Jim, Jim, thank you for joining us here this morning.
We're going to start the show here in just a few minutes.
We will give it a few for folks to filter in, get our speakers up on stage while we wait.
We're going to start the show here in just a few minutes.
We're going to start the show here in just a few minutes.
Good morning and welcome to the Lucky Lead.
Today is Friday, January 26th, folks, it is another gray winter morning out here in Chicago.
It's 40 degrees at least, but we haven't seen the sun in several days now.
It is a bit depressing, but you know what's not depressing?
Bitcoin puppets, they fill the world with happiness and peace and their price action
has been rocketing in the last day.
The enthusiasts aren't depressed either after yesterday's news, though great token owners
might be, along with the Web3 gaming maxis.
We're going to break it all down on today's show.
I see some friendly faces out there, Huda, Juan Snow, Woody, Brentwood, thank you for
As a reminder for any new listeners out there, we do run this show every weekday, Monday to
Friday at 10am Eastern covering all the major news in crypto and NFTs.
I'm your host, Tyler D., and I'm joined today by some amazing co-hosts.
We've got Emily Love's crypto, a Web3 security expert and co-founder of Fullproof Labs, Ghost,
content star over at Lucky Trader, Quiet Whale, deep in the AI streets, still hanging
And then Logan Hiscock, our editor-in-chief over at Lucky Trader, he's running on two
and a half hours of sleep.
He's deep in the Australian open, but still hanging with us here.
Logan, GM, how are you doing?
I'm doing well, man, not a lot of sleep, but lots of great tennis and lots of caffeine
early this morning as well, with lots to talk about, too.
So I'm feeling a surplus of all things.
One of those things, maybe not energy, but I'm going to push through.
Catch us up briefly on the Aussie action.
Is it playing out like you expected?
Who are you rooting for here?
Oh, it was last night was so great.
If you haven't had a chance to catch up, Novak Djokovic, 10-0 in Australian Open
semi-finals, hasn't lost on that court in like a bajillion years, and lost in four
sets to Yannick Center, a nice up-and-coming Italian world number four.
One of my favorite players last night, Medvedev and Sinner, both pulled out.
Should be a really, really fun final on Sunday, and then, of course, later tonight,
3.30 AM Eastern time, if you want to watch the women's final, Sabalenka and
I'm sad that the Australian Open is ending, but I'm very, very glad that I will
be able to return to a more appropriate sleep schedule when tennis moves over to
Europe, and then, of course, eventually into better time zones for me.
Yeah, I'm personally ready for tennis to move out of Australia for your health
Quickly, what time is the final on Sunday?
I believe it starts at 3.30 AM Eastern time.
Yeah, so I was in between last night whether or not the Djokovic match
actually started at 10.30 PM Eastern, so that was reasonable if you wanted to catch some
of it, and I was in between when that match ended, whether I could try to sleep and then
wake back up, and I actually just pushed through, and so that's why I've only got those
two and a half hours, but I'm here.
All right, well, thanks for catching us up.
Hope the final is entertaining here.
Folks, we're going to talk about more than tennis on the docket for today.
We're going to start with tokens hitting Mocha versus latest news, the wind token on Jupiter.
It is live now, actually.
We're going to check in on that price action, the grape token there moved to ETH, and then
we're going to talk some Bitcoin puppets, what's happening over in the mines, one of
my latest wasabi longs, this rare launch and more.
Before we dive into it, though, Ghost, any housekeeping for today?
As always, if you enjoy this show, Tyler does a great rundown of the NFT space every morning
in the Morning Minute newsletter.
Get that pinned to the top of the spaces, make sure you give that a subscribe if you
Thank you for that, folks.
Also, it's casual Friday.
You know what that means.
If you've got a hot take on any of the topics we're covering on today's show, feel
free to shoot that hand up request and join the conversation.
I'd love to have you up on stage.
Well, I'm going to start here.
I was a brief read from the top story from the Morning Minute, and then I'll turn it
But NFTs have had a very nice stretch here, but it's tokens that are perhaps even
hotter right now than NFTs.
We got four major token stories from yesterday.
So Mochaverse and Anamoka partnering for the Mocha Foundation and the Mocha Token
The Jupiter team announcing the win token details ahead of the launch, which just went
The Grapes team deploying Grapecoin on ETH thanks to Layer Zero and an on-chain monkey
sharing new details for how to earn karma.
We talked a little bit about that on yesterday's show.
A little bit more detail on some of these.
Let's go maybe briefly one by one.
So starting with Mochaverse, right?
So Anamoka Brands and Mochaverse NFT are officially teaming up as strategic partners
for the Mocha Foundation.
Their focus is on network growth, cultural integration, and governance.
And we know what governance means.
So the Mocha Token will power Mocha DAO coin, the DAO of DAOs to manage this growing empire.
Briefly why it matters, at least from my perspective, I think Mocha is positioned to
be the new Web3 gaming index play.
When the Mocha has its hands in everything, seemingly has infinite cash, I feel like fading
their token would be a mistake.
The market has already shown that with Mochaverse NFTs 5Xing over the past few months to pass
And I expect more and more attention on that growing force here in the weeks to come.
So let's just pause there and let's quickly touch on Mocha.
Logan, maybe I'll go to you first.
Is this the new alpha token in the Web3 gaming sector, perhaps in the broader NFT sector?
What's your read on this launch?
I think this will be the largest one to date in terms of actual NFT and Web3 tokens.
We still need to know a whole lot more about the distribution of it, allocations, tokenomics,
all those lovely things that will greatly impact maybe its initial success or longer term
However, as you indicated here, Animoca has its feelers in every single thing in this
ecosystem and everything that we're playing in is likely touched in some way, whether
it be via partnership, a true Animoca brand subsidiary or beyond.
And so it does feel very much like an index play in some way.
I guess the things that I'm still trying to formulate a thesis on here regarding this token
is just how much it's going to tie into some of those other connections.
