GM GM, thank you for joining us here this morning. We're going to start the show in just a few minutes. We'll give it a few for folks to filter in. Get our speakers up on Sage.
While we wait, here are some tunes.
Good morning and welcome to the Lucky Lead. Today is Monday April 20.
What a weekend it was. We had some lows. We had some highs. We've got some potential end of cycle signs happening right now in the space. There's a lot to break down. I can't wait to get into it with you all. I see some friendly faces out there. Alex, Josh,
Thanks for joining us, Meg, Meg Thorpe on a huge day for her launching her meme card here in just one hour. So shout out to Meg. That's an amazing accomplishment. As a reminder here for anyone new to the show, we do run the show every weekday Monday to Friday at 10 a.m. Eastern. It's a 30 minute show.
covering all the major news in crypto, web3, and NFTs. The 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 today by three amazing co-hosts. We've got Emily loves crypto, a web3 security expert, and co-founder.
of the foolproof app. We've got Logan Hitchcock, Rep in the Lucky Trader account. He is our editor and chief over at LT. And then we've got ghost content star Lucky Trader deep into SoRare Streets quietly, a whale and a tea trader still rocking that knock amigo. Ghost, good morning. How you doing? Good morning, Tyler. Doing well.
touched a lot of grass this weekend did not pay much attention to the NFT markets which is probably for the best but feeling good. It was a good weekend to touch grass indeed. Well for those of you who were outdoors this weekend we were tracking it so we'll be able to catch you back up on the docket for today NFT market capitulation and
and rebounds, you go beat ry people and knock ame the o pepins reveal. We've got th today as well. Uh before we jump in, if you houseke what? Yeah, as always, if you enjoy t
to listen to this show and don't subscribe to that. I don't know what you're doing. So we've got that pins on top of the spaces. Give that a subscribe if you haven't already. And then a little housekeeping about our new AI product, Lucky Lens. So if you're interested in AI and chat GPT, check out our new GPT4 artificial intelligence model, kind of similar to chat GPT
capitulation on Friday, some major projects, whipped down to levels that we have not seen in months. We saw the board apes and punks touch 45/8. We saw mutants go sub 10. Moonbirds went below their 2.5/8 price sentiment on the timeline felt like
it was at local lows, maybe all time lows. But then this weekend we saw some recovery and those who were able to buy the blood on Friday were able to make some quick profits if they did in fact sell. We woke up Sunday morning with some massive green on the board. It was desperately needed.
So just kind of a quick rehash here. Where do we stand here on Monday, April 24th? So here's a listing of some of our most notable projects in the NFT space along with their seven-day changes. So we've got Fidenzas at 56, E3rd down 10% on the week. We've got Board Apes at 50, down 6%.
Punks at 48.8, they're down 9% Azuki at 15, even on the 7 day. We've got Mutants at 11.1, 8 third down 9% Chromy Squiggles at 8.4 down 9% That's the lowest I've seen the squiggles in quite some time. We've got Captains at 7.5, 8th or up to
10% on the week de gods 7.7 down 7% Pudgy pink wins at 3.9 up 3% clone X 2.7 up 9% on the week moonbirds 2.46 down 19% Doodles at 2.36 and then other deeds at 1.18 down 12% on the week so basically
really as a recap everything down 5 to 10% on the week even after a 10% weekend rally. So it was even worse on Friday. Certainly that combination of high gas fees all week and even into the weekend. I was trying to make a couple of trades yesterday and gas was still absurdly high.
