Thank you for joining us here this morning.
We're going to start the show here in just a few minutes.
We will give it a few for folks to filter in.
Get our speakers up on stage while we wait.
Good morning and welcome to the lucky lead.
Today is Wednesday, January 31st, the final day of January.
I don't know about you folks, but I feel like this month absolutely
flew by, but it is going out with a bang.
A $600 million stimulus is potentially hitting Solana live as we speak.
We're going to sweat it live on the show plus catch up on all the
latest in art and NFT Finance.
I see some friendly faces out there.
Thank you for joining us as a reminder for any new listeners out there.
We do run the show every weekday, Monday to Friday at 10 a.m.
Eastern covering all the major news and crypto and NFTs.
I'm your host Tyler D and I'm joined today by some amazing co-hosts.
Logan Hitchcock, editor-in-chief over at lucky trader.
He's been covering the space in debt for years.
He's repping the lucky trader account and then ghost content star over at
LT quiet whale deep in AI streets.
Still hanging out with us ghost GM.
I could not disagree with you more about the January feeling like it flew
It felt like the longest month in history and I think we've seen the sun
maybe like twice in the entire month in Chicago.
I feel like that's that's usually how I feel about January for whatever
Maybe just more stuff going on the homefront.
It felt like it was faster, but I'm with you on the sun.
I think three days in January, but things are looking up.
It is literally January 87th.
What are you talking about?
I guess I'm I'm alone in this take that January flew by.
I've just been so excited for jubilee and this this major airdrop slash
You're saying that I've just been distracted.
You're so deep down in the mines with RSIC.
You don't even realize what day or year it is.
You know, you just get lost in the mines.
Now that now we're actually talking and that's why the lack of sunlight
doesn't matter because when you're down the mines, you can't see the sun
anyway, which is where I spend most of my time these days anyway.
Well, folks today is also a special two part show.
We've got the teams from NFT by and banks on with us.
We're going to talk to them in the second half of the show.
Every all the latest in NFT lending going multi chain in a whole
lot more. So we are excited about that.
But what is on the docket for today?
I mean, we're going to start with Jupiter.
We're going to sweat this live price action.
Kind of talk one more time.
Some predictions about how this is going to impact the market.
We'll recap the Sotheby's auctions from yesterday.
This terrifying smiles collection from Rupay,
Renisto plus all the NFT news.
And then we'll get to our NFT by discussion in the second part of the
show. Before we dive in though ghost any housekeeping for today?
Yeah, you know it as always.
Tyler does a great rundown of the NFT space every morning in the
morning minute newsletter.
We've got that pin to the top of the spaces.
Make sure you give that a subscribe if you haven't already.
Logan, I think you've been kind of pulling up the charts for us
Where has the token come out here?
Just doing my double checking on the contract address shared by Jupiter.
I'm watching deck screener right now as expected.
Just like what happened with when it's it's pretty volatile to start.
But I'm seeing a price around 48 cents closer to 49 cents,
which is going an fdv and a market cap of four point eight seven billion
via deck screener right now.
So yeah, I have not personally tried to claim just yet myself.
I'm getting prepared to do so to make sure that the process is smooth.
But it appears people are claiming okay and making purchases or adding to
wallets and trading is off without a hitch just across 50 cents.
Logan, I don't I don't know that I realized you had some some tokens to
Do you do you mind kind of sharing your thoughts?
How are you going to play the the airdrop?
Are you are you going to claim and dump right after the show?
Are you going to hold this thing?
Yeah, this is this is one that you know, perhaps I've been I'm not sure what
color I guess blue pilled but sort of by a keen and others who have come on
in this show and talked about Solana and the growth of this ecosystem for the
This is one where I'm feeling you know, my allocation is not super large.
Right. So you know, selling for the cash is always great.
But you know, it's not going to really impact anything day to day for me.
So I'm in no rush to get off and sell.
And this is one where just reading and experiencing and participating with
Solana more frequently in the last, you know, two or three months.
Yeah, I just feel a bit more conviction in something like Jupiter that plays such
a strong role in its in the Solana ecosystem that I'm OK.
So unlike other airdrops that I'm rushing out to sell right right at the gun like
many others, this is one where I'm you know, I'm just going to kind of sit on my
hands and see what happens.
But I think if there was one airdrop to hold, this is probably it.
Interesting to hear this coming out trading around 48 cents.
We saw the futures markets on Avvo.
Those were trading at 65 cents just just this morning.
So a touch under I think the Jupiter team did share there.
They were starting liquidity pulls like 40 cents or something.
I don't recall the exact math there.
I think on that note that the team has shared yesterday just kind of a general
state of Jupiter in Jupiter 2024.
And this is from their update.
So number one most used trading platform in DeFi direct 80 percent of organic
Most used program in Solana top two by volume on coin get go most integrated
platform on Solana, one of the top perp platforms with one point four billion
dollars volume last week.
So certainly boasting a lot there.
I think we talked a little bit about the tokenomics yesterday.
Again for those who may have missed that show.
Initial circulating supply was cut to one point three five billion.
I think previously it was expected around one point seven.
So a pretty substantial cut.
And that does include a one billion earmark for this airdropper claim.
Whatever word you want to use.
Two hundred and fifty million for the launch pool.
Fifty million for sex and end loans.
And then fifty million for some immediate on chain LP needs.
I think what's also noteworthy a lot of air drops kind of have that the slow
drip of tokens unlocking you know on a weekly on a monthly basis.
That's not going to be the case for Jupiter.
My interpretation and as I understand it there will not be another set of token
releases for about a year.
So this is going to be the circulating supply for a while which is an important
note when you think about price action.
I mean we ran the comparisons to Uniswap and how you swap performed on
I think what was also interesting is Richard one of the primary builders
founders for tensor the leading marketplace on Solana.