You indicated here they're looking to make it the DAO of all DAOs and have this sort
of cross chain, cross community empowerment via this token.
And that's a lot of buzzwords.
It's a lot of things that sound super ambitious and great, especially when you're speculating
But what does it mean in practice?
And so I guess I'll reserve some judgment there.
But I do think using the analogy of an index for all of Web 3, you've indicated
gaming, but just mainly all of Web 3, it might be the best way to define it thus far.
Yeah, I'm with you there, Ghost.
Maybe I'll throw a similar question to you.
I mean, you made a bit of a play on the Memeland ecosystem with Captains.
I feel like it's somewhat of a similar thesis one could build around the Mochaverse NFTs.
Have you ever looked at these?
Do you have a read on this Mocha token here?
I really have not looked too much into Mochaverse or have a read on the token.
I feel like I'm still holding a kind of negative sentiment about Animoca as I did
from the early bull run, because I feel like they had a bunch of failed games and projects.
And I just did not feel like I was vibing with them.
And they just had so many things going on that I wasn't sure.
But they've clearly done very well with Mochaverse.
And obviously, the price is reflecting that.
And I mean, this is just an insane rise.
But I have no exposure and have not really looked into it.
But kudos to those who have stuck with it
and kind of been rewarded for Animoca, just continuing to build through it.
Yeah, well, very fair take here.
Certainly, this will be interesting to find out what the real demand for Mochaverse Animoca assets is.
I guess I don't really have a strong read on who the Mochaverse NFT holder base is.
I don't really see a whole lot of the PFPs on my timeline.
I don't really see, honestly, a whole lot of folks even talking about it,
even though Animoca just pumps out news, perhaps because it's just too much for folks to even cover.
I mean, Logan, I know that's something that you see,
because you published the Animoca stories for us over at LuckyTrader.
Curious for your thoughts there.
Yeah, it's really difficult to pay attention to the Animoca brand's ecosystem,
which extends in so many areas, particularly in web3 gaming.
There's just so much, even as Ghost was saying,
there's a lot of dust in that portfolio as well.
I've made it pretty public on my personal Twitter feed,
just the Animoca portfolio that I've been tracking,
all these different projects and companies that they've invested in,
publicly acknowledged investments in via its website,
and all those tokens that are associated with those projects.
There's a lot that you will have never heard of.
There's a lot that websites don't function appropriately, etc.
So, to try and pay attention to all those different things, it's impossible.
But at the same time, even the core, as you alluded to here,
the Mocha verse NFT, really outside of Walle,
I don't see anybody ever really tweeting or talking about it.
And I believe he's an ambassador for the ecosystem,
so it makes sense to see that come from him.
I don't know what to expect.
One of the things that I'm thinking about though,
as it relates to all those other projects is,
will this token and its interplay with those other ecosystems
kind of be a rising tide for some of these other boats in the Animoca Sea?
And so, that's something I'm thinking about,
and one of the reasons I'm paying so close attention to
some of those other tokens,
despite the fact that they may not be Mocha tokens,
but they may end up receiving a Mocha allocation, right?
And there's so many of those projects that just nobody actually knows about
that might be worthwhile doing some digging on,
should we get more details about the distribution of the token.
Logan, I'll give you one more question on this.
So, I kind of mentioned it in my read in here that
I think that the Mocha token could be seen as a bit of an index play.
I think we talked about on this show,
perhaps in the past few weeks, perhaps past few months,
that Prime was a token that, in my view,
got people buying it as an index play on Web3 Gaming.
Is Prime in trouble here with this Mocha launch?
I think one of the things that's great about Prime,
and a disclosure, I'm a backholder,
do not play parallel or anything,
but I've been following and hold the token.
One of the things I think that's really great about it
is it definitely knows its lane.
The team at parallel and what they're working on,
this is just my opinion, of course,
but they're working with a very, very clear focus,
and that's to build parallel,
that's to build colony and its AI games as well,
and that's to drive value to the Prime token
and everything that surrounds that ecosystem.
For Animoka, it's all felt like spray and prey type,
not a little bit of a lack of focus,
and that's sort of on purpose,
given where it stands in the ecosystem.
So, no, I don't feel threatened in any way.
Prime may be overshadowed as a result of the massive size of Animoka
and the excitement that a token like this may cause
and reward lots of different participants,
but I'm feeling pretty comfortable in Prime.
I'm continuing to DCA in,
and I'm obviously pretty bullish on the long-term outlook
Yeah, well, we will certainly see how Prime is impacted.
I will say it's been a little bit disappointing
some of the price action over there on Prime,
and I want to talk about broader web3 gaming
perhaps here in a little bit,
but first, let's talk Jupiter.
So, I'll give the quick run-in here,
lead in on this win token.
So, we got the details yesterday for Jupiter's first meme coin.
It is a meme coin derived from fractionalizing a poem
turned NFT from founder Weir Meow.
It just went live 14 minutes ago.
70% of the WIN tokens were distributed
across a million wallets on an even basis.
And I guess that the driver for this,
it was the first launch pad project here from Jupiter.
It's kind of debuting as their beta project
as a stress test for that launch pad
ahead of the highly, highly anticipated
Jupiter token launch happening next week.
To me, expectations have been sky high
for this Jupiter airdrop.
And with that level of focus,
the level of focus that had been broadly on meme coins
on Solana and Jupiter in the spotlight,
there's going to be a whole lot of attention on this one.
You've got the airdrop component
where literally a million people are getting,
or a million wallets are getting this token for free.
I think like 640,000 tokens, which is about 0.6 Sol.
I want to say, but I think there's going to be
a lot of attention on this one.
Logan, I'm curious if you've been following this at all
I know that's been tough with us kind of chatting here,
but have you been able to monitor this?
I've not seen an official communication via Twitter
thus far from Meow or from Jupiter.
And for some reason, I'm having some trouble with Discord.
So perhaps somebody can comment to note
whether or not that's officially gone live.
I mean, I believe it has.
I'm just trolling deckscreener as well.
