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Punks and Penguins Climb; Mega Mint Day Arrives - Lucky Lead
Recorded: Jan. 16, 2024 Duration: 1:09:31Space Recording
Full Transcription
We'll be right back.
While we wait, here are some tunes.
We'll be right back.
We'll be right back.
We'll be right back.
We're in the brutal depths of winter.
It is painful to go outside.
Chicago winter is here.
You know what thrives in winter?
Penguins, especially the pudgy variety.
Pudgy penguins have soared to new all-time highs in this climate.
Those crypto punks have been quietly soaring this winter, too.
We're going to break it all down on today's show.
I see some friendly faces out there.
KML, AntFact, Salem.
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.
Emily loves crypto.
I'm sure she'll be coming.
She is fresh off her trip to Hawaii, maybe struggling with that time zone a bit.
We'll see if she joins us.
But we still have Ghost, content star over at Lucky Trader.
Quiet whale.
Deep in the AI streets.
Still hanging out with us.
And then Logan Hitchcock, our editor-in-chief over at Lucky Trader.
He's been covering the space in-depth for years.
Logan, GM, how are you doing?
Good morning, Tyler.
Doing well.
Braving some of the cold here.
Not quite as bad, but the snow is coming down and has been for quite some time.
So still unfortunate, but great weather for penguins, yeah.
Great weather for staying inside and just being glued to screens for 10 to 12-plus hours per day.
Folks, well, typically on Tuesdays, we have Peter Jennings and Deez come.
They weren't able to come today.
So we're going to focus a little bit more on the NFT market.
What are we talking about on the docket for today?
We're going to start with that Punks and Penguins rally, Azuki's new vision, Saga Monkeys, the new Saga phones, what that might mean.
Node Monkeys and the Shadows disappointing over on Bitcoin.
A huge day for new mints highlighted by the crypto undeads, plus a whole lot more.
Before we dive in, though, Ghost, any housekeeping for today?
Yeah, you know it.
As always, if you enjoy the show, Tyler does a great rundown of the NFT space every morning in the Morning Minute newsletter.
We've got that pinned to the top of the spaces.
Make sure you give that a subscribe if you haven't already.
All right, Ghost, thank you for that.
And, folks, we've been keeping the show more casual lately.
So if you've got a hot take on any of the topics we're covering, feel free to request to come up on stage.
Join the conversation.
We'd love to have you up here.
All right, folks.
Well, getting into our NFT weekend recap from this morning's Morning Minute newsletter.
It was a long holiday weekend in the U.S. for many.
And likely a welcome break from days and perhaps weeks of just nonstop ETF talk.
Bitcoin was the hot topic.
Then the narrative quickly shifted to ETH, especially as ETH briefly soared past $2,700.
But somewhat overlooked in that crypto hype, some Ethereum NFTs are making some strong local highs.
Crypto punks have led the way, regained that $150,000 floor over the weekend, really without much major news or fanfare, just steady buying.
And they weren't the only projects making a splash this weekend.
So some of the highlights.
We saw Azuki share their updated vision on Friday, focusing on three pillars, anime and a partnership with Goro, Taniguchi, and Dentsu.
Physicals, expanding those PBTs in-house and via collab.
And then gaming with their first casual game coming this year featuring beans.
They also rolled out a new collector score, incentivizing holding and certain traits slash combos.
And then sneakily, they kind of buried a new partnership with Fenwick West, a firm known for helping projects pre-token launch at the end of the thread.
The market broadly shook off the news with Azuki closing the week at 6.8 ETH and down 3%, but still some exciting times ahead.
Speaking of exciting, Pudgy Penguins reached a new all-time high here yesterday.
The fat flightless birds may not be flying, but they've been grinding up for months over the weekend.
Pingu's hit a 14.2 ETH floor and reached $36,000, all-time highs in both ETH and USD terms.
Those little Pudgies up 20% to 1.25 and Pudgy Rogs up 27% to 0.7, followed suit.
And if you've been paying attention, those 640 DYM tokens that each Pudgy owner is getting airdropped,
those are currently valued around $2,800, which is enough for another little Pudgy for everyone.
And it seems like a few more surprise airdrops like that may continue to come for this ecosystem.
In other news, the Saga Monkeys have led on Solana.
Solana NFT scene has been fairly quiet and uneventful these past few weeks,
while its meme coins continue to steal attention.
And that is, except for the Saga Monkeys, these NFTs, which were airdropped for free to all Saga phone owners,
well, at least the first 8,888 that claimed their tokens.
They reached a 14-soul floor over the weekend.
Now back around 11 here this morning.
That was over $1,300 at peak and worth 2x the cost of the phone.
And with both co-founders rocking these, they seem to have some staying power.
That is, unless today's crypto undeads meant it just stops everything on Solana in its tracks.
On another, taking a look at Bitcoin, the Bitcoin NFT scene has been mostly quiet as well this past week with much lower volume.
Node Monkeys continue to establish their dominance.
They reclaimed 0.2 Bitcoin over the weekend.
They reached 0.235 at peak.
They're now back, I want to say, around 0.18.
The Shadows, though, they sought to take the Node Monkey's throne.
They minted out at 0.2 Bitcoin, but their opening yesterday was a disappointment.
They opened around 0.15 now, 0.075 here this morning.
So that's down over 60% from Mint.
And with today's Pizza Ninjas, Mint now delayed until Thursday.
I'd say expect more chop and decline until the next major catalyst or inflow event.
Now, quickly looking at some price action on majors.
Fidenza's minus 6% on the week at 69.4.
Crypto Punks up 10% at 58.5.
Ringers at 32, they're down 10%.
Board Apes at 25, they were even.
Pudgy Penguins up 35% on the week at 14.2.
Gazers are up 5% at 10.5.
Chromie Squiggles basically even at 8.1.
Azuki down a touch at 6.8.
Winds of Yawanawa up 14% at 7.9.
Captain's up 10% at 4.5.
Mutant Apes down 5% at 4.45.
Kodas, oh no, down 24% at 3.07.
D-God's basically even at 3.
And Milady's even at 2.49.
So it was a bit of a mixed week with Art largely underperforming.
PFPs seeing green.
Pudgy's and Punks again, the clear winners.
Winds of Yawanawa did outperform in Art.
And now are approaching squiggles in floor price.
So that's going to be interesting to watch.
And then those Kodas, likely the most disappointing price action of all,
falling back to 3 ETH as faith in the Yuga NFT ecosystem seems to reach near all-time lows here.
So I'm going to pause there.
That was our overview from the week.
Maybe let's just dive right in.
Maybe, Logan, I'll throw this one to you.
Reactions to this CryptoPunks price action.
