GM, GM. Thank you for joining us here this morning. We're going to 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.
Good morning and welcome to the Lucky Lead. Today is
Tuesday, May 30th, we're coming off a beautiful Memorial Day weekend in Chicago. I spent some nice time with the family still staying fairly plugged into the markets. I'm hoping you all took a little bit of time and unplugged a bit and had a nice weekend. You know, it's certainly
It certainly feels like summer is here and it feels like Bitcoin summer might be here too. I can't wait to break it down with all of you on the show here today. I do see some friendly faces out there. Bill, Hunter, Rushy, thanks for joining us. As a reminder for any new listeners out there, we run the show every weekday Monday to Friday at Tinney
Eastern. It's a 30 minute show covering all the major news and crypto, web3, and entities. This show was meant for those interested in discovering the space, those actively buying and selling in the crypto and entity markets, and those here just doing research. I'm your host Tyler Dean. I'm joined today by a full house
We've got Emily loves crypto a Web 3 security expert and co-founder of the foolproof app Logan Hitchcock either in chief over at Lucky Trader. He's repping the Lucky Trader account tennis addict He survived the rattlesnake encounter this weekend, so we're glad to have him on stage in one piece
We've got ghost content star over at Lucky Trader quiet well dipping his toes in AI and rock on the new banger Opep and PFP and then today we've also got Peter Jennings with us. He's a Lucky Trader co founder founder of several companies including successful sales of two. He's our resident macro expert Peter Jim. How you doing this morning?
- I want to hear the real estate story. My dad got bit by rattle stink. One of my friends dad got bit by rattle stink. I grew up with near a bunch of them. So Logan, we got a lot to get into but just glad to hear you're okay.
Yeah, I appreciate that just random hike by myself almost stumbled into one so but glad to to be alive and have a really simple story instead of something far worse
We're glad you're okay. A very quick story out of Logan there, but we'll take it. D's want to welcome you to the show as well. He's an art contestor, our director of Bides. Excited to have him back. D's, good morning. How was your weekend?
had a great weekend, touched a lot of grass, did a bunch of how shit didn't really do much NFT stuff got, you know, unlucky like everybody else with the Opep and reveal and then get any of those and have just sat here on the sidelines dumbfounded
what that looks like, what to expect. We're going to talk about China in the crypto and NFTs. We're going to talk about the Bitcoin NFT movement. We're going to talk Jack Butcher's big weekend along with all the headlines. Before we dive in, ghost, any housekeeping for today?
Girls, I'm having a meal.
All right, well, we lost ghost, but he'll get our newsletter from this morning pinned in the spaces here for those who want to take a look at the written form. But let's get right into it. It is macro Tuesday. We're going to start with a debt ceiling deal. It is the biggest
story here in the US. So a quick bit of background and I'll turn it over to Peter. So President Joe Biden, House Speaker Kevin McCarthy, every recent agreement to raise the US debt ceiling and a bid to avoid federal default. This has been reached after weeks of negotiation.
but still requires approval of both parties in Congress before June 5th. Central to the agreement is a two-year budget deal. It holds relatively flat for this year but increases in 2025. So basically that the
The TLDR of this is the bill aims to suspend the U.S. debt ceiling entirely until 2025, after the next election cycle. The debt ceiling suspension will allow borrowing up until that time. Republicans are going to cap on non-defense spending.
a boost in defense budget, onspit COVID-19 relief funds will need to be returned, changes to welfare requirements, but no substantial overhaul, an $80 billion fund for IRS enforcement attacks rules on the wealthy, and then some easy
your permanent acquisition process for energy projects. So that's a few of the details inside the bill. Though I think some of the negative feedback I've seen so far out of the Republican camp is this deal apparently green lines another four trillion in debt coming.
over the next year. So now I think that the question on the table is, is this deal going to pass here this week? So Peter, maybe I'll turn it over to you. Do you think it's going to pass? Or are we out of the woods? And then what maybe does this mean if it doesn't be passed?