He tweeted this yesterday.
So predictions for this week.
Jupel become the number one non L1 non stablecoin by volume.
So we'll see 10 to 20 percent upside Solana NFT daily volume will break one
So again and then 50 percent plus Solana NFT price moves across the board.
So some bold calls there from Richard.
I think some of those are a little bit easier to see 50 percent plus moves in
That is both very very bold ghost.
I'm curious for your thoughts.
You've been dabbling at least a bit in the Solana NFT ecosystem.
Are you aligned with Richard?
Do you think we're going to see some 50 percent plus moves here?
Yeah I mean I think that there's definitely going to be a liquidity injection.
There's like just so many I've seen so many screenshots of my timeline.
I've just ridiculous amounts of Jup that people are getting from like Solana OGs
and people that are very deep into the Solana NFT waters.
I think that there's just no way that some of that won't be converted
and put into the NFTs there.
So I definitely think that this is going to be a nice little boost for the NFT
Do you think it's going to go wide or do you think it's going to be more concentrated
in like the top collections like Mad Lads, Tinsorians?
I would say the top collections.
I just don't think that there's as many like deep seated communities that have
like solid footing in Solana yet to where like people are going to want to invest
So I think that some of the newer projects that you've seen might catch bids
and some heat and then the mainstays like Mad Lads, Tinsorians, things like that
I think I probably align with you.
I certainly don't think it's going to be universal.
In fact we saw the opposite.
So since Richard tweeted that, the number one by volume NFT on TensorFrogana is down
CryptoUndeads, one of the more notable new NFT collections on Solana is down 14% to 7%.
And basically a new local low.
Elementera, another recent project seeing a lot of volume is down 25%.
Basically the entire leaderboard is red.
So no one's front running the Jupiter airdrop here in the Solana NFT ecosystem.
But I just keep coming back to like if it's legitimately a $500 million or $600 million
stimulus, how could some NFTs not go up?
So I think it's hard to be too bearish.
But Emily I'm curious for your thoughts and then we'll go Logie.
Okay so there's part of me a bit unrelated to price action.
There's part of me that feels like this is the final boss for Solana.
Like can it withstand the traffic or are we going to see it crash today?
So one of my questions on the call sheet is Jupiter airdrop.
It's I think been widely hailed as just a major bullish catalyst.
But could this be a sell the news event?
So Emily what are your thoughts?
Do you think this could be a sell the news?
I mean it's possible for sure right?
And like major liquidity injections always do interesting things.
But I never feel like they have a long lasting effect.
Like once they're spent they kind of dissipate out.
And I think there are people pretty focused on taking gains one way or the other.
So I don't know if it will have a lasting impact.
But it certainly creates a good amount of volatility.
Like if I was into dropping chickens on Solana today would certainly be the day.
A couple hours after I guess.
But I really do wonder if the network can handle it or not.
And like what kind of effects, what kind of efforts they've actually put in to reinforce the network.
Because the major stability that we've seen hasn't been with the level of activity that we're going to see now.
Yeah I mean this is clearly a big test.
And I do want to kind of come back to your second point.
We don't have more marquee drops signaled to come in the next few days.
Because the time is ripe.
And in fact thinking about the crypto undes team that they had a very high launch.
They did everything right.
Except I think perhaps they launched two weeks too early.
If the undeads were coming on Friday.
Man I think they could have seen some crazier price action.
But Logie I want to throw it back to you.
I'm curious what are we seeing any updates in the price action and what else is on your mind.
Yeah price still holding in that like 55 to 57 cent range.
That's up about 20 percent.
Since yeah I guess that is up.
It was only minutes ago that I last reported.
I just wanted to provide an update.
And I think I mentioned this the other day.
But this is the first experience at least for myself where you had to.
I've personally had to pay attention to things like you know the max fee right.
And the feed actually you know process a transaction on Solana.
Typically because you don't need to worry about that at all.
And it happens in seconds and it happens you know nearly costless.
So just something that's a little bit different from an experience perspective.
Like I wasn't paying attention and tried to claim once without bumping that up.
Despite the little banner that said hey your max fee isn't high enough or under market rate.
So but of course they were trying to warn me of that anyway.
But yeah just an interesting experience from something that I have personally not had to deal with on Solana ever.
It just showcases of course the demand on the chain right now.
Nothing to report in terms of anything being broken or anything that was a user error of course.
But I just wanted to follow up.
I've actually never sped up a transaction on Solana.
So I'd have to go through.
I'd have to get a little help on how to even do that.
I think I shared that on the show a couple of days ago.
Well Keene I see your hand.
I'm going to go to you here in a second but we got to welcome coffee to the stage.
Friend of the show I believe coffee you've been kind of dabbling into Solana ecosystem throughout the bear market.
I'm curious rate your hype levels for Jupiter Day here and kind of what's your read on what may happen next.
More like like an overdose of Jupiter hype right now.
I've been I didn't get a good sleep last night.
I just don't know what's going to happen.
I don't know my strategy is and whatnot.
And yeah I have I have a decent stack.
And I just don't want to drop the bag.
But I guess the one thing I want to say is you know NFTs what NFTs to play and whatnot.
I'll say this definitely.
You know NFT friends who've been around since like the bear market like they're talking about protocols and put in the blast and airdrop farming and whatnot.
You know I wouldn't be surprised if like you know this airdrop farming begets more airdrop farming and not necessarily NFTs.
I'm sure the wealth effect will eventually flow into NFTs for the marquee PFPs and whatnot.
But I've just like it just feels like there's like a meta change.
It's not like the next like JPEG.
It's more like you know let's get more farm farming rewards and whatnot.
So it's going to put that out there.
Anyways as for myself nervous.
I'm cautiously optimistic about the price action.
I'm looking for a dollar plus.
It's not going to happen today.
Well we're happy for you first.