And there is a when token trading.
I cannot confirm it's the right one,
but it's starting to get a bunch of liquidity
and a $54 million market cap.
It's been swinging quite volatility
in the early going right now,
but I'm not certain this is the right one.
I do have the, I believe the contract address
from yesterday's announcements that I can compare to
in just a second here to try to confirm for you
I mean, this is really, really cool
for them to stress test in this way.
And of course, everybody loves free money.
Yeah, so why don't you take a couple minutes here, dive in,
try to track down the details for us.
I'll admit, I've been trying to casually buy some of this
during the show very unsuccessfully.
It is a very difficult coin to purchase
without your full attention right now.
So clearly the demand and volatility is there.
Ghost, I believe you've been dabbling a little bit
How are you playing this airdropper?
Yeah, I'm usually pretty bad at selling things.
So I'll probably be holding it.
And I always look at it as like a free moonshot here.
So I'll probably be holding it.
Everyone seems pretty bullish on it.
And a lot of people seem to think
it's going to inject a lot of life into Solana in general.
So excited to see what happens.
And I didn't really do much to acquire the airdrop.
So just going to hold on and hope it brings
generational wealth, you know?
And yeah, I mean, I kind of spoiled the lead here.
But I'm trying to actively buy.
I don't really see the point in selling 640,000 tokens
out of a $1 trillion supply versus just holding it
and maybe seeing where this thing goes.
I know this was this launch did catch a little bit of
fud in where Meow's announcement.
He did, I believe, I don't know the exact words.
I don't have his post up.
He basically said it was the first fractionalized entity
that turned into a token.
And that is just clearly false.
It is absolutely not the first instance of that.
And in fact, we've seen several.
Perhaps it's the first on Solana,
which would have been a nice clarification.
Logie, your hand popped up.
Do you have more details?
Then we'll go to Joaquin.
Yes, I was just on the, again,
I'm still struggling with Discord, unfortunately.
But I was on the official WIN website
and got the contract address.
Can verify that the deck screener one
that I was looking at and those numbers
I was citing earlier is the right one.
So again, highly, highly volatile.
I'm looking at the WIN USDC pair.
It's indicating fluctuating between $30 to $50 to $60
million market cap based on whatever is happening.
Right now, this is very instant.
One airdrop or one claim allotment is around $35 US dollars
for approximately 650,000 WIN tokens.
So that's like a third of a Solana,
basically, a little less than that.
So yeah, I mean, if you were eligible
across a handful of wallets,
you probably found yourself at the minimum one Solana,
which, you know, not too bad for a Friday, right?
Not too bad for a day's work.
Yeah, I mean, it seems like there are some difficulties
with the lodge here from some of the chats that I'm in.
It might just be best to kind of stay away from this thing
for a little bit and see how it perhaps settles.
And sorry, just to jump in on that note, Tyler,
I'm always waiting given not trying to act super hasty,
but the claim for this is open until 10 p.m. on January 29.
So you're not, you know, anyone out there
that has an allocation, you do not need to rush
if you're having errors or, you know, in any way,
fearful for security purposes or whatever.
You can definitely take your time.
Yeah, there's never a point in rushing to, you know,
to claim it, especially if you are concerned in any way.
I've got the decks up now.
I'm seeing 54 million, 4 million in liquidity,
which is some serious liquidity for a token of this size.
So that part is nice to see.
Akim, you've been waiting with us.
Do you have thoughts on the win token launch here?
Yeah, I mean, I think the launch from my perspective
has gone fairly smoothly.
I've claimed from four wallets relatively easy with no fails.
I think, you know, the key with these things
And so like if the fee is like 0.0009 cents,
just raise it up a little bit.
And so for all my transactions,
I pretty much think I paid 9 cents per transaction.
I just sort of moved the decimal up one.
And that's, I mean, just based on my experience
like that's typically the smart thing to do
because the majority of people will just use like,
And if you actually want to get through those transactions,
you want to raise your fee a little bit.
I mean, I think it's been an interesting drop.
I think, I mean, it is supposed to be a stress test, right?
So I don't think this is like a generational wealth drop
necessarily, even though, right,
it could mean its way into a higher valuation.
The thing that I actually thought was really interesting
is it's also sort of a test of, you know,
So it's this dynamic LLMM
and there's some innovation around that
in terms of how that operates.
And so if you went to the website,
like yesterday, for example,
it kind of actually walked you through,
like if you actually wanted to buy how to set up your DCA,
leveraging, you know, leveraging Jupiter, right?
So I think, yeah, I mean, it seems like it's working.
I actually think it's working more effectively
which I think really, you know,
brought the platform down to its knees.
And so perhaps like the DLMM pools
are actually functioning correctly
and yeah, you can kind of actually see the curve
on the website and how it's performing, which is cool.
Yeah, it seems like the stress test was absolutely needed.
We'll see, you know, what bugs folks kind of report on here.
Interesting to hear from you on kind of raising the fees.
I'll be honest, I'm kind of exposing myself here
with my Solana knowledge.
I'm not even sure how to do that.
Like literally on the, like, so they made it really easy.
Literally on the claim site, there's a max fee box
and you can change it and save it.
So it shows you what the claim price is currently,
market fees, what the swap price is,
like basically the base price for fees.
And all you have to do is just change that fee and save it.
And so for those who are actually trying to buy
they probably have their fees actually higher than that,
Because, you know, you'll just get priority.
And then so if you wanted to buy it literally at the beginning
when it was, you know, 5x lower than the current price,
like you're probably setting very high fees
to sort of, you know, scoop up as much as you could.
They clearly have done a good job on their site
of making it easy to buy.
So like when I went to this lfg.jup.ag site,
like there's instructions on how to set limit orders,
on how to set DCAs, how to do swaps.
So they are certainly encouraging trading
So I imagine we will see similar with the Jup launch
I think part of the reason why there's been focus on this
and why we've been talking about a meme coin here
So Mach Jup was just purely a test.