I mean, it definitely seems like it'll pass. There's certain concerns, there's articles coming out that this might make it through the house. I mean, we've always raised the debt ceiling. I thought there's a lot of political things going on that made it maybe slightly more likely that would
had some issues and we got to last hour again as usual and they came to an agreement now you know there's some pasturing that I may not pass in the house but my assumptions that it would pass that being said just watching the markets this morning they opened up pretty green and are pulling back and I think this three eastern
But assuming it passes kind of what we see in the bill, it's just a lot more of the same. You know, it's only a reduction in spending by like 22% of GDP. There's still going to be a huge amount of debt increase in the next couple of years. Fortunately, and is the number raising
the US total debt to 35 trillion. And for me, it's a huge issue with our country and around the world is that we just keep kicking the can and have so much debt with all of our governments. So there's definitely a lot of concerns. I guess the one positive, especially for this group, I've seen that there's been some really positive things
around crypto. There haven't been a type of this bill and type of these things. It might be some things on Bitcoin mining and some other crypto oriented attacks. So the fact that those didn't get in is positive for this group. But yeah, I'll be interested to read more and there's still some uncertainty around exactly
what's in the bill will get more information when it passes. So you touched on this and this was kind of where my head was going as well. So assuming this pass is, you know, it does feel like we're just kicking our kicking the can down the road with respect to debt. But does this mean that the money printer is just going to
keep going, Burr, and are you expecting markets to have another bull run here? Then if indeed this passes as we know it, or there are more factors to play that we might not run back the post-COVID money printer bull run.
Well, I don't think it's going to be as extreme as it was in 2020 and 2021, yet there are a lot of factors in play. What the Fed is doing with rising interest rates and trying to take liquidity out of the system has impact as well. But broadly, just from a macro perspective, it's more of the same. All of these central banks are in debt and the best way to deal with the debt is to
the devalued the debt with more spending and devaluing the currencies. So that's expected and that seems to be what is happening around the world. And unfortunately, just based on our political system, there's not really an incentive for politicians to decrease spending. You know, politicians
their incentive is to get reelected and it's a lot harder to get reelected when you start taking things away. So it's really hard for, you know, just this system to stop the spending. So it's frustrating, you know, working in the can and, you know, future generations are definitely going to have to pay for this at some point in time.
But it makes sense just given how things are set up. Politicians have incentive to try to give more to society and get reelected. And when you have a lot of debt, the best way to handle that is to devalue the debt. So it's not surprising what's transferred. No, it means. So appreciate your perspective on that. We will.
Yeah, it makes sense, Peter. Thank you for your thoughts on that. It'll be very interesting to see how this impacts the market here this week and going forward along with the crypto markets. I think there's another headline that's going to be impacting the crypto markets as well. But before we get there, ghost, some additional thoughts.
I just wanted to call out this punk, but this punk, but 6 529 thread here that he posted yesterday because I thought it was kind of relevant to what Peter just said. And he was talking about how governments should have all their spending on the public watching. And I thought that was a great idea and a really thoughtful thread. So just wanted to call that out there. - Hmm, go, so thank you for sharing.
for me for sure I don't know a lot of these things that are happening so it'd be great to get more transparency. In my some additional thoughts? Yeah I mean just just to play devil's advocate the big the biggest problem with knowing exactly how governments are spending their money is that the majority of the spending is on the military
And that would create an enormous national security issue. So I think it's, you know, I think that there's a lot of complications in, you know, how a government handles their national security and, you know, what that means for its citizens. And I don't know if it's a simple
is blockchain solves this? Sure. I see that side of it as well. You know, certainly I think there's a balance where, you know, understanding that, a portion of the budget for defense, sure, but along with some of the other, you know, areas sectors that could be a little bit more public.
I think the public would welcome a bit more transparency. But of course it doesn't seem like we'll be getting that anytime soon. Well I want to get into our next topic here regarding China and its potential impact on crypto and NFT. So we have a few pieces of news here.
over the past week. So, you know, we've seen this headline that retail crypto trading will be open for China citizens on June 1st. It will be legal after being outlawed. We also saw the piece of new CZ Binance reporting on that coming out of Beijing
They put together a Web 3 white paper covering NFTs, augmented reality AI and Metaverse. And then on the NFT front, we saw in Singer and Actress rocking a crypto punk's theme dress on the second largest China TV station.
over the weekend. So a few questions here and maybe I'll tee D's up for this one. Do we think we're going to see a crypto pump coming after June 1st when China retail is at the table or do we think that's already priced in and maybe part two are they coming to buy your Pox?
