The NFT space can feel like information overload at times, so we’ve cut through the noise to deliver you a curated dose of what matters most. Your all-in-one weekly companion.
Headline News - Otherdeed mint breaks records, Bored Ape creators slammed, BAYC floor price drops 32%, Apecoin accepted as payment on OpenSea, Elon to the rescue
As usual, Yuga Labs and their creations have dominated the NFT headlines this past week. Otherdeed NFTs, the virtual land to be used in Yuga Labs’ Otherside metaverse game, helped set a new one-day record high in trading volumes on OpenSea. A staggering $476 million dollars were traded on Sunday, but unfortunately, the minting experience was far from seamless.
Users, including many notable figures within the NFT space, flocked to Twitter to express their disappointment with the Otherdeed mint. People were particularly irritated by the huge transaction fees associated with minting, reportedly between 2ETH and 5ETH.
Additionally, there was a huge swathe of participants who lost funds due to failed transactions. On this topic, Yuga Labs did tweet the following, so we can hope this issue is largely resolved:
‘We have refunded gas fees to everyone who made a transaction that failed due to network conditions caused by the mint. The fees have been sent back to the wallets used for the initial transaction’. (See thread here)
People were also aggravated by tweets from Yuga Labs which deflected blame onto the Ethereum network rather than accepting ownership of their mistakes in how they conducted the mint.
Despite all of this, Otherdeed secondary sales volumes have completely eclipsed everything else over the past week, with the highest sale coming in at 333ETH.
Also, amazingly, Otherdeed is already number 5 in the all-time highest volume traded, just behind Art Blocks Curated which it will likely surpass within a day or so.
Once the Otherdeed mint had happened and the community discontent had taken hold, there was a sell-off of Bored Apes and Mutant Apes. The BAYC floor price lost 32% of its Ethereum value and about $135k USD. For an article on this, please click here.
Then this happened: Elon Musk swaps Twitter avatar for a horde of Bored Apes, BAYC floor price surges 10 ETH. Read more by clicking here.
Other news related to the Yuga Labs ecosystem is that leading NFT Marketplace OpenSea Now Accepting ApeCoin.
Curated News - the best bits of the past week
BIGGEST NFT Sale: Otherside Deed for Otherside #24 for 333ETH
The NFT sector is projected to move around $800 billion over next 2 years
Snoop Dogg Dethrones Gary Vee As the Richest NFT Celebrity Collector
NFT traders STEPN to a new groove — Is move-to-earn the future of fitness or another fad?
Cool Cats on the hunt for a new CEO after Chris Hassett steps down
Maybe Something - things we’re keeping an eye on
Vogue Singapore Celebrates Individuality with ‘Every Body’ NFT Collection
Historical Insight: The SARUTOBIPEPE NFT became the 1st playable RarePepe card, interoperable with Christian Moss’s game Sarutobi. It was minted on October 16th 2016 and is considered a highly prized vintage NFT asset. Thin floor on OS.
J.N. Silva is dropping Infinitum on Nifty Gateway on 7th May at 6:30pm ET
NFT Worlds Genesis Avatars Whitelist Passes are trading on OpenSea. Floor of 0.4Eth with over 1.5k traded.
Okay Bears volume has been incredible. A realistic “blueprint” was released and floor price steadily increased thereafter. One to watch
SupDucks announces VX avatars for holders are coming soon
Zeneca DYOR pick: TokenProof Founders Circle. Tokenproof is a way to safely and securely prove ownership of your NFTs without the need to ever connect or carry your wallet again. The Founder's Circle NFT was a free claim for our early supporters and will have benefits and utility from time to time.
Zeneca DYOR pick: Interleave. One of Zeneca’s favourite builders in the space, Loopify, has been teasing a bunch over the last few days that there is something big coming
Talking Point - FOMO is real, and so is IRL
Fear Of Missing Out, or FOMO, is a term bandied about constantly in the NFT space, along with a vast array of other acronyms, all used to help facilitate communication in an as efficient manner as possible. Lest we waste time interacting in long form and miss out on “the next big thing”.