So those high gas fees and then the the lure of quick returns and meme coin trading seems to keep NFT traders on the sidelines again. We've seen the lowest level of unique NFT traders in months open sees volume again yesterday. I want to say hit its lowest levels since July 2021.
one. So that open sea volume keeps going down, not great. On a more positive note, the primary winner on the week, I think we talked about this on Friday, captains and meme land. They look as strong as ever, even after a little bit of a pullback. They continue to show strength. Everything else is bleeding. That Pudgy Pingwan's at clone X.
move up on the week also looks good. They're showing some strengths but I've also seen some chatter that that might be some blur farming manipulation rather than true recovery. So tread carefully in those ecosystems but some positive momentum regardless. So that's the quick overview. Just a couple questions here.
for our speakers. First, I guess Friday's capitulation, were you watching and did you have any concerns? Did you make any moves or any takeaways from the Friday blood on the board? Go, I'll tell you what first for this one. No, I didn't make any moves really. It's getting tempting.
with some of these projects, but it's hard to reinvest in JPEGs in the current climate right now, and I think I'm more comfortable holding ETH at the moment. But I did migrate a bunch of my checks over with the Jack Butcher stuff that was going on on Friday, which was fun, and that took the sentiment of the time
for a while. I do think that some of these lower are the mid-tier that are bleeding right now. We mentioned on Friday's show, I think Moonbirds is getting attractive here, not so much doodles perhaps, but Logan might have a different opinion there of the doodles there, so I interest to see what he has to say.
Sure, Ghost, definitely appreciate that. I feel like Jack and Neil Peppins reveal Friday night might have been kind of the the local bottom of sentiment and then things did kind of start to turn around from that moment. I do want to touch on that deeper later in the show. Logan, I'm curious for your thoughts is someone who
been tracking the space for a while, it does seem like there are continued benefits for those who have enough conviction enough guts to buy these massive capitulation dips. And I mean, we saw it again on Friday, like folks who bought the mutants, the WIC under 10, the
the board apes down to 44 instantly made 10 to 15% on their trades. Is this something that traders who are here on a day-to-day basis need to be watching? Are you watching this? Did you feel like it was a dip to buyer? What were your reactions on Friday?
Yeah, it's interesting. I know as far as like real trading goes, right? Is it the RSI right when you can kind of tell if things feel oversold or undersold or whatever? Exactly. I'm of course not a trader. It did sort of feel anecdotally when we were speaking about this last week that we had reached almost
like an exhaustion phase in the markets, in the timelines. Ghost talked about it, his timeline in particular was very, very negative. It very much felt like one of those events and places in time where we're reaching Buffett quote "esque" period, right?
where you're buying when others are extremely, extremely fearful. So I certainly think it was an okay time to be buying, especially if you have a super long time horizon. I think Punk 6.529 had a really good thread. I'm not sure if that was on Friday or maybe on Saturday, kind of talking about time horizons.
You know and placing bets for longer terms encourage people to give that a read if they have not already done so So yeah, I mean I feel like if you're if you're one of those people now is definitely a time to be paying attention if you don't want to make long-term bets If you feel like none of these particular collections are those that you want to be betting again
I think it's totally okay to continue sort of, you know, tuning out until something really strikes your fancy. Yeah, I think that's fair as well. Like certainly on a small, like local level, there were some gains to be made, but we've seen capitulation a few times on Fridays in the past month.
and things on zoomed out have continued to dread lower. So it's still hard to call true bottom, go some additional thoughts. Yeah, I just wanted to call back to NFT Stats's comments that I think you mentioned on Friday about how it's he likes to see like an actual recovery turnaround before
starts buying and that's usually like the move in NFTs because there's usually more bleeding to come when that it's trending down. And that's kind of how I'm feeling right now. Like I think that it's more worth it to me to see a true recovery and maybe miss a 10% gain up or something than to buy a falling knife there, you know. Sure, that makes a lot of sense.
I think my last note here and then we'll move on to other topics. I mentioned it at the forefront of the show, potential end of cycle activity. So I don't know if you guys saw this Pepe PP project. Yes, I hate even saying the words. I'm not going to say it again. But it did a 10x yesterday. I don't know
it was a freement or below .01. It opened up below .01, ETH on secondary. It ran as high as 0.1. ETH. The kicker here, and this wasn't even private. It got fairly widespread. It was in multiple different group chats. I mean, the team behind the project had written the contracts so poorly that the
images the P.F.P.s will never be able to reveal. So their only alternative would be to be offering an air drop of the entire supply to holders. But regardless, NFT degens did not care one bit and still pump this thing 10x to zero point.
