The Daily Alpha 4/22- 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!
Akutar Mint Contract Leads to 34 Million Dollars Being Burnt
In what might go down as the biggest disaster in NFT history, the Akutar the Moon God minting contract had a one line bug that has resulted in 34 million dollars of holder and creator money being locked up in a smart contract forever. Gone. Poof. Never to be retrieved again. The fact that the Aku team never hired an auditor to look at a smart contract that was going to handle tens of millions of dollars is such an egregious mistake it cannot be understated enough. What’s even worse about this is community developers have been tweeting at them for days about the bug and creators simply wrote it off as a “feature”. This is without a doubt the worst launch in the history of NFT’s, and might remain that way for a very long time. If you are a solidity developer and not thinking about starting an auditing firm you are leaving money on the table. Smart contract auditing is about to become a multi-billion dollar industry.
RTFKT x Nike MNLTH Reveals
RTFKT x Nike finally revealed their long awaited MNLTH today. Inside that MNLTH was 3 items, a pair of sneakers, a vial, and ANOTHER MNLTH. After months and months of this box simply sitting in wallets, the initial reaction was disappointment. Floor prices plummeted in the moments after reveal from 9.5 eth to under 5 eth. After people started burning the MNLTH and found there were multiple items inside, prices quickly recovered to over 11 ETH. Details on the capabilities of the sneaker and the vial are sparse, but it looks like the sneakers can evolve over time by applying different vials. Only 2k of the 20k sneakers have been minted, so I’ll be watching price action over the next few days before making an entrance. I’m a massive sneaker head and Nike fan so I’ll definitely want to get in on this project eventually.
Moonbirds Nesting Launches- Price Retraces
After days of insane price action and volume the Moonbirds team finally released their Ponzi functional… excuse me, staking functionality. All holders of Moonbirds are now able to “Nest” their birds and wait for that sweet sweet Silicon Valley utility to start pouring in. I’m sure Kevin Rose will be providing way over $120,000 worth of utility to all 10k holders so if you bought in at 40 eth you for sure made a great decision. Will keep an eye out for the release of hoodies and t shirts in the future.
Project I’m Watching: Adidas Into the Metaverse
With Nike finally revealing their NFT project and floor prices absolutely ripping, I’m closely watching to see how Adidas handles this. Adidas was first to market with their NFT months ago but somehow still hasn’t done a single thing with it. They had the opportunity to get a jumpstart on their biggest Oregonian rivals and totally blew it. You have to think Adidas execs are sitting in a board room watching this play out and discussing what their next move is. I expect Adidas to react quickly, maybe with additional announcements on their Bored Ape Yacht Club and potential Otherside collabs. I own one Adidas pass at the moment and will look to potentially pick up more if prices drop here.