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  • NFT God Newsletter - The Daily Alpha 6/14/22

NFT God Newsletter - The Daily Alpha 6/14/22

The Daily Alpha 6/14- Happy Tuesday! Suggestion: if you are in the middle of a face ripping bear market go on vacation, particularly to Mexico. It makes things a lot easier. Now onto the alpha:

CryptoPunks vs Bored Apes? CryptoPunks and it Isn’t Even Close – NFT GOD.nftgod.gives Deciding between a Bored Ape Yacht Club NFT and a CryptoPunk? The answer is not even debatable and here is

Mega Market Crash

This week has been a historic one in the financial markets, as the entire global economy opened Monday with massive losses across the board. No asset class went untouched, particularly crypto and NFT’s, which saw face melting losses in an incredibly short period of time. In USD terms many major projects hit levels we never thought they’d go back to. BAYC went from $450k to $70k. CryptoPunks went from $440k to $50k. Never in people’s wildest dreams did we think we’d be back here as quickly as we did. My estimates were these levels were months away. This is capitulation of the highest level. I’m officially in mission mode. While I think this fear can continue for months if not years, I think we are at a level where I wouldn’t mind start taking nibbles at big projects. I’m still not at a place where I’d take shots at isolated wins like Goblins. I’m looking at blue chips like Punks and CloneX.

Goblin founders dox

The founders of Goblins have finally done it. They’ve revealed themselves. Truth Labs, the founders of IlluminatiNFT tweeted an adorable video today showing the world they were behind the mega hit NFT project Goblintown. Unfortunately the market in the short term decided it was a disappointing announcement, as prices slid from 5 ETH to 3 ETH. I think most people were hoping Yuga Labs or Beeple were behind this project. IlluminatiNFT popped tho from .2 ETH to .9 ETH. It will be interesting to see how long term this announcement impacts the project, as no the element of mystery has been taken away. I’ve long theorized a big reason why Goblins made it to 9 ETH was because of their incredible sense of storytelling and mystery. Now half of that equation has been taken away. Up to this point it’s absolutely historic what Goblins has been able to accomplish in the middle of a nasty bear market. If you enjoy making grunts and squeaks in Twitter Spaces there probably is no better time to buy. 

Celcius halts withdrawals

Another Defi protocol bites the dust. Celsius, despite tweeting in the past that they are a decentralized bank, turned out to be not that decentralized as they halted ALL user withdrawals. Who would have thought all of these protocols guaranteeing 20% APR would turn out to be Ponzi schemes. Well unfortunately the users are going to be the ones that pay. The founders conveniently over the last week have withdrawn hundreds of millions from the protocol, leaving the users with the bag. If you still have your money in any of these defi protocols I don’t know what to tell you other than I hope you don’t mind losing it all. Bernie Madoff was just way ahead of his time. If he waited 10 years he could have just created a defi protocol.

Project I’m Watching: CryptoPunks

I wrote about it earlier today on my blog, but I think CryptoPunks are the best blue chip to be in right now if you are looking to buy a major project. Punks will always have value, they have such incredible historical significance. All other blue chips will be dependent on their ecosystem and air drops. They need to be run like a tech business. CryptoPunks are more like historical art. They aren’t a business. They don’t need drops or tokens. They are important because they are important. I’ll be looking to make a move in this market as prices keep dropping.

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