GM, GM, thank you for joining us here this morning. We're gonna start the show here in just a few minutes. We'll give it a few for folks to filter in, get our speakers up on stage while we wait. Here are some tunes.
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Good morning and welcome to the Lucky Lead. Today is Tuesday, May 23rd. Folks,
yesterday was euphoric, one of the single biggest days in the NFT market that we've seen in months. The bullish headlines just kept pouring in. Then we got a little bit of a gut check here this morning with some breaking news out of finance. We're going to talk about how big of a deal that
actually is here. I'm excited to break it down with our crew. I see some friendly faces out there. Zane, Hunter, Alex. Thanks for joining us. As a reminder for any new listeners out there, we run the show every weekday Monday to Friday at Tinney in Eastern. It's a 30 minute show covering all the major news and crypto
Web 3 and NFTs. This show was meant for those interested in discovering the space, those actively buying and selling in the crypto and NFT markets, and those here just doing research. I'm your host Tyler D. I'm joined by a full house and some amazing co-hosts here this morning. We've got Emily loves crypto, a Web 3 security expert in
founder of the foolproof app. We've got Logan Hitchcock, Reppin the Lucky Trader account. He is our editor and chief over at LT. We've got Ghost, content star, quiet whale, dipping his toes in AI and rockin the new Banger Opep and PFP. And today we've also got Dees with us, Art Consortium,
our director of vibes. I'm excited to have him back on the show. D's GM. How you doing? GM GM doing well back home after a good weekend at Vcon and excited to talk about the market going up for once instead of down. So glad to be here. Awesome. Peter Jennings may be joining us here.
here as well. Yep. It looks like we are just getting him up on stage. For those who don't know Peter, he's our lucky chair co founder of several companies, including the Sessual sales to our resident macro expert. He's here for macro Tuesday. Peter, GM, welcome to the show. GM, stoked to be with you guys.
And yeah, there's a lot of interesting stuff going on in the world and happy to see NFTs go up and yeah, excited to be with you guys Awesome. So what we talking about today on the doc that we're gonna start with Binance reportedly commingling funds some crypto regulatory pressure coming we're gonna talk about the NFTs
Ft art market surging Opep and seeing new all time highs this new nifty gateway rewards program. Then we're going to have faded alpha and a few other MFs up on stage to talk about what MFs are cooking before we dive into that though ghost any housekeeping for today. Yeah, as always, if you enjoy these shows, Howard is a great reek
of the NFT market every morning in the morning, man, and newsletter. So we've got that pin to the top. Make sure you subscribe to that to get all the information on the space. And then we also have our AI authority newsletter too. And we recently switched that to a daily newsletter. So we're giving you some quick hitters, a little bite-sized information about what's going on in the AI space. So make sure to give that a subscribe if#
goes. Thank you. One other housekeeping. If anyone out there uses the floor app, the floor app as of today is now integrating the morning minute, Twitter, Thread and newsletter into their app so you can check it out there as well. All right. Let's jump into our top story here from macro Tuesdays and breaking news this morning out of
Binance, the world's largest crypto exchange apparently had commingled customer funds with company revenue according to a story out of roaders. According to them, it happened daily and reportedly in the billions of dollars. So I'm going to quickly run through what happened according to roaders and then read off a retort that we saw here.
this morning already as well. So, so by and asked allegedly commingled customer funds again in 2020 and 2021, this violates some US financial rules that customer money has to be kept separate. The report is this happened almost daily in accounts held by Binance at the Silvergate bank. Now,
So now, finances internal controls are called into question, kind of, you know, standard regulatory feedback when events like these occur. So, finances responded. They're denying the allegations, stating the accounts in question were used for purchases of dollar-links, crypto tokens, not for accepting deposits.
