The Daily Alpha 4/28- 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!
Market Goes Into Turbo Dump
The line is going down. With the absolutely monster Otherside liquidity event just 2 days away volume has completely dried up. Floor prices are plummeting, especially those of the lower to middle cap projects. The only projects that seem to be holding up are of course BAYC, MAYC, and BAKC. Here’s what’s interesting to me though. All other risk-on assets today went up including crypto and tech stocks. NFT’s were the only asset class that went down. What this tells me is the Yuga Labs effect is stronger than any other currents in the space at the moment. It also tells me once this is over we have a good chance of prices recovering. These next 36 hours will be a show.
Ape Goes Into Turbo Pump
The line is going up. Throughout the day APE coin has done literally nothing but go up. An absolutely face melting rip to $27 (back down to about $23 at the moment). KYCers are clearly accumulating coins for land this weekend. Non KYCers might be doing a little speculation at the moment. Either way, there are a lot more buyers than sellers. This kind of absolutely insane price action is opening up a lot of interesting plays for people not involved with the land sale. There are a couple binary events coming up including the announcement of the Land price as well as the beginning and ends of the auction. All 3 of these events will have a major impact on the price of Ape coin and even the market as a whole. There are a lot of ways to speculate on these events. I’ve been accumulating Ape coin the last several days as I’m KYC’d. While I plan on spending it on land, depending on price action of the coin and auction there are a few interesting plays to be made. BREAKING: Otherside land priced at 305 APE. That’s expensive af.
Top Solana Project DeGods purchases a professional basketball team
You’ve read that correctly. The Killer 3’s in Ice Cube’s Big 3 basketball league is now owned by the DeGods DAO. In an interesting move Ice Cube actually fractionalized the teams in the league into 25 NFT’s each at a cost of $25,000 per NFT. The DeGods DAO purchased all 25 for $625,000. The DAO now has full control over who is the CEO, president, and Vice President of the team. They also have full intellectual and property rights. On top of that, the team will now have a DeGods patch on their jerseys. Are fans of opposing teams now considered FUDders?
Project I’m Watching: Grass
That’s right, my play right now is to touch grass. There’s still 36 hours until the land sale. I have absolutely no doubt prices will keep dipping until then. When I wake up Saturday morning I’ll consider buying the dips of some of the blue chips I’ve been looking at, but at the moment I don’t know how you get into new projects right now. APE is the only play in the space going up. This is temporary though, as prices start going back up it will certainly be shopping season.