Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
Ordinals FUD, Crypto Pump, Mad Lads 🚀, Hyped New Mints - Lucky Lead
Recorded: Dec. 6, 2023 Duration: 1:03:48Space Recording
Full Transcription
GM, GM, thank you for joining us here this morning.
We are going to start the show 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.
Here are some tunes.
One, two, three, four.
One, two, three, four.
One, two, three, four.
One, two, three, four.
One, two, three, four.
One, two, three, four.
One, two, three, four.
Three, four.
One, two, three.
Three, two, one.
Three, two, one.
Three, two, one.
Three, two, one.
Three, two, one.
Here you go.
Good morning and welcome to The Lucky Lead.
Today is Wednesday, December 6th.
It is a warmer December morning here in Chicago.
We're going to hit 40, 50 degrees here tomorrow.
We are absolutely thawing out.
The Bitcoin ordinals market, it's been thawing out as well but might be facing a severe deep freeze.
We're going to talk about that.
But crypto majors and alts, they are scorching hot as this rally continues.
We're going to break it all down on today's show.
I see some friendly faces out there.
Jay, Vuk, Huda, Marco, thank you for joining us as a reminder for any new listeners out there.
We do run this show every weekday, Monday to Friday at 10 a.m. 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 Loves Crypto, a Web3 security expert and co-founder of Foolproof Labs.
Ghost, content star over at Lucky Trader, Quiet Whale, deep in the AI streets, still hanging out with us.
And Logan Hitchcock, editor-in-chief over at Lucky Trader.
He's repping the Lucky Trader account.
He's been covering the space in-depth for years.
Logan, GM, how you doing?
GM, Tyler.
I'm going to need to thaw out.
It's pretty cold here in rural PA, but otherwise doing pretty well.
Hopefully you get some of the warm weather that we're getting in the next few days.
It is going to be quite nice here.
Folks, the markets are feeling quite nice as well, except for Bitcoin ordinals.
So we're going to start right there on the docket for today.
The latest ordinals FUD, and is this real trouble?
We're going to talk some ETH NFTs pulling back, Mad Lads soaring, some Yuga gaming FUD, new mints to watch, the latest InSpec token launch, plus a whole lot more.
Before we dive in, though, Ghost, any housekeeping for today?
Yeah, you know it.
As always, if you enjoyed this show, Tyler does a great rundown of the NFC space every morning in the Morning Minute newsletter.
We've got that pinned to the top of the spaces.
Make sure you subscribe to that if you haven't already.
All right, Ghost, thank you for that.
Another reminder, folks, we've been keeping the show more casual lately.
If you've got a hot take, feel free to hit us in the replies to the spaces.
Feel free to raise your hand, request to come up and join the conversation.
We'd love to have you up here.
All right, our top story from this morning's Morning Minute newsletter.
Are ordinals dead in the water?
So NFT trading on Bitcoin via ordinals has been hot.
In fact, Bitcoin bested ETH to become the number one blockchain by NFT sales volume over the past 30 days, with $450 million in volume compared to $385 on ETH.
One quick caveat.
These are crypto slam numbers.
Crypto slam does remove wash trading and thus discounts most blur farming on ETH and they count BRC 20 volume.
So quick side.
But still, the point is there is huge volume happening on Bitcoin.
All while the token price has soared to a new yearly high of $44,000 per Bitcoin.
But this might all be at risk of going away.
So what happened?
Last night, one of the lead Bitcoin core developers and spokesmen for the blockchain has taken a strong stance against inscriptions.
This is Luke Dasher sharing his thoughts on Twitter last night.
And I'm quoting here.
PSA inscriptions are exploiting a vulnerability in the Bitcoin core to spam the blockchain.
Bitcoin core is still vulnerable in the upcoming B26 release.
I can only hope it will finally get fixed before B27 next year.
So it felt like a pretty damning stance from the core dev there.
He was replying to several commenters in the replies to his post.
And when someone asked what this means for ordinals, he said, and I quote here,
ordinals never existed to begin with. It's all fraud.
The exploit here is the spam attack of inscriptions.
So it seems that if Luke has his way, inscriptions will be blocked via this new version 27 Bitcoin code release happening in 2024.
And if that does take place aligned with his vision, ordinals and BRC 20s would be officially shut down.
So I think that this raises the natural question, are ordinals dead?
Well, though that might be Luke's wish, it's not clear he has the power to make it happen.
From what I've seen, I'm not an expert here, so I will love to talk to good things and Emily here.
It will depend on what the miners choose to do and support given the decentralized nature of the blockchain.
And miners are printing money right now based on this spike in activity that ordinals and BRC 20 trading has brought to Bitcoin.
Bitcoin just yesterday, NFT transactions on Bitcoin via Magic Eden took hours to process.
I know because I was buying NFTs on Bitcoin yesterday.
And some of my transactions literally took two to three hours to process.
Bitcoin fees were upwards of $60 to $100 per transaction.
And I think the ordinals crowd certainly is not going to go down without a fight.
This movement has garnered strong support as the narrative that the number one blockchain should also be home to NFTs and trading of all kinds.
And that narrative has gotten louder this year.
Ordinals have also helped inspire L2 development on Bitcoin in an effort to enable more transaction volume while lowering fees.
But my thoughts aside, you know, what does the market think?
So quickly, the market response.
Bitcoin led all blockchains in trading volume on Crypto Slam again yesterday with $17.5 million compared to ETH's $15 million.
For reference, Solana in third at $7.7 million.
So clearly, ordinals and BRC 20s haven't gone to zero yet.
In fact, yesterday was a big day.
A new ordinals ARP project called Golden Ratio jumped 250% to a .035 Bitcoin floor.
A new mint called Fimoji's 2.0 saw about seven Bitcoin volume and it 2X'd to a .018 Bitcoin floor.
Though we did see a pullback in the recently hot PFP Bitcoin frogs.
Those did fall about 40% to 0.122.
In the BRC 20 market, the ORDI token fell about 5% on the day.
I think I saw it at $46.70 to like a $950 million market cap.
Though it is still up like 130% on the week.
The Sats token at $400 million market cap.
It fell about 15% overnight.
But it also had rallied more than 50% on the week.
So some mixed action here.
Clearly, there was some pullback in the BRC 20s and some of the leading NFTs.