The team very loudly said, do not trade this,
it's going to zero, so on and so forth.
And it still ran to a $20 million market cap.
And with a little bit more formality behind this win token,
I think folks have higher expectations in turn.
It's just a way to get access to a Jupiter branded token
in some capacity ahead of next week.
What was interesting, I saw people calling the what token
So I will admit I dabbled a little bit in that yesterday.
So I don't recommend necessarily doing that.
Well, I want to talk about coins for another five minutes
and then we'll talk about Bitcoin puppets
and a few other things in NFTs.
But we got to talk about grapes.
The grapes and they were, I mean, leading NFT headlines,
they're leading the web three gaming narrative there
for a bit, what, just a month, six weeks ago.
But they made a pretty critical mistake
and they launched their token on BSC, finance smart chain.
It got instant negative feedback from their holders
and the token has performed very poorly.
The grape coin is now down 85% from launch.
If I'm looking at the right token,
it is at a $7.4 million market cap.
The grapes NFTs are down 75% from all time high as well.
Now below one ETH, those things got passed four,
if you remember, but now they're trying
to fix their past mistakes.
They are bridging the grape coin to ETH
using layer zero technology.
So we will see what impact that has.
I think for me, why it matters,
I personally have had kind of shared some thoughts
on the show that the web three gaming narrative
was perhaps overheated that there are some winners
that will come from this,
but there are going to be a whole lot more losers.
The whole narrative was just being pumped so hard
as the coming meta in 2024.
But I think the results of the grapes,
one of the first really gaming,
web three gaming NFT projects to launch their token
that the failure of this token,
for me, I think has taken some of the wind
out of the whole web three gaming narrative.
This was the consensus narrative
for best bet headed into this year.
We saw prime pumping past 10.
I think what came out of this though
is we saw so many projects launching,
so many promising tokens,
so many doing pre-sales every day
that the bubble just got a little bit too big
And I think with this grape token live,
folks are kind of facing the harsh reality
of what these token charts look like
when there's not enough organic demand
It's a little bit brutal.
Logan, I'll throw it back to you for this one.
Does it feel like a Hail Mary here
from the grapes team bridging to ETH?
Do you feel the same about the impact
that their token has on web three gaming?
Broadly, or am I just over-exaggerated?
And I don't feel the same
regarding great impact overall.
This of course was a darling
during the late stages of 2023.
Massive run up right before token drop.
Sell off with token drop.
I think a lot of those things
Of course, the ties to animoca brands
of validation or justification
But this is just one project.
And as I alluded to before,
I mean, if you're using something like,
oh, well, animoca backed this
as a means to invest or beyond.
that they've participated in.
How many have gone to zero
And so this is just to me.
the lack of success for the grapes token
is a death knell for web3 gaming.
And I actually like again,
my feed may be curated poorly as well.
A lot of this is anecdotal.
You know, like I'm not seeing any.
You know, like any distress over
over grapes on my timeline.
And seeing that flood into
sort of a web3 gaming downfall.
There's still plenty of web3 gaming news.
Prices, of course, aren't so crazy.
But I feel like we're just in
a different meta right now, right?
And these metas happen so fast.
The ball of money happens so fast
that people are paying attention to meme coins.
People are paying attention to other things.
All these projects, all these games
are still building and doing things.
whether or not it's the top headline
Alright, Loki is a little bit more bullish
That web3 gaming narrative will survive.
You know, a few more token disasters like this.
And then I think prices will speed run the wrong way.
Ghost, maybe I'll throw this one briefly to you
and then we'll move on to the news.
Do you feel like the web3 gaming narrative
has lost some of its steam?
Are you still a believer in that?
I mean, definitely lost some steam.
I think people just jump from casino to casino
and whatever one is popular,
making money at the time.
And so I think that it's not dead by any means.
And I think people will rotate back
when there's a game or a project
that kind of ties the coin in a really good way.
And we see huge pumps on that
or just more eyeballs back on those games.
like we've seen a rotation kind of more
like the Solana, NFT, stuff like that.
But I don't think it's dead by any means.
There's just so many games.
There's so many different cuts of the pie
of like the gaming sector.
It's hard to know which one
is truly going to be the winner
and which one is going to keep
the attention of the market, you know?
Yeah, I think that was like
the foundational part of my bare case
the amount of work it would take
to do due diligence on all these games
and all these teams to understand,
you know, what's actually a good product
versus what's just pure smoke and mirrors
and hype would be more than a full-time job,
So like if you are connected
with the team of people who have that skills,
it feels just like a sector to fade entirely,
which is how I've approached it.
So I'm speaking with a little bit
But there are plenty of other options
to deploy capital right now.
And one of those is certainly over on Bitcoin.
I want to talk about that here in a minute.
Today's top headlines powered by LuckyTrader.
Trading volume on ETH was up a tick
to $23.9 million on Thursday,
though most leaders did see red.
Mochaverse led notable top movers
Those Boo Bears jumped to 23.5 ETH,
and Campi Panda's Infinity surged to 8.85 ETH as well.
On Chain Monkey announced their new details
for their Karma token drop,
raising their floor 33% to 1.75.
Pudgy Penguin shared news
that they have sold over 750,000 toys
in season one with over 55,000
new Pudgy World accounts.
with Luca teasing season two
Mokemons had a huge day over on base,
briefly pumping 4X to a 1 ETH floor
before settling around 0.55 here this morning,
still up 110% on the day.
Over on Bitcoin, RSIC did lead volume
with like 27 Bitcoin in trading,
but Bitcoin puppets stole the show.
when I ran the numbers this morning.
I think they're even higher now.
I saw 0.054 before the show.
Node Monkey's doing very well as well,
New generative art project Memory Blocks
minted out at 0.005 Bitcoin yesterday.
Ran to 0.004 I saw at peaks.
settled around 0.03 Bitcoin this morning.
the NFT scene is rough over there right now
with the focus squarely on its meme coins.
The NFTs were heavily read.