The roiders did state that they found no evidence that any customer funds were lost. Looking at the regulatory aspects, certainly US regulators have expressed concerns that finances, explanation, contradicted what the exchange has shared with their customers. The SEC has been raising concerns about crypto
exchange is not complying on regulations of preventing combingling as well. Binance, of course, has faced regulatory challenges here in the past and is under investigation by the DOJ for suspected money laundering and sanctions right now. So there's clearly a lot going on with Binance
in the US and US regulators right now. I think what was interesting to me is I read the story. I tried to dive in and then I checked the markets and the markets hadn't really reacted to this. So crypto Bitcoin East basically holding steady. So that kind of provides some relief
to me. And then we saw this tweet that D shared these. Thank you for this. Out of Patrick Hillman. He basically said, I'll read it. Let me explain just how desperate a journalist's word is to publish this negative story. The whole base of the story is that when users purchased BUSD from Binance, they were taken to a transaction page that had the term deposit on it. Users
making a purchase of a stable coin redeemable by packs, especially stayed on the page. The story is so weak that they had to put up front Reuters found no evidence that Binance client lines were lost or taken so on and so forth. So he's basically saying it's totally overblown and not really a story at all. So it's interesting to get both sides
of the perspective here. Peter, maybe I'll I'll tell you of I think you were the first one to kind of send this across my desk this morning. What are your reactions? Do you think this is a non event? Any impacts that we should be thinking about? Well, we've seen a lot of issues with exchange and crypto companies and people and they always say
It's got a big deal. And we've seen it be a big deal multiple times. Now, not saying that this definitively is, finance has been a big player and has been in exchange that's honored with draws deposits for a long time. So we'll see what happens, but I'm not just
quick to dismiss something where there's a little bit of smoke given what we've seen in the space for a while. So it wouldn't be surprising. Yeah, I mean, it's just there's just a lot of stuff going on with these exchanges and yeah, I'm happy to see minimal
price movement so far. I thought D'd pointed out that we made sense. But I just wait for more information and I'm definitely not going to dismiss the smoke at this point in time. That makes sense. D's maybe the same question for you. You know, maybe rate your concern levels. You were the one who shared that that
this morning. So I'd love to hear your quick thoughts. I've seen so much, um, fud from media outlets over the last five years that I generally don't trust the headlines much at all. Um, I would say maybe my concern level is like a three and a half out of 10. It's not not too high. I obviously won't
count it completely. Obviously, Binance might be doing some sketchy things, but I do think from at least the experiences I've had in this space when headlines like that come out of Reuters or even some of these like tier 10 K or Walter Bloomberg, whatever the fuck accounts like I just discount them until I actually see like
proof. I guess. No, that makes sense. Emily, you had your hand up. Do you have additional thoughts on this? Yeah, I've actually almost found like an inverse pattern of bad, bad press and centralized exchanges. Like if you guys were all FTX used to get all
all kinds of positive press, like all kinds. And then every time that Essentials Exchange gets negative press, it almost seems like, I mean, not to get like conspiracy theory on you, but it seems very targeted, like not necessarily based in fact
but like people trying to create a narrative. And like I was reading through that thread after you shared it in our little chat and the employee of Binance was like pretty adamant that there is an individual that keeps putting this
that's going to come to light very soon. It's not something that Binance is going to spend time really refuting or spending time on just saying, notice how they said there is zero evidence at the start of the article or whatever. Right. I think you make a good point.
It's been an ongoing negative press against Binance, which is an opposite of what we had for FTX. It seemed pretty blow up. But I think what has been consistent, maybe our current next question here, is we've seen this US government administration with Binance doubling down on this
anti-crypto-retork now, especially with the debt ceiling situation. Apparently, he's turning down the debt ceiling deal because of tax breaks for wealthy crypto traders, which is basically an oxymoron in itself anyway, but it feels like this administration is
not going down without a fight right now. And Peter, I'm curious for your thoughts. Do you think more regulatory hammers are potentially coming? I mean, I feel that way. I feel like there is still something kind of coming here from the US, but I'm curious for your thoughts. Yeah.