But, you know, each of those that saw the pullback have had recent massive runs.
So I think it's also not surprising that a pullback would happen.
So I think that this leads us to our questions.
Are ordinals and BRC 20s dead?
So I've got my thoughts, but I'm going to shut up and stop talking.
I want to hear from some folks on the stage.
Emily, I'm going to go to you first.
What do you first name a tag in good things?
Yeah, I think it's pretty interesting how outspoken people are becoming.
Because this is the foundation of a fork, right?
Like, that's that's the type of activity that causes that to happen.
And like, I guess that could possibly be the healthiest outcome.
Because, you know, it almost it almost feels like in politics when you you come to like a stalemate and there's just no progress to be made and nobody ever gets to go anywhere because there's some significant disagreement.
But like you can't for country and politics without like a lot of people dying.
So it's almost like one of the more interesting components of blockchain where, you know, if there is such a vehement disagreement, like you have that ability.
So I'm pretty curious to see which way it goes.
It's it's definitely an interesting development.
Yeah, I mean, I have a lot of questions on what a fork would would even mean.
But before we go there, though, good things I want to tag you in clearly, you know, a member of the on chain monkey team, which just made, you know, the major move over to ordinals, you know, one of the leading projects on the Bitcoin blockchain.
You know, this is a pretty serious situation here.
So I'd love to get your thoughts on perhaps, you know, how big of a deal is this?
Are ordinals really in trouble?
Kind of what's what's you and the team stands here?
Good morning, Tyler.
You know, I think I think it's a very interesting development, but I really don't think it's that serious.
You know, in the long run, like Bitcoin only survives if it is if it stands stays true to its principles, which is one of neutrality and censorship resistance.
And it's it is quite hypocritical of of Luke and and any of the other people who are advocating to what they're advocating.
Let's be clear, like what they're advocating for is censorship of transactions on Bitcoin.
They don't like what they're seeing with ordinals data being inscribed on Bitcoin and they're moving to censor.
It's it's incredibly ironic and and again, hypocritical for them to call this an attack on Bitcoin.
Like, let's be clear, they're saying that people inscribing data on Bitcoin are attacking Bitcoin through spam.
That is an opinion that they hold.
So they have no they have no philosophical ground to stand on.
I think it will be clear pretty quickly for anyone who has like I don't want to be too pedantic, but anyone that anyone that that understands like what Bitcoin is and why it's important should have a clear stance that these people are in the wrong.
They are taking a moral stance and and it is like, you know, they're using a moral argument here that just doesn't have any have any ground.
So, you know, I always reference back to Andreas Antonopoulos.
I just retweeted this tweet I put out earlier this year.
I can post it up or put in the comments if people want to see.
I think it's important.
Like it's a two minute video of Andreas Antonopoulos, one of the greatest Bitcoiners of all time.
He's he gave so much to Bitcoin over the years going around the world, educating people about the importance of Bitcoin.
And he says that in no, you know, no uncertain or unclear terms, neutrality is the core of Bitcoin.
It is the most important concept in all of Bitcoin.
So, you know, people like Luke Dash and any other folks out there who are trying to to like, you know, counter that they are the ones that are attacking Bitcoin.
They're attacking Bitcoin. It's quite ironic.
But I'm not concerned. Our team is not concerned.
You know, Danny has been our CEO, Danny Yang.
He's been building on Bitcoin since 2013.
Like he is he is one of many people who has contributed to what Bitcoin is today.
And the fact that these people are not even trying to talk with him and many of the other folks out there like him.
It is there's the hubris is insane, to be honest.
But I'll stop there because I know there's a lot to talk about.
But that's just kind of my my just like my personal opening thoughts on this.
It's really quite ludicrous.
Yeah, well, well, certainly I appreciate those.
And I tend to agree as well.
So we've got Jay Bird.
He's commenting in the replies.
Is it removing ordinals more of a centralization opposed to decentralization, which is the ethos of Bitcoin?
I kind of wrote similar thoughts in my newsletter this morning.
This seems like a massive centralization decision.
I think, you know, your term censorship.
That is what it is.
I guess, you know, good things.
What I'm not as well versed in is like the history of the Bitcoin chain and some of the arguments and the kind of factions that have formed over time.
In fact, this isn't the first ordinals or inscriptions FUD we've seen from what I'll call the laser eye group, right?
We've seen this before.
So I guess how would you rate this in severity compared to, you know, some prior rounds of FUD that we've seen?
So, first of all, I don't agree with the whole like, you know, these are the laser eyes.
Like I'm a laser eyes.
I came into Bitcoin in 2017.
My genesis actually in our collection, the eyes of this particular NFT, the trait, are laser eyes.
Like I, you know, I am a Bitcoin maxi.
I came into Ethereum NFTs to increase my Bitcoin holdings.
And there are a lot of people like me.
So I just want to say to like to everybody out there, you know, trying to kind of, and I'm not saying you, Tyler, I'm just like anyone.
If you hold Bitcoin in your wallet, shit, even if you have Ethereum, I think at the core, you are a Bitcoiner.
Like we're in a world where 99% of the people in this world don't yet understand the power of this technology.
If you are here, there's something that drew you here that Bitcoin is at the core of, right?
And it's just a matter of time before people start to understand that.
So I think that these people who are parading out there as, you know, sort of, oh, we're Bitcoin maxis or other folks who are saying, you know, look, these folks over here, they're different from us.
If you're in crypto, you are part of the minority.
Like we are all here trying to build this industry.
So I just want to say that at the start as well.
You know, I don't think this is that severe.
Like there's no code changes yet.
He's just talking shit, basically.
He does hold power.
He's a core developer of Bitcoin protocol, and there's not that many of them out there.
I met one in Miami back during the Bitcoin conference, talked to him for at length, and he didn't seem to have a problem with ordinal.
So, you know, I think like there may be some attempts to cause a fork here, but we saw that what happened in 2017 with the larger block debate, right?
Like Bitcoin is strong and the ordinal's community is incredibly strong.
You just started off this show, you know, excellently pointing out all the data to show it, right?
Like there is a rich market for ordinal.
Miners are incentivized to support ordinal's.
So he is trying to, you know, Luke and whoever else they're trying to take a stance that is counter to the economics here.
