FUNGIBLE FRIDAY
GM folks, what a week it’s been.
The NFT and Web3 headlines have been rolling in relentlessly all week. Let’s catch up on who will walk into the weekend with their heads held high, and who will have their tail between their legs:
- Blur: The newest NFT marketplace on the block launches with a bang (free money up for grabs?!)
- Reddit: Has more NFT wallets on its platform than OpenSea
- Bored Apes, Mutant Apes, and Gutter Cats: They will receive VIP lounge access at 28 airports
- Cardano NFTs: They’re a thing now
- Moonbirds: Gold-tier staking rewards went down reasonably well with the community
This week’s web3 losers
- Beanie: A not-so-welcome return for the notorious NFT influencer
- Mike Tyson: A disappointing start for his project, Iron Pigeons
- $APE staking: Delayed to the community’s dismay
- The Otherside: Floor price at an all-time low
THIS WEEK'S WEB3 WINNERS?
Blur
Just when you think there couldn’t possibly be another NFT marketplace… a wild Blur appears.
If you’re an avid NFT trader, it’s worth checking out. Blur is airdropping ‘Care Packages’ to every single person who was actively trading during the last six months. The more you traded… the more Care Packages you will receive.
The Care Packages can be revealed to be ‘Uncommon’, ‘Rare’, or ‘Legendary’. It seems these will later contain a certain amount of Blur’s native token, which has not yet launched. So if you’ve been trading NFTs recently, there’s potentially free money up for grabs.
Blur looks like a trader’s paradise. It is an aggregator, so contains data from all major NFT marketplaces (except for Sudoswap). It is simple to list and sweep NFTs. Royalties are optional (higher profit margins). Plus, traders will be rewarded with Blur’s token.
However, this marketplace will not do anything for taking NFTs mainstream. There are lots of data and numbers on every page. It just doesn’t look as user-friendly as OpenSea.
There is another airdrop in November for those that are active on Blur’s platform. This won’t be the last we hear of Blur.
Although Reddit users have a reputation for being NFT haters, the tide might be turning. Reddit launched an avatar-style NFT collection and three million users have made wallets to scoop up the NFTs (that’s already more than OpenSea).
The NFTs initially sold for around $10 each, and some ran up to over 1 ETH on the secondary market. The prices are cooling down, but the potential for onboarding more people into Web3 is at an all-time high.
Bored Apes, Mutant Apes, and Gutter Cats
Cardano NFTs
Cardano NFTs are pumping. Volume for Space Budz is up 130% this week. Clay Nation’s volume is up 219%. The floor price for the Ape Society went from 4,700 ADA ($1.4k) last week to around 10,000 ADA ($3.3k).
Why is it happening? It has Solana summer written all over it (we all saw how that panned out). It has a whiff of influencers pumping low-cap projects, and a hint of boredom-induced mania from desperate traders.
Or, this is the beginning of a new age for NFTs with Cardano leading the way.
Disclaimer: I own absolutely zero Cardano NFTs.
Moonbirds
The project revealed the gold-tier rewards for those that have staked their Moonbird NFT for 180 consecutive days.
The Silver reward was socks and a fanny pack. The Gold reward is… drumroll… a Moonbirds picture frame. Well, it’s a picture frame designed by Infinite Objects that plays an animated video of a Moonbird. It seems to have gone down pretty well with holders… well enough at least to do absolutely nothing to the floor price.
I did the Googling, and it would set you back around $80 to buy a video frame from Infinite Objects. And, because Moonbirds went CC0, you could do exactly that with any Moonbird you want. I just saved you the purchase price of a Moonbird – never say the WGMI newsletter doesn’t bring you value.
THIS WEEK'S WEB3 LOSERS
Beanie
Guess who’s back? Beanie is back. The guy who said he would make pumping $BGLD his life mission, and soon thereafter cut all ties with the currency.
He built one helluva reputation after helping to drive well-known projects including Pixel Vault, PUNKS Comic, MetaHero Universe, and Wolf Game. He then disappeared, with many in the NFT community accusing him of being a rug-pull artist of the highest order.
He made his comeback official by dropping into a Twitter Space with Alex (Shillin Villain) on Wednesday, and then the NFT Morning Show the very next day. He came out of those Spaces both tattered and bruised after being firmly reprimanded by the hosts (to put it lightly).
Beanie has since announced his departure. He will not be creating any more content on Twitter, and blames the “toxicity and insanity in this space”. He will be sorely missed.
Mike Tyson
$APE Staking
The Otherside
The Otherdeeds collection for the Yuga Labs metaverse, the Otherside, is at an all-time low.
The floor fell 22% to around 1.21 ETH after one of the Yuga founders revealed in an interview that a “persistent world” for users to explore will not be ready until 2023. The knee-jerk reaction is a puzzle to me… there are literally two and a bit months left of 2022.
The floor price has since crawled back up to around 1.3 ETH.
That’s it for today folks. We’ll see you on Monday!