I mean, this administration certainly is trying to go after crypto and they want to hurt the industry and they're trying to use it for political game, it seems. It's pretty crazy. I mean, the fact that Biden's tweeting about specifically like, "Loop holes for wealthy crypto investors."
or just like that for a beer beer is just super concerning and it's frustrating. I mean, this whole thing is ridiculous. It's a, you know, the debt ceiling and the financial irresponsibility of the US government is a bipartisan thing. And of course, we're here, you know, we're at a
very tense time politically. It seems like there's just a lot of issues and you know there's a huge amount of implications if we don't get the debt ceiling raised. So we'll see what happens. It always seems to get raised in the last minute. It seems like this was going to be no different. Probably the market haven't reacted in a super negative way. So the debt ceiling
not being raised, but we'll see what transpires. And I do just to your question, like part of my thesis for the last 12 months is that I feel it's inevitable that we're going to get more and more harsh regulations here in the US, which is really frustrated because historically what's made this country great is our ability to foster innovation and be really thoughtful about
technologies and for whatever reason the administration led by Biden's like Senator Warren, they seem to be really going after crypto. And actually what is something that I'd recommend to go out and check out? Robert
Kennedy Jr. has put out some really great content. A lot of really interesting information and specifically talked about Bitcoin, which I thought was really cool. So he keeps going up in my eyes and he's a really interesting candidate. Don't agree with everything that he has to say, just like I don't agree with every politician.
I was really cool to hear his comments on Bitcoin and you're looking for a longer interview. He was on the online podcast a couple of weeks ago. I thought that was excellent as well. Interesting. I'll have to check you out. Check that out. Thank you for recommending that. Peter, while we're talking one more macro question, I think it's somewhat related.
But looking at traditional markets, we have a tweet from Raoul Paul from last Thursday, May 18th. So basically, these two charts are simply staggering. It's the biggest speculative short in the history of bond futures and then the equity market near record short two.
So, I'm curious for maybe your thoughts on how short everyone seems to be in the markets right now is an indication of a big dip or crash coming or is it one of the situations where everyone thinks something's going to happen and might be the opposite.
Well, I knew that I'd certainly be rich. Of course, I wish I had a strong view. But yeah, there's a lot of different things going on and it's very clear. Lizanne Saunders, I really respect when I worked at Charles Schwab.
chief investment officer for Charles Schwabberman, who got that right. She's a chief investment striker, so I'm sorry. I think she does a lot of really good work. And she's posted similar things. She's posted some tweets about just how there's a record amount of shorts from hedge funds as well. And there's a lot of sharp money that is short the market.
it. Now, that doesn't necessarily mean that that's the direction it's going to go. Oftentimes you want to be a contrarian when investing, especially if you're making a macro call. But yeah, there's a lot of reasons to be concerned right now. I mean, there's just so much debt around the world that that's healing for the US. You know, there's
still do political risk and yeah there's just a lot of factors pushing in both directions so I'm trying to just pay attention to everything that I can I'm still relatively defensive and I think it just comes down to kind of your personal situation but there's a lot of good information out there and I think that's one nice thing with spaces
and Twitter and just the diversification of content that's out there. You can find people that you trust and really just try to read and consume content from people that you like and you mentioned a couple good people on Twitter and I do think Liz Ann, Son, there's another person who puts out really good information to follow. Awesome. We'll definitely appreciate
that that record here as well. So I think I want to switch off macro Tuesday. I want to get into the NFT market and this huge, huge day we had yesterday. I wrote about it, you know, headline story in the newsletters morning. The June of art market just soaring. Apparently, yeah.