Like there's it's it's very wild, to be honest, like it does.
It doesn't actually make any kind of logical sense.
And so, yeah, I don't see this as like a huge.
It's definitely an important debate.
And I think this is going to be an inflection point for a lot of people because I think, again, like it's a ridiculous stance that they have.
And I think people will see that. And I think we're actually going to win people over onto the ordinal sort of like train.
Not to mention, you know, I'm on my way to the airport right now.
There's a bunch of people, a bunch of ordinal's MF'ers, a bunch of NFT MF'ers that are converging into Miami.
And I think, you know, the normal folks out there, the so-called Normans, the people who aren't here yet, like they're not they're not aligned with with this like sort of extremism that we see in these arguments.
Like, oh, yeah, these inscriptions are like they just want to see this technology be adopted.
They want to see it be useful to them.
And I think like we, you know, the people who are not extremists are really the ones who are onboarding people.
And I think, you know, it's just a matter of time before kind of these dinosaurs die, to be honest, like not literally die.
But I think their arguments get swept aside.
Yeah. And perhaps, you know, I may have been a little bit loose or incorrect with my terminology referring to laser eye, you know, Bitcoin maxes.
I think I'm speaking more of using your terms that the dinosaurs folks who like Bitcoin as it was versus, you know, progressivists who are looking to continue to build on the blockchain.
So just to clarify that.
So I have a few follow up questions for you.
Good things. If you've got some time with us.
One. So, like, objectively, you know, how would this this play out?
If Dash is serious, you know, about, you know, trying to prevent inscriptions, you know, what is a scenario that could play out for folks who are maybe a little bit worried about the situation?
Just so we have kind of all the sides.
Yeah. So I got to admit, you know, I'm not I'm not a Bitcoin core dev.
I'm not following the core protocol like on every every move.
But essentially, you've got a code base. Right. Just like any other code base.
And what he's going to want to do is push an update to that code base.
So a new version of Bitcoin. Right. And this happens all the time.
Like they say they not all the time, but like code is code is being changed all the, you know, on some sort of regular basis.
So what he's going to do is try to change some code that will basically prevent inscriptions from ordinals being recognized in transactions.
And he can do that. But in order for that to be like meaningful, the miners have to actually choose to opt in to run that version of Bitcoin.
And so he's he's acting as if like I think the market, not the market, but I think people who are kind of like just starting to clue into this are acting as if or maybe under the impression that like all he's got to do is shift the code.
But again, the miners have a massive incentive. Like we've seen the fees to miners go up exponentially this year.
And it's projected that they will continue on that trajectory with the ordinals market going into 2024.
So you're telling miners who are profit driven entities. Right. These are these are people who are here to make money that they should not they should not make money because of your particular philosophy of what Bitcoin is.
Like it it's a big ask to put it lightly.
Yeah, indeed. Well, thank you for walking us through that. I think I've just got one more question for you here. Good things.
Good things. And, you know, does the ordinals development BRC 20 development, does that change the Bitcoin as digital gold narrative for you?
So when I think about digital gold, I feel like something that it just exists, it's valuable because it exists.
It exists. So does this development kind of go against that that narrative?
And is that why some of the folks in the community are so passionate against this?
I think all humans at our core are resistant to change.
Change is a scary thing, because if you're not prepared for the change, like then it requires you to take some action, requires you to learn, requires you to adapt.
And so I think no matter what, like at the core, as human beings, people resist change.
And what we're seeing with the advent of ordinals is change. It's like exponential change, because now you can use Bitcoin for uses that it was never able to be used for.
But the idea of this, the idea of having non fungible assets on Bitcoin is not new.
It's like people have been talking about this. Hal Finney talked about this before Bitcoin was even a thing in the 90s.
Right. You can go back to that old school Hal quote about, you know, digital trading cards.
You know, Vitalik Buterin was a Bitcoiner before he was, you know, the founder of Ethereum.
And he worked with many people to try and create non fungible assets to try to do smart contracts on Bitcoin.
He wasn't able to. So he created Ethereum. So Bitcoiners have been watching, you know, all this stuff happen on these other chains like Ethereum, like Solana.
And it has just never been possible before Casey, you know, and his team launched the Ordinals protocol like late last year, early this year.
Now that is possible. And now you can do new things on Bitcoin.
I think people just need to understand that, like the two faces out of the tube, there's nothing you can do about it.
But it is a good thing. Like digital gold is a great narrative, but it wasn't enough to get the world to use Bitcoin.
Like more people are using Ethereum over the last couple of years for, you know, on an active basis for doing things, actually using the token as utility other than just holding it.
Right. Value go up like Bitcoin now has the opportunity to create a circular economy.
And you're seeing it. Right. Like you just again, you start off the show talking about economic activity there.
And this is just the beginning. Like it's not just about, you know, PFPs like we saw on Ethereum.
You're going to see real world assets get tokenized on Bitcoin.
You're going to see the largest, you know, the wealthiest in the world are going to be buying to use Bitcoin for data storage.
Like it is going to be expensive in the future. And right now, if you're listening, like people have an opportunity not just to acquire assets on Bitcoin, but to put assets on Bitcoin.
You can put whatever data you want on Bitcoin right now as long as you can fit it within the confines of the block space.
And, you know, you're you're able to do that. Like it's a very powerful thing.
And yeah, so I kind of I'm kind of rambling.
No, you made some great points. Good things. I really appreciate your stance and coming on and sharing your perspective as someone who is deep and clearly invested in this ecosystem.
And I tend to align with your thoughts. And I think you put it very well, actually, that the toothpaste is out of the tube.
Like it's it's very hard to picture a world where we just go back. Right.
And ordinals and BRC 20s just don't exist. So I think at the in a minimum, we would be seeing a fork situation.
But ideally, I think that personally, I'd love just to see that this task will continue. I continue to see development on Bitcoin.
Ghost, I've got a question for you wearing your trader hat.
You know, both you and I did buy ordinals on Bitcoin yesterday. Rate your concern levels.
Are you a little bit more concerned after making a few buys?
I think I picked an interesting day to jump into the ordinals market.
But no, I'm not I'm not super concerned. I agree with what Goodmunks has been saying.
And I don't I think the toothpaste is out of the tube. Like he said, I don't think this is something you could just go back on.