I'm watching the decks now.
I finally got the link up.
I'm not seeing any cells.
I don't know if the sell button is disabled.
This is green transactions only.
I mean this thing is up to 60 cents now.
And it is quite literally up only for the past 15 minutes.
So certainly some exciting price action for anyone with a nice deck.
So we're happy with you there coffee.
So this is a DeFi airdrop.
This isn't an NFT related airdrop.
It would make sense that the DeFi ecosystem on Solana is the primary winner.
Flows to some other protocols.
Perhaps flows to meme coins.
I think meme coins have cemented themselves as a core part of the Solana ecosystem at this point in time.
So I think those are my predictions.
And again I don't have a read that the NFT ecosystem is going to see an immediate bump.
In fact it could be the opposite.
But Keene I've been making you wait here.
Curious for your Jupiter Day thoughts.
Yeah I mean so I think that I think we're definitely going to see some performance issues.
I mean if we look at the history of drops on the JITO drop day there were definitely performance issues for the first hour or two.
There were lots of failed transactions.
It was like some of the bridges were kind of clogged.
So we're going to see that.
I mean yes there was a chance the chain could.
But we also had some previews right.
So there have been a few sort of like window dressings and examples in the past.
I think if a team can actually figure out the drop it's the Jupiter team.
So so far I mean it looks like things are humming along.
I do agree that I think I don't know.
I mean for me short term to price price should get to a dollar at some point.
I think that the circle in supply is really low.
It's probably not going to be any more tokens for at least a year.
And if if you believe that so on is going to continue growing.
I mean Jupiter is going to be the biggest DeFi protocol period.
Like it's just I mean it just seems like it's a no brainer.
And I think when what I'm looking for going forward is sort of what does governance look like and then what does the launch pad look like.
Because now right there's going to be a platform that has done the biggest drop ever that will be the place to launch your token.
So perhaps like a lot of the waiting is to see how Jupiter performs what the launch pad looks like how people get access to launch pad tokens to me.
And I think that's probably going to be a more advanced launch pad type event where if you if you actually are holding your tokens and you're part of it in governance.
That's probably going to factor in the future drops which I think is the right move.
I think the other thing to also note is like I mean NFTs didn't really start to move start moving on.
And I remember like prior to the Gito drop like things like consortiums were like in the low teens.
And after that influx of capital and I'm sure other capital coming from other sources we saw that that rise.
And so I don't know like what's necessarily going to happen in the short short term.
But I think any stimulus like this will eventually trickle down.
Some of the blue chips probably will garner some ROI.
But I do think a lot of the like next up and coming protocols that have points telegraphing token drops should do well as well.
You sort of what's the next one and what's the next one.
So and that's the distinction I think it's important to make.
And I don't think any other tokens are just sort of NFT drops in the Ethereum sort of we're just dropping NFTs that are in a community.
I don't think those are fair as well.
There's got to be a lot more to it in terms of what's the long term vision.
Like what the points translate to.
And so generally like my perspective is to fade.
You know the typical theorem type.
Oh we're dropping something and it's all coy and it's not clarity.
That's going to fly on Solana.
And so for me the things I'm looking to are what are the NFTs that are either have points or introducing points.
But just as importantly are tied to a product where you can actually see adoption metrics and figure out if that product is going to have main staying power.
I think that takes makes a whole lot of sense.
And it feels like you're somewhat in line with coffee's expectations.
I've been watching the price action.
I was looking at the USDC link.
Now I'm looking at the the juke soul chart here.
It is an interest like the one minute candles are very interesting on this basically like every cell is getting auto bought.
But it almost looks like it's kind of an increase in cascade of buy and sell orders which is somewhat similar to how the wind price action played out when it launched.
What was that last week or just a few days ago now.
But folks we are now over 60 cents.
It's kind of it's been flipping around between 61 and 65 cents now which equates to six point four billion fdv a hefty fdv out of the gate here coffee additional thoughts on your side.
Yeah I think it's just like it's see Jupiter is like a big freaking deal right.
I mean the fact that I heard that it went over Uniswap in terms of volume recently and then you just you just happen to look at like the token for uni right.
So and it's what a top 20 or top 30 coin.
So you know those are some of the targets and also I just want to let you like you know I think a lot of people here are like people will not and the psychology of the people who are getting like the big bag of the juke.
Like we were like we were using it.
OK some of them are like the gods guys like I know some of the gods guys like one to go guys getting like a hundred grand hundred sorry a hundred thousand tokens because they kept on like switching their dust to like USDC like every day.
So they're organically farming.
But I just you know other than that I would just say hey we were like farming this or using this protocol without like the points and whatnot.
And then a lot of these people who are getting a big bag.
You know we were here when you know people were saying this is a dead chain.
It's going to die and whatnot.
So we're a bunch of like either like super left curvers or right curvers.
So I just feel like you know hey we held our Solana and you know and potentially Jupiter through like the worst of times.
Like I feel like there's going to be a lot of diamond handed holders and like little like like degens who are just like looking at some targets and looking at Uniswap and saying OK well let's hold.
I mean that logic makes total sense to me.
I mean I've been listening to easy on the nifty show talk kind of about his his reasoning.
Anyone who listens to that show kind of knows his journey.
Make you know he was leading a spaces when soul hit eight dollars.
He DC to the entire bear.
He's got eight hundred eighty thousand tokens to claim today.
But I mean those folks like these are the whales the Jupiter whales are the folks who stuck with Solana through that the terrible drawdown.
They don't seem like the type who are just going to dump their bag here on day one if they're bullish on the ecosystem which they seem to be.
So I think that's likely a very good sign and doubtful.
We're going to see too much large dumping here.
Pretty bullish from my perspective.
Folks will continue to kind of check in on you throughout the show.
Clearly a major event here.
We're probably going to have to postpone our art talk till tomorrow.