T.D. Jens love unrevealed things. And so if there's something that literally never reveals, I mean, it's got to go up, right? Maybe this is the recipe. Just just never, ever reveal your your PFP project. And then it will just only go up. But luckily, there has been some sense in the market. It is it is back down about
50% from local highs. If you made a little bit, scalp training, BEPAPE, congrats, but happy to go ahead and move on. All right, well, I want to talk about Yuga winning a huge ruling over the weekend, but before we do that, let's read the news.
Today's Top Headlines powered by Lucky Trader.
night to have them accepted, calling some brief chaos in the blur or farming scene, though blur has fixed the bug and promised refunds to those impacted. Nike and Artifact teased a new ad for their Air Force 1 forging event, which goes live today through May 8th.
that Nike retweet was a promising sign for many in the community. The Pudgy Pee once rolled out a brand builders guide last week, including a pitch tech encouraging community members to leverage and use their IP, even encouraging competing businesses, all to help grow the larger brand. The gutter cat gang followed closely behind in the Peein Goose footsteps, releasing
their own community toolkit for members to use in their IP pursuits. In other news, Alpha Centauri Kid has shared new details and previews of his "The Broken Keys" collection coming sometime in the next few weeks. And then people back in the headlines featured the Nakamegos once again in an everyday on Saturday night, which sent the Nakamegos
And now back to around 116 million market cap after falling below that $100 million level and then Snoop Dogg and B friends are teaming up for a new NFT collab and song called please take a step back. Alright, those are the headlines. Go some curious. Any of those catch your eye. Yeah, I thought the artifact.
billboard was really cool and it was awesome to see that get retweeted by the actual Nike account which has several million followers so huge reach there and I actually scrolled through the comments to see if anyone was like talking shit about NFTs because I always do that on the on the Norfolk post there and it was actually pretty really strong sentiment
So I think people just thought it was a cool cool shoe and cool 3D ad there so very nice to see and then the the people in Akamego's thing I thought he was probably done with the Nakamegos after the initial hype cycle so very curious and interested to see him go back to that but D Gen unhinged people is just still
rolling so who knows what he's gonna post next just why I like I thought the same like why did why did this beep all every day pump knock amigos a hundred percent it's like the sixth time he's featured in a commie goes now so I didn't get it but certainly as a holder I was happy to see it Logan some additional thoughts
I was just going to say, I think if you're holding Naka Migos, like any quantity of Naka Migos, you need to have people's tweet notifications on. Because I mean, what, they sent the floor price like 100x, like it almost doubled, maybe slightly under that. And yeah, if you're holding long term, perhaps not, but if you're looking to exit
also interesting. I think we saw a lot of those pre forged NFTs that the shoes, the hats, the shirts and whatnot. I think they dipped because there was just such a long period of law there. And now the foraging is here. And I think we've seen some price action increase.
So that's been nice to see I'm certainly a little bit I'm paying more attention Now that Nike has retweeted them. You know, we've been talking on the show, you know, what is the relationship between Nike and artifact? So it was nice to see that I was browsing the collection and man some of these Murakami shoes do look pretty cool. So I don't know
I don't own any right now, but I might be shopping later today. All right, let's get into our second topic. I want to touch quickly on UGLABS winning this key ruling. So this UGLABS versus RIDARip saga has been going on for quite some time with the potential ruin had a big impact on NFT project IP. Well, Mark one down for the good
good guys. It looks like Yuga will win the case on all accounts on April 21st at US District Court in California, found in the case of Yuga Labs Inc versus RIPs at all that writer RIPs is RRBA by C collection did in French on Yuga Labs copy rights and the trademarks. Here's the quick detail shout out to Julian Son,
great coverage on the Lucky Trader website. Uglabs was granted summary judgment and false designation of origin and cyber squatting claims. Uglabs owns the unregistered B.A.Y.C. marks which are bound and enforceable. NFTs are good for the purposes of the Lanemact. Writer Ripses various defenses like I'm a conceptual artist this is free speech.