And I think that kind of goes against the core ethos of crypto and Bitcoin specifically.
So I think I'm just not too concerned about them actually patching that or or that being what the broader community wants, because I do feel like that's like kind of a level of censorship that would go against a lot of people's core ethos of crypto there.
Yeah, well, I'm right there with you. And I'm not concerned as well.
I'm not hitting that panic sell button just yet.
Well, good things. Thank you so much for joining us.
You had a ton to the conversation this morning. We are going to move on.
There's a few other topics I want to get to here.
Before we do that, let's read the news.
Today's top headlines powered by Lucky Trader trading volume fell on Tuesday to twenty nine million dollars.
The leaderboard was mostly red gaming projects, though, did lead top movers with three works plus thirty three percent in its timeless PFPs plus fifty eight percent.
And Topia Worlds up a whopping forty six percent to a four point nine four leading the way.
The PFP leaders mostly chopped or saw red. Pudgy Penguins down seven percent to eight point eight ETH board apes at twenty nine point nine.
And Azuki's at six point six five mostly held steady.
Mad Lads over on Solana jumped twenty six percent on the day to two seventeen.
In fact, right before the show, I saw them at two hundred and twenty five and a new all time high.
They flipped mutant apes. These things are up only while the broader soul NFT ecosystem also rallied.
Clannosaurus up seventeen percent. Quacks up twenty nine percent.
Tensorians up seventeen percent to just name a few.
In other Ethereum news and OPEP paying sold for nine ETH in a new all time high.
Sale for that set in OPEP ends as they've caught some love from the recent Pudgy Penguin run.
Third Web reported the discovery of a critical vulnerability and popular open source smart contract library impacting several smart contracts.
We've seen some teams start to make some actions due to that.
Yuga Labs announced season two of Legends of the Mara.
It went live on Tuesday with some several with several notable updates.
Golden Ratio. This is the project that Ghost and I were talking about a little bit before.
A new generative art project on Bitcoin inspired by the Fibonacci sequence soared from its point zero one Bitcoin mint to a point zero four floor at peak.
It pulled back this morning. I think I saw it at point zero three four floor here amidst this ordinal FUD.
And then Summer Wagner's numerology forty four started minting with Pru and saw one hundred nine of his two hundred fifty mints go so far at its zero point two two ETH price on day one.
And Web three and crypto news crypto majors saw huge green on the day Bitcoin up five and a half percent at forty four thousand one eighty seven ETH up two point eight percent.
Two point eight percent twenty two seventy solo five point three percent sixty three sixty two other L1s were up even more.
Avax was up seventeen percent.
Tia was up sixteen percent.
Doge pot fourteen percent on the day to ten cents sparking a potential meme coin rally.
Solana meme coin and protocol Glock.
It jumped one hundred fifty five percent on the day to a forty three million dollar market cap while the sole meme coin leader Bach was up another twenty five percent.
Cyber Kong is raffling off ten origin axes and two mystic axes to those who stake that Ronin token Ron.
And then Immutable Gods Unchained have partnered with Amazon Prime Gaming with prime gaming users able to access exclusive in game items as part of God's Unchained season two.
All right. So those were the headlines.
There's plenty of areas to dive into here.
Maybe we start with with mad lads and Logie.
I'll plug you into the conversation.
We haven't heard from you here yet this morning.
Our mad lads that the board apes of soul that they just keep getting airdrop.
So I think a reason they moved up yesterday is news that they're going to get plugged into the wormhole airdrop.
How are you thinking about this PFP that is just on a rocket ship right now?
Oh, how am I thinking about it?
It's tough.
It's tough to characterize with a few words.
I think board apes is a really good comparison that we've made a couple of times on the show in the last week.
Just feels like this.
I don't know.
It's really difficult to say that in such a short period, they've solidified themselves or the project solidified itself as such high quality.
But you take a look at the team and what the team is doing with Backpack and beyond.
Take a look at the tastemakers, as Ghost would say, adding these to their collections and showcasing them on the timeline.
It feels very similar in nature to what we saw with board apes just a few years ago.
There's just not that level of competition right now.
There are, of course, other good projects on Solana and certainly more good ones to come in the future.
But there's only one place for the top money to go, and it feels like it's all going there right now.
Yeah, I think we've talked about that a little bit before on the show, that money would rotate over to the top.
I didn't think it would happen like this, I guess.
I'll share a personal story.
I want to hear Ghost's thoughts on this as well.
So I bridged over about 150 Sol equivalent last week to start dabbling in this NFT ecosystem.
At that time, it was enough for one Mad Lads.
I instead opted to go downstream.
I picked up a few lower cost NFTs and PFPs in this ecosystem.
And boy, am I kicking myself here as the Mad Lads are up a solid 50%.
And the trades I've made, I basically have trapped them.
I'm up on a few.
I'm down on a few.
So I think that the lesson here is just to compare to go after number one.
Ghost, I know you watch ecosystems across blockchains pretty closely.
Do you have your eye on a Mad Lad?
And what might be your thoughts or price targets for where this thing could go?
Yeah, I had my eye on one and then kind of got distracted like you do with other things and never really moved over to Sol and bought anything and kind of kicking myself as well for that.
But it does feel like Mad Lads have that vibe and that narrative and kind of everyone's already anointing them as that bored ape of Solana, which is a good tagline to have attached to your project.
So I think we go higher from here.
It's just tough to jump in at that price, obviously.
But the people that have huge sums of money liquid and can make moves like that, I think that it will pay off in the long run because I do think that it continues to go up.
I'm just not sure if I have the balls to put that much of my liquid funds into Solana project right now.
But I mean, it's probably a good trade.
I just don't know the ecosystem well enough to put all the money there right now.
Are you looking into Solana though?
Are you thinking about actively making some plays or are you kind of choosing to focus elsewhere?
Yeah, I should be looking.
I don't know.
I've just found my like for some reason I like I got attracted to that art project at Ordinals, the Golden Ratio.
Like I liked that one and then started digging into that.
And I've just been like attracted to art, I think, more than PFPs lately.
So like something like that when I saw that art on my timeline, I was like, oh, I really like that.
I want to go check that out.