Yesterday the collective market decided it was the day to buy girmard from our blocks to GM Dow collections We saw prices soar from 50% to 100% plus on the day So just just how big was this I'm gonna read some of the four prices and they're increases just on the day so if it ends at 86.5 about 50%
27% ringers at 43 eat up 48% gazers at 16.9 there up 15% archetypes 12.69 up 22% swiggles at 12 up 27% meridians at 7 up 30% on the lower and we like products like dynamic slices at 3.8 there up 155% Primera by grant you
at 4.75 is up 150% in the GM Dow world mind the gap at 1.23 it's up 90% on the day. Fact, fact, Torah at 0.69 it was up 100% on the day. That list does not even capture the lower end of the art blocks market which saw several additional collections surge anywhere from 32%
100% or the major fudenza sale we saw overnight for $378. That's $685,000. I think this very well might have been the best day of generative art price action that we've seen in years. So I think so why did this happen? So I've got a few reads on
on this. I'd love the TFDs others to get their thoughts. So I think it's a combination of a few different factors. One, we've got the 3AC Grails that said the beast beating expectations last Friday on the 19th, coupled with the spike in the Fidenza sales that kicked off yesterday morning. I think it's providing a bit more confidence to two collectors that they're the top end art
market still exists and there is demand there. So that's one piece. I think there's some FOMO from sideline buyers who have just been waiting for a bottom and a turnaround before entering and perhaps the realization that meme coin season is starting to wind down. And then I think it's also very thin floors. So folks who have been trying to sell
into very low liquidity have just been undercutting each other for weeks and months in this art bear market. And then just when you see a few sales run all together, these things can move up super fast. So I think that's my read on kind of some of the drivers here. I'm curious, D's, what's your take
on a situation, do you think the art market bottom is behind us? Are we reading too much into this? What's your take here? Yeah, it's a question I've been asking myself a lot is I try to determine how much I want to speculate on this short term pump. I think what I'm watching most in particular, what
What I'm watching most closely is the bid side of everything, not the foreside. I'm looking at the Fidenza collection offer and it's still at 47th. I'm looking at the Ringer collection offer. It's still at 2080s. Given these are so liquid and there aren't very many listed, the floor can move up really fast. We're seeing one of the people who bought a Fidenza
yesterday is obviously trying to flip it. And now they're undercutting a couple other people who are trying to get liquidity in that 85 to 90 eth range. And I'm just curious how many of these people are actually long-term art collectors versus people who are dispeculating off of the Sotheby's action. I think there is now a assumption that the upcoming Sotheby's
or going to continue to overperform expectations, which I don't think is a for certain thing by any means. And yeah, I'm kind of looking at the one to 10-Eath projects and seeing like as a speculator, it feels a lot better to take a risk on something like a
memory of Keylin or I missed a boat on anti-cycloans like I woke up this morning and they were at 6 and now they're at 9. There is another one at 6 on X2, I2 that is a suspicious on OpenC so if you want to gamble on that you can but there's a certain project so it's like you could buy it and flip it for 50% profit within like five sales off the
floor if other people don't list. And I don't know how many people are looking at the market like that and looking at it like, oh, I can maybe just make a quick trade here versus like, oh, I've been waiting so long to get this grail. And now that they pumped 40% in a day, I'm going to market by the floor. Like that just doesn't seem right to me. But we'll see. Obviously, very excited#
see their decent action, but a little pessimistic in the fact that I don't know if we'll have art block summer, like everyone is saying, if we do have art block summer, I am luckily set up to sell into that liquidity as well. So, you know, I'll just keep my fingers crossed out of the way here. I think that's a pretty level ahead it takes.
certainly want to see a little bit more of a continued run here. We've seen like the one day, one or two day art blocks market pumps, everyone gets their rally caps on and the liquidity disappears almost as quickly as it came. So a little bit, a tempered expectations, but still love to see it. Logan, maybe I'll tee you up. I'm curious.
for your thoughts, anything else that you might see. I think we might have seen some action in the paint market from FIWA as well. So I'm curious if you have anything else to add. Yeah, of course, up like 50% on the last week. So super interesting there. I think one of the things that I'm paying attention to
Not as closely to like the floor price of the bid stuff that D's just mentioned, but just some of the projects potentially coming that we can be excited about. So of course, the world won being won, but also, you know, just a lot of new things from our box. You have their entire marketplace. They allow prohibition are on
Arbitrum coming up soon like there might be some opportunities for more people to participate and just some new innovative things that weren't around or weren't driving any excitement that you know is now potentially coming sometimes soon. That makes sense and I think we've got FIWO listening here so FIWO if you want to jump on stage of course open invite.