We can only pray that they are coming to buy the shit that we regret not selling at the top of the 2021 bubble. I don't know if they will, but if I can say a prayer every day and increase the likelihood that they will, I will. I really have no idea. I just assume most things are priced in, but that
again, this space is immature and not always efficient. So it probably isn't, but I'm not trading with the thesis that there is going to be a pump in June based off of new retail money coming in. Peter, I made the same question for you. What's your read on this? Do you feel like it's being
overhyped, do you feel like it is a real story here that may have an impact in the markets? What are your thoughts? China plays pretty well. It doesn't have what they're supposed to buy during those really boatley times and then assets fall and now they're back in.
right as America is going after crypto, they say, oh, we'll step in and embrace that innovation. So I think it's interesting from that perspective. In terms of prices, I have no clue. It's really hard to know if it's priced in. We saw obviously some good action this week.
which I think had a lot more to do with the debt ceiling. But yeah, I'm not really a short-term trader. So I don't have a strong stance, but it's certainly a good thing. I don't see how it could be a bad thing to have trying to retail come in. And then yeah, just seeing the punk stress is cool too. You know, that's one of my thesis.
So for all is that that punks will be part of this culture for a long time and there'll be a lot of projects that come in and out and fail, but it's nice to be associated with one of the OG projects that I think love cultural relevance for a long time. You know, I think we've seen a Spencer on the NITT show this morning kind of
laid out the bear case that anyone in China who really wanted to buy crypto likely could have done it already, which is logical, but at the same time, I feel like this is one of those things that it's hard to underestimate, like the entire public now being able to buy. And of course, where they rotate into NFTs, I think that's far down the
road, go some additional thoughts in the run, but I was going to say in late 2020 or early 2021, the narrative around NBA Top Shot was that Asia was coming to buy our bags. And I got caught up in that a little bit. I got a set called the gift and a bunch of Rui Hachi more, more moments that everybody were saying, China or Asia was later going to
buy and they didn't come and buy it. So just a word of caution against thinking about what Asia is going to come by in terms of the NFT space. I think it's definitely bullish for crypto in general, but I don't know if we know exactly what projects are going to resonate with Asia just like they do in the West. Great advice. Be cautious with China is coming narrative.
one that we've seen in the empty space several times. But another narrative here that very well could and may have already started impacting assets is this Bitcoin NFT movement. So this is our third top story of the weekend. I'd say biggest headline of the week and maybe the week is just the continued
rise of ordinals and Bitcoin and at T's we saw a major milestone the 10 millionth inscription was completed. I don't think that's even the number one story. So on Thursday evening, Bitcoin launched a new BRC 20 called OXBT. It was a free mint. It cost about 10 to $13 as I understand it.
in gas to mint, where I think was a block of 5,000. By Saturday morning, OXBT had done a full 100X with mincers turning $10 into over $1,000. I think we saw some rotation around the Bitcoin and Antioch system.
After this along with the surgeon volume so on Saturday morning four of the top 10 projects on crypto slam by volume were Bitcoin projects then on Sunday morning the top two spots by volume were both held by Bitcoin projects so OXBT was clearly a winner of that volume and of course is being
kind of categorized as an NFT in crypto slams rating system right now. But other products benefit as well. So the Bitcoin D-gods reached a one Bitcoin four and the Bitcoin frogs rebounded to 0.1 Bitcoin along with a few others. It certainly feels like there's more and more attention being paid to this
ecosystem now. Many are starting to call for an inevitable flipping of NFT volume on Bitcoin over ETH. That concept certainly feels more plausible than it was a few months ago. I'm curious for our speakers here. If anyone has bought in or is at least paying more attention, go, maybe I'll tell you up first.
Yeah, I don't know. I still haven't been diving too much into the Bitcoin streets and I kind of regret that a little bit. And I saw OX BT a lot on my timeline this weekend. And it feels like one of those things where like if you actually take the time to learn it and move in early, it's probably a good thing. And we saw how many they already did a hundred X. So that that
might have already come and gone. But usually when there's like a huge barrier to access, the people that are early and actually take the time to learn it, it pays off well. So I feel like this is the perfect example of that. But I definitely want to get into the Bitcoin streets a little bit. I need to talk to CT and get the alpha on what she's been looking at. - I was DMing her a lot over the weekend.
I'm kicking myself about OXPT. So I saw Bic God was behind it. I saw some folks were talking about it. I figured like this is a narrative that could do well given his following, but I just didn't spend the time to get in on the ground floor of it. And man, definitely kicking myself here.
Dees, maybe I'll tee you up for the same question as someone who follows the market who's dabbled in pretty good depth over the last two to three years. Has Bitcoin movement started catching your attention? Have you made any moves yet? What's your level of monitoring of this market right now?
Yeah, I'm an idiot. I've been told to care about ordinals since I think like 200 were minted. And I just cannot for whatever reason bring myself to even download a wallet. Like just completely fade me it like it just just fade me because I'm an idiot.