People most often talk about FOMO with regards to “apeing” into projects due to emotional triggers, so as not to miss out on perceived potential gains. Making investments based on emotions is never a good idea though, and comes with a long list of potential problems.
But it’s not this type of FOMO i want to address today. It’s FOMO on the grander scale. The FOMO we experience with regards to the space as a whole. The FOMO that pulls us away from In Real Life (IRL) activities and socialising. This level of FOMO, which keeps you glued to to your screen for every waking hour, is a real threat to the health of participants in the NFT space. I’ve seen it in action and it’s certainly something we all need to keep an eye on.
One problem is that the space never sleeps. It’s a 24/7 global operation and there’s always something you’re missing out on. Or at least it feels that way. Another problem is everyone is convinced that if they put in the time they will find the next Bored Ape Yacht Club, and a huge portion of participants are transfixed by this idea. How many times have you told yourself ‘If i’d just bought 3 BAYC’s back in May 2021, i’d be a millionaire by now’?
These and a whole host of other issues such as chasing losses, waking up at all hours to mint, doggedly following high profile wallets and always looking for the next big thing all combine to create stress.
Once stealth launches and profit-yielding tweets became a thing, people were fearful of missing the next one, and so became inseparable from their devices and the platforms that might deliver them their fortunes.
I’ve experienced it periodically myself and witnessed it in friends. This is just a nudge to remind you there’s certainly more to life than Discord and Twitter, and that time spent in the company of IRL friends is certainly more valuable than a digital representation of an animal.
I’m not belittling the value of NFTs. Far from it. I’m in the space and I love it. This industry is undeniably exciting and full of promise, but it can also be all-consuming and detrimental to our health and relationships.
Often with great potential, comes great risk, and risk walks hand in hand with stress. If you’re feeling stressed, don’t ignore it. Take some time out. You’ll perform better in the space with a clear mind and you’ll make less emotional, more rational decisions.
It’s an amazing space, but it’s certainly a tiring one too.
Don’t forget to breathe and don’t forget that IRL exists too.
Tip Of The Week - Getting an edge on Sniping OS assets
When buying on OpenSea, most people will go to a collections main page and click the ‘Buy Now’ filter, as shown here.
In doing this, you will be shown the lowest value NFTs for that collection.
However, this main page takes a little while to update, and there’s actually a way to see new listings before they appear here.
To do this go to the main collection page and click on the ‘Activity’ tab. Then on the filter, deselect ‘Sales’ and select ‘Listings’ instead. Here is an example.
Now, by refreshing, you can see the items that go up for sale prior to anyone who’s watching the main collection page.
If you see a really great deal, you’ll need to act fast and put a lot of gas. There are people who make a living out of sniping new listings like this.
Good luck.
ZenAcademy and 333 Club Noticeboard
Regular Event Reminders
Join our poker nights via our Discord. Events held every weekend, with prizes to be won.
Weekly Movie Nights are going strong. Click here for more info on this weeks get together.
Reminder: As a ZenAcademy member, you get exclusive access to market health statistics and analysis updated every 12hrs. For a full rundown of how to get the most out of these charts, click here.
Irregular Events and Info
The 333 Club now has an Official Twitter account. Please check it out and ‘follow’. Thanks for your support.
We are planning an event for NFT NYC. If you are interested in attending, please join 🗽 | nft nyc meetup so we can begin to get a rough head count.
We’re also planning an IRL meetup at MET Amsterdam which is taking place from the 14th-17th June. Join the chat here for more info.
Nothing in this or any other ZenCaps publication should be construed as financial or investment advice. The views and opinions expressed in ZenCaps publications do not reflect those of Zeneca_33 or the ZenAcademy.
Always exercise caution within the NFT space and adhere to best practices when it comes to making any investments. There is plenty of potential, but this comes with inherent risks.
Stay safe, and as always, good luck.