We're thrown out none of the defenses as the celebrity endorsements or securities violations are related to this dispute and Udelabs isn't tied out to monetary damages So there's a full 22 page ruling what will link the article if folks want to do a deep dive. So what does this mean for the NFT?
space. It feels like a big win for an NFT product IP and the ability not to be copied. As I understand this, you could not have an official trademark on the BAYC brand, which is a part of this case, yet the judge ruled that they had effectively established ownership of it via their strong conceptual and commercial presence. So I think
And that is one of the major presence that is being set here. I feel like this is even more important as we see certain projects like Pudgy Ping-Win's and Gutter Cat Gang begin to empower their holders with these brand toolkits to go out and use their IP in marketing and business building activities. So this feels like a big win for
for the entire space, specifically P.F.P.s. But I'm curious for our speaker's thoughts, how big of a deal this was. Emily, as one who follows the space closely and typically has great thoughts, I'd love to hear your opinion on how big of a deal this was and slash your reactions.
I definitely think it's significant for the rest of the NFT space as far as establishing your brand and how important that is to the future. I don't think that'll be granted to everybody that's out there. I think Yuga is a special
in that regard, but it is a helpful precedent to have in place if you are trying to establish a random round your NFT project. That's pretty predictable, however, as far as IP and trademarks
go from what I understand. You can't just come in and be like, "Oh no, actually I'm Nike and I make Athletic Wear when that brand has existed because it does have a lot to do with provenance." So I think that makes sense in that regard.
But it'll provide some clarity for people that are actively pursuing that in this space. And I think based on, I think what they said was the Air Muse case. And we talked about that when that happened a few months ago. I think that does make sense. But it is going to be
a little bit challenging, I think, for some of the cyber squatters that we have, especially in spaces like E and S. So, I don't know, we'll find out. Yeah, I'm with you. And I think you make a good point. There's also a degree of how, you know, how much providence
how big your brand has become. Certainly just a newcomer in the PSP may not have established their brand by launching a project. But it does feel like a big win. I think what I also want to check quickly on here is, so along these lines of IP and how important it is for PSP
projects that this new trend that we've seen from projects like the Pudgy Pinkwoods like Gutterkats where they're empowering their holders with these brand-building toolkits to go out and use your IP, build something with it. This seems like a better business model, right? We
Last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last but not least, last#
They're saying, "Hey, we're trying to build our brand. Here are the tools you need to go out and build your own businesses using your entities, your collectibles." When you're empowering your holders to do that, they don't have incentive to sell and churn.
So this feels like a positive move, but I'm curious for any reactions to this new trend. We'll see more of it goes. Maybe I'll tell you for this one how close have you been following? Yeah, I mean, I think that it's a huge win. And I do think we'll probably see more of this as people choose to enforce their
brands like you mentioned and as someone who was around with board apes from the beginning like rider rips and and poly have just been a thorn in the side of board apes and you got for forever and so it's nice to finally see them get some justice in like a legal manner and I feel like we saw Gordon goner in between
particular like who has been dealing with the health challenges as a lot of us know. Kind of like just express a ton of frustration and it seemed to be really like wearing on him that they had to continually deal with this. So I'm happy that they finally just got some resolution at least for the time being because I mean writer rips is
like a human troll and just everything he puts out is kind of it's just trolly and just bothers everyone so I don't know it's it's been bothering me for a long time I've had them blocked since pretty much day one of board apes but it's it's nice to see you could get some justice here yeah I'm sure it's just a huge
weight off of their shoulders and certainly a seemingly large focus for at least a portion of their company to make sure that this case went through now they can focus on other things. All right, I want to talk Opeta's before we do that goes to why don't you quickly take us through the top market headlines.
