ALERT : NFT Drops including tomorrow 14th December
A brand new major football NFT play-to-earn game, new metaverse land sale this month and whitelist access to upcoming projects
Full access to this post is for paid members
As always, the content of this letter is not financial advice or an inducement to trade, rather a spotlight on projects I am focussing on, always do your own research. Some projects I have participated in.
As you know by now, this space moves at lightening speed. Since our last issue, we’ve seen more of the biggest brands in the world move into the NFT space.
Most recently Pepsi who announced their Mic Drop NFT Collection :
Understandably the response from the NFT community was not massively welcoming (the art is perhaps a little lazy and their tweets at times cringe) but major global brands coming in is an inevitable part of the journey.
The theme is said to pay ‘homage to our love of pop stars’ and the low supply (1893 editions is interesting). No doubt big money will have been thrown at this with some pop star connections, so it’ll be interesting to see how it plays out.
The collection drops officially tomorrow, 14th December (free + gas for raffle places) so I imagine they’ll be changing hands quickly on secondary. You can read more about the project here
Another major brand with a more authentic announcement was of course Adidas, who have been posting some cryptic tweets of late, announcing they have also bought land within The Sandbox
They later dived in fully with this video and also changed their bio to read ‘Into the Metaverse’
In my opinion, they’ve been very smart. Adidas are known for understanding authentic culture and did their homework. They bought an ape, are collaborating with BAYC and OG project; PUNKS Comic along with GMoney (an OG investor, influencer and a partner of Delphi INFINT - a crypto research and investment firm).
As a result, their announcement has been received credibly and they’ve nailed their entry to the market.
I think it’s interesting to just note where we are in the broader cycle. Hype cycles in crypto (and just generally) tend to approach a top when an influx of retail buyers (people who are hearing about the trends last in the mainstream) enter in mass.
Often that causes a huge FOMO run up (a blow off top) and then a crash where projects with no real long term plan quickly subside.
This letter is not about trying to time the market (nobody knows for sure when that will be) but a reminder again to never invest more than you can afford to lose and to be aware that at some point this will happen.
The fundamental technology of NFTs (a digital ownership layer to the internet) is completely game changing and is here to stay but only the most credible long term builders will survive.
With that said, there are vast opportunities at this stage, so let’s dive into the recap of the projects we’ve been watching most closely :
The recap
Seerlight - Continues to be an artist I think has a major future in this space - in this issue, we identified what I think is a mis-pricing of some of his early work. It hasn’t moved further but I think it’s still underpriced. Renowned collector Pranksy, recently included Seerlight in his ‘NFTboxes’ collection here - I’m also watching this Seerlight collab ‘Capsule House’, the floor currently sitting at 0.07 ETH.
RTFKT Studios - We finally have the CloneX reveal - it’s been quite the journey from the qualifying NFTs, which we first mentioned back in August, in this issue at 0.5 ETH ($1500), which then rose to dizzying heights of 19 ETH (approx ($70,700) at the time.
A qualifying NFT gave you access to 3 of their CloneX avatars (for 0.15ETH total).
The reveal of these avatars started yesterday and we’ve already seen 6 figure sales (view here) - the biggest being 149.99 ETH ($599,960) and the floor on less rare avatars currently at 2.1 ETH ($8,380) each.
With full 3D models to come and RTFKT Studios continuing to be a top tier brand in the space, they’ll no doubt be an interesting journey ahead!
888 The New World - The ‘888 inner circle token’ continues to give whitelist access to various projects for holders, alongside airdrops and various perks - the token itself is up slightly from 0.5ETH ($2100) to 0.678ETH ($2705) this week, having previously reached highs of 2.85ETH ($9832) from an initial 0.2ETH ($700) mint.
Chicken Derby - We finally had some beta races for chickens, which were a lot of fun to watch. The team are now ironing out a few minor bugs before releasing to the public soon. It’s been a long journey for this project but they continue to communicate well and are building something fun, shareable and really accessible. I think it has a bright future.
The CryptoBabyPunks - Well loved and early project CryptoBabyPunks, continues to sit a little undervalued at roughly 0.35ETH ($1496) down slightly from 0.65 ETH ($2015) in the last few weeks.
RTFKT Studios CTO and podcast guest Samuel Cardillo has been busy with CloneX but migration of the baby punks to their independent smart contract will start soon. This, plus an upcoming airdrop for holders suggests to me they are currently undervalued.
Some other long term projects I’m continuing to watch closely are Jenkins The Valet, Jadu Hoverboards, Cryptoys and Big Time - All of these we’ve covered in previous issues but I will continue to update on their progress in future issues.
Let’s dive into this week’s spotlight picks :
Bonus : The Internet Game - Whitelist Open Now
I mentioned this on a podcast episode recently here and it’s a project that I think is super interesting. At the time of writing, their whitelist is still open to join.
The Internet Game is essentially a set of 5 ‘Squid Game-style’ online games, which will run over 5 days. ‘Survivors’ get a chance to win big NFT prizes, including a Bored Ape (worth $200,000) and a Mutant Ape (worth $25,000).
Most interestingly of all, the internet game show is fronted by FN Meka - a virtual influencer with 10M followers on TikTok here
Virtual influencers in general are a fascinating trend and they look set to become major celebrities in the metaverse - FN Meka for example has already collaborated with RTFKT Studios (& TikTok) for an NFT sneaker drop, which sold out instantly.
To get whitelist for the project and be able to play the set of 5 games (some solo, some multiplayer), you need to follow the steps on the discord here : discord.gg/nPesqMmcJM (post 2 tweets, invite 3 people to their discord using your specific link & get to level 3 (by being somewhat active in the chat channels) - you’ll then automatically receive whitelist status.
This involves a small bit of effort but I think this project is going to gather some attention and the whitelist will likely close relatively soon. There is nothing to lose by becoming eligible, good luck if you go for it!
You can read a little more about The Internet Game on their website here
Let’s move onto this week’s main NFT picks and early opportunities :