For the Love of the Game (Market Commentary) |
In my last market commentary my thesis was about ETH volume moving over to Ordinals, and as soon as we hit publish, guess what happened?! A new sensation began picking up steam on the ETH blockchain naturally! It was palpable in the communities and Discords where NFT collectors and traders hang out. I was checking in on the Wolf Game Discord and a lot of regulars there started changing their profile picture to a Nakamigo. It was meaningful
because they had their own Farmer PFP and still found them funny, and meme worthy enough to change their profile picture. People seemed to be doing the same in the Unordinals Discord, which is a project inscribed as an Ordinal on the BTC blockchain. This really caught my attention because it told me that either Nakamigos are really popular and going viral,
or the NFT community is smaller than I thought! I really do think that these Nakamigo NFTs have the “It factor”, so I do want to believe the former. Nakamigos minted out on Mar 23, and was
created by an anonymous entity called HiFo Labs. They distributed their mint by allocating free mints to those in the Mfer community, who held an “End of
Sartoshi” (EOS) NFT pass from its creator Sartoshi. The Mfer community is known for their “vibe”, which really comes down to a few things: - Mfers do what they want. The art is CC0, and really means you do not have exclusive commercial rights to it, but that anyone can
make derivatives and copy the art even if they don’t own the NFT.
- Mfers don’t care about floor prices, road maps or utility. They care about “vibing” on Twitter Spaces, memeing and trading/collecting NFTs.
Essentially, Nakamigos embody the “culture” of many people who are left in
this space, which seems to be die hard, passionate NFT people, who care about things like “provenance”, and memes. They are appealing to a mainstream audience, as they are less offensive than their stick figure friends, have relatable traits including an array of skin tones, balanced gender numbers, as well as a larger 20k supply. You can tell the creators even tried to match traits to the desires of potential holders by estimating the current demographics of the NFT community, which I felt they
did a good job on. How do I know so much about Mfers? Well I resonated with the stick figure art, which was simple and striking, that I purchased and used that PFP personally for several months. It was a signal that I was passionate about NFTs and digital
art, liked to collect and trade them, and really didn’t care about floor price. I was in it for the technology. and missed out on Bored Apes, so this was the next best thing. Oh by the way, I sold my Mfer pfp, but good thing I can still use the pfp as it’s CC0, I just can’t access the token gated Discord. More on this situation in a future
article. For a hint, check my Twitter banner. Coincidentally, Nakamigos are bringing BAYC, Azuki, Doodles and Mfer holders together, and uniting the NFT community in a way
that has brought back the excitement of the BAYC mint, with the bonus of CryptoPunk style art. Source Culture is the benefactor here, and it wasn’t more evident than seeing rare traits like Snowmen, Frogs, Crocodiles, and Robot
Nakamigos sell “above the floor”. Nakamigos a couple days this week leapt ahead of Yuga’s Otherside and BAYC. It was very interesting to see the NFT community as a whole become obsessed with collecting certain traits and having fun together doing
it. I didn’t expect to see this, as I personally had pfp fatigue and the bear market was punishing pfp “blue chip” projects like Moonbirds, and Azuki. I actually had 6 free mints for Nakamigos from the EOS passes I had prior to the snapshot deadline, but “faded” them, which is the web3 way of saying I didn’t think they would be as successful as they were, and was personally too busy to
mint my free ones. Just goes to show what an empty canvas these blockchains are, and just how the right combination of artist and product market fit can paint a masterpiece at any unexpected time. Cheers! The Forkast NFT 500 is the definitive measure of the performance of the global NFT market across all blockchains. Panini Prizm NFL NFT packs are available now! The
hottest brand in NFL trading cards come back to the blockchain with some very exciting twists. For the frst 72 hours, each pack purchased will get you a 1:1 airdrop of additional packs! At only $10 a pack, you get 3 NFT's including 1 #'d to 99. We also have our most exciting Golden Ticket VIP opportunity, being announced early next week. Date –
Now Blockchain – Ethereum Price – .08 ETH Date – Now Blockchain – Ethereum Price – $79.80 USD Date – Apr 6 Blockchain – Cronos Price – TBA Date – Apr 6 Blockchain – Ethereum Price – $100 USD |
You may hear the term “fade” or “faded” in everyday life, as it is common slang for being dismissive of something. The term is often used in Web3 for the same reasons. With new projects and art arriving as NFTs in a nearly constant flow,
it’s easy to dismiss or “fade” the newest project that has traders buzzing. Always be wise and do your own research on each NFT project, just as you’re encouraged to learn more about the term “fading/faded”. Happy Researching! Received this from a friend? Sign
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Coming up on our Next Episode Keep an eye out for our new podcast, coming up with Panini, one of the most active digital sports collectible communities in the industry. We will get into why their community utilizes CryptoSlam, what they are working on, and
more. Watch all of our previous episodes on Youtube. Don't have time to watch? Listen to all of our episodes, available now on: |
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