Frogana's did lead volume.
Rubber fell 51% to 9 soul.
And brought our Web3 and crypto news.
Crypto majors back green this morning.
We did see some leading Solana meme coins rally.
Bonk up 12% to 740 million.
Market cap with was up 8% to 377.
The US government did file notice
to sell $130 million of Bitcoin
from the Silk Road event,
though that was interpreted bullish
by the timeline who expected
more Bitcoin to be sold from the US.
And then the Rari Foundation
launched Rari Chain Mainnet on Arbitrum
with the key differentiator there
to guarantee royalties by embedding them
They're also celebrating the launch
with a project called 10 by Rari,
a curated series of 10 drops
from 10 major artists taking place
next week, January 29th through February 9th.
Alright, that was a rundown
of the headlines of the day.
I think we got to talk Bitcoin puppets.
They dominate action on Bitcoin.
They're all over the timeline again.
Are these the new alpha dog over on Bitcoin?
Ghost, I'll throw this one to you first.
What's your reaction to the puppet craze here?
You're throwing it to me first,
but you know that I don't own any puppets, man.
I feel like I've been the one person
that hasn't been big on the puppet train.
It's just, I just can't get with the,
maybe I'm just mid-curving it.
It's just never really appealed to me.
I think they look ridiculous.
I do think that they could be
like the Malady type project of Bitcoin.
I just like, I fumbled into some of those Garys
at like 0.0001 Bitcoin or something like that
and ended up not getting them, I thought.
And then they ended up in my wallet
and just similar art like that.
I just don't want to see that in my Bitcoin wallet.
And now I have to look at these damn Garys
So good luck and loving all of the wins
for you guys who are in the Bitcoin puppets,
Those Garys would look a hell of a lot better
at 0.05 Bitcoin than they do at whatever
Quick side for the, go ahead Ghost.
I'm sending at least one of those to your wallet
and the other one's to Logie's wallet.
Don't curse my wallet like that.
Like I actually was excited about that one.
I was trying to cement that in the artist,
the founder, whatever happened.
I don't know the full details,
but they basically botched it.
It got heavily, oh, they launched it early
They gave them advance notice
that inside group got most of the supply tanked before
and then no one was interested after that.
You can't mess up your launch on anything
that's kind of questionable
to get adoption in the first place.
So a lesson learned there.
But Logie, your hand is up.
You're personally waiting.
Are Bitcoin puppets to Alpha?
I was scrolling through the audience here
and there are way more puppets
than I can recall from previous days.
Just seeing more of them than before.
I had a similar sentiment
that Ghost just shared initially about puppets.
And perhaps for a variety of reasons, right?
Like the art is silly, of course,
You can like that or you can't.
But some of the initial pumps
and timeline evidence that I was receiving,
for open them being silly about puppets.
And you could have definitely,
gotten a bad taste in your mouth
Although I believe that's all in good fun.
The thing that changed my opinion on puppets
was the inclusion in this RSIC drop
that we had an explicit published criteria,
but by all accounts, puppets were a part of that.
not owning a puppet means you're not owning
some sort of this early Bitcoin culture type stuff.
And we've just seen that play out, right?
With Pudgy is now being included in so many things.
Being included in so many things,
given their status and standing
in the Ethereum NFT and all web three, right?
And if, this is an if still to me,
but if puppets are going to carve out themselves
which they already have done so,
they become pretty appealing.
And so that's where I flipped
maybe more left curve on puppets.
I'm in, I do full disclosure, have puppet exposure.
Man, Logie just talked me into max bull mode on the puppets.
What an eloquent thesis for the puppets there.
I don't know that I could poke a single hole in that.
I think what I also heard there is that the miners,
those RSIC miners help save world peace.
So give them their shout outs as well.
I know Emily has been waiting to talk.
because she's on the desktop here.
So I participate in ordinals by minting.
I've minted a few collections or I guess my,
I don't even fucking know what the term is,
but I've created art for a few collections
and put them on inscribed onto ordinals.
I have not been buying them
because it's taken me a long time to wrap my head around it.
And the very strong messaging that I've gotten consistently
up until this point is that it's meant for high end art.
It's meant for very high quality, long-term collectible art.
And the thought of my Bitcoin being spent on ordinals
that look like the puppets and then eventually going to zero.
Like just that reality is nightmare fuel for me
because I think we all know how valuable Bitcoin is,
even if I think the majority of our audience
does trade almost entirely on Ethereum
and seeing this stuff evolve on Bitcoin is really cool.
like I think it's going to be difficult for people
to acknowledge that they look like shit at this price point.
And I think that people will realize just how terrible they are
And I don't think that there's anything about that art
that really is reflective of Bitcoin.
Like I would say the node monks
just as far as a branding maneuver
have a significantly better chance.
And like, I just don't think that there is room
for that kind of like de-gen stupid type of play on Bitcoin.
I think it's entirely fueled by hype and FOMO
of people who did not get something like a node monk
or an ordinal punk or whatever those early ones were.
I think it's the type of thing
that absolutely is not going to mean
what people think it does in the future.
And if I had any of them,
I'd be selling them right now.
Like I would think that that is a lot of money
to be paying for something like that on Bitcoin
and be getting it right out of my fucking wallet.
Well, I'm happy we won't have just a one-sided discussion
on the puppets here on the show.
This morning, clearly Emily giving her rebuttal
of Logan's bull case thesis.
Unfortunately, I feel like my takeaway from that
is that Emily just doesn't understand art.
I don't understand the art
and I also don't understand the messaging
that it's supposed to be incredibly high-quality art,
not something my six-year-old could literally do better.
So the art has certainly grown on me.
Of course, there's the meme that it looks better
But no, I actually, my immediate reaction to these,
I was very similar to yours.
I think I actually commented on one of the thread guys post
that these were like the worst-looking PFPs
I'd ever seen in my entire life.
But they actually started seeing them as PFPs.
I kind of think they look good.
Like Liz is up on stage with us.