I feel like it hasn't really been that broadly talked about.
But these things are $150,000 again.
How are you feeling about kind of the state of things here?
Yeah, I said it on Friday's show.
But I think the word I used was inevitable, right?
It feels in so many ways that Punks and an eventual rise, of course, timeframes are super important here.
But an eventual rise far higher than we had seen previously.
You know, and what we're seeing now is due at some point in time.
I called for an all-time high, at least in USD terms, this year.
So we still have a ways to go to eclipse that.
But I really do, you know, I do think it's coming.
In terms of, you know, why or why not it's being talked about or not being talked about, you know, I think it's just one of those things where they're just, they feel like in so many ways stable coins just because of their prowess, right?
Like, they're just kind of always going to be there in the background.
And the price fluctuation in the near term doesn't really need to or seem to affect anything in the market or at least how people feel about them.
This is just my opinion, of course.
So, you know, I think these are going a lot.
I think these are going a lot higher eventually, you know, and a big milestone to cross 150,000 USD again in the near term.
Yeah, I mean, clearly you're bullish.
If you think a 3X in 2024 is on the table, that's still a huge move.
Deez, I want to welcome you to the stage.
GM, I love having you on here this morning.
I would love your reactions.
You know, how are you feeling about this Punks action?
Is there anything kind of jumping out to you about this recent move or any kind of, you know, predictions for how things may fare this year?
Yeah, you know, very into Punks.
There was just an event in LA.
I didn't make it there, though.
I do know some people talked about Punks and swept some after that event.
Right before that, we had a couple big entities sweep.
We had that one, I don't remember how many floor Punks they got, but they bought a bunch.
They bought them through NFTX, Blur, and the website, so it was a semi-sophisticated entity that didn't just go to the website and buy them one by one.
So that was good to see.
I don't know if it's going to be some type of fractional flooring protocol thing.
I don't know if they're going to use them for leverage, but they wrapped all the Punks as soon as they bought them.
So I think it's just good to keep an eye out on what they do.
And, yeah, I think a lot of the Punks' floor is, you know, kind of set by Punks' OTC in the broader market.
And when things move up and no one else lists things, Punks' OTC can kind of set the floor to wherever he wants to test it.
And we haven't really seen people try to undercut him to get out, which I think is good.
I don't know if Punks are going to go up 3X this year.
I did talk to a friend about trying to co-collect one, but the one we were going to co-collect got bought from the LA crowd over the weekend.
So that was good to see. It was too nice of a Punk to be at the price it was at anyway.
And, yeah, I'm looking more at, like, the mid- and high-end stuff.
Like, there's a nice cowboy that sold a few days ago.
There's a nice purple cap pipe that sold a few days ago.
There is a hoodie Punk that sold maybe yesterday or two days ago.
And looking to see that market expand more than just the floors.
Like, the floor going up is cool, but I want to see more of those mid-range sell for decent premiums
that show me that these are the collectors who are probably buying their first or second or third punk.
And they're in it for the long term because of the aesthetic of what they're buying.
Yeah, that's such a great point.
And that's actually something that's kind of jumping out to me about this Pudgy Penguin price action,
which we'll get to here in a minute, where I'm not seeing a whole lot of those mid-tier and rare sales.
And that is kind of an important sign into kind of what is driving the price action.
I will say, I was taking a look at the Punks board this morning, and, I mean, it's clearly that the price has been, you know, grinding up.
But to get, like, a decent trait, Punk, off the floor, I mean, you've got to pay up.
Like, you're talking probably 70, you know, 80 almost, to really try to get that forever Punk,
unless you just truly are happy with the floor, which seems, you know, to be, again, a promising sign.
So this is fun to see.
It's going to be a fun one to track.
I think the other thing these have going for them is, again, Dee's kind of touched on this,
but any time an institution comes in, this is going to be one of the NFTs they look at.
And every time one takes five or ten out of the supply, you know, it definitely has an impact.
You know, Dee's, while we're talking Punks, we saw a big Punk's derivative catch a little bit of steam
and attention this morning or this past weekend.
I don't know that we need to spend a whole lot of time on it, but did you see the itty-bitties?
Did you get any of these?
Did you have any reactions to this latest Punk derivative?
No, I got a bunch of friends who bought a lot of them for $20,
and I said, yeah, this is just the latest flash in the pan.
And then I think Kazomo writing that they're the mutants of Punks is a little egregious,
but I think that dumped some fuel on the fire and sent these.
So good for the people who are making money.
Dump this shit in a week or two.
Like, don't bag hold this because you're married to your 19th Punk derivative.
I would, you know, advise you take the liquidity event and enjoy your newfound games.
But, yeah, no, I'm not playing it.
I'm actually in New York doing two podcasts a day, every day for the next week or so.
And today's the only day that we don't have a morning pod, so it kind of worked out I could hop on this.
But I'm not actively trading while I'm here.
I'm just looking at my bags once a day and making sure they didn't go to zero.
Yeah, sounds like you've got a busy week.
Well, we appreciate you checking in with us here on your morning off.
Logan, I've got to get your thoughts, and then we'll get to our next topic.
But I think you did sneak in on the itty-bitties earlier.
Are you riding the wave?
How are you feeling about these things?
Yeah, I have no attachment.
I think the advice Deez just gave is super solid.
I have no attachment to these.
I saw them pretty early on the timeline and just like .0075 or something like that
and just bought a few randomly one night late and enjoying what's happening right now.
I have not listed either of mine.
I only have two, and my cost base is so low.
I'm just going to kind of hold on a little bit.
But, like I said, no attachment at all.
The only thing about these that really strikes me, and I mentioned this yesterday,
was the little emoji thing that people are doing, like the too small thing.
I think it's really funny.
But otherwise, yeah, I think this is just a whatever, a one-week, two-week thing,
and we'll see probably in three weeks from now or even less time, right,
these back at like 0.01 or 0.02 or whatever the case is.
Yeah, the reply guys, the Twitter rage, anytime you post about the itty-bitties,
they come out in force with those emojis.
It is kind of funny.
You know, we'll see how long the fun lasts here for these.
I posted on Twitter.
I was very surprised to see Cosmo call these things, potentially the mutants to punks.
I don't think we really need to dive into how absurd of a call that is,
especially with Meebitts existing already, you know, without even getting into more.
So that was surprising to see.
We'll see what Cosmo comes up with next.
Let's move on.
I think we've got to talk pudgy penguins a bit here this morning.
And is the flippering imminent?
I think Sam Antistaffs calls it the flapping.
I'm not going to promote that term.
I like flippering a bit more.
Ghost, I'll plug you into the convo.
You've been watching this price action.
