NFT God Newsletter - The Daily Alpha 4/26/22 + Otherside Land Will Lose You Money
The Daily Alpha 4/26- 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!
First things first... I just published my latest article on my full opinion of the Yuga Labs / Otherside Land sale. Feel free to check out the link below and let me know if you agree/disagree on my hypothesis
If You Buy Yuga Labs Land on the Secondary Market You Will Most Likely Lose Money – NFT GOD. — nftgod.gives Over the past several months the entire NFT space has almost unanimously been bullish on the upcoming Yuga Labs aka Otherside Land Sale happening this Saturday at noon Eastern. The problem is this, in the investing world if 99% of people are doing one thing, it's more likely that the 1% is going to be…
Prices are dropping across the board
For one reason or another there has been absolutely massive price drops across the market today. The upcoming Yuga Labs land sale is probably causing people to go liquid while on top of that macroeconomic trends are punishing all speculative assets including stocks and crypto. As I’ve been doing the last few weeks I’m remaining liquid into the land sale Saturday and making moves into high conviction plays when I feel like we’ve entered the most panicked state. When others zig, you need to zag.
Big Moonbirds retraces
Moonbirds is down almost 40% from its all time highs and now nests at a 26.6 ETH floor. As has been proven over and over again simply reducing supply does not mean there will be a “supply crunch”. You also need an increase in demand. Apparently there isn’t much demand for pixelated owls at $120,000.
Eightbit Me Retraces
Eightbit Me was the flavor of the minute yesterday when there was speculation around the project possibly giving you access to the Proof conference. Prices pumped from .1 ETH all the way up to 1.5 ETH. After an absolutely massive pump, prices have crashed back down to .65. I’m not writing about this project because I find it terribly exciting (I don’t), I’m writing because this is a lesson for everyone: don’t FOMO into pumps.
Project I’m Watching: 10KTF Gucci Grails
I’ve written about the 10KTF ecosystem several times but one more piece I want to talk about is the Gucci Grails. This 4k drop happened a month ago and has for the most part been pretty stagnant. As speculation ramps up on a 10KTF / Otherside partnership, additional tailwinds are starting to come in in the form of rumors around Gucci utility, possibly physicals. Both of these rumors have acted as tremendous tailwind and are starting to move the price up for the first time since mint. I hold one Gucci ape as a token into whatever future utility is coming from this project.