Toot is up on stage with us.
No, they don't look good.
They look fucking stupid.
There's no two ways around it.
You know what's crazy, Tyler?
As Emily was saying that,
I just bought another two puppets.
That just made me significantly more bullish.
I'm happy that someone made a bag off you
because they look like shit.
The hate fuels the Bitcoin puppet buyers.
I'm growing more and more aligned to this thesis
that the best thing that can happen for an NFT product
is have half of the timeline just absolutely hate it
and half of the timeline absolutely love it.
And it seems like no one has captured that zeitgeist
The timing, of course, was impeccable.
I'm kind of launching at the similar time
as the node monkeys kind of had a little bit
of the title of the rich man's PFP on Bitcoin,
which gave the Bitcoin puppets a little bit of the underdog.
And of course, the market loves on the box.
I just want some clarity.
Have we completely detached from the meta
that Bitcoin is for high quality art?
Yes, it's just an NFT ecosystem at this point.
At least that's how I view it.
I think there will be thriving art on Bitcoin,
but I think PFPs are going to have their role
Tyler says Bitcoin is just another PFP ecosystem.
Writing that down for later.
I said it's an NFT ecosystem.
And I think there's a lot of consensus thought out there
that PFPs were dead after this last cycle.
And I think we were seeing in 2024
People still like these things.
I think there was also some consensus opinion
that 10K supply was dead.
And here, the two most successful projects
on Bitcoin right now are 10K supply collections,
which it was common thought just months ago
that that was too high for Bitcoin and ordinals.
But we're seeing the impact.
It is harder to grow a true base of holders
with a lower supply project to get the momentum needed,
at least for this asset class.
That's my take on this absurd project.
We've got a lot of hands.
Let's go to Liz, then to...
And then we'll go to our team.
I think I would start with saying
that fine art is always in the eye of the bag holder.
But if we want to start with one of the most anticipated
and the biggest thing that comes to BTC NFTs,
it would be the Taproot Wizard.
And let's take a look at that art.
And let's just be frank, if you're here for fine art,
then go get the fine art.
But if you're here for NFTs and you're here for trading
and you're here for investing,
then you need to jump on the hype
that's happening right now.
As a puppet, I come in here for world peace.
we definitely want you guys to send this shit to zero.
We don't know why you guys are buying the fucking puppets.
We're not autistic as fuck.
Like, please stay in your lane.
This was a $44 mid with tax and everything.
lets you know like actual where the market is.
People want the low price mint.
People actually want to trade.
People actually want to have something to converse about
If you've noticed, the overhyped mint
aren't actually doing those volumes.
The two highest things on BTC right now
are the SCSI's and the puppets.
And one of them was free.
Well, slightly free for both.
So, let's just focus on those.
Since I've been a puppet,
also the perks and the reason
why everybody's flocking over there
is because not only are we getting free airdrops,
this is a year of BTC airdrops,
whether you guys like it or not.
So hurry up and create your wallet.
But since I've been there,
they just dropped magic Eden codes
like for the whole community for us
They're already trying to like organize at East Denver.
So the community is really strong.
And I think that when you start seeing that,
especially on the timeline,
it doesn't matter how it looks or what's happening.
We realize where the money's going
and that's what we're probably going to go to.
So I just want to say puppets for world peace.
Thank you for sharing that with us.
You know, the world peace tagline
certainly is one that is showing some staying power.
And I think the the RSIC airdrop really did
play a huge role in kind of cementing
the puppets as a marquee collection on Bitcoin.
And if we are approaching a new meta,
where protocols or new projects
are going to airdrop targeted NFT community bases
versus, you know, civil farmers or other tactics,
It clearly played a factor in the pudgy penguin rise as well.
So I think that was important too.
You've been patiently waiting.
MOG glasses puppet there.
Yo, GMOG, Tyler, GMOG, everybody.
So I think I think a lot of people are missing
the fact that there's a lot of cross pollination.
Like I have my facetious answer and my, you know,
But there's a lot of cross pollination with puppets
from other communities and other chains.
Like I have a lot of friends.
I'm originally from East and then I jump from
Like I go wherever there's volume and liquidity.
Now, you know, wherever there's an opportunity
But there is a massive, massive like community
from each that's involved with the puppets.
Liz said, like Liz said, it was a $40 mint.
And I think kind of like putting a blanket statement
on whether something is, you know, real art or not,
whether it's on Bitcoin or ETH is just a little bit
I don't think that really matters.
You know, we've seen MFers, for example,
it's a stick figure and it's literally going
And their community is one of the strongest ones.
I mean, like, does it really matter what art looks like?
Are fat Zukis considered fine art?
You know, like, what does that really matter?
Well, fat Zukis went to zero.
So hopefully the art is at least better than fat Zukis.
But they looked a lot better when they were pumping
to like however they went, you know, at point 20,
than where they're at now.
So I think it's I think when you see something
when there's a very active community.
I mean, look, someone said something bad about puppets
and I was going through the audience
and I just saw them popping up like a bunch of diglets.
You know, it's awesome when you see a community
that's like the way they are.
And I think puppets are bringing traits back
for one thing that I saw, like, if anything,
that I've noticed that I've been enjoying sniping traits
And I haven't seen that since like 2021 or 2022.
You know, it's been a while for me where all collections
are basically you're either a super ultra rare
But for the first time in a long time,
we're starting to see rares go for above way,
way, way above than what the floor is.
You know, like there was a 0.12 ETH or 0.12.
I'm still stuck in ETH world.
A 0.12 Bitcoin sale yesterday on puppets for a Bitcoin hat.
You know, like the traits are getting sniped.
So I think it's overall bullish.
Just send this all to zero.
I love when people find it and we eat that up.
I'm just going to keep buying them every time.
I feel like people get more and more pissed off.
I'm just going to keep buying more.
They're going to call me Geppetto by the end of 2023 or 2024.
I'm going to have so many puppets, hopefully.
Well, hopefully you can change your handle to Geppetto
at that point in time as well, too.