I basically have an honorary forgotten ruins wizard punk that's like ordinal 6000 something and I've been so lazy that I haven't even made a wallet to receive the free ordinal. I'm just like now just like hold on to it. I'll make a wallet next week.
I've been saying that for like three months, like I just have a mental block when it comes to eating any ordnals, but clearly that's where the hot ball of money is. If I really wanted to like make money and not just waste my fucking time, like I would go over there and care, but I just seem to not want to do that so.
Yeah, that's where I'm at with Ordinals. So we're fading D's on the Ordinal movement. I'm in a very similar camp as you where I've been following it but I just haven't spent the time to buckle down and set up the infrastructure. Though I feel like the infrastructure is still very immature in a driver of the price action.
I was hearing several first-hand stories of folks who held OXBT and literally didn't know how to list it for sale. So that was definitely a driver of some of that early run up, but of course, so that there's more truth in that log. And maybe it's someone who follows the space closely from a news perspective. Have any stories
the Bitcoin SC ecosystem really caught your attention. What are you watching the most here? Yeah, not anything particular that's like really jumped out as like, oh wow, now I'm going to jump in because I'm in a similar boat to what you just described in D's as well. But I think there are like, in
Interesting infrastructure things that are happening like magic eating is still really pushing and one of the the difficult parts about Not jumping in right is just that barrier to entry that we've talked about it It actually seems though we've taken the leap with many other things it seems like there's even an additional layer of Difficulty for for this
particular ecosystem. And so I think if places like Magic Eden and other things like that continue to push the envelope, projects like Digogods and what you guys done with 12 full, they keep pushing things, it should get easier and also more mature and more likely
that will finally get that final push and the impetus to take place. I'm just going to watch some of these more established projects are doing there and maybe eventually it will push me. Well, that makes a lot of sense. I think we're going to start ramping up our coverage of the Bitcoin and NFT ecosystem over at Lucky Trader.
become too large to ignore at this point. Well, I want to keep our conversation going. I want to get into Jack's big weekend. But before we do that, let's read the news. Today's top headlines powered by Lucky Trader. Train volume jumped back over 12,000 teeth on Monday after falling close to
$10,000 over the weekend. The broader PFP market was down slightly on the week. People featured Nakamegos in another every day on Sunday night leading to a major pump coupled with a pump by another influencer Ben briefly driving the floor above 0.70 before retracing 0.6. Social intelligence platforms
platform NFT inspect announced inspect 2.0 featuring a revamped interface, a Dow and the inspect token coming soon. Artifact X-Bremoa had their forging event go live yesterday. LooksRare announced a new token buyback program using fees from their new raffles to buy their own looks
token. Blur added beans to its blend B&B L program on Friday. The tribute brand launched Chromy Squiggle Generative Sweaters. And then those pudgy shark toys we were talking about with Luca on Friday. They went live Friday night for $250, instantly sold out and then started trading as high as $1,000.
on the secondary market. So a big win for those who were able to buy around Web 3 and crypto crypto rebate over the weekend Bitcoin right at 28,000, 8th at 1912 Red Bull collaborated with Nifty Gateway and Burnt Toast to launch Red Bull Doodle Art Collection over the weekend with 61 pieces priced at $5.
And then Formula One issued race tickets as NFTs for this past weekend's Monaco F1 Grand Prix race available on Polygon. Ghost, Logan, any of those headlines that caught your attention? I'm curious is this is this not Camigaw's pump real or what are your thoughts? I would say it's not real because I
I think that Ben Dot-Eath bought like 500 of them and is now a huge holder, which is a bit scary. I have been very cautious and staying far away from that entire situation. And I like to knock Amigos just because of the art and the vibes over there, I don't know. But it feels very
I don't love him kind of waiting in there. So very cautiously feeling negative about that. Logan, any of these headlines that jumped up to you and then we'll go over to Emily. I think the NFT inspect thing is really, really interesting. A period of time where it seemed to
Permiate kind of a lot of headlines, you know, which project was gaining the most social cloud things like that and of course with the bear market and the tension shifting and then there I think there was some maybe ownership Change over as well NFT inspect, but I think it's an important component of kind of understanding what could go up
up and what's actually taking place is, you know, which projects are gaining social steam, which projects are building community, right? A lot of those winners have probably been early, you could have early found out just by monitoring inspect. I'm speculating there. I did not have the data to back that up. But I think it's interesting as a way to, you
continue to double down and allow us to monitor and understand what communities are building or are they building doesn't matter or not because it's something we talk a lot about but you know how impactful is it really for price go up or any of those other metrics we care about. Now it's hard to have you know lock hard proof of data
tied to the social intelligence from NFT inspect correlated or causing for price increases. But we have several anecdotal cases. One recently was not Camigos. Not Camigos jumped to the number two spot and then an inspect for reach.
and they were like seventh in total PFP usage and then in the weeks following they went on that big run. So it is very, their data is very interesting and unique and one that I've always found very useful. So I am curious how this token raise will go. Emily, you got your hand up?