I think you were on the fence about buying a pudgy a few months ago.
How are things looking?
What would potentially stop this rally?
Kind of what might be standing out to you from what you're seeing with the penguins?
Man, I mean, I think that a couple weeks or a month ago or so, I said that I didn't think it was too likely that they were going to flip board apes.
And I would say that if you asked me that same question today, I would say the opposite.
I think that they will now.
And we've just seen the sentiment around board apes just feels terrible right now.
And I think that's more so the driving factor here than pudgy is doing anything different than what they're doing.
I think it's just the sentiment continuing to go down for board apes and Yuga in general.
So I think the thing that could change that is Yuga coming out, obviously, and changing course and kind of getting people confident in their stuff again.
But right now, it feels like pudgies have that that momentum.
They feel like they're much more broadly liked by people where a lot of people started to look at at board apes like in a cringey way.
A lot different than than the original days of like 2021, 2022, when people felt like they were cooler, at least least NFT people felt like they were cooler.
I think that they were always felt a little cringe outside of our ecosystem.
But it feels like pudgies had that that broad appeal and just continue to to move up.
And we're just not seeing a whole lot out of Yuga right now that would make anyone really want to buy some of their NFTs right now, in my opinion.
Yeah, I didn't agree with all that.
It's almost like there is a social capital flippening happening here as well.
You know, the the the clout that comes with the the Yuga PFPs has certainly gone down with the price action.
And that's a part of it. And it's hard to see what the next catalyst is.
I mean, it would be strange for a late grand team to really shift course.
You know, they've got a multi-year kind of roadmap and plan playing out here.
You know, they're not just going to, you know, shovel free money at this crew.
I think what you know, the D.Y.M. airdrop to Pudgy Penguin holders and no one else on ETH was, I think, really big.
And if that happens again, you know, if there's any other major token airdrops that get allocated to the Pengus,
I really think that could be the driver of the next leg up.
You know, we'll see if a flippening happens.
I was checking Blur this morning.
There's only 200 listings to 20 ETH, which is kind of wild to see.
I'm not saying they're going to speed run to 20.
That's still a huge run.
They jumped a ton here this week.
But the air is getting a little bit more thin up there than it has been in the past.
Logie, I want to plug you into the conversation here.
What's on your mind?
I was just going to add that point regarding the Dimension airdrop.
And I pulled up the Medium article from when the announcement from Dimension.
And they refer to the bucket of Pudgies and Mad Lads, Tensorians and Bad Kids.
Those are the four projects as kind of this cultural basket.
And it's so odd, well, maybe not odd, but it's so striking that apes wouldn't be considered in that conversation,
given the role that they've played in making Web3 what it is and this culture what it really is.
And I think you're exactly right.
Moving forward, that's a pretty striking tell to me that penguins and others would be considered
as the cultural leaders and apes not included.
And on your note regarding other airdrops, it may not be a notable one, but we posted about it a while ago.
The WASI meme coin that's coming to Blask, penguins are in for that as well.
Oh, wow.
Yeah, I missed that one.
So, you know, that's another kind of feather in the cap there.
You know, as for the, I mean, a part of not rewarding board holders could be, you know,
a bit of the stigma that they've already been given so much already.
You know, anyone who's held from 2021, it was, at one point, it was one of the best returning assets of all time.
It returned like 2,000%.
So, you know, I think kind of focusing on new ecosystems isn't always just a pure slight to that project as well.
It's almost like, okay, next man up, you know, certainly we'll see.
I think something that jumped out to me, and Logan, I don't know how closely you've been following the price action on these,
and wow, they're up to 14.4 here live during the show, is, you know, some of the, you know,
the strong mid-tier traits have been kind of selling on the floor.
And perhaps that's just what happens when the floor runs so far so fast.
But, like, the tough trait, if folks have followed the Pudgy Penguin collection,
these were consistently trading for 2 to 3x the floor during the bear market.
So when the floor was around 3 to 4, these things were trading at 9 to 10.
And I've been seeing these move on the floor here the past 24 hours.
And that is a little bit surprising.
So I am curious, A, when we will start to see a trait premium come into play.
I haven't really seen a whole lot of buys, much more than 10%, you know, over the floor price at this point,
which I think is kind of going to, you know, it speaks to the kind of what this market is right now,
where folks kind of, it's the collapse of the traits.
Everyone just focuses on floor.
If you're buying Pudgies also for a potential token play,
then you are only incentivized to buy the floor.
But that also kind of speaks to, you know, who is collecting and why.
So I think that's an important factor to watch here.
We saw the 50-Eth sale on the ice skin yesterday.
That was certainly nice to see.
I think if we see, you know, a few big rare sales,
if any of those one-of-ones sale, I think that could be a huge driver as well.
But we just haven't really seen it.
So that'll be something to watch out for.
But, Logan, you know, I asked Ghost a question.
Maybe I'll throw it to you and then we'll get to our next topic.
But what could stop the flipper ring?
What could stop a Pudgy Penguin grind up, in your opinion,
or does it look like it's smooth sailing?
Yeah, I think it's going to happen at some point this year.
I don't have a great answer for what, you know, what could stop it.
I mean, it even seems like some of the executional risk,
which we know Pudgy has built in a little bit, right,
with toys and Pudgy World and an overpass to come.
Like, I guess something, like, horribly botched there could potentially impact it.
But at the same time, it almost feels like this community,
I'm using quotes there,
is just ready to push past anything that, you know,
that might happen, whether it's good or bad.
But so I think it happens this year.
I mean, I think it's becoming more of we'll meme it into existence, right?
We talked about that when we first started discussing
whether or not this could take place.
And I think it's almost, to steal from some of the recent talk,
programmed in at this point for some point in time this year.
Well, he's making some bold predictions this morning.
And, of course, I just finished a rant saying there hasn't been many rare sales,
a 40 ETH sale on a gold skin just eight minutes ago.
So that's another big one.
So if these keep coming in,
that is definitely a strong sign of some collector presence in the collection.
I think what's also jumping out to me, and then we'll move on,
I'm looking at the floor here on Blur,
and there's, like, five or six of these with the last sale price.
I'm seeing 0.84 ETH last sale, 1.4 ETH, 2.19.
So these are folks who have held these things for a long, long time.
It is interesting to see folks who have held this long choosing to sell right here.
With, you know, from my perspective,
the most exciting times are absolutely still ahead
with whatever is going to happen with Pudgy World and potentially a token.
So that is a bit curious to see.
This is going to be a fun ecosystem to watch.
Logie, maybe I'll throw it back to you for Azuki.
This was kind of a big story.
I thought we would see bigger price action in the Azuki ecosystem than we had.
