GOBLINS ARE TAKING OVER CRYPTO TWITTER! + NEW ANIME PROJECT SUTEKI+ NEW WEB3 WALLET TO SAVE ON TRANSACTION FEES!
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NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.
Weekly Market Update
As the above chart shows there has been a much needed consistency to the market. All stats for % of projects with increased floors, increased volume and decreased listings are up suggesting a rallied bullishness amongst the community. With Ethereum rising over the last 7 days from $1921 to $2067 plenty of opportunities for profitable moves have presented themselves. The increase of Ethereum does not normally transpire to increases across the NFT space however we have witnessed the double benefit for holders.
Breaking News
Global E-commerce company Ebay has joined the metaverse by launching their first NFT collection which contains collectibles of Wayne Gretzky
Luxury watchmaker Hublot recently announced on their twitter that they will be “joining the chat” following the purchase of Hublot.eth domain. A copy of the announcement can be found here and a copy of the domain purchase can be found here.
GameStop has announced that they have now launched a digital asset wallet allowing users to store, send, receive, use cryptocurrencies and NFTs across decentralized apps without having to leave their web browsers. The wallets will be using Ethereum. A copy of the announcement can be found here.
Weekly Winner
A bizarre project presented itself to the community over the weekend. Their bio on Opensea confirms as much as you can see below:
“AAAAAAAUUUUUGGGHHHHH gobblins goblinns GOBLINNNNNNNNns wekm ta goblintown yoo sniksnakr DEJEN RATS oooooh rats are yummmz dis a NEFTEEE O GOBBLINGS on da BLOKCHIN wat? oh. crustybutt da goblinking say GEE EMMM DEDJEN RUTS an queenie saay HLLO SWEATIES ok dats all byeby”
Goblin Town is a common phrase used amongst OG crypto community to describe & signal that we are in a bear market or heading for one.
The project has no Discord, there was no whitelist and there is no roadmap. Further, the cost was $0 to mint, just a small gas fee.
The project, however, has been a success with all 10k items selling out and the floor sitting at 0.61ETH with a steady volume traded of 3.8k ETH.
The most notable sale is item 3241 which initially sold for 9.69 ETH and then re-sold for 12.42ETH.
From what we can see, it seems like The Goblins & the community are here to make a point & troll NFT twitter members who consider BAYC, MAYC & Moonbirds, etc as serious collections. They are differentiating themselves by offering no roadmap, guidance, or promises. Their brutally unapologetic manner is attracting attention and driving people the purchase the PFP and demonstrates that NFT collectors love a meme.
Goblin Town has been named the ugliest NFT released to date, though given their success since launch we have no other option but to award it the weekly winner status.
Will they be a flash in the pan or is Goblin Town here to stay?
Weekly Loser
We have found over time that derivatives and or a copy/combination of two projects do not mix well in the space. Whilst derivatives can have the ability to moon in the short term due to hype they often won’t last the test of time. What’s interesting is they are crossing both a major ETH Blue chip ‘Bored Apes’ and a Major Solana Blue Chip ‘Okay Bears’ in an attempt to make a hybrid mega PFP, but what makes it big in this space long term is originality with the birth of new concepts rather than rehashes of other PFPs trying to ride the coat-tails of original successful projects. This week, this project launched stating they are inspired by BAYC and Okaybears. It shows a clear lack of imagination & virtually no utility.
All items have sold out on this 7.8k collection project however the floor sits at an underwhelming 0.08ETH.
If you are going to delve into derivatives, ensure you are very aware of what they are, and use them for their initial high volume which may allow you to turn a profit if you are in and out at the right times.
Floors to Watch
Due to the current market conditions, we are hesitant to promote projects that don’t have blue-chip potential or affiliation. The following projects in this section have been consistently performing despite the lack of volume in the market.
Moonbirds holders received this exclusive airdrop this week. The floor initially held at 5eth but has now traced down to the 3eth region. This is a fairly low barrier to entry into the Moonbirds ecosystem and will be the first of the ecosystem’s side projects. Oddities have their own channel in the Proof discord server which serves as an entry to a community that has a barrier of 70eth entry. Moreover, the Oddities will likely be close to what MAYC is to BAYC. We believe this is a great long-term hold and can easily increase far above 5eth in better market conditions. In regards to volume, Oddities has been performing extremely well. There have been over 1000eth traded in the last 24 hours. However, one thing stands out to us more. Just 282 items are listed on Opensea. This suggests high holder conviction which can also be seen in the Moonbird community with less than 100 items listed despite just being handed an airdrop. This one looks like a safe play to us at these levels.