I would love to hear from you, but I want to jump in on one point you mentioned. My last question on this art market is the art market back topic. Is the 3AC Grail shadow really lifted? Certainly we outperformed in Grail's auction one.
folks who may not be super close to situation may think like that all that this means all the NFTs are gone and sold that's not the case at all. There are still a huge bundle of NFTs in this wall that need to be sold. So there's 30 credenzas, 16 ringers, just dozens of art blocks pieces. So I think my
My current take is that the folks have kind of forgotten about the shadow for now, but as we get closer to that next round of auction that we might see kind of a similar dry up, similar pullback. But I'm curious if you've given much thought to that. If you agree, disagree with your thoughts.
And obviously I think all eyes were on the goose auction. I think that is at least been the circles on them, the auction that has the most eyes on it in terms of price. Like I've seen numbers between one to five million. I don't know. I don't. I'll be surprised and happy if it sells for over two million myself. But other than
than that. I'm looking at their glyphs. They have a few glyphs and we've seen the glyph market be super liquid. We just saw OSF pick up a pretty nice floor and now the floor is like I think in the 500s. So I'm going to be curious to see if we get prints on the glyphs that are higher than what OSF paid, but you know, obviously under the floor. And then on top of#
there's a bunch of ringers and fadensas coming. So we saw some fadensas get swept on Friday through today. And do we think that those buyers are going to be bidding in South of these or are there other buyers who are looking at that suite and also going to be bidding in South of these? It's quite a big supply. So I just have
very mild expectations and if we exceed expectations I'm thrilled but I am always expecting us to not exceed them. Well that's a good way to have your expectations beat there. I think that the golden goose auction will be an incredible one to watch and very well.
You know made dictate what the rest of the summer looks like well I think this has been some good talk on the art market I want to get into the rest of our Topics here before we do that. Let's read the news Today's top headlines powered by lucky trader Train volume fell to 13,000 ethos money
the market mostly chops as we just talked about bluer to blend on monday and redacted or m to lowest entry cost co program those floors jumped 15% respectively on the day. O pep
All-time high sale of 24.698 for a release one edition of 10 yesterday along with two sales at 19 for the editions of 40 and that release one for now up to 25. E artist Ripcash debuted an innovative new artwork yesterday combined the physical and digital realms requiring some partial
Construction of the physical piece to unlock the digital entity looks rare debut new portfolio and analytics yesterday provide a new comprehensive insight into user portfolios We saw mochaverse partnering with decentralized social network cyber connect to launch its web 3 membership program forgotten ruins released a new AI chat
CEO's recent work is hinting at a potential launch of FTX 2.0. My first Dow launched a new 24-week Learn and Earn program. Then the Hot Wheels and FT Collection drop yesterday sold out in minutes as 14,000 packs sold for $20 each on the Flow Blockchain. Another brand entering and
I mean, some success. Ghost, I'll tell you up any reactions to any of those headlines and how are you feeling in that new PFP? We're seeing a new all-time highs on a daily basis right now. It was, it was certainly an awesome day for Jack but your fans yesterday. The sales bought was going crazy and I'm happy I got in at like 11.
I'm not playing to sell it anytime soon.
really, really exciting times. I think Jack has really captured that balance between art and PFP and community really well. So really fun. Oh, we're definitely happy for you. Logan, I'm curious, maybe for your perspective, you mentioned you tweeted last night that there's some big potential headlines coming today. Anything you want to share
And I'm interested to see what might come of that. And then just two other things to add that I didn't earlier when I was talking about innovative projects, the rip cash thing yesterday, people haven't seen that. It's really, really interesting. We've seen a lot of digital collaborations and things where artists are using the digital plus the physical mediums, but typically
with Web 3 projects, it's digital first, and since it's physical first, which is really cool. And then the Nifty Gateway stuff, talk about art moving up. A lot of people are going to receive a pretty considerable stimulus. It's non-trivial that could blend itself right back into art stuff that's available on Nifty Gateway.