That drove me a little bit more than some of like the PFP Solana projects, which have kind of given me a little like PTSD of some of the things that we saw in the bull run on Ethereum where I like saw those projects eventually go to zero.
And I was like, wait a second, like what am I really like buying or what is the investment thesis here, you know?
And I'm not saying that that necessarily applies to Mad Lads or some of the other ones.
But that was kind of my thought process where I was like, oh, I like this art.
It's going to be good art regardless of what happens.
But I'm not sure with some of those PFPs.
Yeah, a few thoughts.
I mean, I think art feels a bit safer.
And of course, going with what you love, you're never going to go wrong.
I think the reality is that the PFP markets are broadly hotter than the art market right now.
That is just a state of affairs.
That is what's happening.
I think it's also totally fine to be wary when entering a new blockchain to just go chase things that are up 300% in a month.
So, yes, it is so hard to pull the trigger here.
But I mean, it was hard to pull the trigger at 120, at 140, at 150.
And those folks are feeling good.
I mean, I think my serious price target for Mad Lads right now is 1,000 soul.
Of course, I'm a moon boy.
I've got my bull hat on.
I've had it on for six weeks now.
So, I'm trying to figure out a path to making a play in this ecosystem.
I do not have one yet.
Emma, your hand popped up.
I want to get your thoughts, then we'll go to good things.
Yeah, and I'm just going to call myself out here.
I have a seriously mid-curve take on this.
Excuse me.
I just have a lot of trouble seeing a generative art collection on soul getting into the four-digit price range while soul is also pumping.
I think that that feels like a very high opportunity cost, and there isn't really a precedent for it.
And I think that that's going to be a sticking point.
I think that there is kind of almost like a psychological barrier to a number that high where you start to understand just how limited your consumer base is going to become.
The number of people who are able to buy that as the price goes up goes way down, especially as the price of soul goes up.
And I think that that's going to be something that these projects come across, especially with such a fast price pump.
Like, it feels very overdue for a correction.
Yeah, I think that is fair on the correction side.
I mean, as for the buyer pool, certainly the buyer pool will be smaller.
But, I mean, Solana was trading at $8 a year ago.
It was trading in the $15 to $20 range for several months.
So, I think that there's plenty of folks out there who have stacked, you know, four-figure, five-figure Solana bags, you know, out there.
So, I think there's folks who have the money.
And still, I mean, at $65, that's a $65,000 floor.
Of course, I think we would expect the price of Solana to likely go up a bit in that timeframe.
But even at a $100,000 floor, that's still 30% of the all-time highs of punks and apes.
So, I don't know. I can see it.
It is in the realm of possibilities for me.
It feels it's not something that's going to happen in a few weeks.
So, I totally agree with that.
Good things.
I want to get your thoughts, and then we'll go to Logie.
Yeah, no, I appreciate the discussion.
I, myself, am not in the Solana ecosystem.
I wish I had the time to go dabble in there.
I've met a lot of Solana folks through Orgals.
It's actually interesting.
A lot of people in the Orgals community came in from Solana.
But I just want to say, in general, you mentioned Hytopia.
I'm actually a large holder of that.
I've been holding it since mid, so for over two years.
And I'm a holder.
I develop a thesis on something, and I go long on it.
And that's how, not to say I'm the world's greatest investor, but if you look at the world's greatest investors, that's how they invest their money.
They develop a thesis, and they start to build a position.
And in this market, in crypto, like during what we're seeing right now, the beginning of, not really in the beginning, but like in earnest, like the volume, the excitement.
We're starting to see, you know, all kinds of things pop up.
And it's really a game of whack-a-mole, right?
Like it's kind of get in and get out.
And it's very difficult to do that for the average person.
So I would just advise people to develop a thesis.
Like go explore, whether it's Solana, whether it's Ethereum, whether it's Ordinals.
But definitely, you know, you want to be convicted of what you're doing, and you don't want to be trying to play the in and out game, because chances are you're going to lose.
Like the statistics are against you.
You're playing with far more sophisticated players than yourself.
People who have far more liquidity and can manipulate floors.
And there's just like, there's a bunch of stuff that you don't know, right?
So as we go into this next bull market, I just encourage people to take the long view, right?
Like the path to wealth is not, you know, in a week, in a day, it's over years.
And people on the timeline will have you think differently because someone hits the lottery every day here.
But it's not the average.
And you can do quite well for yourself if you just, you know, educate and stay the course.
Yeah, I think it's great advice.
And we talked about this a little bit yesterday on our show.
But I think that all the best plays I've made in the NFT space are bags that I've held for at least four to six months.
With smaller entries that I didn't pick up because of FOMO that I had conviction in and held for a long time period.
Four to six months being relatively long though.
Man, those Topia bags of yours, you must have held for a while.
I'd love to come back there if we've got time.
Some new joiners to the stage.
I want to get to a Kent here in a second.
But Logan, your hand popped up additional Mad Ladd's thoughts here.
I was just going to add regarding the price targets and stuff.
One of the other catalysts for, you know, potential catalysts, I should say, for Solana NFTs in the near term is some of these airdrops that are coming.
The JITO airdrop, the Jupiter airdrop, you know, potential stuff with, you know, MarginFi or beyond, right?
These are pretty popular in terms of, you know, the active users on Solana.
These are pretty active protocols that are going to be giving tokens to a lot of people who probably already hold or wish to be holding some of the other top things on Solana.
So just something to think about.
Yeah.
So a couple of thoughts there.
So the airdrops are definitely driving a lot of this.
So the liquidity influx is driving some of the price action.
I think some folks trying to front run that.
Others using that liquidity injection to buy.
I think my only, now one of my only concerns with Mad Lads is like, is the value tied to these airdrops?
And these airdrops keep coming, but what happens if they stop?
So that has become a concern of mine.
You know, we've seen, you know, with the Bored Ape Yacht Club comparison, the price was up only while the utility was free money every four to six months.
But you can only do that for so long.
So, you know, I don't think we're there yet.
I think we're probably far from it.
It just kind of depends on what part of the cycle I guess you think we're in.
I know Ken has thoughts as someone who's deep in the Solana ecosystem and one that we've talked about in depth on this topic.
I do want to hear your Mad Lads target.
Plus what else is on your mind?
Yeah.
So I think a Mad Lads, right.
