The Daily Alpha 4/21- A daily breakdown of the NFT market with some notes from The God. This is a more detailed version of my breakdown on Twitter. Any and all feedback is welcome!
Coinbase NFT Launches in Beta
After months of hype and rumors Coinbase finally launches their NFT marketplace in beta. I do not believe this will bring a crazy wave of new liquidity and the pump everyone is expecting. I don’t believe at the moment the concept of a $20,000 jpeg has been accepted by the mainstream enough. Unfortunately I just don’t think the Coinbase NFT market launch will lead to your uncle buying a $100,000 cartoon alien monkey out of nowhere. https://nft.coinbase.com/
Vayner Sports Pass Roadmap released
AJ Vaynerchuk released his long awaited roadmap for the VSP. Well I guess technically not a roadmap, but more of a “cadence calendar”. Positives: I like that there will be utility every single week. The biggest problem with utility passes is the time between releases usually leads to people paper handing their NFT’s because they’re impatient. Negatives: very little specifics here at all. While I love the idea of weekly utility it would be nice to get some information on what kind of giveaways and experiences are being promised here. While I do believe AJ Vaynerchuk will for sure deliver on value for this NFT, it just seems with a lot of projects that actual concrete details are always one more announcement away.
Pump Continues for All Projects Rumored to be in BAYC Land WL
All projects that have had rumors swirling about them pertaining to the Yuga Labs land WL continued pumping through the night. BAYC, MAYC, Cryptoadz, Cool Cats, Meetbits, Cryptopunks and a few others continue to find new recent highs. As I said yesterday I think this is a buy the rumors sell the news situation. When the Yuga Land drops I do believe these prices will take. Big hit. I’m waiting for the dump to add to these positions.
Utility Passes Reign Supreme
Utility Passes continue to find new highs. This is clearly the meta of the moment. Premint is now up to 1.35 ETH. AlphaSharks up to .43 floor. The Carton is up to a staggering 2.45 ETH. Proof bouncing back from the Moonbirds sell off and getting up to 83 ETH. There is profit to be found by discovering new utility passes that have yet to be discovered by the larger community.
Project I’m Watching: Look Labs 420 Game + Endgame
4/20 is obviously a major day for the NFT space but especially for Look Labs when it comes to their appropriately themed 420 games. In development and minted out for months, holders have been patiently waiting for any more news on game mechanics/ breeding. With events planned throughout the day this is basically the Super Bowl for the project. Look out for big announcements for the game mechanics and launch itself, whitelist for End Game, and additional utility for the game keys.