I want to dive into that here for a couple of minutes before we do that. Go some additional reactions. Yeah, I just wanted to comment really quickly on the Forgotten Roons, AI chatbot, and Forgotten Roons was one of my first big wins in the space. I remember minting that in 2021. It was just an awesome project and hit a rare right away and sold it for like 0.4 even.
I think at the time that felt like a huge number. But I really like how they're leaning into AI with the chat bot for their lore. And I think that's super sharp. And one thing that like GPT and these AI apps are really good at is like the creative side of generating content like that. And I think that once you train it on a budget of lore from a project, it makes a ton of sense that it
be able to spit out really cool interesting information. So really cool to see that MFTA I crossed over there. Yeah, I thought that was fun to see as well. Well, I definitely want to invite Faded Alpha and our other MFers who are going to give the update to go ahead and request on to speak up on stage and having a little bit of trouble finding you
guys in the audience. So hit that request button and we'll get you up here. But while we wait for our MF or friends, I want to quickly touch on that Nifty Gateway Rewards program. We'll just do a couple of minutes. So Logan, you call this a stimulus. I'm not quite so sure.
But my quick TLDR, there's six different levels of reward tiers based on your lifetime spend. The higher your lifetime spend, you are going to get bigger kickbacks on future purchases coming in the month of June. So my understanding here is that the only true kickback will be
If someone like D's who I'm assuming has a decently large nifty gateway, you know, past, past spend, he's wanting to get that kickback if he's buying a decent amount of chunk of art in the month of June. So am I understand that right Logan or what am I missing here? No, it's based on qualified light.
time spent. Your level of reward tiers is, but it's not an air drop that I understand. It's a it's a it's a break back effectively on future purchases. That's my understanding. Okay. Well, then perhaps I'm understanding incorrectly.
Yeah, I might need to go back to the FAQs then. - Deez, I'm curious. Have you been following this one? Any reactions to their new rewards program? Is this gonna get you back on Nifty?
I've been a pretty big nifty fader and hater ever since I had an NFT get locked in there on the bus wallet for eight weeks while I yelled on Twitter to get help and then finally if he will help me. So I honestly, I don't think I've bought more than 20 NFTs ever from Nifty Gateway. I try to avoid the platform at all.
costs. Unless an artist I really like is dropping something there, I'll go over. But most of the time, I'll just wait for them to drop something off in it. We've nifty gateway. So I don't think I'm going to get too much back and I haven't been following it too closely. Got it. Well, Logan, we'll follow up on this. Make sure I've got our ducks in a row. Maybe we'll
We'll set the record straight here on the show tomorrow. But we've had been joined by some of my favorite MFers. We've got faded up on stage along with Galtochi and OX some guy. I don't know a whole lot.
about what's happening here. So I'd love to be enlightened here on what the MFers have been cooking. Fade it down if you want to kick us off or someone else would just help catch us up. Yeah sure GM everybody always good to see familiar faces and ghosts love the new PFC really showing off for these 4 3D glasses guys so I appreciate
But yeah, no, just we got a lot cooking with the MFers and I'll just quickly go in one thing that we have we've I've heard you guys talk about marrying the digital with the physical and so I'll just quickly go on with One guy down there is a MSV. He's rocking the alien MFer. Well, he's been
working with the brand Loes and the department store for over 15-20 years now. And so MFRIS and Loes are going to have a partnership where we're bringing the physical seasonal flags into Loes where people will be able to purchase this. And this is kind of just a proof of concept with a marriage with big brands about what's possible.
with that FTs and eventually you know you got to move the small stones before you can start pushing the boulders and you know it's going to first start with flags but if they're able to sell out a thousand flags then this could kind of you know springboard into other products that are in the lows right now so you know there is something to watch there and you know got a lot of things cooking with some major brands.