So I kind of think less about target targets and I think more about what are the drivers of value appreciation.
And I think most people have covered that.
Right.
I think airdrops into the ecosystem.
Right.
Where Mad Lads might qualify for free drops is one.
One, I think there's, you know, value coming from centralized exchanges still continuously into the Solana ecosystem.
Some of that would trickle down into the NFTs.
There's a little bit of bridge value net coming in as well.
Right.
And I think the fourth, which is sort of like the, right, the thing that's still up in the air is what's the long term value generation inherently in Mad Lads as they get more and more utility within the ecosystem.
So whether it's, you know, saving you from transactions costs on the exchanges, perhaps maybe some sort of a revenue share.
Right.
That's sort of the thing that I think is probably the longest term that is still up in the air.
And so I try to watch all those numbers.
And for me, as long as those numbers are moving, you know, up only essentially in aggregate, then I think, right, the more rare assets like Mad Lads, which are the ultimate flex in terms of an NFT.
And a lot of people are already tied their identities to, I feel it's like a really sticky holder base that probably will never sell because you just have too much ecosystem equity in those assets beyond just the value.
And so the question then is, is there enough flow coming in at the margin, right, to keep the value up?
And so I don't predict end numbers.
I just want to look at the variables I think are driving value.
And when those start to slow down or it seems like they're cresting, it's probably a time to start thinking of, you know, if you're just taking it from an investment standpoint, thinking of maybe taking some off the table.
But I also think within the ecosystem, there are lots of interesting other plays, too.
So the other question people should be asking themselves is kind of, OK, what's, you know, what's the next Mad Lads or, you know, what's number two, three, four, five?
And can you have that at better value than Mad Lads today?
Yeah, I think that is a question.
I think another question is, you know, where does it make more sense?
Like, does it make sense to try to play some of the new tokens launching on Solana, you know, some of the existing meme coins versus NFTs or try to play both?
Certainly, it is hard to dabble well in both with the amount of time it can take unless you're just, you know, choosing a handful of plays.
I do think that is a decision a lot of folks are going to have to make as both are running.
I mean, some of these NFT gains are, I mean, some of these Solana coins are printing better gains just to be blunt.
I mean, the BOK token up just several multiples.
Guac yesterday alone did basically a three X in one day.
So just some crazy ROIs.
I'm curious how that will impact the NFT market on Sol.
I think the other one I'm watching is, you know, there really haven't been a whole lot of new mints, you know, at least that I've come across.
And again, I'm not as deep in this ecosystem since we've started to see this Solana NFT ecosystem rally.
I think those are coming.
You know, there's a handful that I've started to come across coming this week.
We've got the lucky Louie's that the Fox is, you know, HGE is repping this as his PFP right now.
Their tagline is spin to win, which I thought was spin to own rather, which I thought was kind of funny.
They've also got ties to Soulport Tom and Tio Robotics, Tio Robotics, which has been pumping over on Solana.
So that's one I'm watching a bit.
And then arsenic and crew are launching a new mint called not Sergeant Pepe.
So Sergeant Pepe certainly caught a lot of love in the meme ecosystem on ETH.
It seems like they are venturing over to Solana, a small supply set.
So I'm kind of curious how these will go.
I'm not saying these two are the new mints that are just going to rock it up.
But in general, I am starting to watch these new mints much closer.
Ken, I'm curious for your thoughts on new mints, if there are any specific on your radar or just kind of more broad thoughts.
Yeah, I mean, there's some on my radar.
But what I would say is something that's inherently different on Solana relative to Ethereum, and I've said this before, is a lot of PFPs are either attached to working products where there is actually a revenue model that you can begin to model out or get launched after the fact.
So the product actually launches first before the PFP.
And so, I mean, I'd advise people to look at that, because on the one hand, right, there's a, there's a, there's a, some people think that, well, you want something that stands on its own, and it's just like a, like a punk, right?
There's nothing else to do.
It is what it is.
Yeah, I think that there's one school of thought that kind of says that's it.
But, but I also think there's another school of thought, which is more prevalent on Solana, I think is a different cultural artifact, where you actually want to see a product and a team that can deliver on a product that potentially gets revenue, right?
Potentially has a long-term ROI inbuilt before you sort of, right, go full scale into the NFT.
And so I think there are a couple of projects that are, there's one in particular that is close to launching.
I don't necessarily want to say at this point, because I still think it's fairly high risk.
But I think if you do a little searching and look around, and the other thing too, just to be mindful of, is, right, a lot of the best teams and devs are sort of connected in certain ways.
Like, one thing I find kind of refreshing about Solana too, similar to the early DeFi days on Ethereum, is a lot of these teams are kind of building in concert, right?
It's about, okay, how do we sort of grow the pie as opposed to, you know, what kind of evolved in Ethereum into more of a PVP.
So I think we're still in that early stage where the vibes are good, teams are building together, teams are helping each other build functionality.
You're seeing a lot of cross integration begin to accelerate by Jupiter integrating native wormhole transfers, right?
You can imagine, you know, Phantom doing the same, and you can imagine like, you know, dApps that get built on top of that infrastructure will just basically, right, obfuscate everything.
I think there will be a time when you can just come with a token from another chain and literally just buy on Solana, right, because the bridging and the conversions are all in the back end, right?
And so that's a lot of what's happening. And so I would tell people that you want to look for those players in the ecosystem and the space who seem to have the ability to kind of, you know,
the utilities that crud across many protocols and have had some sort of a track record in working well with the rest of the ecosystem.
Because I think that's where you'll find NFTs that have this latent demand, right, from other communities that will buy into it, right, who, for example, might be mad lads rich or soul rich or even meme coin rich and say, oh, like, okay, that's the next thing to buy because, right, I identify with that dev or that team because, right, they're known.
And I think that's something to look for.
Yeah, I think you raised a couple interesting points. I think, one, that the PFPs over on Solana do seem more broadly tied to businesses, you know, with other revenue streams, things going on at a minimum with staking compared to the ETH ecosystem.
I think that has been one reason why it's been hard to identify, like, the crypto punks of Solana, you know, something that doesn't have that utility, that execution risk that comes along with the team driving a project.
It also does feel like your other point that a lot of these teams are very interconnected.