Otherdeeds is a project that we have mentioned a number of times over the last few weeks. While the metaverse itself is nowhere near ready at the moment, by the time it launches these deeds are gonna be worth a lot more in ETH value than they are at the moment. Yuga can be quoted saying that the first tech demo should be available in July. That isn’t a long time away. If Yuga can beat Meta in the race to have the most popular metaverse then owning an Otherdeed could be one of the best investments you will make. We can see this above 5eth in better market conditions. Moreover, the price has remained stable in the 3eth region for a number of weeks so it is a pretty safe investment in the short term. In regards to volume, Otherdeeds have been stable too. In the last 24 hours over 1200eth has been traded, with over 15,000eth in the last week. This is very good going. Moreover, the number of blue-chip investors in the project is also very good. 50.28% of investors are in other blue-chip projects. Finally, over 20,000 of the supply is held by BAYC holders alone.
Momentum does not appear to be slowing down for the Solana-based project. This project has really set the pace for the rest of the Solana market and has been heavily invested in by ETH maxis. This is the first time we have seen a Solana project with such backing from the Ethereum NFT market. With really positive price action in this market, we can see this one being a long-term winner. However, the barrier to entry is getting higher by the day and a retracement is likely.
Alpha - Low-cost wallet option leveraging zkRollups
The GameStop wallet is live here.
"GameStop Wallet is a simple and secure way to get started with Web3. Use your GameStop Wallet to buy, hold, swap, display, and utilize Ethereum-based assets.
GameStop Wallet is a self-custodial Ethereum wallet, meaning you are always in full control of your wallet and assets. The wallet harnesses the power of Loopring's zkRollup - an Ethereum Layer 2 scaling protocol. This means that GameStop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to reduce gas fees and network congestion, while always remaining in control of your funds.
A GameStop wallet can be used as a homebase and portal into the world of Ethereum. Users can connect their wallet to the wide ecosystem of Ethereum dApps, including GameStop NFT which is their own marketplace to buy digital goods.
Users can buy ETH with a few taps using Apple Pay, or a credit or debit card. This saves time and money by purchasing directly on Loopring Layer 2.
However, we do not recommend funding your wallet as of yet due to the software still being in Beta. This could open you up to the risk of bugs and loss of funds. We recommend that you let others test the water first.
Featured Project
Suteki is an anime style NFT PFP project launching on the Solana network which has burst onto the scene. They have gained serious traction on Twitter having amassed a strong community of 81k followers & 85K members in their discord.
It is no secret that anime culture has taken the NFT world by storm, we have seen the rise of several projects including the famous Azuki! Suteki will be offering unique & detailed anime style PFPs, but how the project differs is their missions. Suteki aims to connect anime & manga creators together whilst also acting as a launchpad to spotlight new up-and-coming talented artists & writers. This will be made possible via a custom blog site & of course their vibrant discord. Their aim is to create a vibrant community that fosters true camaraderie and collaboration with meaningful interaction, giving creators the confidence to create without the pressure of the grind often seen in the NFT space.
Suteki has already released their OG collection ‘The Emergence Scrolls’ which are available on Magic Eden. Owning an Emergence Scrolls NFT gives you access to 1 Free mint of the PFP but also one whitelist spot. They are already commanding a Floor price on Magic Eden of 24 $SOL, demonstrating that there is a already real demand for the Suteki Project launch.
Below is a breakdown of the minting process:
WL and Public mint. 6000 NFTs and 4700 WL spots.
WL can mint 1 NFT per wallet & The Emergence Scrolls holders mint 1 NFT & will receive 1 airdrop NFT per scroll in wallet
6000 NFTs 1200 allocated to scroll holders for airdrops & WL mint allocation: 100 allocated to team = 4700 left for WL and public (if necessary)
Team
Suteki is founded by a team of 6 core members:
This project is gathering a lot of attention & their community & fan base are growing larger by the days leading up to launch. What’s really impressive is that they were ranked in the top 5 hottest upcoming drops ranked by Minty Score. If you love anime it looks like Suteki has you covered!
The Emergence Scrolls Magic Eden
Thanks for reading! See you next time