Yeah, did NFT inspects like you should have a token and stuff and then didn't and shut down because they weren't any money and now they're back with the token. I don't know I don't think they lost the token before. As I understand it that the founders, I thought they were going
to abandon the site because it wasn't generating enough revenue. But it also doesn't feel like they did that because, well, at least the algorithms have been running. So maybe they've seen it touched it. Yeah, I mean, you can like stop building and just pay your server fees and like your
you know domain which next to free so yeah I don't know it I just thought that was a that was a funny one but you know just in time for me to buy a Nakumi goes it gets an artificial pump yay yeah I mean it just like a cell like you just got a gift you sell the artificial pump and you set an alarm for next week and it
you still give a shit about the project, you go look at the price next week and you buy it back. This is a very simple thing. You get a liquidity event from a fucking moron on Twitter, you take it and then a week later you buy it back. Whether it's a Elon tweet, whether it's a people tweet, whatever, take the free fucking money and come back a week later.
the advice from D's like that would be I would never fade you D's that would be some silly shit but the problem is it's like the first NFT I've bought in a long time and I was looking for a crock and I like finally bought a crock because the price kept going up on me as I was watching them and now the price is super gone up but like I bought it because I wanted it and like oh
Yeah, I mean it's it tails old time you're getting attached to to your JPEG there Which certainly I did with Nakame goes as well, but I think these is advice is very good especially in this bear market I think we've seen several examples at this time
that you get the pump, it's hard to sell into, it feels you fork, but then it will inevitably pull back and then revisit it in a week, it's very solid advice. Well speaking of products that pump, man, we more and go out now.
We got to talk about Jack Butcher and his big weekend. So kind of nailing it on three different fronts. So his checks, elements, auctions, surpassed expectations raised over 400 a.d. I think these participated in those. They more than double
on the secondary market. They're at a 6.75 E4 here this morning. Jack launched a meme card and it means by 6.529 Ego system on Friday. It hit at 1.3694. It's already the fourth highest card by price. And then Opepins had a hell of a weekend. They reviewed
in a T's were subscribed to these packs. They went live last night, 5 p.m. Eastern. We started seeing sales out of the gate for both the O3 and the O4 packs and the 5 to 7 ETH range. That drove the floor back up. I think the common expectation was the floor would dip.
post reveal, but in fact, to not it jumped to 0.83. You know, a couple notable floors here this morning. So the pep and 4 was 0.82 when I logged this morning. The release one for was 40. ETH, good game to go.
for his PFB. The release 2.4, 2.5 release 3 at 4.95 release 4, 4 was 8. The unrevealed 1 to 1, 4 at 13.8, the unrevealed 1 to 4, 4 at 2.25, unrevealed 1 to 5 at 1.7. And then the other surprise from
night for some, not for all, was that pack four by visualized value is outperforming bad stews. Oh, three definitely felt like the hype was on bad stews drop. But visualized value has the edge by about a solid three eth now. I think folks are are are pointing to the top
as a jack to visualize value as long as well as that dynamic nature of those NFTs and that pack versus the pure additions. But ghost, maybe I'll tee you up as someone rocking the OPEP and PFP. Were you surprised at the results, what were your reactions to packs three and four?
I'm thrilled and it's just feels really healthy to have people actually buying stuff because they want the art and not just holding the unrevealed at a higher price because they want to play the lottery and it's an awesome lottery but it's not like you're not going to win eventually because everyone's going to get revealed.
some people being like, "Oh, what happens if they get stuck with the blanks?" And I just don't think that's like a realistic scenario. So, and we actually had two, uh, edition four sell, I think on this show, and it was 8.870th and 80th. So, um, those are just a rock chip right now. But, um, I actually wasn't surprised
by the difference in 3 and 4 even though bats do have a lot of hype. I just think that it's a lot harder to pay a lot of money for additions over like unique pieces and that that addition the third set has I think what five or six different additions. So I think people just want a unique piece of art when it comes to like a PFP type
project. Yeah, I think that makes sense. Deez, I want to tee you up and then we'll go to Emily. I know you were dabbling into checks, elements, auctions. Maybe give us the, kind of your quick TLDR on maybe your bi-faces on those. And I'm also curious if you're in the Opep and Streets as well.
