have 48 rounds time to heal your agent.
That obviously is the deflationary component where LuxRare token is going to be used to heal the agent.
And this goes on and on and on with the likelihood of your healing attempt to fail increasing with each round.
And that goes on until you reach the endgame phase where only 50 active agents are left and alive.
And in that phase, one agent dies every round.
So every 35 Ethereum blocks every seven minutes.
And obviously, you can still escape at any point.
And if you escape, you will take the pro-rata allocation of the price pool that's in both LuxRare and ETH tokens home.
And then the last agent who survives not only takes that secondary price,
which all of the agents in the top 50 do, but also wins the main price.
So that's a concept that, again, is very similar to the Chain Faces arena by Nate Alex that follow exactly that same logic.
Very interesting.
I mean, just at a headline level, it's pretty cool that there's this appetite to play.
Like, I think that's my first thing.
I don't know how much you want to dive into the specific mechanics.
I think you did a good job of summarizing some of those.
And if people want to find out more, they can obviously dive in to that and try to figure out strategy if they do want to play themselves.
But at a minimum, it's just signaling to me that there's an appetite to play, again, in crypto.
Like a 0.05 mint and selling out 10,000 is nothing to...
Well, the other way around.
It's something very significant, I think, in this market.
500 ETH in five minutes.
There's a 425 ETH prize pool.
So that's $870,000 of loot, which awaits the winners of various sorts.
So that just seems very significant to me.
Any other reflections on it, Legendary?
Apart from the fact that it's a concept that we've seen before, actually, really, like what Luxra is trying to do in terms of positioning themselves in a more unique way by focusing on those gamified gambling mechanisms and kind of try to find a new spot for themselves in that very competitive field of NFT marketplaces, where they can find a new spot for themselves in that very competitive field.
Very competitive field of NFT marketplaces where they are kind of between, you know, marketplace, but also a bit of GambleFi platform.
So I do appreciate, you know, the creativity of the team behind that.
Yeah.
So there's clearly some things going on behind the scenes.
So I'll just point out a couple of those things.
I think, as you said, they're trying to figure out how to become relevant as a marketplace.
And that's a big challenge.
You've obviously got Blur who are crushing it, figuring out ways to incentivize people to stay there.
OpenSea forever seems to be in this far away second place.
People can't quite abandon it because it is useful for certain things, but because they don't incentivize people, people have often turned away.
Realistically, the Luxraer marketplace as a marketplace has not had much traction.
So, yeah, it's interesting that they're taking this gaming route and also that they're kind of focusing on the token dynamics, trying to tap into that mindset of the traditional NFT or crypto trader.
A couple of points to make is that Lux is now deflationary.
As you said, Lux will be deflationary with the supply being reduced by various mechanisms on a consistent basis.
Twenty five percent.
There'll be a burn of twenty five percent of all Lux used for healing in infiltration, which will be burned.
So obviously you need Lux that looks token in order to heal your your character.
And then twenty five percent of those which you use, the team will simply burn.
And then they add not only that, but fifty percent of the overall fee will be used to buy back Lux from the market.
So that's actually a huge, a huge supply crunch of Lux in some respect, because twenty five percent is going to be burned.
And then fifty percent of it is going to be used to buy back Lux.
And hang on, does that make any sense?
If they're receiving Lux, how can they buy Lux with Lux?
Am I missing something there?
Can you see you can see this tweet that I'm showing you?
Yeah, I can. I can see it.
So it says not only that, but I think that I think they also have a fee from I think they also said a ten percent royalty fee for the infiltrator collection on OpenSea.
Only on OpenSea.
Only on OpenSea.
And they said that they will use that royalty to buy back Lux as well.
And I would assume that it applies for fees that they make in ETH that they use to buy back Lux tokens.
OK, well, that makes sense. But that's not clear in the tweet because above they're talking about the Lux that they'll receive via the game.
And then the next fee is talking about the fee that they would receive just from OpenSea trading, which is not.
And they've also sent their fees on their own platform to zero on it so that that could not be a high amount potentially.
But basically their objective, which they say in the final sentence, is we look forward to sending the Lux for supply to zero, which is just like just a hilarious thing to say out loud.
And I guess, yeah, they're trying to say we're going to burn this as much as we can.
We're going to buy it back, then we're going to burn it.
And we're trying to reduce the supply as much and hopefully the price goes up.
They're trying. They're doing their very best.
And as a final point, as you just mentioned, the other thing going on is they've said that there will be a ten percent royalty added to the infiltration collection on OpenSea.
And yeah, there you go. Any funds generated will be used to buy Lux from the market and it will be added to the prize pool.
OK, does that make sense? I'm just checking if this stuff makes sense.
Sometimes they just say random things.
Any funds generated will be used to buy Lux and maybe those Lux will be added to the prize pool, potentially.
OK, well, so it seems like they're trying to incentivize as much as possible, really ramp up the the prize pool as well as decrease the supply of Lux as fast as possible.
Any concluding thoughts, Legendary, on Luxrayer's approach to be relevant in the NFT marketplace game?
Let's see if it works out. Let's see if that sending the Luxrayer's supply to zero is what will drive the token price and also drive volume on the platform or not.
Absolutely. Let's see. It's obviously a more novel approach. Blur is still ultimately crushing it in terms of volume and activity.
OpenSea is still a very clear second leader. So let's see how that goes for them.
Let's get into the Web3 Roundup and Create a Corner Roundup to get you up to speed with what else has been going on in the space in the last 24 hours.
Then we'll touch on the final headline in just a moment.