I think when the news came out with their big announcement,
their new teaser, the trailer, the floor was around 6.3.
It didn't really move.
It did jump to 7 ETH at peak over the weekend back around 6.8 this morning.
Any reactions to what they shared?
Their new focus on, you know, physicals, the anime, the partnership with Fenwick West?
What jumped out to you?
The last note that you just mentioned there, the partnership with Fenwick West,
of course, if you got through that entire thread,
which, you know, is a long thread headlined by that two-minute kind of trailer,
it was just a footnote, seemingly.
I mean, we had some speculation regarding the anime token, right,
previously with the retweet of the Web3 Foundation, the Anime Web3 Foundation stuff.
But that was, you know, almost a confirmation from Azuki and team that this is coming, right?
Fenwick West worked, I believe, on ApeCoin.
I believe they worked with Rug Radio for the Rug token and maybe some others as well.
So, yeah, it's really, really interesting.
One of the things that I've not yet been able to confirm or look into myself
is just regarding the collector stuff as well and the point system
for the new collector profiles and collector status.
There could just be some, you know, some price stuff that's being gamed there
as a result of those different tiers and people just, you know,
doing the math and the small variables related to how many points per NFT
and different badges and, you know, and all those different collector stats.
And pending that stuff, which I don't have the answers for right now,
but pending that stuff, you know, could be a reason you see something like
the Azuki OG collection stay held down versus elementals or versus beans, right?
Whereas holding multiples of those equals more, actually more points or whatever.
I'm speculating a bit there because I've not yet confirmed those things.
But that's just something to look out for as you head towards an eventual
or potential token drop.
Yeah, it's being gamified a bit.
I also haven't really dove in onto the ins and outs of the collector's score.
I think the big takeaway is a token is coming.
We don't know when it'll be.
It could be four to six months out.
It could be longer out.
I do think we will see a surge in demand as we get closer to that token event,
but it's still likely too far out.
And that's why we haven't seen it kind of reflected in the floor over the weekend.
Ghost, thoughts on your side?
Yeah, on the collector's score, I was just looking through the thing.
And one thing that I do like of it is that they include time held and rarity in the collector's score,
which will likely impact the airdrop.
And I like the emphasis on putting rare traits back into the spotlight
and also rewarding the people who held for a very long time throughout a lot of stuff
instead of just guys that sweep the floor right before an airdrop and have that capital.
So I do like that aspect of it.
Yeah.
I'm sorry.
Could I jump in with a question if you're looking at that?
Is Bobu included in that?
I did not see Bobu listed anywhere.
I see Azuki, Elementals, and Beans only.
So Bobu might be shit out of there.
I kind of forgot about Bobu, honestly, until Loki just popped in with that.
So, yeah, I don't think Bobu, sadly, is going to be included.
That is nice to see them do that.
I'm sure Spirit Dow was kind of in their ear about that, but it does just make sense.
And I do feel like longer-term holders of the rare and more valuable entities should be rewarded more.
I think that is very fair.
I'm very curious how Luka and the budget team will consider that factor as well ahead of their airdrop.
I thought I saw a comment on Twitter that he wasn't considering that.
He was going to do more of a flat spread out, but I think that's all just speculation at this point.
Before we move on, Diesel, I want to tag you in.
We talked about a few of the leading mid-tier PFPs over on ETH.
We got your take on punks.
How are you feeling about anything else in the PFP market on ETH?
Have you been looking at anything?
Are you comfy on the sidelines?
Do you have any Pengus or Azuki still at this point?
What's your take on this sector?
Yeah, I still have my Penguin.
I don't really intend to sell that unless something really comes up, and I have to.
But I put out a little tweet yesterday about how I sold my Top Hat Punk when Tessera closed because I felt like I needed some cash.
And I bought a Top Hat Penguin instead, and then I took the rest of the money out of the ecosystem.
So hopefully I can hold that Penguin as a spiritual successor to my Punk.
I haven't actively been trading the ETH NFTs, really.
But if you just look at Blur, I mean, over the last week, there is quite a good bit of double-digit percentage up collections.
Like, I mean, just going through right now, I see Pandas are up 20%.
Obviously, all the pudgy stuff is up a lot.
But even, like, those overworlds are back up a little bit over two.
And some of the stuff that is higher, like 1 plus ETH, is still up a little bit.
So I think it's good to see Coda's being down.
That's actually one of the few I'm holding, which is unlucky.
But, I mean, there's a lot of stuff to like.
I think ETH NFTs have been overlooked for the last two months or so, especially with the shift to the Solana hype.
I think that took a lot of eyes off the ecosystem, and it wouldn't be surprising to me to see a little ETH resurgence, just because there's a tension back in the ecosystem.
Yeah, I mean, it feels like it was kind of a perfect setup for a local bottom.
Really, last week, whenever, I mean, sentiment was near, you know, definitely at local lows.
Folks were barely talking about ETH NFTs.
Myself included, focused was squarely on Solana and Bitcoin.
And then whenever you see folks on the timeline talking about all the NFTs that are in blend loans, you know, typically what happens is it's an overreaction.
People think the sky is falling.
We see kind of a sharp wick down and then a quick rebound, and then green gets back on the board.
I also think some of the farmer games, I think CBB, a few others kind of pulled liquidity to make a point.
I think they may have put it back, and I'm not in the deep, in those streets.
But I think that's a part of the price action as well.
So we'll certainly see how it trends this week, but some welcome green on the board for sure.
Well, we've got a lot of other stories here that I want to get to this morning, but we're about halfway through the show.
So let's read the news.
Today's top headlines, powered by Lucky Trader.
The trading volume jumped to $25.6 million on Monday.
After a weekend around $20 million per day, leaders saw major green like we just talked about.
Pudgy Penguins did lead top movers on ETH, jumping 10% to 14.2 ETH.
Little Pudgy's up 22% and ROG's up 27% soared even more.
Node Monkeys led action on Bitcoin with 200 Bitcoin in trading volume on the week,
with the floor settling around 0.19 Bitcoin.
The Shadows started trading yesterday and fell 50% from their mint price to 0.097.
Even further this morning, saw them at 0.075 ahead of the show.
Solana entities were mixed on the day with Saga Monkeys falling 23%.
Mad Lads and Tensorians even at 172 and 97.
And those Quecks, a big winner, up 32%.
Itty Bitties were the microcap winner of the weekend on ETH.
Leveraging ETH's subscription hype and punk's lore, running from $20 to 0.15 ETH.
Riffek Anadol announced his studio's new project, the Large Nature Model.
Talon as the world's first open-source generated AI model focused on nature.
Essential to his upcoming Dataland project.