Yeah. So my thesis on the Czechs auctions were that people were sleeping essentially. What I was looking at the price of, you know, maybe there's a argument to be made that, you know, since they're physicals and not part of the
main ecosystem that they're worthless, but like I was looking at the complete floor when they were like going for two-ish teeth and just thinking to myself, it feels like no brainer if we saw a pepins like one-eath and these are just selling for two. So then I bought one of those and then I quickly
realized that like you can't just stop at having a complete big fan of water and weed had to pick up a compound that was water and earth. And then the next thing I knew I was winning an auction for the blue order or one of the blue orders so that I could like hang
it up next to my cast Samard pieces, but I bought the compound in the order specifically because I really am looking forward to the print. And then I bought the complete because I felt like it was just way too cheap relative to everything else in Jack's ecosystem. You know, in hindsight, I should have bought more than one complete because now I'm at a point where
If I can sell this for six, I probably should, even though I don't really want to. And yeah, op happens. I'm really going to be curious to see how the price action plays out between now and the next series. Agree with what everyone said, getting a unique PFP is way more cooler than an addition.
if you're rocking a 140 or a 120, I'm not going to remember who the fuck you are. I mean, no offense, but like it's 20 or 40 of the different pictures that are all the same. I don't immediately know which one of the 20 or 40 people it is. You know, I see Bordele in the crowd. He has a very clear, hepe,
like colored fucking opepim that I know that is immediately him. I know it's not the shade darker. I know it's not another color and it goes the same. And I think that's really important when it comes to picking them out. And I think, you know, when I'm looking at the series four, I'm looking at more of the isolated or
monochrome colors that stick out even more rather than the completes because I think the completes while they are unique and whatever they don't stick out as much. They're kind of like the opposite of the 40 edition of series one in my head. Well, I really appreciate you going through that deep dive.
I was with you on checks elements. I thought they were going too cheap. I just wasn't liquid enough. I didn't do enough preparation to get into those auctions. So I can grasp I'm getting in. You got some nice pieces as well. And I agree with your thoughts on the opepins as well. The dynamic
releases the sets versus the pure additions in Prince. I think that will be a continued theme that we see Emily and then I want to welcome Bore Elon to our stage so I want to get his thoughts as well but Emily won't you go ahead? Yeah so the part about Opepins that's kind of been on
unsaid as far as I can tell that's especially unique that we know is that the price goes up after reveal but one of the biggest problems with NFK is seeing and compared to things like girl I missed this ago
And that in itself, right, like the hype of the reveal and like the price going up and like that being Like a main storyline in NFTs is one of the main problems here And this is like really the first project to defy that narrative and I think that in and of itself is a really
really interesting component of it and something to not ignore at all. Yeah, I mean, it perhaps might be the single biggest storyline and narrative right now is that, you know, and it speaks to two things for me. I think it's the scarcity and the true demand for the
this revealed artwork and that's also tied to the big name artist that GX Bandwidth Taya. Well, Bordy, Elon, you requested to come on stage. I know you've been following this ecosystem very close, heavily invested. Rana Space's last Friday that I think over 2000 people attended, would love your reactions to releases.
3 and 4 and anything else on your mind?
I just wanted to touch on the Jack's Element Auction real quick, 100% agree with these. I put my bid out for fire and one of the alphas and did not expect to win. Honestly, I think it's kind of a crime that I did. I mean, I'm happy, I'm glad. I wanted to support Jack and this was a really nice way to do it.
It was important for me to see a bid that was higher than the highest Christie's bid, just kind of philosophically. I wanted that to happen and it did. But yeah, I think maybe a little bit of the complexity and the macro story of checks just takes some time to figure out. And if you're not already deep as
that system, you're not necessarily going to show up to a Christie's auction and bid on something that at face value, you know, maybe doesn't speak to you. So that's kind of my take on it. I think over time people will get it. It's just going to require a little bit of education. Opepins, I think a little bit easier to understand and connect
with and that's why I went way to Am on it. So it's been great. I love that Jack and Team are basically, you know, at this point, splitting up releases between their own work and those of outside artists. Pack 3 was great.
right? As they keep saying, bring it full circle, like ping homage to the artist who kind of inspired the original Opep and design was awesome. The artwork turned out great. I kind of do worry a little bit about the releases where you've got 10, 20, 40 of the same image. And I think where my heads
netting out is people do like PFPs to be specific to them. And so this collection is kind of becoming a hybrid of art and PFPs and people will go for the one of ones, you know, when they want to use it on Twitter and other people will just collect the art the way that they collect the
memes cars, right? Like the memes has lots of duplicates and that's fine. And it's a little different than what people are used to, but I respect Jack's perspective, which is like sometimes if you issue 10,000 or more PFPs and there's slight variations in each, they don't look all that different. And so to avoid that
problem. They've been taking this different approach. But yeah, short answer. I love the releases. They're both beautiful. If this is the bar they set, it's pretty crazy to think what's going to happen. A hundred or 150 sets from now, I think it's a crazy task to take on, but I'm excited to watch it.