We do have an art focused show on deck for tomorrow.
I asked him to come along.
So we are going to quickly get to our conversation with our NFT five friends and talk NFT lending before we do that.
Today's top headlines powered by Lucky Trader.
Trading volume on ETH came in at eighteen point one million dollars on Tuesday in line with Monday's results.
Those ETH entities though were very red down three to four percent.
Farkat's NFTs led top movers on each jumping one hundred twenty percent to zero point two on a day without many notable top gainers.
Pixelmon announced a partnership with Play Ember to launch a new casual game in Q2 of this year.
Pixelmon also announced a new set of ambassadors spanning Web 3 influencers.
RSIC the miners led action on Bitcoin once again with twenty six and a half Bitcoin trading volume the floor up to about point zero five eight Bitcoin.
Puppets rallied to point oh four nine.
Node monkeys did fall slightly to point one six seven though a rare gold hoodie node monkey.
There's only four in the collection sold for one point eight Bitcoin.
That is equivalent to thirty three point one ETH over on Solana.
As I mentioned several sole NFTs did fall on the day ahead of Jupiter's debut.
Frog is down thirty percent to six.
Crypto on that is down fifteen percent to seven.
Element era down twenty nine percent to four.
Meanwhile mad lads holding steady at one eighty four tensorians holding steady at eighty Solana.
Mobile shared that it will provide soulbound tokens to buyers of the saga to a head of delivery potentially lining up airdrop opportunities for those early buyers.
Magic Eden announced that its retroactive diamond drop for historical salon users will come this Friday.
OX Fubar teased a new product clusters XYZ with the tagline all the chains all your wallets one name with more details expected later today and then frame extended its token claim window yesterday.
Also delaying their main net launch with more details expected expected soon in broader web three and crypto news crypto majors were read this morning Bitcoin down two percent at forty two thousand six thirty.
ETH down about a percent at twenty three hundred sold down six percent at ninety nine.
GME has taken over Solana meme coins rallying another twenty percent to a whopping forty million dollar market cap though other leading meme coins did dip on the day.
Bonkdown nine percent to six hundred and ninety million market cap with down fourteen percent at two sixty nine far caster users have absolutely skyrocketed this week after the release of frames now over ten thousand active.
And now this breaking news this morning we did see ripple hacked for about one hundred and ten million dollars.
So a major hack. I don't think we have a whole lot of details on that just yet.
Well before we get into our discussion with the NFT five guys Logie any reactions to any of the any of the headlines we covered from yesterday.
Did you play the GME meme coin anything on far caster. What's up. What's on your mind. What stood out from yesterday.
I did not play GME. I wish I had. I saw it quite early and I guess I just wasn't ready for that little spin up meta of like the run back of the dumb money stonks thing to happen.
So I kind of casually let it go. I don't know three or four million. I'm not expecting much.
And of course I woke up yesterday and it was like twenty five and then pushed to forty. So yeah I feel a little silly there but I'm going to just cope my way and stay away from it and not not participate.
Two other small comments from yesterday I'll say the far caster stuff is really really interesting.
I know there are some definite tribalism on the timeline right now regarding usage of far caster versus usage of X and the parties participating on the platforms exclusively.
For me personally I'm I'm just looking at it as an opportunity to find new ideas. So I do have an account I've been you know basically lurking but the frames thing is pretty cool.
Packy McCormick wrote about it yesterday as well. People are looking to get a bit more explanation. And then last but not least Tyler I know you really really dislike them.
I thought smile that just really fits like my my like of surreal weirdness type stuff. So kudos to Rupe and any holders from yesterday. I know price action pretty much down from initial secondary.
I'm shocked shocked to hear you say that as someone who loves doodles and just bright colorful family friendly art. I mean smiles just like diametrically opposed to that.
I'm a Renaissance man Tyler. I'm open to nearly everything at a wide variety of interests. So yeah I like the surrealist stuff. My preference is surrealist meets colors and maybe that's where you get the ferocious love.
But yeah anyway. Well so I'll quickly share my thoughts. We won't go too deep on smile. Maybe we'll talk more with ask them about it tomorrow.
Again folks if you're not familiar this was a five thousand supply NMT collection. It's one of one of five thousand. They're all unique to me. It kind of feels like in addition in some ways there are a lot of pieces which are fairly similar.
He priced him at zero point two. So so about twenty dollars. Of course it sold out very quickly. I think the public sale was bonded. We saw it go to one point five fell back to zero point eight here this morning.
I posted yesterday how terrified I was of the outputs. I genuinely could not frame or display most of these NMTs in my house. They would be a little bit too scary for me.
With that being said the more time I have spent with the collection some of the pieces are growing on me. I think they are cool. I think my hot take is if this was a 500 supply collection. This could have been just an absolute banger.
But five thousand was just way way too many. But you know Logan curious for any counters to that and then we'll go to ghost. Yeah no no major counters really. I don't know that I would hang these up willingly either.
But I think it's unique and it's I don't know. I did like some of them. Some of them are are absolutely horrible. But there are a variety of outputs that I do enjoy that are absurd and awesome.
I do wish as well for maybe not for the sake of adding one to my collection personally. But I do think yes it could have performed better with a smaller supply.
Ghost curious what were you going to react to. Well there's few collections I've seen that I visibly disliked more than this collection. I think there's no sum of money I would pay to buy one of those.
But I guess that's that's polarizing art usually does pretty well. So there's going to be haters and people that like it. But I want to react. I want to tee you up actually because we were talking about the Solana mobile.
And I know that you were a you bought a pretty expensive Solana mobile phone off eBay. I was wanting to get a temperature check on how you were feeling about the Solana mobile news and the season two stuff.
Not great. I feel like there's a good chance that I bought the top on the saga one. And guess what the air drops have totally dried up in the past two to three weeks. They were coming out by the day leading up to my purchase of the saga to it's been absolute crickets.
