WGMI WEDNESDAYS
It’s WGMI Wednesday folks. It means only one thing…
We’re bringing you all the important Web3 news in one place so you can stay focused and continue grinding. Here’s what we’ll be covering:
- Why was Art Gobblers so successful? 4 lessons from one of the weirdest pumps ever
- Will y00ts finally reveal this week?
- OpenSea launches a copy mint detection tool to crack down on fraud collections
4 Lessons From Art Gobblers
Art Gobblers is dominating NFT trading volume. It was a free mint and almost immediately hit a 15 ETH floor after minting. Since its launch on Monday, it has done over 30,000 ETH in trading volume.
The art reveal also went well. Despite the art being the butt of many jokes on Twitter, the floor price rallied from around ~12 ETH to ~17 ETH. At the time of writing, volume and floor price are pumping.
The scale of this success during a bear market has been met with both wonder and suspicion. In any event, it reveals a lot about the state of the NFT market. Here are the 4 lessons we should learn from Art Gobblers.
1. Art is still the no.1 NFT utility
This might sound like a joke considering Art Gobblers look like withering penises, but hear me out.
The Art Gobblers project has created a new canvas and marketplace for artists. Art Gobblers produce $GOO, which can be spent on creating ‘Pages’. Artists can draw on those pages to create 1/1 NFTs. The Art Gobblers can then eat those 1/1 NFTs. All the art a Gobbler eats belongs to it, and is displayed in the Gobbler’s belly gallery forever.
Imagine the directions this could go in: One Gobbler could have a collection of art from Beeple, FEWOCiOUS and XCOPY in its belly. One Gobbler could have an entire Manga comic book inside it. One Gobbler could be full of autographs from various artists.
Art Blocks and Tyler Hobbs continually remind us how much people are willing to invest in revolutionary digital art. Art Gobblers is a revolutionary way to create and collect digital art.
2. Less is more
Art Gobblers is a completed ecosystem. The founders will not be adding or changing anything about the project after its launch.
We are so used to projects promising utility on utility. Staking, airdrops, token launch, merch, events, toys, games, blah, blah, blah. All “coming soon”.
With Art Gobblers, what you see is what you get. The completeness increases transparency and simplicity while eliminating the risk of founder failure.
3. The space is still maturing
The overwhelming response to Art Gobblers’ success was suspicion of an influencer-orchestrated pump and dump.
Yes, influencers must be transparent with their vested interests (it’s why advertising regulations, which they are subject to, exist). However, attributing the project’s success to mere influencer-shilling is lazy analysis.
We should be spending more of our time dissecting the success and brainstorming how we take it to the next level.
4. There’s life (and liquidity) in the old dog yet
The overwhelming response to Art Gobblers’ success was suspicion of an influencer-orchestrated pump and dump.
Over $40 million has changed hands trading Art Gobblers (so far). People are waiting on the sidelines ready to deploy their liquidity on high-quality, innovative projects.
The question we should all be asking ourselves is: where will this liquidity be going next?
Y00ts Might Reveal This Week
y00ts still hasn’t revealed. However, all signs point towards it doing so very soon. Here’s why I think it might reveal this week:
- A teaser trailer revealed a ‘y00ts FINAL’ folder, hinting the art is ready to go.
- y00ts changed their PFP on Twitter. This was followed by a campaign of people saying “my next pfp will be a @y00tsNFT”.
- It is Solana Breakpoint this week in Lisbon. DeGods is Solana’s most successful NFT project. Kevin, the CEO of Dust Labs, will be at Solana Breakpoint. Is it so difficult to imagine y00ts making some kind of large-scale announcement in a place ridden with Solana maxis? I think not.
OpenSea Launches
Copy Mint Detection Tool
OpenSea has launched a copy mint detection tool.
It will enable OpenSea to detect any exact matches, flips, and fuzzy copies within seconds of a mint.
This tool should help prevent people from buying fraudulent copy projects on the secondary market, a common scam in the NFT space.
Too bad nobody is using OpenSea anymore.
WGMI Spotlight: Fat Cats
Fat Cats is a collection of NFTs that give holders access to a burgeoning blue-chip NFT collectors club. Fat Cats has two core offerings:
- A shared portfolio that acquires and trades blue-chip NFTs. In September alone, Fat Cats’ trading and arbitrage strategies resulted in gains of over 17 ETH.
- A premier think tank that focuses on quality education and research. Sit in on any AMA with Dylan Shub (the Fat Cats founder), and you’re guaranteed to learn a thing or two about NFTs, Web3, or investing in general.
If you’re interested in learning more about collecting and trading blue-chip NFTs, then pop into the Fat Cats Discord and say hello!
