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- NFT God Newsletter - The Daily Alpha 6/22/22
NFT God Newsletter - The Daily Alpha 6/22/22
The Daily Alpha 6/22- Happy Wednesday! Was fantastic meeting some of you at The Nifty event a couple days ago. NFT NYC is honestly the best networking opportunity in the world if you're into the web 3 space. Take advantage of times like this if you're looking to have a future with this technology. Onto the alpha:
🔥Uniswap buys Genie
🔥RR/BAYC gets taken down
🔥Doodles pump after NFT NYC Event
UNISWAP BUYS GENIE
The largest decentralized exchange in crypto has bought the largest market aggregator in web 3, instantly making them not only one of the the largest crypto exchange, but also one of the biggest NFT exchanges. This also shows the web 3 gold rush is still going on, as Genie, a startup made less than 12 months ago, undoubtedly just made a massive bag. I think this is fantastic news for the NFT space as a whole. Competition drives innovation and Opensea needed some more competition. This will undoubtedly cause all the big market participants- OS, LooksRare, X2Y2 to have to step up their games. Uniswap is an Andreessen Horowitz and Paradigm backed web 3 company that has more than enough resources now to build a powerful NFT platform. It will be interesting to see how they tie their products together and if they’ll find a way to incorporate a DeFi element into NFT’s that doesn’t use ponzinomics like LooksRare.
RR/BAYC GETS TAKEN DOWN AFTER FOUNDERS MAKE A BAG
Ryder Ripps activism as a performance art project RR/BAYC has been taken down by Opensea. For those not in the know, Dr. Ripps has garnered attention as of late for compiling a long list of potential connections between Yuga Labs and the Nazi regime. Before getting taken down Ryder and associates were able to profit greatly off this activism, both minting the NFT at cost and selling some of their personal holdings at all time highs to other buyers. A lot of questions remain on if Opensea had the right to tear the project down and other motivations behind all of this. I’ll leave that judgement up to you.
DOODLES PUMP AFTER NFT NYC EVENT
With NFT NYC in full force this week many of the blue chip projects have had big events to celebrate the occasion. The event getting the most attention so far is without a doubt Doodles. Search Doodles on Twitter and its pretty unanimous that the entire event was a great success. To recap the happenings, Pharrell was announced as a board member, Alexis Ohanian was announced as an investor, and Doodles 2 was teased. Doodles 2 appears to be a companion collection that will allow for total customization of your Doodle through a trait marketplace. All of this news drove a floor run up from 11 ETH to 15 ETH.
My guess is Doodles 2 will be on a layer 2 in order to reduce fees of the traits. I’m guessing the Dooplicator will create a copy of the original Doodle it came from, except this time with a full body on the layer 2 blockchain. From there you’ll be able to fully customize your Doodle and be able to use it in future games and social experiences. This is a trend it appears many projects are taking, as Creepz has already done this and Psychedelics Anonymous, CloneX, and 10KTF are working towards this.
All of this is really cool and unique stuff., but the question you need to ask yourself as an investor is how will this increase the value of the NFT? Will Pharrell be able to attract people outside of Web 3 and convince them to spend tens of thousands of dollars on an NFT? Will he be able to create more hype than Doodles has at this very moment so that more people inside the space get attracted to the project? While all of this news sounds awesome I still am looking for a direct connection between Alexis Ohanian giving money to the founders and how that money increases the price of Doodles. I’m sitting on the sideline for now, but I love to see renewed excitement in the space.
Project I’m Watching: Damien Hirst - The Currency
Famous artist Damien Hirst released his first NFT collection months ago titled "The Currency". What makes this unique is you have a choice, either hold the NFT or exchange for a physical painting. The other gets burnt. Well in the next couple of weeks the big burn will happen. If you're holding the NFT he'll literally burn the physical painting. If you choose to receive the painting he'll burn your NFT. It's an incredibly unique concept from a world famous artist. If you're into true art I'd take a look at this collection as this is an opportunity for you to buy physical or digital art from a legend in the space.