Sotheby's natively digital ordinals auctions kicked off on Friday and have already seen some major action.
De La Cresce's Benediction from Between Worlds seeing a $65,000 bid and the QuantumCats' Genesis Cat already catching a $40,000 bid.
In other news, Solana's Saga Mobile has apparently shared plans for a V2 phone launch, according to an article published by Coindesk.
The Velocity series passes briefly spiked over the weekend after the team teased ordinals and new artists, Tyler Hobbs, Emily Zai, and more.
Rupe Renisto announced a new 5,000-supply NFT drop coming on Solana, priced at 0.2 sol each.
That comes on January 30th.
In other Web3 and crypto news, crypto majors were mixed this morning.
Bitcoin was up a percent at 43K this morning.
I think it's down closer to 42K now.
ETH was around 2,500.
Sol up a tick at 96.
Tia nearing $20 over the weekend and Say jumping 10% to 79 cents.
Blur was a big winner on the week up, 50%.
Market cap now $830 million.
WIF found new local highs around $375 million ahead of National Hat Day, but did dip back to $300 million this morning.
Jupiter shared it will launch its Jupe token on January 31st at 10 a.m. Eastern.
And then Ravi Wallet announced a snapshot upcoming for users, indicating points or tokens tied to potential airdrops.
All right.
That was a rundown of the news.
There was a lot to unpack.
Logie, maybe let's talk about this phone news.
I don't know if you've had a chance to really verify this.
I mean, of course, Coindesk is a very trustworthy news source.
But as a Solana saga phone owner yourself, how do you feel about a second phone launch?
And do you think that the airdrops may be impacted here?
Well, everybody hates dilution, right?
So the news is not the best possible.
I have not yet had a chance to verify or really look into any of the details just yet.
Some of the part of the headline, right, was regarding cheaper or different hardware or something to be cheaper price point.
So we'll see what happens.
I guess maybe one of the things at play here is the initial kind of saga Genesis token feels like that's probably cemented itself as, you know, being the Genesis and only, you know, kind of, I don't know, I guess Genesis version, right, of any potential next set of tokens released by another saga phone.
So that has me feeling okay, but at the same time, it doesn't feel super, super great as the hype was just starting to build around, you know, sort of the initial saga sellout.
I only wanted them to sell 20,000 phones ever, you know, as a new owner.
And I do have to admit, I capitulated over the weekend and I did buy a Solana saga off eBay just a day before the new phone was announced.
So I'm still grappling with my emotions about this as well.
So I was late.
I did not get a saga monkey, but Logan did get a saga monkey.
We talked about this last week.
I actually encouraged him to sell right away.
But egg on my face for that one.
And Logan, I want to ask you, could saga monkeys be the next 100X on Solana?
So OS, the reason I asked that question is OSF, I think he polled his followers over the weekend.
He was talking about kind of which chain could have the next 100X NFT.
I think they landed on Solana.
So I think folks are kind of, you know, starting to speculate what that could be.
Certainly crypto undeads have a lot of hype and we'll get to that here in a minute.
Saga monkeys were free.
So, of course, any return would be infinite.
But could these be the next big runner or do you think the leg up has already happened?
100X, I don't think it's coming from them.
So I don't think that.
But I do think there's definitely still a play here, right?
I've already seen, like in the case of Genesis token, Saga Genesis token holders, sort of being included in snapshots and getting airdrops and tokens, right?
I've already seen, I think, was it Sol Casino or one of those others that has sort of the degen coin flip or something like that, right?
Is do something for Saga monkey holders as well.
Or, you know, specifically just for them.
I'm not entirely sure of the details, but I think you could see it become sort of the face of the phone in that regard.
And so I do expect, right, that it could continue to go up.
The hard part here is just knowing that there are another 12,000 or approximately 11,000 of these still to come in waves, of course, which will help a little bit with supply and demand.
But that's still, you know, more than 2X what's already out there, which will be hard.
And then depending on the news regarding this V2, you know, that could drastically change the future for anything related to Saga expected airdrops, right?
And I think if something comes there and it's bad news for initial Saga holders, right, like with really true dilution, it's probably also bad for Saga monkey holders.
Or maybe there's some other, you know, play here where the Genesis token gets diluted, but Saga monkeys don't, right?
And then they become sort of the Genesis token.
Yeah, I mean, it's certainly possible.
That's what's been giving me pause about really trying to ape in in size is the additional supply coming out.
You know, it's another – it's going to double, more than double, right?
It'll – only about 60% – only about 40% is out.
So that is a bit of a cause.
But, man, if both co-founders of Solana just keep touting this and using it as their PFP, that's a pretty strong signal.
Go, Sol, I'll plug you into the conversation.
We've been talking about your Solana NFT journey off and on for the past, you know, month, two months.
How are you feeling about the ecosystem?
Have you really dove in yet?
Are you watching crypto undeads today?
Kind of where are you at?
With the broader Solana NFT scene right now.
I think I've been more interested in the meme coins.
I've been playing, like, with Whiff and Bonk and holding bags of those.
Don't have as many Solana NFTs.
I've had a Bodago for a long time.
And then me and you were trading in and out of those dog Whiff hats when they were running, which was quite the experience.
Please don't remind me.
I did not get a whitelist or any of those raffle wins for crypto undeads.
So I am rooting for their demise.
Excuse me.
Not really.
But the hype is just off the charts for those.
And I think it's honestly a great strategy if you're a new project to just open up a raffle for pretty much every project that any NFT person is possibly holding and just get everyone excited that they could possibly hit the lotto there.
And then you see these pre-trading prices just ramp up and everyone's got this FOMO now.
So I'm not personally a buyer here.
I still feel like it feels like a smokescreen, a lot of hype, and we don't really know much about what's going on.
I don't know.
I just haven't seen a whole lot to inspire confidence on why someone would want to buy at this high price.
And we usually get upset with projects for minting at a high price or doing that.
So I don't know why anyone would be buying out of the gate here.
But we did see someone get a tattoo on their back of this project already before it even launches, which is just absolutely insane as well.
Yeah.
And I think someone said, can you have a top sign before a project even mints after seeing that tattoo?
That was wild to see, especially because, you know, we don't even know what the art looks like.
And I kind of forget what the tattoo actually was.
Is it the initial kind of dancing key gif that they've been kind of sharing on the timeline?
But, you know, I think my broader question is, is this the best pre-met formula to execute in this market?
You know, not showing any art previews, not talking about any kind of a roadmap, just focusing on deriving pure, pure hype.
And it seems like it's the talk of the timeline.
There's two camps, those who are for the undeads and those who are against them.
And it seems to be the party lines are very evenly divided around who's on the pre-sale or allow list and who's not.