That's something I've kind of started picking up on in just a few weeks, starting to dive into this ecosystem.
I think what stands out to me is we haven't seen the new wave of teams, of founders, of builders come into Solana yet, kind of seeing the big ball of money flow over here.
So, I think that is going to be another trend to watch, you know, if it potentially plays out in 2024.
A few other topics I want to get to, I think we'll cut the Solana talk there for now.
Ghost, I want to talk a little bit about the ordinals buy from yesterday.
So, we've talked about the golden ratio at a high level, but, you know, what is it that drew you to it?
I think that was your first ordinals buy, so it took some effort to get over there.
What sparked your interest?
I don't know, man.
I just like the art.
And then I, as I was digging into it, I hadn't really seen too much art that has really captivated me on, like, ordinals.
And I felt like that was a good entry point for me as someone who has been getting more and more into art.
And it passed the wall test for me, and I was like, oh, this is a smaller collection.
It seemed to have support from some good communities.
And I don't know, it was just a good opportunity for me where I was like, I think it's time to get off my ass and go check out ordinals.
So, I took the time to bridge over, figure it out, open an ordinals wallet.
And then it was not a fun process, to be honest.
And I'm kind of sick of having to have a million different wallets and providers and things like that.
And I wish all of them would just be under one wallet.
But we talk a lot about how the scalability and infrastructure of crypto is still very, very behind how we probably want to onboard the masses.
But, yeah, it wasn't a great experience.
And I wouldn't be onboarding any of my normie friends to ordinals anytime soon, probably.
We're so early.
No, I'm right there with you.
The experience is not great.
I think not great is a soft way to describe it, you know, the bridging.
So, I actually bridged from ETH over to Bitcoin yesterday.
A couple of reasons why I jumped in.
One, I do believe as long as we get past this ordinals FUD, right, that there will be a blossoming market for ordinals.
I think there's a hot mint coming next week with the node monkeys.
I've had a few folks tell me to start getting ready for that one.
And so, I started paying attention to that.
So, I wanted to start playing in the ecosystem a bit.
And then Ghost, I had to tell him, he's got a great eye for art.
And then I started exploring this collection.
I like it quite a bit as well.
And I think the other, you know, from a trading perspective, what really stands out to me is there is not much good art on Bitcoin.
I think, what is it, Quadrillion has started dropping some one-off art pieces, some collections over there.
But from a standpoint of generative art from larger collections, you know, similar to like an art block set, there really isn't much.
And I think some folks over on Bitcoin are starting to feel wealthier with the token at $44,000, with a lot of these BRC20s seeing huge gains.
And I think it is a natural rotation over to art.
And there's, again, not a whole lot of other opportunities out there.
So, that was a part of my thesis.
We'll certainly see how this plays out.
Disclosure, of course, I own a few of these, though I am planning to hold for a while.
So, Logan, one other story we haven't really touched on yet.
I don't know if there's a whole lot to unpack.
But we saw a little bit of FUD around the Yuga announcement coming with regards to heavy metal, Legends of the Mara.
It was difficult for me to even track down the story here other than what I think you published this morning.
So, I'd love to hear a little bit more from you on that.
Yeah, firstly, have you guys heard a 12-fold?
I think 12-Divore knows art.
That's my little bloke.
Out of my price range, Jalogue.
Yeah.
Well, actually, hey, here's a little news tidbit for anybody in the audience.
Yuga Labs is giving a 12-fold to the winner of its final moon puzzle.
They've been doing those moon puzzles.
You might see them from time to time on the timeline.
For the last couple months, the final winner will get a 12-fold,
which when I initially reported it, I think was around $32,000 USD in value.
I'm sure it's much higher than that at this point.
A little bit less.
The floor is a half a Bitcoin right now.
Okay.
But still sizable.
Do we know who's been winning the previous moon puzzle things?
Because when I think of those elaborate Yuga puzzles like that,
I always just remember those stories of the professional puzzle teams that were the ones who cracked it.
I don't feel like I have any chance of possibly winning that as an individual.
Yeah.
I'm sure we can find them.
They've been announcing them, and I believe they are indicated on the site.
I can't answer whether or not they're official puzzle people.
I do know that it takes a bit more than just solving the puzzle.
You have to, like, inscribe something to sort of verify that you've solved the puzzle.
So there's a few additional steps in there.
But worth looking into if you're a grinder and you really want to take a chance.
I don't know when it's coming exactly, but it should be coming soon.
On the other Yuga news, though, Tyler, yeah.
So two sort of announcements from yesterday, one of which I've been able to dive into a bit more.
So season two of Legends of the Mara launched later last night around 6 p.m. Eastern time.
And more or less what's happened is things have kind of evolved.
They've made a major update to the leaderboard in terms of how they're going to account for things like sharding and loot
and all those different components of Legends of the Mara, which there are many components of.
It's not like a super easy one to explain.
I'm not going to try to waste your time on that.
So that was the one announcement.
The second announcement, which had some FUD, was related to heavy metal and the heavy metal leaderboard,
which, of course, if you recall, doles out ApeCoin prizes.
And I think some of what caught people by surprise was this was one, at least to my knowledge,
only announced via the Yuga Labs gaming Twitter account.
Which does not have the mass following that the others do.
And secondly, you know, whether folks knew it or not,
Yuga, you know, apparently is going to be doing its its duty and indicating to, you know, the the government here,
or if you're a citizen of the United States and requiring people to fill out tax forms to get their prizes.
So I saw some comments on that from others like, hey, whoa,
this is not something that they necessarily anticipated.
Part of that as well is they only have until December 8th.
I'm not sure when they were contacted by Yuga.
It may have been a few days ago.
And then the announcement came yesterday.
But they have until December 8th to fill out the tax forms in order to release their prize.
Otherwise, they forfeit it.
So I saw a few tweets circling about that.
Yeah.
So I think that certainly caught some folks off guard.
Not everyone, you know, wants to be forced to pay their taxes.
So we'll see how that goes around.
I think the other story we haven't touched on yet is out of the the InSpec team.
So we saw the InSpec token launch.
It came this morning.
Just a quick background for those who may not be familiar.
Here, the InSpec team has published some blog posts here this week, kind of outlining their
accomplishments ahead of the token launch.
What they're describing is building the leading Web3 social intelligence platform.