I mean, the bar has been set so, so high. It is going to become increasingly difficult, I think, to deliver on Pax 5.6, 7.8, 9.10 down the road. I think you'll also bring up an interesting concept of this being kind of a hybrid PFP/Art project.
I think that's that spot on I think there are some you know that that folks will absolutely rock as pfp's we see it in the spaces right now But some of those higher addition counts, you know, I could certainly see folks viewing more on the art side, but but borderline you know you brought up the comparison to memes actually I had this on my list to talk
about. I don't want us to be doing a caffal, you know, hand-holed kumbaya spaces here. I think the number one criticism that I saw on the timeline yesterday is a lot of comparison of the Opepins to memes by 6529 calls of this being memes 2.0.
And I think where folks were going with that is that we'll see a similar type of bubble where there's a crazy surge in price action followed by a large crash. So, Borda, I'm curious for your thoughts on that. Do you agree? Do you have that concern or maybe how is the Ope
intricate model, but they've been pretty clear they're going to evolve it and change it over time, whereas I feel like the memes is kind of locked. I mean, they've adjusted their strategy as well, but I don't think it's as flexible as like the culture that Jack has established with Opep and I say this with a lot of bias, obviously. But yeah, I
I think that there's a little bit more thoughtfulness and listening to the community happening on the Opep inside, but ultimately you can't sustain massive momentum, especially if this project takes years to complete, which is very likely. So there'll be some ups and downs.
I don't think calling it the memes 2.0 is a fair assessment. It's a little insulting because I don't really think they're all that similar. It's like saying, well, this Picasso is just a Van Gogh 2.0. They're different things, in my opinion.
I'm with you and I feel like it's just something that we see a lot in the ATD space because we don't have that many good analogies so people just kind of reach for something that's that's relatively close. You know what you know a factor to me that is a differentiator too is the fixed supply so we know there's only ever going to be 16
thousand of these and there's going to be 200 packs of 80 Opepins. And so I think that is also a factor in keeping this from being overinflated. Like we've seen kind of cause the destruction or destruction is a strong word. We've seen some leads to negative price action.
in other collections. So that's something I'm watching. Maybe I'll tell you up for the same question as someone who has a pretty level head. I think you know when hype is getting high and you're not afraid to hit that sell button. Are you concerned about this meme comparison? Where is your head?
Yeah, I'm always concerned when I show up on the bird app and the same ecosystem as talked about every time I open the app. That's usually a sign that it's a subtype of local top, I think back to the memes in January. And I remember you tweeting shit like, yeah, there
that they're up 30% like the whole market cap today. And then the next day, I think you were like, they're up like 50%. Like that when I saw that, it's like two days of that type of price action. Like I just need to cut a lot and buy back later with checks. I feel like it's slightly different. I really like like the thing I
I don't like about 615 I memes is that it just rewards the biggest holders over and over and gives them more free stuff while the people who have less just continuously like they know they're not gonna get lucky. I kind of like how fair the Opep and opt in is where you know you can clearly see how
many other people are in, you know at least you can do the math on your chances of hey there's 40 of them and 1000 people are opted in so I know that I have a 4% chance or something very simple like you have a mental model for it and you're not just like oh I didn't get selected because I didn't hold all my cards so I think that is
Something that creates a different type of demand than what we saw for the memes which I think will make it last longer but as attention Evan flows like I was really hoping you know I even put out a Twitter thread like an idiot saying what I was hoping to do but I was hoping that you know middle of this week or middle of
of the time between series 3 and series 4 and series 5 that people just go ape fucking knock amigos or my ladies or whatever the fucking flavor of the month thing is flavor of the day and they sell some of these op happens and checks and then maybe I'm somewhat smart enough to buy them this time when they're just
sitting there. But we haven't seen that. We saw kind of at least what I saw yesterday is a lot of people who didn't get there of heaven revealed they essentially floored it, took the loss, think floor went down to like 0.69.7. And then since then it's been, I don't know, it was
we shake out all the numbers already and people are already buying waiting for the next series, you know, the floor is already back up to like 0.88. And that was just unexpected. Like I expected the floor to maybe be at like 0.5.6 in the middle of this week. And it doesn't look like we're on pace for that at least now. No, that's my exact target. I thought we were going to see
the full retraced 0.50.6 post reveal. But it hasn't happened yet. I am curious that Jack is going to continue doing this like three weeks between packs. If so, I mean that's going to be what's going to do the math and say like what does that mean for duration?