I think an important take on the traits here.
So like I was shopping for a couple of these last night
I was waiting for my Bitcoin to clear from SimpleSwap.
And as folks know, it's like a 15-20 minute process.
Had my eyes on a really nice puppet and it got sniped
like two minutes before my Bitcoin cleared.
And I was genuinely upset.
And basically, every one that I bought for the most part has been above floor.
I am shopping for ones that I like.
So I've done that before.
I did similar with Nakamigos.
So this is a narrative that has played out before.
I don't think the analogy to Milady's is the right one for this project.
I think it is a little bit, you know, it is unique.
I think you did a nice job describing.
It's a cohort from ETH who has moved over.
It does feel like a little bit more like in efforts to me
But I'm going to spend more time thinking about the best analogies.
Akeen, you've been waiting.
Akeen and Logan and Pete.
Yeah, so I'm not a holder, but I'm probably going to be a holder by the end of the day
I think what people tend to miss, I say this over and over again,
like every ecosystem is different.
And to me, the simple heuristic I use is Bitcoin is the largest crypto economy that exists.
And Bitcoin has a community problem, right?
The matter for Bitcoin was buy and hold and stack sats, right?
Governance on Bitcoin is kind of opaque.
All of a sudden you're having communities form around these new assets that do a couple of things.
One, you now have communities forming, but two, you have people coming into the ecosystem
and beginning to actually learn about Bitcoin and how Bitcoin is different
and how you code differently and the kinds of things you can do on the chain.
And I think that is mega bullish, right?
So I think if we stop at literally the PFP or what the PFP looks like,
to me, that's actually irrelevant.
It's more about how you can meme it into existence.
And then what forms underneath that, right?
Does it have community staying power?
Are people developing relationships?
Are they building these formations of community on Bitcoin?
And I think it's extremely bullish in this nascent stage
that you're seeing a handful of these communities actually begin to grow.
And to your point, right, a lot of airdrops,
a lot of the future innovation of the chain will accrue
to some of these early communities that have staying power,
They're the ones building the future of innovation on Bitcoin.
Like the networks are forming and these are the networks
that are going to actually build everything else that kind of comes forward.
And so they're going to gift each other, right?
The coins, the NFTs, everything else.
And to me, I think at a very minimum,
it's important to at least observe and learn
and see what's taking place and what's forming.
Because I think a lot of people just sort of fading things
because, well, I hate the art.
It doesn't matter what you think.
It matters what the holders think.
And I think understanding the perspective of the holders
and kind of digging beyond the surface,
because you might learn some things
and actually see that, you know,
where the value of my accrue going into the future.
Joaquin, I think it's a great take.
And I think it kind of comes back to your comments
Kind of pulls back to the 10,000 supply.
And I think it's why we're seeing, you know,
node monkeys and puppets.
Part of the reason is why they're having more success
is the number of people that are holders
And not throwing shade at other collections,
but like Pizza Ninjas are 1,500 supply.
I'm not seeing the same amount of community rallying,
regardless if that's a better project or not.
I'm not here to have that debate.
And I think that the reality,
there's only 1,500 of those NFTs plays a factor in it.
And I think we're kind of proving that, again,
proving wrong that the consensus view that 10,000 supply
was archaic or just a byproduct of the 2021 cycle.
It seems to be like it has some staying power.
But Logan, I want to get your thoughts
and then we'll go to Pete and then back to Liz.
Yeah, Joaquin actually shared a lot of what I was going to say.
So I'll be really brief and just add to the fact
that I think the arc matters not at all.
And I actually think the fact that it's bad
is helping propel the meme.
And this is something that I would have gotten caught up on
a million times during the last cycle.
It would not have made any sense to me at all.
I mean, it still, of course, doesn't make sense.
But I'm just sort of letting the inertia
take me and my dollars at this point in time.
It keeps showing up on the timeline.
If they're going to continue to accrue things like RSIC
and beyond, which it's setting itself up to,
that momentum just kind of carries itself
and eventually spirals out of control,
hopefully in a good way or towards zero.
In either way, I'm quite prepared.
I'm going to disagree with you there.
I understand kind of what you're saying.
But there has to be something
that separates the projects that take off
versus the ones that don't.
And I think certainly in those early stages
of community adoption, the art does matter.
And people enjoying a shopping experience
in one collection versus others.
Something is different, right?
I mean, we're going to have another test with commoners.
I think the commoners reveal is later today.
So perhaps that'll put the art on the puppets to the test.
You've been patiently waiting.
We'll get your thoughts and then back to Liz.
Yeah. Long time listener.
I just, dude, you know, I like just like my friend
toot down there, but I heard Emily.
I went on my Exverse wallet on my phone.
I'm at the gym right now.
So I got I now have like four puppets, dude.
I was buying from 200 bucks up till right now.
I think the ethos of crypto Twitter
falls in line with things like MFers and like puppets, right?
Sure. We can sit here and say, look at Sam Spratt.
Look at look at all these individuals
who make magnificent pieces of art.
Look at look at all these summer Wagner, all these incredible minds
that we have here in the NFT fine art space.
That whole entire atmosphere of fine art, traditional fine art sales
with Sotheby's, et cetera, even Sotheby's is into the degenerate ship.
Man, we got to revert back and remember where we're at.
You know, it's a bunch of old people.
It's a bunch of, you know, young people who minted
a bunch of crypto punks back in the day,
shuffling liquidity around who love memes
and who love plays on the space.
And the puppets, they've done just that.
And it's a newer take from the MFers.
I see a lot of MFers in the puppets community.
The MFers specifically, I still hold five MFers to this day.
They're like true to my core, man.
They're like my prized possession.
And when I saw the puppets, I said to myself, holy shit,
that's the exact same feeling that I felt.
And puppets were able to tap into that.
I minted the Amber Victoria pixel art on Bitcoin.
I don't even care about it.
I'm not going to sell it because I like it,
but it doesn't strike a chord in me.