The saga monkeys have been down only from local highs around 12 to 14. So even when those come I think that the hopes are a little bit down on the value of those. So I made a mistake.
But certainly we will see I have a whole lot more time on my side. Emily curious for your thoughts then we'll go coffee.
Um, yeah, I guess in regards to that art. It's almost got me inspired to do like an AI generated tip to phobia drop or something like I, I feel like there's a good amount of compelling discussion that happens around something so naturally on appealing.
And honestly, I would enjoy it if that was the next meta that we face as opposed to something like, I don't know.
Yeah, that's an interesting take. Well, this kind of set off kind of a new art meta here. I didn't think about that.
I can't really think of too many other collections that are like smile. So it is certainly unique in that perspective that coffee. What's on your mind?
Yeah, I mean, I'm one of the people who middle curve that I mean, it's just so ugly. It's good. I don't know. Question mark. The fact that we're talking about it is is noteworthy.
And also, I just, you know, like some some friends who made some made some money off of that. I just couldn't believe it. And in a way, in a way, I feel like it's it's it's a conversation piece. Right.
And also on tensor, if you go in tensor, like you just look at the image, it just stands out. So with this talk, I probably should buy a few.
And yeah, it'd be fun if there's an arm and also, you know, another thing it's it's it's I don't know if there's a derivative or anything like that, but I don't think so. It's it's original. So I'll give it props to that. It's not a derivative of, let's say, a Fidenza, whatnot.
And I'm not mentioning other collections there, but I think it's new. It's it's a low price point. It's a conversation piece. And yeah, it's slightly bullish after this conversation coffee with a little bit of a dig there, a dig to ghost bed, ghost bags.
We won't dive into that one right now. Perhaps we'll save that for another time. A keen quick thoughts here is we do have to get into our NFT lending discussion here, but kind of last thoughts on on smile or other topics.
Yeah, I mean, I meant it. And I think I did. I did it mostly for the Providence. I mean, I happen to listen to spaces a few days ago that glitch did with Rope. I mean, just seeing the depth of thought and the conversation around like, you know, post photography and there's just so much depth to it.
And I think that if this becomes a thing, then we'll look back at this drop as as a significant one. So I spent a lot of time yesterday just kind of looking to the collection and looking for like the perfect ones.
Like I was more partial to the smiles that actually looked real or almost look there a few that look like art pieces like they were painted. Right. And so I think I don't know for me for the price. And at the price point, spending, you know, one soul or half a soul or, you know, point six soul to get one of these was I think was was cool. So we'll see how it does.
Yeah, I mean, we're basically in the poster category of pricing here. And I'm with you. I mean, I was I was deep in life in West America. I thought it was like a game changing art drop. I also bought the top on that collection. At least a very long local top. We'll see how it rebounds. But I am a fan of Rope. So clearly, he's had some success with this drop. We'll see how it trends. Folks, we've got about 25 minutes left. I want to make sure we have some some solid time here to talk with our friends.
At NFT Phi and banks as quick intros. If you aren't familiar, I'm sure most of you are in NFT Phi, one of the leaders in the Ethereum NFT lending market. OGs basically established the market back in 2021. They had some big news come out this morning as well. So I'm sure we'll talk a bit about that. And then banks, they're on with us. We've got Tim. They were formerly fracked. They're operating over on Solana. They're niche here as they do perpetual loans.
With no expiry. So a little bit different than the typical loans that NFT Phi offers, of course, different blockchains. And I definitely want to get into the multi chain lending world here. But banks and Tim, maybe I'll tee you up first, kind of walk us through maybe the NFT lending market on Solana, what might make it different from Ethereum lending? Like, what stands out? What are the foundational things that you
Yeah, sure. First of all, thank you for having me. I'm really appreciating the opportunity to reveal Ethereum enjoyers into Solana board and NFT lending on Solana. So to go over quickly, like we've been doing NFT lending for a year and a half already almost two years. And so, and yeah, it's quite different from ease, actually, like we appreciate and we inspire.
Inspired a lot by, you know, NFT Phi, Landau and Blend and other guys, but still, like it's very, very different. The assets themselves are very new and much more volatile. So that leads to very different like user behaviors, right? And the models as well, very different. And when you when you compare the markets, it's pretty much
I would say, yeah, very short term kind of Dijon type of loans, compared to ease where like you have like very low interest rates, very long term loans, like you have people locked in for like year, but not blocks and crypto punks that that stuff is not happening here. So yeah, those things quite different.
Yeah, that makes sense. And that was going to be my next question. I was gonna have you dive into kind of what those differences are certainly makes sense. I kind of given the ball to build volatility of NFTs on Solana having shorter time period loans with higher rates, certainly makes sense. Versus, you know, NFT Phi, some of the collections they started with are blocks crypto punks, a bit more established price action. So certainly that makes sense.
Yeah, I mean, which we are trying, what we are trying with banks is to be like, well, I think it was Geretska or some other guy who said I want to be in the place where the ball goes, not where the not where the goal is already. So we're trying to be, you know, ahead of the market a bit and
try to kind of have a product that suits both kind of suits to your digital nature. Meanwhile, providing, you know, safe and long term solution for people who want that.
So yeah, I mean, that vision totally makes sense. And I also I kind of come back to, you know, where the puck may be going where the ball may be going here in a bit. I'm curious. So I mean, you guys have been around for one and a half, two years.
You know, that's a long period of time. I'm curious. So what which collections have you seen, you know, had the most demand? Has it been pretty transitory? Are there any kind of recent collections that stand out as the ones kind of catching the most lending volume? What's what's happening in the market?