of the project. Does that mean it's going to be three years long? So I think at some point he's going to have to speed it up a little bit, but who knows? Go, so you got your hand up and then maybe we'll close things out. Yeah, I think that a lot of people are still sleeping on how low of these supply drops are and how few are still
But I think the difference is where we know that there's a lot more supply coming, but they're never going to be the same type of set that we're getting now, which kind of really segments the entire collection into 250 or whatever little sets. And I think that's a huge difference compared to a normal PFP project that just drops 10,000 of ones that you know are going to be the same. There's going to be some
floor ones, but you're going to be competing against all 10,000. But I think you could find 80 people that want to hold a certain type of set, especially with the great art that we've been seeing. So I'm also curious to see if any other projects, new PFP projects that pop up will try to do the same kind of slow drip because I think if you release good art, it's really interesting mechanics.
you're getting a lot of flywheel of people buying those early ones, loving the art, and there's still a lot to come, but then there's a lot of fomo coming. So I think it could be an interesting new mechanism that the rest of the space kind of adopts. Yeah, no, I'm right there with you. I do get cautious anytime I hear the word flywheel because in the past, anytime I've called
T-Protent to fly will it has hit a top and fall substantially down. But no, I'm with you. And I mean, 80 is so low. It's such a low count. And I think we're seeing that in this early price action. Maybe last question for board and maybe it goes, you've
I'll go back to you. Bored, do you have any insight? Do you think we're going to keep seeing this three week rollout plan? Or this is how long we're going to wait between packs? Do you think he's going to speed it up? What do you think? I think it's going to average one a week. So, you know, at that pace, we're looking at 20, 27 or 8 to finish
this but that's fine. You know, Pokemon cards they've been releasing for 20 years seems to be working. It's fine with me. Yeah, I mean, it'd be fine with me too. And then like, I think it goes to, I think you both touched on a little bit, but like the pack opening experience is fun. Like it, it's exciting. You know, it's this raffle we've had, you know, a 1%#
if you subscribe to actually get the art reveal. And if there's a fun event that happens once per week, I think he will be able to maintain a solid level of attention. Ghost, some final thoughts here? - Yeah, I forgot to call out. I pinned two things to the top and I thought what Dee said about how everybody wants a unique...
profile picture here. I thought these two were two of the best in the collection. It's the one of one from the set four, which is kind of a combination of all the elements there. That one's amazing. It has a 30-week offer right now from Visualize Value itself. I wanted to shout out one of my friends, Vandy, who's one of my older friends in the NFT space, and they pulled the black one, which I thought
is like one of the most memorable ones in the entire set because that one just looks absolutely amazing. So very lucky pull there. That's a huge pull. And yeah, I saw the 30 weath offer. I think what could be a next driver and really sending up the floor is if we see a large one of one sale. And I think that's like the
one piece that's missing so far. We've seen the unrevealed one on one floor run up to what like 14. You know, we've seen the big sales on the release ones. We just haven't seen that one of one, but if and when that happens, I can see that being a big spark. But it's going to be a fun one to watch. Well, board, thank you for coming up on stage and
talking to Peppins with us. This has been fantastic. We are a full 20 minutes over our time, but that's okay because the discussion was awesome, but we are going to go ahead and wrap things up. But before we go, what's dropping today? A couple of drops. We've got our blocks presents meaningless coming out at noon.
in a Dutch auction, we've got clean the sores the call of saga happening as well. It's definitely a slower day of drops coming off the long haul a weekend. The main event likely from clean the sores here with their launch of their new game with Salana mobile. The Claynau's floor is down about 56% on the month
to 58th soul. So it will be interesting to see if this launch can galvanize some market action for them. So folks, that is it. That is our show for today. We will be back tomorrow at Tinian Eastern. Thanks to our listeners for tuning in. Thanks to my co-host, thanks to Dees, Peter, Bordea. Thanks for coming up. Everyone, enjoy your Tuesday. Let's make it a great day.