The Daily Alpha 5/4- Happy Tuesday everyone! One of my favorite books is The Four Agreements by Don Miguel Ruiz. It's a book about core tenants to remember for living a balanced life. I think my favorite lesson from the book is "Take nothing personally". Everyone has their own experiences in life. Whether it's positive or negative, people's actions and words are a reflection on themselves and not you. Never take anything anyone does personally. Anyways, onto the Alpha...
Otherdeed continues dipping
As I’ve predicted since before the mint, Otherdeeds continue to slowly dip since its reveal. I just think there are way too many headwinds going on here at the moment. With the supply about to double and previous location premiums all but evaporating, people are starting to get shaken out. The big thing I’m looking at here too is the fact that the project is now below the mint price if you include the gas that it took to mint. All of these factors are leading to ramped up holder emotions which is leading to selling. Yuga probably isn’t too worried though, they’ve already made close to 60 million dollars on volume royalties. I truly see this project dipping to the 2 ETH range in the short to medium term.
As for game news, details are starting to leak out on technology partners. Improbable Games is rumored to be building out their backend technology. They are the pioneer behind a prototype game that supported over 15,000 people in a single instance. Will be interesting to follow and see how game details impact pricing.
Azuki teases 5/5
Azuki has tweeted out an ominous “5/5” largely rumored to be the Beanz drop. I talked about the pump yesterday, but something I’m really interested to see is how Azuki and Doodles handle all the Yuga news of late. Yuga basically showed their hand this past weekend, revealing to everyone all of these releases are leading up to a video game metaverse. You have to wonder how these blue chips will counter. My guess is Azuki is building towards some sort of media brand with their genesis collection and companion Beanz collection. It seems like a natural fit for the characters and lore they’re building. Doodles seems to be a more natural fit for merchandise, physical goods, and real life experiences due to their bright art style. Now that the first shoe has dropped with he Otherside release, all eyes are now on these secondary blue chip projects.
Project I’m Watching: Something Token
Something Token is a project that ominously released late last night with a 10k utility pass collection. Quickly linked to the upcoming Americana Marketplace, users started buying up this token in droves. What’s particularly interesting is within minutes of launching it already got the Opensea verified checkmark, a feat that typically takes months for legit projects to achieve. There was certainly smoke here. Shortly after the hype train started it actually came out that this new Americana Marketplace had investments from Alexis Ohanian of Reddit fame and from Opensea itself. The Americana Marketplace is an upcoming site where users will be able to tokenize their physical goods and sell those tokens on an online market. It’s a particularly interesting idea because I think it will make it a lot easier to invest in physical goods online. Imagine instead of investing in a painting and having to pay for shipping and waiting a few weeks for it to arrive, you instead instantly got an NFT representing the goods. If you decide you actually want the physical good you can redeem the token and receive the item in the mail. While the Americana Marketplace seems like a really interesting idea, no utility has been announced for the NFT yet. I love the idea of the website but buying the NFT with no assurances on what the utility is is just plain gambling. To me it feels like the success of the website will always come first before the success of the NFT. I’ll be waiting on the sidelines until more information comes out.