Yeah, I mean, right now, Matt, that's for you. I can't hear you every time on our platform. Um, but yeah, it just was it wasn't the case all the time, obviously. If we if we go back like a year or so, it was the gods who were like dominating, you know, the the the dominating the market and obviously dominating the
influence and TVL. For our for us, for example, we were the only ones who who were support staking integration with you guys, so people could borrow soul and meanwhile steak. And if you're a long term holder, and you kind of collect dust at the time, that was like a no brainer for you, because you're you guys were paying for themselves pretty much. So honestly, we learned that doesn't make really sense.
To build a huge, huge integration for just one big collection, because all of a sudden, like three months, four months later, they just decided to bridge. And yeah, that's kind of the learning from Solano, like every three or six months, you know, your top players are rotating. And you should just be aware of that, like, in the very beginning,
when we launched our NFT first NFT collection, it like it was it was before Digi napes was before a Rory. So it was very unclear that at some point, like everybody was sure that Solano monkey business is going to be, you know, put the punks and top one on Solano forever. And that was not the case. So yeah, that's very interesting.
Yeah, I mean, that's very insightful at the top collections have kind of been rotating, basically on a quarterly basis. I think that is important information for folks who may have just entered this market to understand some of the of the history. Tim, maybe one more question for you. And then I'll switch gears and talk to our NFT five friends. I mean, it's Jupiter day. So what's top of mind for you? What are you expecting post airdrop here today, the near term future?
Um, well, honestly, I feel nothing but exciting, exciting, because we've been, you know, hand with hand with Jupiter team for like two, two and a half years already, I know, band and the other band and I know how hard they worked for lessons.
Since the very beginning, because you can actually Jupiter is not their first product, like the build a mercury, which is, which was kind of fork of curve, but on Solano, and it's kind of didn't work out for them. But it's kind of another story. So on my personal level, just happy for them and happy for people receiving steamy checks. We honestly, as a team, we have no prediction on like how it's going to play out. Most likely, we believe it's going to play out, but it's not going to play out.
It's like Sol itself will pump a bit because some people will rotate back to Sol, which prove it to be a good option. And we as a linear protocol should be kind of ready for that, because that leads to usually to floor prices to tank.
So yeah, that's kind of the level of analysis we have. But honestly, this kind of event is like one of a lifetime and for the chain as well. So we have literally no idea just watching from the sidelines and enjoying our free money.
Yeah, enjoy the ride. For sure. Yesterday, I called it once in a once in a cycle event. Yeah, once in a lifetime. Folks on Solano. That makes a lot of sense. Storm, I believe you're repping the NFT Fi account, maybe I'll to you up here. We've been talking Solano lending. This has been insightful for me. I haven't been as deep in this ecosystem. I've got more history over on ETH. But I'm curious, you know, what are you seeing? What are some of the recent trends on?
Ethereum with respect to NFT lending?
Yeah, absolutely. Hey, guys. Storm here out of business development at NFT Fi. Good to be here to have a chance to speak to everyone. And also, I think it's a cool and quite novel opportunity to speak on our spaces, you know, where we're chatting multi chain. So it's two different protocols, you know, operating in similar areas, but across on different chains. So I think that's really cool.
So glad to be here. In terms of recent trends, you know, I think over the last, let's call it maybe a year. So longer term trends. It's been very clear which NFTs have really, truly solidified themselves as quote unquote blue chips in the Ethereum NFT world.
As you guys can probably guess, you know, things haven't changed too much there. Really, you're looking at assets like crypto punks, auto glyphs, certain art blocks, Chromie squiggles, in particular, are very, very strong contenders within that blue chip world.
And then other classics, such as your ringers and finances as well, always have strong demand and strong supply as well on NFT Fi.
I think across the space more generally, you know, it's becoming a little bit more fragmented. One of the things that we do try our very best at NFT Fi is to support as many collections as possible. So, you know, we've done more than roughly $600 million of total loan volume since we launched in summer of 2020.
So, you know, we've hit our end. It's super OG protocol, in that sense, inspired. As Tim mentioned, there are a lot of the other protocols in the NFT lending space.
So we do try our best to support not just like the blue chips, but also the smaller floor price collections as well.
Well, so I'm making for walking us through that. So I am curious. So we want to talk multi-chain. I think that is certainly on everyone's mind recently. A lot of traders, like myself, included wearing my trader hat. I'm operating across chains, kind of spending time, ETH, Sol and Bitcoin.
I'm curious what you and the NFT Fi team are thinking. You've been operating primarily on Ethereum. Are you looking at other chains? Are you just kind of letting teams like banks kind of have, you know, had their silos over there? Are you looking at like any partnerships kind of what? What is top of mind? How are you thinking about multi-chain lending?
Yeah, so really, like to take it back to fundamentals, in our view for a lending market to exist, you know, you have to have an addressable, associated market cap of NFTs. So as I mentioned, like we found, great traction and really become the home of the larger market cap assets, such as punks, glyphs and squiggles and so on.
But then, you know, the question kind of comes to multi-chain. And it's very clear, you know, in the last, let's call it six months, that really massively expanding market cap is growing on Solana, for example. We're seeing ordinals absolutely explode as well, of course. I think that certainly worth a shout out there.
A couple of ways that you can address that multi-chain approach. One is having, you know, native support on the protocol itself or alternatively allow for bridged assets to be listed on the protocol. So actually, recently you announced a partnership with Emblem Vault and they allow for bridging of a lot of early Bitcoin slash counterparty assets.
So things like Rare Pepe's and other very early Bitcoin assets are now enabled on NiftyFi. So that's something that we're pretty excited about. More generally, you know, can't give away too much of the secret sauce, but we are pretty excited about the opportunity to be expanding onto other chains, you know, at some point in the future, I think.