They've expanded beyond NFTs to include analytics for over 20,000 tokens.
They've got chain integration with ETH, Solana, Polygon, and AVAX, a partnership with MoonPay,
and then some new wallet analytics.
They're tallying that their user base has seen 40% growth in the past two months, over 300,000
users, including 50,000 weeklies.
They've lined up a pretty serious team of advisors and investors, including big names
like Saigar, OXQuit, 9Gag, Alex Becker, Dingaling, and a whole lot more.
So they built some momentum into that token drop.
It came out this morning.
I think the pre-sale was priced at like 0.015, so one and a half cents.
I think the token jumped as high as 30 cents in early trading.
I think I saw it at 20 cents here right before the show.
So Logan, I'd love to get your thoughts, and anyone else is here too.
How are you feeling about InSpec, or maybe the more juicy question, why would they not
do a community airdrop?
So as far as I can tell, there is no community token allocation for this.
It was basically a private sale.
I think there was some form of a public sale, though I may have perhaps missed that opportunity.
But from my perspective, of all the Web3 tools that would have a community airdrop, one that's
built on the back of its users and their data, seems like one that you would lean to reward
its holder.
So I'm curious how you feel about that.
Yeah, my initial reaction was a bit more FUD-fueled, I should say.
And then I did some digging as well, Tyler, and saw those announcements regarding the public
IDO, which did give opportunities that many of us, of course, did not take to participate
in this sort of early token sale stuff.
But for me, though, it's still, I'm still, and this is the case with nearly every Web3
token, so it's not a knock on InSpec and any holders or team members or anything like
that.
But it's kind of like, why does this token exist is sort of where I fit.
And so, I don't know.
It stinks to, of course, miss on major gains.
It stinks to not get an airdrop, should there or would there have been one.
But otherwise, I'm just going to kind of let it sit and whatever, like a couple weeks from
now, do we expect this coin to be worth what it is now or more?
Like, probably not.
I don't know.
Yeah, I think that is my view on this as well.
I think they miss a chance to try to rally some community support by doing airdrop.
I think certainly had they done that, more folks would be incentivized, would be more
interested in participating.
Now, it feels kind of just like a situation of rewarding the insiders and those who are
able to get in early, which feels a little bit less appetizing, at least from my perspective.
But we'll see how that platform continues to develop.
Certainly, they've got some big, big names lined up.
You know, Logan, maybe last headline here before we wrap up the show.
Kind of a big headline out of Immutable Gods Unchained.
They partner with Amazon Prime Gaming.
They're providing exclusive in-game items to some of the Gods Unchained Season 2 when that
comes out for Amazon Prime Gamers.
How frequently are you seeing this now, these Amazon Prime partnerships?
Is this a big deal or is this kind of becoming the new, the game is included in the Epic Games
store headline?
Where is this at on the spectrum?
I think it's pretty close to that, you know, included in the Epic Games stuff.
So, you know, and I'm not a gamer.
I don't know Amazon Prime Gaming.
I'm not a member or have access to it or anything, but it feels like, you know, just kind of an
incentive provided to those who are, you know, already Prime Gaming members, not like a formal
collaboration between Amazon and Gods Unchained or Immutable in any way.
But nevertheless, increased distribution potentially, right?
Increased brand awareness.
All those types of things are net positives, in my opinion.
I think one of the interesting things about this is it's kind of like buried in the announcement
a little bit, but it's leading into Season 2 for Gods Unchained.
And there's a hopeful, the team's hopeful for a mobile rollout.
I think 60,000 members or something like that or play sessions, perhaps.
I'm not looking at the press release right now.
We're reported in some of the initial tests for mobile launch.
And it's getting more gamers to play a game like this, which from time to time, right,
when we've talked about other blockchains and developing a ton of volume, right, there
was like a stretch there where Gods Unchained was, and Immutable, that is, was, you know,
up near the very, very top of volume charts.
It was during the depths of volume, right, where not much was happening, but it was there.
And this is an established game that people have played for a long time.
It's interesting.
I was looking at the token a little bit yesterday as well.
I know I'm rambling on here beyond your initial question, but it's something that I'm paying
a little more attention to.
I don't know how many people know about the mobile rollout.
I don't know how many people really saw about the Season 2.
Everybody wants to chuck their weight around on tokens.
And this is one where I think the market cap is like 115 million, which is, you know,
multiples below a lot of those other, you know, very, very hyped games in Web 3.
I had a tweet out about it yesterday.
So which token is that?
So that's the God's token, the God's Unchained token.
So that would be a way that you could play this.
You could also play on the immutable coin as well as a way to get exposure.
You know, you mentioned, I do remember God's Unchained being consistently at the top of
that Crypto Slam NFT volume board.
I'm looking at the 30-day numbers right now, and it's still an eighth.
It's all $20 million this month with 12,000 buyers and sellers.
So some pretty significant numbers there.
We'll certainly see.
I think the other thing that jumps out to me, I think, you know, how much other news and
headlines and action is out on the timeline that God's Unchained partnering with Amazon Prime
gaming gets buried.
You don't really see too many folks talking about it.
I think, you know, just a month or two ago, this would have been the lead story.
And, you know, everyone in the Web 3 gaming sphere would have been banging the table about
this.
So I think that's just another sign of where things have turned around.
Well, folks, that's all that I wanted to cover today.
We are going to wrap things up.
Before we go, what's minting today?
There are a handful on the list.
We had the Noble Gallery Season 2 finale earlier this morning at 9 a.m. Eastern.
Memes by 6529 just went live one minute ago, 11 a.m. Eastern.
And then Art Blocks presents Lumina coming at 1 p.m.
It's another day of drops, I think, heavily featuring art and memes.
We had the Noble Gallery.
Art Blocks is back.
And the meme card is from Rocket Girl.
And, again, that in-spec token launch we already covered.
So, folks, that is it.
That's our show.
We'll be back tomorrow at 10 a.m. Eastern.
Thanks to our listeners for tuning in.
Thanks to my co-host.
Thanks to Akin.
And good, thanks for coming up.
Enjoying the conversation.
Everyone, enjoy your Wednesday.
Let's make it a great day.
Bye, everybody.
Bye, everybody.
Bye, everybody.
Bye, everybody.