Yeah, let's do it. Here are some of the top headlines from the weekend powered by Lucky Trader. Captains saw a new all-time high sale of 43 ETH for an alien captain there and captains are holding a 7.5 ETH floor as we mentioned and are bucking the trend of most other NFTs bleeding out there. We learned on Friday that Moonbird's Mythics will
will be hatching in June and passes holders will receive commercial rights. The floor is currently at 0.32 for the myth of X there and holders of the diamond exhibition pass dropped to diamond nesters can also start raking their preferences among the 21 artists at the exhibition today. Killer bears would be deploying two
new contracts and air dropping new kilocubs after a report of issues being able to transfer the NFTs. The kilocubs are still holding at a point 240th floor right around mid price there. Solana project Mad Lads went wild this weekend. They saw a 2000th solar top sale and they minted for just 6.9
So a nice 10x there and did $11.4 million in sales. So a new challenger to the top crown of Solana out of nowhere there. Notable to gods hold their Poke Panda had a nice sweep aboard apes this weekend picking up 10 for a total of 480 teeth that moved the floor up almost to eat there. And finally, I
This week I saw a big sale for the artist Rip Cash, known for his surveillance cameras. Collector Trill deceased picked up a piece called Glitch for $29.8. Ghost, thank you for that. Certainly nice to see some life over on Solana. Solana was high or Solana
volume rather was high, kind of neck and neck with ETH across this weekend and Mad Lad is certainly a big driver of that. Before we move on, Logan, I saw your hand pop up right before we read the news, anything to add on the IP conversation?
Yeah, I just wanted to add a quick note here, and sorry, if I already mentioned, but regarding the legal fees and the requirements for some of these bigger teams, I saw a tweet, I'm not exactly sure from who maybe NFT bark is he worked for MetaGood or previously did the onchain monkey team.
It's just a small additional consideration that just struck me as a unique anecdote from this weekend, given the time and energy and effort that GOS is mentioning from the Gordon Garner perspective, how much some of these companies may have to kind of bank just for any of these potential challenges down
right so hopefully this alleviates some of that but we will see where this continues. All right I want to quickly talk Opepins so this was the story the highlight of Friday night. The Opepins reveal reveal is in quotes I do think there was a bit
a confusion about how the Opep and Reveal will work. So effectively, Jack is going to roll out 200 packs. There's going to be 80 cards. I'm going to call them cards in a pack, which will feature six different artworks.
It can be one of ones, ranging all the way to one of 40s. So I want to say it's the lowest, the most unique is the one of one of course, and there's one of fours, there's one of fives, one of 10, one of 20, one of 40. So there are effectively a series of additions. It is 200.
series, different artworks, and clean their own additions. So in the reveal event, if you owned and Opepin before the snapshot, your metadata was updated to reflect what rarity you got. So were you going to receive a one-on-one or
one of the more common one of 40s. So just kind of quickly checking in on the market reactions. The one of ones are holding at a 3.17 each floor here this morning. So a solid 10X from the floor, I think the floor was around 0.36 head into
The reveal so that was a nice return that the one of fours the second most commoner is 0.6 the one of five's is 0.55 and then kind of linearly down from there the the one of 40s are on the floor at 0.29 ETH here this morning Ghost I'm curious for your thoughts of someone
who's deep in this ecosystem. How did the reveal go for you? What are your thoughts on this new implementation? We haven't really seen anything like this. This concept of packs, this concept of additions with NFPFP project. I don't think there's really much presence. I'm just curious for your thoughts overall.
Yeah, I mean, I'm really bullish on the jack book or butcher ecosystem in general and I love this unique kind of approach here. And I'm not really too concerned about price action because I think that the things that he's building are going to take time and that they are longer term plays. And I think that when you hear people
people talking about all of the negative activity in the area or in the industry right now and in the space. The one thing that people tend to mention is like, oh, Jack butchers like the one person doing like really unique, cool, innovative stuff right now. And that makes me really bullish on that. And I also think that the way that he's structuring Opepins with
like the certain amount of packs getting released on like kind of a slow drip. I think that's a perfect way for the attention economy of the space where it's going to be really interesting to watch the reveal because it's going to take a lot longer. There's going to be a different hype cycle each time there's a new pack release. So I think it's going to be really interesting to watch how that goes.
and it might set kind of a new standard for releases there. Yeah, so you're feeling bullish. I can hear it in your voice. I think another interesting, I haven't kind of played out Friday night. So GM Carlo tweeted kind of calling it the first major AI/PFP project.
