Three NFT trade ideas
NFT projects launching tokens is the current meta
Welcome to The Metadata, the only NFT newsletter that you’ll ever need.
It’s an exciting edition. Pinky promise.
Today we cover:
Market Update: Bull market vibes
Two NFT trade ideas for the week
Our favourite tweets this week
During last week’s edition, we picked up on how NFT daily trading volumes were rising and that this trend could continue for a while.
Just as anticipated in our previous edition, the NFT market has continued its upward trajectory. We're now witnessing daily NFT trading volumes nearing the $20M mark, with Blur leading the charge, accounting for approximately $11M of that figure.
Is the bull market back? Let’s look at the signs:
"The Simpsons" Halloween special featuring NFTs.
Blur’s token price is up 110% over the past 30 days
Someone buys a Zombie punk for 600 ETH
Memeland launches its MEME token and makes its NFT holders rich again
Cryptoadz leads the NFT market with a +145% run
But the burning question remains: is this the beginning of a new NFT cycle, or just a rotational game where NFTs become hot for a few weeks and then die off? Pay close attention to what happens with BTC & ETH in the coming weeks.
If BTC & ETH continue going up, everyone will feel richer and have disposable income to buy JPEGs.
Conversely, if BTC & ETH stall out or sink, it’ll probably cut short the mini bull run we’re seeing right now.
NFT Trade Ideas
Since the market is back (for now), let’s explore some NFT trade ideas. Consider this as a guide on which tokens might be good to look into and how we are thinking about them.
NOTE: None of this should be taken as financial advice. Please always do your own research, that’s how you develop conviction.
Trade Idea #1: Doodles
One of the OG PFP collections, raised $54M at a $704M valuation in 2022
Family-friendly, art is top-tier, better than almost any other project so far. 118,000+ IG followers.
ComplexCon coming up and Doodles will be releasing a Capsule collection soon
Despite its past mistakes (e.g. Doodles 2), its IRL activations and Crocs collaboration went quite well
CEO has been quiet but says an update session will be coming up. Quite timely given the burst of wind in the markets
Feels like it bottomed out at around 1.3E with seller exhaustion. It is now at 1.8E and could run once we get more information about the roadmap. Pudgy Penguins is a good comparison (at 5E now)
Narrative Trade Idea #2: Find NFT projects with upcoming tokens
Memeland did a successful token launch last weekend, and NFT holders got a very good airdrop. For example, a Captainz NFT holder would have made a profit of ~$7,200 if he participated in the Firesale and another $3,500 of unlocked tokens with $14,000 to be released over 2 years.
Everyone is looking for the next NFT project that’s going to launch a token and crossing their fingers that it’ll do as well as MEME
Some projects that may have an upcoming token:
The Grapes (confirmed. We called this in our earlier newsletter when the floor price was just 0.2E. It is now at 1.3E)
Mittaria Genesis (confirmed, timing uncertain)
0N1 Force (rumoured)
Many projects that ARE just THINKING about launching a token will likely seriously consider launching one or making an announcement soon
The idea here is to accumulate NFTs of projects that will launch tokens and sell them when the token is launched
Trade Idea #3: Watch for SHRAP
SHRAP is the token for Shrapnel, “The 1st moddable extraction shooter game, built by a unique team of BAFTA & Emmy Award-winning talent, using UE5 & blockchain.”
There’s not much info about the token, but it will be listed on Kucoin and Bybit on 8 Nov. It could follow the trajectory of recent token launches like BIGTIME
Early access to the game is planned for December 2023.
Our Favourite Tweets
🐥 Alex thinks the GameFi narrative is going to run hard
Bought up a lot of illuvium and a few other big cap games over the bear. Was a big one listed in few my vids.
Like I’ve said…people in games are going to start making giant gains in single moves, there isn’t much reason to focus on the rest of crypto.
— Alex Becker 🍊🏆🥇 (@ZssBecker)
Nov 5, 2023
🐥 Simpsons brings NFTs back into mainstream awareness
Lol Simpsons episode after football is about NFTs. Homer makes an NFT of Bart, marge travels on chain to save him.