At least that's what it feels like.
But myself, I am lucky enough to be on the pre-sale list.
So I am a crypto undead maxi, at least for the very near-term future here.
Logan, I want to get your thoughts.
I mean, is this the best pre-met formula we've seen in a while?
I think my second part of the question, and Ghost kind of went there already.
We used to refuse to mint anything that was high-priced in the bear market.
And we just totally shrugged that off now and are willing to just throw money willy-nilly at these founders.
But what's on your mind?
I think this is a great way to mint if you're part of the crypto undeads team or you're on the allow list or pre-sale list.
You should be super excited about the hype that this has created, of course.
It's not my preferred mint just because all this shrouded cryptic stuff is just always, I don't know, it's difficult to really know too much.
Of course, that's part of the point.
But as a person who's looking to potentially invest or participate in these types of things, I want to know more versus less.
Although perhaps, I guess if I'm shifting down the curve, maybe I need to reconsider that moving forward.
So kudos to them, though.
They've driven unrelenting hype over the course of the last few weeks.
I don't know about the price point.
You know, it could just be a unit bias thing or it could be the Solana versus ETH thing where you don't even recognize, right, like 3 SOL or 2.5 SOL is 300 bucks, which is what, I don't know, more than 0.1 ETH at this point in time.
You probably don't even recognize it as a result of just the price discrepancies there.
But the one other thing I wanted to add here related to crypto undeads, which I found really interesting, it's been this way for a couple of weeks now.
I don't know if it's just a missed footnote, is the we're hiring part of the website.
Like, they're already looking for a brand lead, front-end developer, ecosystem manager, and a token economist for moving forward.
So we know absolutely nothing about the project, nothing about the art, nothing about anything.
But actively hiring for roles, it seems, you know, like a brand lead or an ecosystem manager, it seems like they maybe should have already or do already have something like that if they've gotten to this point.
I don't know, it's a little odd for me.
Well, I guess I can somewhat empathize on waiting until you've done a successful fundraise via Mint to start hiring some of those positions.
Certainly, you know, putting a job rec out for a tokenomics expert is just brilliant marketing in itself, whether or not you even plan to fill that role.
Just having it out there and letting DGENs find it and speculate is just perfect right now.
And I didn't even know that.
So I'm raising my targets as we speak here.
Folks, I'll quickly go over the information.
This is the Mint of the day here.
So the pre-ment starts at 8 p.m. UTC.
That is 3 p.m. Eastern here today.
An hour later, so 4 p.m. Eastern, the allow list is going to start.
One caveat is folks may remember they did all those allow list raffles for various NFT collections and holders.
It seems like what they did is if you won multiple, you're only getting one allow list spot.
So distribution is going to be pretty high.
I thought I saw early on that they did 50% pre-sale, 50% allow list in public, which means that there should be at least 6,000 owners out of the gate on this, perhaps as high as 7,000.
So that's going to be a factor to watch.
And the public sale, like in quotes, it seems very unlikely there's many left for public, but that will go at 4.30 p.m.
Secondary sales are frozen until all of the 10,000 are minted.
They say all mints are unrevealed.
Reveals will be randomized.
Watch carefully because we're doing something experimental throughout the reveal.
And we're about to bridge the gap between Solana and Ethereum.
I guess the first time I read that, I interpreted it as they are going to reveal kind of through the MIP process.
But perhaps I misinterpreted that.
So maybe the reveal event is going to come down the line.
I am very curious what they've got up their sleeve with this.
And I'm quoting here something experimental.
Logie, any additional thoughts on your side?
Not regarding the experimental thing.
Whatever.
No real interest.
So I guess we'll see what happens and we'll be reporting on it.
I did want to indicate that since this is on Magic Eden and some of these are already, of course, being minted by the team to hand out, I guess, via allow list or whatever the case is.
There's a standing offer showing on Magic Eden right now for 19.5 Sol.
Wow.
19.5.
Yeah.
I'm not sure how deep that bid is.
I can't really tell.
And I also it looks like there's a lot of them.
Yeah.
Well, maybe not a lot.
There's sorry.
There's there's a few at 19.5.
And then there are like a handful of other bids, you know, between the range of like one and six.
Just people throwing them out there because the collection page is up on Magic Eden right now.
So it's not many.
It's only three at 19.5.
But nevertheless, still a few that will likely get filled almost instantly, you know, once mint actually takes place.
Yeah, that's a big number.
So I think we've seen some of the the screenshots going around some some presale spots selling for 15 Sol seeing for 18 Sol.
And then overnight, it was hard to know how real this was.
But there's a screenshot of somebody selling 12 presale spots for 500 Sol.
So that's 40, 40 a pop.
I'll be honest, I would sell mine for 40 right now, probably, and have to be have to be OK with that.
Deez, I want to get your thoughts on the crypto undeads, how you think this might play out, reactions to how they kind of marketed this ahead of the mint.
What's on your mind about the undeads?
Yeah, I honestly have just been kind of ignoring this thing, probably an idiot.
But yeah, I don't really have that many thoughts.
Like I look at it and it just reminds me of hate and Mechaverse and Invisible Friends and all the other shit that gets really hype before it mints out.
And it just goes down only from the day it sells its first like trade to forever.
Sure. So, you know, I'm not if I can't see the art, I'm not really excited about it personally.
So I haven't seen anything that makes me excited about it.
The hype, just hype doesn't really make me excited.
There has to be a little more than that.
Yeah. If I'm being honest here and not wearing my crypto undead maxi hat, which I will put back on here immediately after the show.
So they could have done a little bit more, shared a little bit more information for one regarding a few art previews.
You don't have to show us all of them, but maybe show a few just to give someone a broader sense of what this collection could be.
I actually think that's something that the Node Monkeys did did very well, was kind of give some previews of what the art looked like.
Because myself, personally, I really had no idea ahead of that mint what those were going to look like.
But then you had all the information there to really gather your thoughts.
But not with the undeads. Ghost additional thoughts?
Yeah. I mean, I think that we have seen in the past that most of the projects that have a lot of success start out at a very low price point.
And have a community built around them, and then the floor gets pushed up around there.
And when you have this hype out of the gate and start at such a high price point, it's just so hard to meet expectations.
And you have people that are bag-holding from the beginning, and it's hard to move up the floor from there.
So I think that while the strategy is great for the team for getting that initial capital right away,
it's really tough to meet the expectations of people that are buying in at that high price point from the beginning.
If you're buying in at $20, it's tough to move the floor up and then also meet those expectations of the people that just bought in for it.
So I think it's really tough.
And I'd much rather invest in a project that was starting out at close to zero or a free mint,
and then just rallying around from there with a good community, personally.