So we have number one, as always, this is in the snapshot, which is pinned up top.
We have Mochaverse announcing that 50,000 Mocha IDs have been minted.
That's pretty cool. That's a really high number, high number for the community.
And I kind of trust the number a little bit more, maybe because it's all linked to Twitters and Discords.
And I don't know how easy that would be to bot. Maybe it is possible.
But yeah, very high number for them.
Number two, fifth Chimpfolution Chimpers NFT auction concludes at 0.75E.
The reason why that's really cool is because they're basically being able to sell new NFTs to their community without diluting the supply.
So people will sacrifice one of their current Chimpers in order to get these new evolved Chimpers.
So it's turning into quite a nice little revenue stream from these daily auctions that are going on at the moment.
That's something projects could take a look into.
Next, Flooring Protocol will add fees for vault redemptions, which will be sent to you token holders.
Always trying to see how to incentivize token holders there at Flooring Protocol.
Finally, this was cool to see. Cool cats appear in the Macy's Thanksgiving parade.
That was a pretty fun image coming across our screens yesterday.
And the final piece of news is that OSF is fighting in the Crypto Fight Week in Dubai.
One of the most diverse creators out there doing NFTs, trading, boxing, a good friend of mine as well.
So wishing him the best. Final conclusion on the news for me is that I was looking around, as I always do every single morning for an hour or two, trying to finalize the snapshot.
And again, I'm trying to source as many signs as I can to inform you of how I feel the market is going and I couldn't find more news today.
And I'm not saying that's because there is literally less news.
I think that there could be more interesting things that could have made the snapshot today.
But my point is that I couldn't find it because my usual sources are too excited right now.
They're too excited about talking about prices, talking about coins going up.
And so I found it much harder to source different bits of news from my usual sources.
And I think that could be, well, it could be a sign of just excitement.
It could be a sign of something. I think it's a sign of something.
That's what I'm saying. Just telling you my experience from this morning doing the snapshot.
So Legendary, that is the information. That is the news from the Creator Corner and the Web3 Roundup.
Shall we touch on the final headline of the day?
Absolutely. Happy for you to set it up and I will change the title.
Awesome. So this was the news that Hanwe, who is the biggest blur farmer,
received more than two million in the season two airdrop.
And he actually tweeted out that he sold all of it.
I think this morning he sold all of his blur about three hours ago.
He said it could, of course, go higher, but he's happy to take profits there.
So that's a huge win for them.
NFT stats, friend of the show, did this really cool primary research where he explained
that after receiving more than two million in an airdrop yesterday alone,
he gave more than 300 loans on Blend, the most he's ever given.
And he basically represented more than 10% of the whole NFT lending market on Blend.
And he's already earned more than 3.5 times as many points as the second biggest farmer.
So that's just really, really colossal numbers.
Yeah, just absolutely colossal numbers.
Legendry, do you see any...
What do you think about that, basically?
What are your thoughts?
It's a very fascinating position to be in.
If you're 10% of the lending market, even arguing that the lending market is,
you know, is small compared to other financial markets.
It's a very, very intriguing or not intriguing, a fascinating position, as I said, to be in,
because you definitely can influence the market.
As we've spoken about lending over the last couple of shows,
the health of the lending market is an indicator of how much the market is willing to accept the current spot prices.
So you not only influence the lending market, you influence the whole NFT market, the whole prices.
And I would also argue that it's actually more than that 10%, because many people would just look,
what is the biggest lender out there in the market doing, assuming they certainly know what they are doing.
So I would just copy the strategy.
So probably by proxy, they are carrying more than 10% of the overall market.
And that makes it even more interesting to observe just from a, you know, behavioral, financial behavioral perspective.
Yeah, super interesting. It does make you, it makes you start to think.
I mean, I assume people will already have been watching the wallet just because it's so significant.
But then when it becomes so big, it kind of starts to create the existential risk that sometimes people talk about with banks.
When banks become too big to fail, I wonder whether there are certain lending entities that can become too big to fail.
Because if Hanway goes down, then everything would be taken down with him.
I'd need to like do more research into the numbers to consider whether that would actually be the case.
But I think when people have such disproportionate market share, I think there is that potential.
A final interesting point, we kind of touched on it earlier, but as season three ended again,
this is coming from NFT stats providing some awesome primary research.
It showed how many loans went into that plus 75% plus a hundred percent APY region.
And it basically went, I think the average APY per refinance loan went to over 75 and a hundred percent.
And usually it's under 25.
So huge, huge increase in those days.
But as I said earlier, and as I explained, looking at the market now, it's completely settled down.
Lenders have brought back their liquidity to offer loans at much, much better rates,
often at zero rates because they're farming the blur points.
So that's something to be aware of.
And I think that is in no small part a reason for the market recovering quite nicely in the last couple of days.
We are up because the fear of the prices going down with that lending market liquidity disappearing is kind of gone.
And everyone's quite happy, I think, to play season three of Blend.
So the show goes on.
The show goes on, ladies and gentlemen.
We are very grateful to it.
The show goes on next week, though.
Not actually today.
This show specifically has to close, but zooming out, the show goes on.
So today we close the show.
We bring the show back next week because the show goes on.
Have a wonderful weekend.
We have run out of time for today's show.
We do this every single day, 7 a.m. Eastern Time, 12 p.m. GMT, Monday to Friday.
We're grateful that you're here with us.
Hope you've had a wonderful Thanksgiving if you celebrate it on the stateside.
Take care, enjoy the time with your family, and we will see you next week.
Bye bye.
Bye bye.