of this meta. I'm curious, are you buying that logic? Certainly, it's not the true first. I want to say, well, it's not the first AI project. Is it the first AI-based PFP products? I don't know if we can really confirm that, but it feels like the
first maybe that's fully embracing it. So do you feel like that is a driver of value here? I'm curious, is that a big force for you in holding or potentially adding your position? I don't know if it being necessarily the first is a
a driver, but I think that Jack is great at harnessing the current climate of whatever is being talked about and that social thing he did that with checks when the verification process was the talk of all the circles and now kind of AI has taken over that conversation and I think that this kind of leans into it in a nice way. So I don't know if it's necessarily the first, but I think it could be the one
that brings kind of a new wave or like you said, like a new meta of how people do stuff to the space. So just being an innovator, I think, is going to keep him at the top on the front lines there. He certainly will be able to stay in front of the market and keep attention. Logan, I want to ask a quick question for you and then we'll close out. As someone who follows the space,
for a long time now. Have we seen a precedent like this regarding additions within a PFP collection? Or do your thoughts on Jack using that as a function of this reveal? Yeah, not that I can recall, at least nothing
thing that stands out is like a, you know, still relevant project. And please correct me if somebody in the audience were to happen to know of one. I think what Ghost mentioned regarding to the second part of your question, what Ghost mentioned regarding Jack butchers willingness to innovate and kind of do things differently from the crowd
is fun and interesting. Of course, it always brings with it this level of execution risk that we talk about that can definitely impact floor price. But we talked about it last week. It feels super boring right now. It feels like a really boring market and anybody who's willing to kind of push the
We'll just try something a bit more unique. Just shake things up. Even temporarily switching the meta, that's what people want. We want to be able to talk about new things and have a little bit more fun in the market. I think Jack's a king at doing that.
I really just had one last point here. I really love these projects that are moving towards this delayed trip approach that you could did with Jimmy the trial monkey. Kilobairs is doing it with the Cubrio incubation for kilocubs, Jack with Opepins. It's exactly what goes my
the sleeves you to continue to make minor announcements throughout the course of a month or two. Yeah, it's kind of like a slow drip of the supply, right? Of course, the full supply is out there, but the true PSP supply will be entering the market slowly. So that will counteract a little bit of this bare market
in the general lack of liquidity, go some additional thoughts and then we'll close. Yeah, I mean, I think like Logan said, I think Jack has the attention side of things master, but I think something that flies under the radar a bit is how well executed like the contracts and the code has been for both op-epins and checks. And if you spend some time on the checks website,
doing some of the burning and stuff like that. Everything is just flawless. The reveals have been really great and the tools that have popped up to help people composite are great. So I think that's a huge factor in a successful project is just having really nicely done code and really great user interfaces. And I think that Jack and his team
team have really nailed that as well. Great call. So on the contract spectrum, we've got Jack Bocher and Jackson L Peppins on the good end. And then we've got Pepe Pepe on the worst end of the spectrum. And with that, we are going to close out today's show. But before we drop, what's on the docket minting today? All right.
We've got the memes by 6529. It's Meg Thorps card coming here at 11 a.m. East Airwork site for that one. We've got April showers by Andrew Mitchell coming tonight at 630. We got the Moonbirds Diamond Exhibition opening today along with that artifact X Nike Air Force one forging event going along.
for two weeks. Today's a big day for proof in the Moonburns ecosystem as that Diamond Exist exhibition goes live. The day one nesters, those who have held and staked since the beginning will have their first choice of art selection, they will be able to rank their top preferences and receive one of their first choice.
that may window does run through April 6th. So we'll have a kind of three days here to see how this is going to play out before those states passes turn into the regular mid passes. The 4 at 0.3 E. This morning will be interesting to see where that goes as some of the art pieces be
to trickle out. All right folks, that's it. That's our show for today. We will be back tomorrow at 10 a.m. Eastern. Thanks to our listeners. Thanks to my co-hosts. Everyone enjoy your Monday. Let's make it a great day and a great week. Bye everybody.