Saga Monkeys.
So I will direct you immediately to that collection.
It manifests and embodies everything, all the traits that you are looking for.
Certainly, it is a risk coming out potentially high out of the gate.
But we've seen a few success stories.
Izuki minted at one ETH, immediately started trading in the two to three ETH range.
Of course, that was a different market.
We were flush with capital coming off of the very peak of the 2021 crypto run.
Of course, everyone knows what those first few weeks of Moonbird's price action looked like.
You mentioned how are they going to continue to maintain hype.
Well, they're hiring a tokenomics expert.
So I'm going to point you directly to their hiring page for how they're going to maintain hype there, Ghost.
Akeen, I want to welcome you to the stage.
Do you have a take on this crypto on Desmet?
What's your perspective here?
Yeah, I have a perspective similar to Deez.
Like, yeah, I've seen it around and just ignored it.
And I think the way I kind of always think about things is you've got to think about it in context or the greater context of Solana.
And a lot of the more successful teams, if you've noticed, whether it's Mad Lads, Tensorians, like they have proven products, right?
So we've talked quite a bit about utility NFTs, like whatever it is, right?
They've actually proven from a dev perspective that it can build something and they've proven that they actually can build a product people want, right?
And when I juxtapose that with, you know, a hyped project with very little details, to me, it's just a massive opportunity cost, especially to your point.
When you look at the mid price relative to like the value of other proven or even like projects that are selling currently for less that actually have MVPs, beta products, like things you can kind of play around with and kind of figure out, okay, you know, does a dev know what he's doing, right?
And the other thing too, I use as a measure is, you know, what's the response from all the other OGs and the other devs and the rooms where the hardcore builders corral, right?
And you don't see a lot of conversations about them, right?
And so for me, I feel like it's a little bit antithetical in terms of their approach to the prevailing culture on Solana.
And I tend to be wary of that if, because I mean, I think in bull markets, you're going to have opportunists, but it doesn't mean they're not going to be successful.
It just feels to me that there's so many unknowns and it's price for perfection, right?
Any misstep kind of leads this thing down.
Yeah, you raise some good points.
I think certainly when I first started really diving back in to the Solana NFT ecosystem, you know, November, December of last year,
I think what stood out to me is how much of like a utility scene it really is.
And all the leading projects are tied to products, like you mentioned.
I think that does open the door for a pure collectible play to come in and perhaps make a splash.
But it is hard to declare yourself, you know, a high end collectible.
The market kind of has to do that for you.
So I can see how the narrative does feel a little bit forced.
So what we will certainly see, I imagine we'll be talking about this more tomorrow before we move on,
maybe some rapid fire price predictions from a few folks.
Logie, where do you think we see the crypto undeads trading here in about 12 hours?
I, you know, I think so bids already standing at 20.
I think the hype is going to carry this, you know, whether we want it to or not,
whether you're a holder or pre-sale allow us, whatever, or not.
I'm going to say these are north of 30, 12 hours from now.
Logie's north authority.
Ghost, I'll tee you up.
Price predictions?
Yeah, I'm going to go with Logie there.
I think that the price anchoring of what people are paying for the pre-list is going to help this go up.
I think that over a little bit longer time horizon, over a couple of weeks, I think these crash out.
But I think the hype does carry it probably around 30, 40.
All right.
So Ghost is bullish, hyper near-term, bearish, longer-term.
You guys kind of took my numbers.
I was going to say 30.
So I'll raise my ante.
I'll go 40 now.
I think my other prediction, I think we'll see 100,000 soul volume in 24 hours.
I mean, these open soul maps are seeing 25,000 soul per day right now.
I think it's kind of the quiet secret is the Tensor farmers are out in force, and they're farming the soul maps.
They're farming the collections at the top of the board, and they're not really getting talked about as much as some of the blur farmers are.
I think we will see a huge influx of farmers to the undeads as well.
We'll see how that impacts price action.
But, yeah, I'm going to call for 100,000 soul volume.
So we'll see how that plays out.
We've got a few minutes left.
Ghost, as a Winds of Yawanawa owner, did you see the news of Refix's new project, this new large nature model?
Any reactions?
Yeah, I saw it.
And I love all of Refix's work.
I think it's great.
And I think it has kind of that mass appeal between the traditional art collectors and the NFT collectors.
So I think he's one of the top artists to watch and feeling very comfy in my Winds of Yawanawa bag, not because of the price action or anything like that.
And I just genuinely enjoy the project.
I enjoy holding it and excited to get a physical print of it when eventually those do come out.
I also find it funny that I feel like we usually get very upset when artists talk about price action or anything.
And then, like, every day, usually, Refix just, like, retweets some price action and just comments, Winds of Yawanawa.
And I just find that so funny on my timeline every day.
But nobody seems to care, so it's fine.
No one cares when it's Refix, I guess.
It's definitely talked about.
Maybe not on Twitter, but, you know, I've talked to a lot of collectors, and they're very well aware of that.
But it's not great, and it certainly is, yeah, it's annoying.
I think we can leave it at that.
You know, another headline from the weekend in art that stood out to me was this Velocity Series price action.
And is this kind of disappointing?
With some of the artists perhaps lined up, like, we're seeing Hobbs, Emily's Eye,
and the floor price is 0.5 ETH for these.
You know, Logie, I'll put you on the spot.
Does that feel low for this roster of artists?
I don't know.
Maybe not.
I mean, the first season roster of artists was really fantastic as well, right?
Butcher, Snowfro, I'm going to forget a couple of the others that were in there.
I mean, Hobbs, of course, carries the Fidenza, you know, that name around.
So that feels like a big leg up, perhaps.
But I don't really think, I don't know.
Personally, I don't think this is a major, major leap when compared to Season 1.
And so it makes sense to me that it's probably still around here.
Akin, your hand popped up.
Curious for your thoughts.
Yeah, I'm not that surprised.
I think that, you know, for anyone in the first season who was early or minted, you did fabulously well.
But there are so many shenanigans and just really poor behavior from the team, right?
And I think the other side of it, too, is like the drop mechanics for each of the artists changed, right?
So there are certain artists where it was an airdrop, there are certain others where you actually had to pay in addition to having exposure to the pass, right?
So I think people have learned from the first season and realized that you just can't buy the pass and think you're going to get everything.
The mechanics could change, you might need to pay some more.
So I think they're probably discounting the pass from that regard.
But, yeah, the behavior of the team was atrocious on a number of the drops.
And I think people probably are also reticent to, like, you know, pump these up or have too much exposure if, you know, some of the team credibility is shot.
So that's just my overall take.
Yeah, I think that's a factor.
