The Daily Alpha 5/24- Had an amazing time tonight hosting a Space and talking with the community for a few hours. Twitter Spaces is truly the most powerful tool in all of social media for growing your audience. If you're looking to expand your reach and grow your network I'd highly advise you to think about how you could be more active in Twitter Spaces. Onto the Alpha:
In Web 3 storytelling is the single biggest skill creators need. @ChimpersNFT seems to be the latest project to leverage incredibly strong storytelling to build a wildly dedicated community, similar to Creepz, Kiwami, and Degen Toonz. Their site teleports you to a new world
— NFT God (@NFT_GOD)
May 24, 2022
NFT Volume hits year long low
NFT volume was just 26 million dollars yesterday, a new low for all of 2022. For comparison, on May 1st volume was close to 500 million dollars. We are truly and undoubtedly in a bear market at this point. There are significantly more sellers than buyers at the moment as almost all projects are slowly losing value. I don't see this ending anytime soon honestly. The amount of macroeconomic headwinds are historic. Inflation is causing governments to tighten monetary policy, sucking liquidity out of the entire system. All markets are being negatively impacted by this, especially risk-on assets. I only see the market coming back to life if inflation ticks down or Yuga Labs decides to give holders thousands of dollars in free liquidity again. I'm continuing to hold my ETH bag here and only make selective plays.
Seth Green gets his IP stolen
"Famous" actor Seth Green went on an NFT shopping spree in order to cast his new comedy series. The apes and various PFP's he purchased were going to be the IP he uses for all his main characters. The show was written, filmed, and set to be released. Only one problem though, shortly before release Mr. Green clicked a bad phishing link and his entire wallet was rugged. All the IP he purchased for his show was gone and quickly scooped up at discount by others. His cast vanished before his eyes. This is super interesting because now technically the people who bought the NFT's can sue Seth Green if he releases the show for stealing the IP. He's now in a position where he needs to beg the new holders to give him his PFP's back. This will probably end with a lawsuit which will be unprecedented for NFT's. Will be super interesting to watch how it plays out, will probably have a massive impact on how IP works moving forward. While many projects claim to be giving you the IP to the project, there isn’t a ton of legal precedent on how that exactly works and what your rights really are. If this were to play out in court we’d get a true understanding what those so called rights NFT companies actually giving you are.
Otherdeeds remains king
People seemingly can't decide if they want to own the slime island with the cursed shovel or the ice island with the jar of farts. Otherdeeds for what feels like a year straight remains at the top of the volume charts with 3 million in US dollars of trades on Opensea. Keep in mind 100k more plots of land are coming this summer, largely diluting the entire ecosystem. I just don't understand how you buy here. People seem to want to speculate on which resources are valuable, but that just seems ridiculous to me. The game isn’t launching for years, the resources will mean nothing until then. The eventual dilution will undoubtedly destroy market prices here. I’m not touching this with a 1000 foot stick.
Projects I’m following: Projects that tell a story
In this bear market I'm looking for projects that tell a strong story with their IP to survive this low volume environment. What I mean by story is projects that create characters, narrative, and world building around their project. I believe in even turbulent times projects with strong narratives will keep users engaged and draw more users to want to participate. Before investing in a project during these volatile times truly think about what will keep holders engaged. If it’s just a PFP of a goblin and that’s it, why would anyone hold? If the creators meticulously build out a world and story involving the characters, and NFT holders feel like they own a piece of the story, the project will be a lot more likely to survive.