It has a cameo from: The Goose by @dmitricherniak , Everydays and Human One by @beeple, Coin for the Ferryman by @XCOPYART and BAYC lol.
— AC (@ACthecollector)
Nov 6, 2023
🐥 Yuga Labs co-founder casually buys a Zombie punk for $1.1M
🐥 Cirrus is pulling users to Arcade by offering better loan terms
To all borrowers on NFTfi
I'm willing to beat the current rate on any of your loans (as long as they're reasonable) if you rollover to Arcade
Earn points for $ARCD and lower your rate in the process!
— Cirrus (@CirrusNFT)
Nov 6, 2023
🐥 OSF launches NFT collection for his upcoming boxing march in Dubai, marries prediction markets + NFTs
'@osf_rekt so far has sold 276 NFTs, with 69 representing four different outcomes for his upcoming fight against Doxxed Dev.
There in total will be 621 NFTs representing 9 outcomes.
Whichever NFT gets the result of his fight right will get dropped the 10th NFT, completing… twitter.com/i/web/status/1…
— NFTstats.eth (@punk9059)
Nov 7, 2023
🐥 MapleLeafCap thinks GMT will benefit from Gas Hero’s upcoming launch
The flywheel in $GMT dictates that:
- if Gas Hero is a success (pending Dec 23 launch), a lot of $GMT will be locked-up / staked (for meta game) and burned (for progression)
- the beta in crypto + demand dynamic above driving GMT upward can hopefully offset inflationary pressure… twitter.com/i/web/status/1…
— MapleLeafCap 📜👟🀄️🔫 (@MapleLeafCap)
Nov 5, 2023
🐥 Palis thinks OpenSea might actually launch a token
Opensea considering a token
Potential legal battle with the SEC: $5M-$20M
Potential out of court settlement with SEC: $5M-$50M
Downside of being too scared of non existent guidelines to launch a token: $12B in market valuation and another $5-10B token marketcap
I know… twitter.com/i/web/status/1…
— ⟠Palis⟠🐍 (@curvethots)
Nov 3, 2023
🐥 Octo, the Axie Infinity of Solana?
1/ $OTK - The Axie Infinity Of Solana
Several days ago, I scanned the trenches of Solana and came across $OTK.
It's a account abstracted mobile P2E, with 3M registered users yet a MC < $3M.
With ties to @Logitech & @Lenovo, and 150k+ (4.7/5) reviews, its upside could be vast. twitter.com/i/web/status/1…
— Crypto, Distilled (@DistilledCrypto)
Nov 2, 2023
🐥 Anonymoux thinks Patrick Amadon will rise to become a top NFT artist
’s ascent over the next decade is gonna be fun to watch
— Anonymoux (🍯, 🍯) ⌐◨-◨ (@Anonymoux2311)
Nov 1, 2023
🐥 Brands going to FOMO into NFTs… again?
I remember the good 'ol days.
Billion-dollar consumer brands were FOMO-ing into NFTs.
And it's going to happen again, very very soon. Let me explain 👇
— Teng Yan 🥕| Delphi (@0xPrismatic)
Nov 3, 2023
🐥 How does value accrue back to NFT holders?
Here’s why @BaerEvo_ is wrong (long form)
Delivering “value” back to holders is oft a myth and rarely what you think it actually is.
Value as traders/honestly most holders primarily prefer it comes in the form of a rising floor price.
A rising floor comes from one of several… twitter.com/i/web/status/1…
— Eddie 🕺 (@DancingEddie_)
Oct 31, 2023
🐥 ZTX’s awesome spaces on token economies in gaming.
— ZTX (@ZTXofficial)
Oct 31, 2023
🐥 Elon Musk also joins in to talk about NFTs
The very first statement out of Elon Musks mouth today on the Joe Rogan show was how he had to Unfollow @beeple because he’s so controversial.
We are so fucking back.
— Artifaction² (@Artifaction2)
Oct 31, 2023
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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.