Yeah, well, very, very exciting. I hadn't thought about like using the Emblem Vault style wrapping, bridging functionality. You know, certainly that that is an option here. You know, personally, I'm newer to trading NFTs on Bitcoin. Of course, I mean, the ordinals have only been around for about a year now. So like no one is, we had Rare Pepe's and whatnot before that. But for most, you know, it's just, you know, it's just, you
know, no one's been trading over there for much more than a year. I have started playing around in the lending ecosystem. I think Liquidium is one of the leading apps over there right now. What's interesting about that is, you know, you accept a collection offer, you don't know right away if a lender is going to match it. So you just kind of click accept and then wait and pray, which is certainly different than the models that we see.
And current state on ETH and Bitcoin. And no shade to that team. I think that's just the reality of where the lending market is right now on Bitcoin. But of course, personally, I would rather see, you know, more of, you know, an immediate transfer or notification if a loan is filled or not.
Ari, I think you're going to jump in here curious for your thoughts.
Yeah, I think you mentioned like a very interesting point is that the difference in design in all those boxchains create like different, you know, also approach to product. And I felt that Solana ecosystem was such an amazing place like for innovation.
Because there is like low transaction cost, quick, you know, quick transaction. And so it's really a perfect place, I think, to just iterate, try things, even fail. And we saw that with like, for instance, you know, the royalties.
So Solana experienced, you know, the royalty issue pretty early. And so then they work with Metaplex to enforce royalties. And we start that we start to see this type of thinking happening also on Ethereum with frame right now, which is a layer two.
So I believe that it's very important for us to look at and to be very connected with the Solana ecosystem and innovation, because those guys iterate maybe much faster than we do to be honest right now on Ethereum. And regarding Bitcoin.
Yeah, you're right. There is this very like slow. But there is there is also some enjoyment in that slow trading kind of collecting aspects to it. And of course, the beauty of all the knowledge that they are fully installed on chain.
Yeah, I'm right there with you. Bitcoin is kind of slow and expensive. Sol is cheaper, lightning fast, Ethereum is kind of somewhere in the middle right now, but with more established NFT assets is kind of my quick summary across the three. I will say like lending on Sol is fun because it and I have dabbled in NFT lending on Solana. It is lightning fast.
It is lightning fast. You see a meme coin drop that you want to chase and you want to get a couple Sol real quick. I mean, this is again, it's a degenerate behavior. I don't recommend it for everyone. But I mean, with a few button clicks, you're ready to go. Whereas it might take a few minutes at least elsewhere.
Yeah, I mean, all it comes to really like, like you said, all it comes to design, like as a as a developer, it was, you know, in the very beginning, it was really fun to do stuff on ETH, but ultimately, the developer experience is very different. Like, even now, like Ethereum has this kind of large set of tools, large base of, you know, the computation, but like development is very slow.
And instead of like focusing on building the product and building like exciting features in something that was, you know, new and unseen before you spend your time optimizing gas and looking like issues like that.
You're right, like on Sol, we, we can iterate much faster. I still believe that ETH is a great place, especially for like new concepts. And we constantly see like new big brain things happening on ETH. So a lot of like big brains are still there. But yeah, as a as a product builder on Sol, we able we are able to iterate much faster.
And break things faster design, allowing us to do so.
Yeah, that is nice. That certainly is a perk that I can understand. And it does seem like there's been an influx of builders over in to Solana, certainly an exciting time. I think Storm, you were going to jump in. Did you have additional thoughts on the multi chain?
Yeah, for me, it's it's really all about matching your asset type and asset value, and kind of the associated security of the chain, which you decide to, you know, take your loans on. So for example, if I'm the owner of a one of one x copy piece as an example, you know, we have a loan of 130 for a one year on nifty fight the moment for a really, really nice.
It's come from an x copy fan, x copy piece there. And if I'm the owner of asset, that asset, and if I'm faced now in theory with the choice of which chain do I want to secure that on, or just have that on and own that on, you know, I think you match the value of the asset and like the desire and need for security with the kind of associated gas costs that are there. So I think that's a good thing.
That are there. So, you know, as you're paying for each gas, you're securing the network, you know, in part. So I think it's thinking about that trade off of of cost versus versus asset value, which is very important.
Yeah, no, that definitely does make sense. Storm, thanks for that. Tim, we've got a few minutes left. I think earlier, you kind of alluded to the company, the protocol vision of, you know, trying to anticipate where the ball is going and starting to,
to build their perhaps ahead of, you know, full market demand. I'm curious, you know, what are you thinking about for the next six to 12 months? You know, what other trends are you looking at? You know, what do you think is coming next either for, you know, for banks or for broader lending on Solano? What are you looking at?
Sure. Um, so yeah, basically, we target people on the border side, we target people who want to repay their loan at some point of time. And on the lender side, we target people who want to just earn stable yield, high yield compared to like other DeFi products and yeah, don't receive much defaults.
So, that model proved to be to be working for us for the last year and a half. And for the last two months, we've been the fastest growing and if till any platforms and quite frankly, the only growing and if till any platforms were flipped the main competitive competitor in terms of fees and overall TVL to fees ratio is the highest.
So, I think the market, honestly, our bet is on still on some of these people, unlike long term lenders and long term borrowers, because if you look at DeFi, that's mostly the people like who use Aave and other token linked articles.
This, this is the same kind of audience, right, which is going to bring the same DeFi like experience, but to NFT assets, obviously assuming they're like less liquid and they're like more volatile. So there's some tweaks, but in general, I believe the NFT space on Sol will continue to mature.
We'll see more and more companies who actually drive value behind this NFT collections, like you mentioned, Madlast and Zorian's flash trade, Plano's, it's not just a couple guys who launching the collection hoping for whatever, they're just, they're real companies who drive value behind those assets.
So, honestly, I see it as a trend on Solana and we kind of tend to attract more teams like that.
And these are like chairs, but with funny pictures and, you know, social layer, all of that. So, our thesis is that's going to continue to happen and all of these holders will need liquidity that they can access cheap and perform like whatever they need to perform with it.
