NFT God Newsletter - The Daily Alpha 6/7/22

The Daily Alpha 6/7- Happy Tuesday everyone! The meta of the space has clearly shifted over the last month. Degen plays are in and with them has come some very interesting communities. Let's go through a big one and talk about the massive "sacrifice" they made last night on Twitter. Let's get into the alpha!

We Are All Going to Burn Mutants

Top of the chart NFT Project We Are All Going To Die put on a Twitter Space for the ages last night, not only getting a huge amount of holders to burn their own WAAGDIE NFT’s, but also burning a Mutant Ape Yacht Club as well. Going through the burner wallet, which to this point has been used over 300,000 times to burn different NFT’s, this is the first time a Mutant has ever been burned. The price absolutely pumped on this event, sending the floor price above 1.5 ETH. The big trend over the last month has been projects with super immersive communities and cultures. It isn’t quite enough to just have a discord where people post gifs, now users are embodying their NFT with everything they do online. From LARPing in Twitter Spaces to tweeting in only specific fonts, performance art has become the name of the game for high growth projects. The burning of a Mutant is clearly the most expensive act of performance art up until this point, as it was a 21 ETH NFT they burned. While $40,000 could certainly be used for better things, I think this is a great example of the kind of power NFT’s have over any other asset classes. The ability to completely enthrall the holder in a new world. 

Influencers get threatened with exposure

Twitter account @adyingnobody posted a LONG Twitter thread this morning threatening to expose crypto and NFT influencers as scammers and frauds. The thread comes from someone claiming to have figured out a Telegram exploit that allows them to read messages in groups they do not belong to. By writing a script that automatically downloaded chat logs from thousands of Telegram groups, this user was able to then go through the logs and find a bunch of bad actors in the crypto influencer community that supposedly created multiple million dollar rug pulls and had “wild orgies on airplanes”. I don’t know how many Twitter followers you need to be invited to these parties but my 5 thousand are apparently not enough. Conveniently the account owner has their ETH address in their bio so they can collect some donations. I lean towards this being a big fraud.

https://twitter.com/adyingnobody/status/1534021154674966529

RTFKT Space Drip forging begins

RTFKT has begun allowing holders of their Space Drip Air Force 1 NFT’s to forge their own pair of sneakers. What this basically means is you can take your NFT and on the RTFKT website get a real life physical pair of sneakers sent to you. Many sneakers in this collection are going for well over 3 ETH, or close to $6,000. Clearly people are willing to pay up for an exclusive pair of Nike sneakers. In my mind this is massive for the NFT space. Up until this point most NFT merch has been limited to t shirts and hoodies. This marks a huge new step, as NFT’s will now produce super rare and personalized items from major apparel brands. Forging is clearly a main component of RTFKT NFT’s moving forward. The relationship between web 3 NFT’s and web 2 physical items I believe will be incredibly important to the future of the space.

Project I’m watching: We Are All Going to Die

I talked about this project earlier in the newsletter but I want to reiterate the interesting things going on here. There have been many NFT’s that claim to be a cult but this project is taking it to the next level with some of their performance art on Twitter. Between the burning of super expensive NFT’s to people actually sacrificing their own multiple thousand dollar NFT’s they bought, there is clearly a dedicated community behind this. Where I’m interested to see is how this translates to real life events and experiences. This is were WAAGDIE can really push this new immersive trend forward. While I haven’t made a purchase yet, I’m looking to potentially get in under 1 ETH.