That's huge. Yeah. Yeah. So it's a month. Unfortunately, they can listen, but yeah, that's what those two guys have a working on right now. And that's 100% community driven, right? It's a couple of community members has taken the ball. Oh, yeah. Well, everything that MFers does is community driven, you know, and so there's never any VC funding. There's never any leader. It's all
100% community and I think that's a perfect dovetail into what Gal Toshi and OXM guy are during is you know Gal Toshi and her husband dad mod of kind of working in secret and kind of just said you know what with the spirit and ethos of Web 3 and doing everything community driven I'm ever is just need to be on chain and so
So they decided to take it upon themselves and yeah, MFRIs are going on chain. And so I would like to give them, I'm not going to explain it because they're the ones doing it. I just want to highlight them and kind of just pass the baton to gal. And she can explain it gal is more the theoretical and you know kind of started it and then they brought in OX-Sumguy which is the Derf and I#
him up unless anybody had any dead questions because Gal and I are not qualified to answer that. So Gal, I'll just pass it to you. Yeah, thanks Spadeh and thanks Tyler for having us on the show today. We really appreciate it. Just a quick shout out to MSV and S Thompson for putting together. They've been working really hard in the lows. I'm going
and they're absolutely killing that. So that's really exciting for the community. And faded you kind of stole my transition there. I was going to quote Emily and say he posted something with the day that said, Emily, Jr. the most impressive part about a matter is that we're succeeding without a VC funding.
or a centralized project team and I think that that's really fitting with what MSV and S Thompson are taking on themselves and so congrats guys you guys you're in a great job down there. And then you know just to segue into on-tam efforts yeah so as quick as I can this is this has been a project that my husband and my husband
who is dad mud. He was unable to attend today but we've been working on this for about a year now and so we vibe and love the MFR community and everything that it stands for in this decentralized universe right so we started the idea of how can we cement and allow
members to live on forever and get them on the blockchain and connected with some guy at this point almost close to a year ago now some guy and you know we we were diligent in working with how can we accomplish the task and not spend the 73 million dollars that crypto punk stood to put you know to get on to get
on chain with that project. So it was a big undertaking and it's taken us quite some time to identify efficiencies to get that to get this project feasible. And it's really great. We're going to start. It's a three-phase project due to the complexity. We really wanted to make sure that we overcommunicated with the community and everybody understood our
as much as humanly possible, but what we're doing. And so in order to do that successfully, we thought we'd break it up in chunks. It also goes along with how the project is going to be released. So it's going to be three phases. The first phase is going to start minting on this Thursday.
It's really exciting. It's really exciting. MFers are going to be on chain. So it's great. I would pin a post, but I don't know what the, I'm not sure what the rules are here with pinning anything, but no, go for it. So help me understand. So just tactically, what's going to happen on third year? So MFers holders are able
to submit the new on-chain version or what exactly is happening? So in order to have this project be feasible, we're first going to start by minting all the layers. The MFRA collection, the 10,021 MFRA collection is made up of 103 attributes, different layer attributes.
And so those attributes are going to be going on chain first. And that would be that's going to be the first phase. And so actually in order to randomize that selection so people didn't know what layer they're minting, we partnered with another amazing MF artist her name is Thompson and she was able to make a
tremendous animation for this. So you will be minting her commemorative token on Thursday. Once those 100, there's actually going to be 112 layers because there are nine layers that Sartoshi originally created, but they just didn't make it into the collection. So we're going to pay homage to them and include them in this mint. So
112. Once all of the commemorative tokens are minted on Thursday, then those holders will receive their on-chain layer asset, their token, air drop to them. And then at that point, the next phase will be that anyone that owns a original American can go and claim their shadow token MFR.