And on the other side, we'll see more and more lenders who want to print money, but make it do it in a safe fashion. So yeah, that's kind of what it is. We really believe that more and more people, more and more teams.
Tim, we're losing you a little bit, but I think we got the picture there and I'm with you. I think personally, if we see, especially post-Jupiter here, a bit more solidification of air quotes, blue chip, NFT projects on Solana, some of those teams that are more established.
I do think it'll lead to a bigger NFT lending market as well because we see more folks who are ETH natives. Tim, sorry, you're cutting out pretty bad. But I think as we see more ETH natives who are familiar with the NFT lending scene on Ethereum headed over to Solana, they will eventually look to protocols like that.
So I think we'll see a continued influx, especially if soft staking is available where you can still get the utility perks along with perhaps getting some funds back.
We've got a couple minutes left. Storm, I want to throw it to you. What should we leave our listeners with here? What do folks need to know about what NFTFI is doing and what's coming next?
Yeah, so good question. So actually, on the Solana front, I guess, happy Jupiter Day to all those there. On the NFTFI front, actually, it's a big day for us as well. Today, we launched about actually an hour ago or two hours ago, launched our refinancing feature.
So previously, borrowers had to pay back the entirety of an asset and then essentially initiate a new loan, whereas the refinancing feature that we've just launched allows you to just very seamlessly roll over your asset.
So it starts to look a little bit more like perpetual lending, not that precisely, but just becomes very, very easy for you to have continual liquidity for your assets as well.
Maybe one final note and just like a market dynamic comment that people might not be aware of over the last few months.
You know, we've seen protocols like Eigenlayer, Manta, Blast have become pretty hot farming opportunities for people. As a result, there's actually kind of a little bit of a dip.
NFTFI, although we pride ourselves and have like the deepest liquidity of the NFT lending platforms, you know, there's definitely a space there for lenders to participate.
You know, whereas rates have increased slightly. So anyone looking to get some of that sweet yield that's available in NFT lending, I'd certainly turn your eyes towards the NFTFI platform.
It's definitely worth checking out. Of course, not financial advice. What's up from me?
Yeah, OldStorm, thank you. I mean, you know, as an NFTFI power user, I love refinancing.
I personally have been waiting for this one. This is a big deal for folks who are deep in this space. So very exciting, huge announcement from you all.
So kudos to the team on shipping this one. So certainly exciting times. This is exciting times for the broader space, right?
Right. And as we approach multi-chain lending, I think, by angelization, lending specifically will become more and more prevalent, especially as the NFT ecosystem has continued to mature across Seoul.
Exactly. And that's why we're happy to, you know, participate in spaces like this and kind of chat with other NFT lending platforms.
Well, I think about it's a super small space. NFT lending at the moment growing very, very quickly and has been for the last couple of years.
So we're happy to work together to push forward the space and just generally let people know that it's an awesome tool if you're an NFT owner.
A lot of people think that selling my asset is the only thing that I can possibly do to get liquidity.
But actually, there's like really nice terms typically available for most collections that are right there.
And you can get some in some cases up to multi-year loans, fixed term loans against your assets. And actually fun, fun fact.
Now, Tyler and myself, I actually think ourselves first crossed paths on NFT phi probably over two years ago at this stage on either side of a loan.
Yeah, I think back in 2021, Stormy, we were DMing. We did some loans together. So yeah, we've got a long history.
Well, I'm happy to have you on the stage here today. I think this was a great conversation.
Folks, if you aren't already, give NFT phi a follow. Go check out NFT lending on Ethereum with them.
If you're over on Solana, go check out banks, everything that they've got going on.
Clearly, they've been ahead of the curve operating in the space for a while now. We got to close the show before we do that.
Logie, last price action update. How are we looking over on Jup?
Even better than before, around 70 cents right now. It's been flirting with 70 to 72 cents in the last, I don't know, a couple of minutes here as I've been monitoring.
But we started the show around 48 cents, I believe. So pretty significant gain in the hour.
Yeah, I mean, I've got the chart up myself. This thing has been up all night.
So shout out to everyone who got the bag today. What an exciting time.
It is the Solana Super Bowl. I'm seeing it touted as that on the timeline. And so far, it hasn't disappointed.
All right. Thank you for that coffee. Your hand about some last minute thoughts.
Yeah, it's just like it looks like a stairway to heaven. The chart is a beautiful thing. And happy, happy Jupiter Day, everyone.
Happy Jupiter Day. Indeed, that's a good way to go ahead and close out the show.
That is going to be it before we leave. What's happening today? Again, we had the Jup launch at the top of the hour.
Memes by 6529 just went live three minutes ago. Claire Silva, Claire Silver, Corpo Rial coming at 1 p.m.
Kelly Milligan and Amber Victoria over on our blocks. They're dropping balance at 1 p.m. Eastern.
And then Ordinals Gang coming at 6 p.m. Today is a huge day.
We've got the FOMC results coming at 2 p.m. Eastern. That's likely going to impact broader markets one way or another.
We had the Jupiter airdrop this morning. Again, stairway to heaven price action on this thing.
Already a $700 million stimulus for Solana. The Super Bowl is live.
We've got two major art drops on E. Claire Silver's back with Brain Drops, Corpo Rial.
This one is a beautiful new collection. And Amber Victoria just has a huge fan base. She's dropping balance.
I think what's interesting about those two drops is there's so much going on. Traders might be distracted.
There could be potential deals on those collections worth watching if you are deep in the art scene.
But, folks, that is it. That's our show. We'll be back tomorrow at 2 a.m. Eastern.
Thanks to our listeners for tuning in. Thanks to our friends at Antifa and banks for coming on.
Everyone, enjoy your Thursday. Let's make it a great day.