Not just on Ethereum, not just on Solana,
but now, you know, our father, Bitcoin, right?
I don't really have like a properly articulated point.
All I know is Emily's notions.
And I don't mean this to cast shade
or demean her perspective by any means,
but it struck something in me that the MF,
like dude, if you guys were around, I'm sure,
you know, Tyler, I know you were around.
So the FUD that MFers got and the FUD that Sartoshi got
And those ran up to three and a half east,
you know, at the Pico top.
I just, I sit here and I look at my puppets, dude.
I look at the collection.
I look at the cohesive, you know, number of it.
I said, this is beautiful.
Are we actually here for finest of fine Picasso oriented Louvre art?
I wouldn't necessarily say that falls in line
with the thesis of crypto.
And that's just my opinion.
Oh, Pete, thank you for sharing that.
I love your very honest and real take there.
I think, you know, some topics that folks dance around a little bit.
But one piece that struck a chord
and I want to go to Emily next to get to give her thoughts,
still her share of thoughts.
But I think there's also like this general broad take
that no one wants their entities.
They just want to dump on a greater fool at some point in the future.
And that's just not universally true.
And like the numbers show that I go look at the PFPs
through the 2023 bear market, like 70% of holders held them the whole time.
Through all of that, there are people who actually hold these things
because they like to collect what they like the community,
whether you believe that or not, it is the reality.
And some communities just have stronger holder basis than others.
But Emily, I'll give you a chance to share additional thoughts
or any rebuttals and then we'll go to Liz.
You know, you guys are clearly right.
And I am in the wrong and I'll just go buy some puppets.
You know, it's funny because I think people are so jaded
by this like roadmap situation that we've had in the past
and like making promises that are never fulfilled
that like people are just sick of it.
Like in my mind, people are just tired of all these empty promises
that all these companies made in like over the last two years
and barely any of them ever delivered.
And all we've ever seen is the price trend down.
You know, and at the end of the day,
I think the most entertaining outcome is the most likely,
you know, like for whatever it is.
I'll just leave it at that.
One of us, Emily, join us.
While Emily was saying that someone was slamming
.148 Bitcoin into a Bitcoin shirt,
Bitcoin puppet with a pink bow.
It is just a gorgeous, gorgeous puppet number 8285.
If you've got mentioned eating up, go take a look at that one.
It also has the face tattoo.
Liz, additional thoughts on your side.
Yeah, I kind of want to remind people or bring back up
because I feel like everybody here so advanced on BTC
that we forget that there's also new people
that we do forget that there's other there's eat people.
There's so people that have never experienced BTC.
And I'll say because last year I was sitting at a table
at the BTC because BTC conference was here in Miami
with the most elite people.
We're talking about the head of X-Verse, head of Unchained Monkey,
head of anything that's beta, head of Taproot Wizards,
Ninjas, everybody was here having a good time.
And not one person as confused as I was like,
tried to help me out, tried to be like,
hey, this is how it goes.
And imposter syndrome being in the space.
I was like, well, how much more can I ask people
to help me when I'm letting them know
I ended up sending my BTC address to ordinals rabbit.
And I remember sending it to the ordinals game,
yeah, ordinals game, sending the wrong one.
And they didn't even ask me back like,
hey, Liz, you send the BTC address instead of a BC address.
No one did any of that for me.
Like, I was just screwed.
So I went back to eat and started, you know,
being where I felt more comfortable
because no one was willing to talk to me,
handheld my hand or anything and not that I need it.
You know, there's tutorials, there's everything
and you figure things out.
I messed up my mint for for puppets,
because again, I actually ended up sending the BC BTC
to my own BC instead of sending it the other way.
And I also learned about duplicates.
But the point is that this round, I've been helped.
Like after that, they were like, yo, Liz,
it's under four plies under floor.
I mean, under mint, as soon as it minted, get in there.
They were like, Yo, just reverse what are the mean pool,
reverse the payment, send it to yourself.
And everybody felt like everybody just talked to me.
I needed a magic Eden code.
They were there like it's just the way
that the community is willing to help you.
That does not feel BTC is exceptionally gate kept.
And I don't care what anyone tells me
because I'm definitely in the trenches with you guys.
And it is not like it's just not welcoming.
Now with people minting and the pump and dumps,
and I know it's not right.
It's not something that we should be doing on BTC,
but it's welcoming everybody and teaching them,
teaching them about double duplicates,
teaching them about sending it to the right places,
which is an educational part that we always forget
And then wonder why they have such a shitty user experience.
I mean, Emily or Liz, great point.
Pete, you're breaking up for me.
Sorry, I'm gonna have to cut you off.
Sorry, maybe it's on my side,
but and we are running out of time.
So this is Liz, quick response.
Glad to hear your firsthand perspective.
I think the reality is projects like puppets,
like node monkeys, have brought hundreds of users
over into Bitcoin who are learning the infrastructure.
So ordinals have led to more adoption.
We'll see if that trend continues here.
As for this show, we are going to wrap things up.
No more Bitcoin puppets pumping today.
I'll give you all a break,
but the community is doing a fine job of that on their own.
Before we leave here today, what is minting?
There's a few things on the list.
So this morning, we had the Far Canada BRC 20 ordinals
We also had that wind claim go live.
Memes by 6529 just went live four minutes ago.
And then haha artifacts, glitch frames at 1 p.m.
It is a lighter day of new drops.
It feels like a lighter weekend here.
Certainly the wind token is going to be in the spotlight
It's informing me that rubber has two X during our show.
It fell a seven and back at 14.
So congrats to rubber holders.
I do think whatever NFTs catch momentum here today,
we'll have some room to run over this weekend
without a whole lot of new projects dropping.
But as for this show, that is it.
We will be back on Monday at 10 a.m. Eastern.
Thanks to our listeners for tuning in.
Thanks to Joaquin, Liz, Pete, and Toots
for jumping up to join our conversation.
Everyone, enjoy your Friday.
Let's make it a great time.