on chain, which then that shadow token will be sold bound to their original and mefer. It will not be able to be traded. And if you were to sell your emfer in the future, that shadow token would go with that to the new owner. This is just really, really cool. And I think it's one of the biggest community driven
that I can recall. So how is the MFR community feeling? What are the reactions? What's the sentiment right now? How are the vibes? I mean, I can't speak for every MFR holder, but what I can say is we've been incredibly moved by the tremendous amount of support from the community.
community as a whole has been really really supportive in helping to get the message out not just supporting what we're doing but also to help get the message out. We had a big AMA space last Thursday. We had a lot of people there, a lot of great questions. We're going to be holding another AMA tonight at 10pm
because some guy couldn't make the first one and so we're going to open up this AMA for any more technical questions if anyone wants to take a deep dive because we're not keeping anything close to the chest here. This is truly like community-owned community-operated and the way that we can continue to post this space forward is to share our knowledge, right? And so we want to be able to do that. And so if you're around
tonight. I know one in the space wants to join. You can follow dad mud. He'll be hosting and we'll be having another AMA space on on chain MF for is at 10 p.m. Eastern tonight. That's awesome and I'll definitely direct our listeners to go check out that spaces if you want the full deep dive. But I'll tell you what while I've got you maybe just last question.
And do you have any advice for other community members who are thinking about how to step up and take action with their community, but maybe don't know how to start from your personal experience, anything to share with those folks? Yeah. And so I feel
I feel like the entire MF community feels this way, so I'll say that we can, I'll kind of speak as a whole and speaking to other communities maybe outside of the MF community, but MF is kind of really bootstrap, right? They don't ask for permission. They don't need to stay inside any lines or boundaries. If you want to get it done,
Just go get it done. It's about the work, right? So if you want something to happen, put your head down and go figure out how to get it done. I'm not gonna lie when we started this project. We had no idea that this was gonna be feasible, right? I mean the first iteration that we ran of this project it was gonna cost us like $45 million. Well, this isn't it. Let's keep working. So like it#
It's just the grind. MFers do a great job of grinding it out and adding value. So for those other communities out there, if you want to get something done, just do it. Don't ask for permission. Get it done. And yeah, be very genuine in your goals and aspirations. Just do it.
genuine and take initiative. I love that advice. Is there is there better advice? I'm not sure that there is. And certainly I think there's a lot of communities out there who would be well-served to follow in your and some of the other members of the community in their footsteps. So definitely love to hear everything that you are doing best
of luck here this week with the launch. Again, folks, if you want to learn more, follow Galtochi, follow XumGai, tune into that spaces here later this evening to get the full dive. Well, all right, folks, we are over time, but it has been a hell of a
show so far here today. Tyler, sorry, I just want to say thank you for giving us the time. I really appreciate it. You guys run a great space especially with these and Peter. You know, they're so knowledgeable, but yeah, no, just appreciate the time. Thank you. Oh, Fated, thank you for that. And you've got an open invite to come on this stage whenever you want. So thank you for joining us as well.#
well. Alright folks, before we close out, what is dropping today? There are a handful of men's to watch. We've got behind the veil coming at a 10/19 easter. So that's behind us. We've got snow fro squiggles, the auction coming later today at noon eastern. We've got the asset dash, Banta coming on Salana at 12
15 star symphony elder past coming at 2 p.m. When the Nordic spring coming at 5 p.m. I think the big drop today definitely those snow pro squiggles as 10 new unmented squiggles will hit the market. You know given some recent surge in that squiggles for from the mid eight range to 12. There's going to be some solid demand for that later.
today. I think the wildcard to watch is the completion of Jack butchers checks elements, auctions happening later today. If those auctions go unexpectedly high, we might see some additional action in the checks for. But all right folks, that is it. That's our show for today. We'll be back tomorrow at Tinay and Meister. Thanks to our listeners.
Thanks to my co-host thanks to faded goutoshy oxam guy and the whole mf for crowd for joining us everyone enjoy your Tuesday and let's make it a great day Bye everybody