I think if we're being brutally honest, the price action hasn't been outstanding on these Velocity Series mints, right?
Jack Butcher's trademarks are below 0.1 right now.
I think snow froze.
I actually haven't checked on those here in a bit, but I think they were trading at, like, 0.3, 0.4.
So I don't think the market is going to get as hyped for these here in Season 2.
But, you know, certainly we'll see.
And maybe Hobbs and crew can pull out some surprises.
Logie, we're about to wrap up, but anything else that jumped out to you?
We've got another wallet doing an airdrop here with Rabi.
What else is on your list before we wrap up the show?
Yeah, that was a cool one to see.
Of course, you guys rag on me a little bit for the rainbow shilling I did for a long, long time.
And now the points are fun to claim.
I used Rabi a little bit when I was messing around with AVAX stuff, you know, a year or so ago, maybe two years ago at this point in time.
It's another really solid wallet.
The thing that stands out to me about this, Tyler, is that some of these, you know, challengers, right, to MetaMask are getting more and more exposure now.
Rainbow, Rabi, Phantom, of course, with all the Solana blow up.
And it just feels like, you know, chipping away the few people, you know, that I've been able to convert to those other wallets.
I don't really see them going back to utilizing MetaMask, not exclusively, I should say, for certain, you know, things perhaps.
But awesome to all those different projects and teams and protocols, wallets, you know, providers who are able to gain traction as a result of being nimble and being able to kind of lean into what's happening right now.
Yeah, it seems like MetaMask perhaps fumbling the early lead here.
Ghost additional thoughts, and then we'll wrap things up.
I wanted to tee you up, actually, because I know you were following this pretty closely, but the Shadows Mint was kind of the big one of the last couple of days.
Curious what you thought of the price action going kind of far below what they opened out at there.
Yeah, I think this is another data point that kind of proves the theory that ascending price Dutch auctions are terrible for secondary market price action.
I think what we saw, the Doodles bucket auction was this format.
I'm kind of blanking on a few of the other high profile ones.
I was surprised to see 600 of those Shadows Mint at 0.2 Bitcoin that quickly.
So that's actually what gave me pause, that maybe there would be some secondary demand at that level.
But it's clearly not there.
And I think what's standing out to me now that I've kind of been engrossed in the ordinal scene these past several weeks is there's not that much liquidity over there right now.
You know, I think the 60,000 foot narrative is that Bitcoin has, you know, substantially more wealth than Ethereum, than any other blockchain.
But that wealth is not trading in a tease right now.
You see it in the weekly volumes.
You see it in the daily volumes.
I mean, to be a top five project on the daily right now, you need to see one or two Bitcoin in volume.
You wouldn't sniff the top, you know, 20 on the blur board with that type of volume.
And now we're seeing its impact across the broader sets.
And now basically everything is down kind of across the board.
We've got Pizza Ninjas delayed now till Thursday.
We'll see if that is some kind of a catalyst.
I don't really have my hopes up.
I think Quantum Cats is now the X Factor coming next week for a project that could bring in some truly outside capital or at least sideline capital.
But until then, I'm a little bit more kind of bearish on the hyper near term, you know, future for some of these collections.
So those are my broader thoughts.
But, you know, any reactions on your side, Ghost, before we close out?
Is this how you thought it would go?
I don't think I thought it would drop 60% in the first day.
I thought it would probably turn under, but not by this much.
Yeah, that's a steep decline there.
But like you said, I think it goes to the high mint price not always working out.
I mean, and like I think it's really hard to break into the ordinals market right now, like you said.
And I saw a lot of sentiment from like some of the people who have been trading ordinals for a while saying it was a cash grab, things like that,
which I don't think it's really a cash grab when you said a Dutch auction.
But I think that's kind of the perception when something mints that high on there that that they just are knee jerk kind of feeling like it's extracting from the community.
So it's a tough narrative.
But I mean, it was surprising for me because I think that Forgotten Runes had seen so much hype and like have a very strong base of people that really love that project.
So kind of tough, but ordinals is obviously a different beast over there.
Yeah, I don't think the team did anything wrong.
And everyone, D's, jump in, jump in.
Yeah, I think the one thing that wasn't mentioned at all by either of you was the 10 shadow hats.
Like the reason people paid 0.2 Bitcoin was for a chance to get one of these 10 sub 1,000 ordinals.
So it was a very, you know, long shot odds if there's 600 bids and there's only 10 people who are going to win one of those hats.
So I'm actually like not surprised at all the price has just tanked because the odds of winning was so low.
And then once people didn't win, they're like, hey, I can just harvest this loss and pay less in taxes next year and move on with my life.
I didn't win the lottery.
So I think, you know, we talked a little bit with the team before they did the drop and they did not expect them to sell out at 0.2, at least not in my conversations with Bear Snake.
So it's not surprising for me at least to see the floor go down closer to what maybe the fair market value is because so much was baked into those 10 chances at the hat.
Yeah, that's, that's a great point.
I think my takeaway there is we need to start selling $10,000 raffle tickets, like the more $10,000 raffle tickets you can sell.
If you can have a prize that the market values that much, that is the ticket to selling out these collections right now.
Well, kudos to the, to the team for, for figuring that out.
Um, you know, we, we will certainly see, I don't think, I think my worry and goes, you kind of touched on this, uh, you know, too many more kind of higher priced mints.
I think it's going to continue to extract from the liquidity that, that exists in this market.
And we can kind of see perhaps a, a near term kind of bearish flip here.
Um, you know, unless some new money flows in, but you know, certainly we will see folks.
We're five minutes over.
We're going to go ahead and end things there before we go.
What's dropping today.
Today is a big day.
We've got Jeremy Booth, high country coming at 12 PM Eastern Simon Labai changing places.
Also at noon Eastern OX DGB doors at 3 PM Eastern.
Then the crypto undeads we talked about at three crypto undeads, certainly in the spotlight.
Um, but we've also got OX DGB.
He's back from swarm with this new project called doors priced at 0.25 each for 400 supply.
And then Jeremy Booth is doing an art drop on Solana, the new trend for a few artists out there.
It's going to be a hundred and a tease priced at two soul each with boots owners getting first grabs at that.
So check that out.
If you are interested, but folks, that's it.
That's our show.
We will be back tomorrow at 10 AM Eastern.
Thanks to our listeners for tuning in.
Thanks to my cohost.
Thanks to Dease and Ikeen for coming on up.
Everyone enjoy your Tuesday.
Let's make it a great day.
We're up all night to get sun.
We're up all night for good fun.
We're up all night to get lucky.
We're up all night to get lucky.
We're up all night to get lucky.
We're up all night to get lucky.
