ZenCaps: Edition #16

Your weekly NFT recap to cut through the noise

Jun 16, 2022

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 - NFT floor prices tumble, but overall sales increase

It’s been a rocky ride this past week and no collection has been left unscathed. Since the last newsletter, just one short week ago, the price of Ethereum has dropped from around $1,800USD to below $1,000USD (on certain platforms), with Monday in particular seeing a huge sell-off.

This was the catalyst for a collapse in NFT floor prices, with “blue-chips” being hit as hard as anything else. Bored Apes were trading at below $100k USD for the first time in almost a year, down 78% since late April, when the entry price was around $429,000.

Despite this sell-off, we saw a huge uptick in buying activity in the 48hrs that followed, and particularly in the so-called “blue-chip” collections. It seems investors were keen to capitalize on the hugely discounted rates, with one buyer paying over $1M USD for a BAYC.

Prior to this period, the top 10 rankings by volume was full of highly speculative collections, with traders looking to take advantage of any hyped project for a quick pump.

Now, as order is restored, the top 10 has returned to a much more familiar-looking set of collections, with BAYC, MAYC, Otherdeed for Otherside, CLONE-X, CryptoPunks and Moonbirds occupying the top 6 spots.

Those with patience and money are clearly loading up or averaging in on what are generally considered to be projects with real long-term value. High conviction plays.

For a more detailed look into this story please click on either of the links below:

Curated News - the best bits of the past week

Maybe Something - things we’re keeping an eye on

BubbleWorld WL Mint Date: June 16th 6pm ET
SneakerHeads mint is on 06.18.2022. Click here for all the relevant info
Wimbledon To Drop NFT Collection To Celebrate 100th Birthday
Upcoming Christie’s NFT Auction to Help Scientific Psychedelic Research
Tigerbob releases roadmap which includes upcoming airdrop
Alien Frens’s UFO collection drops 19th June
The Possessed public raffle has been live for almost 48hrs. Closes 1hr from publication time of this newsletter
DraftKings To Release Interactive UFC NFT Collection
Cool Cats Announces Their NFT Avatars For The Sandbox Metaverse
Parallel PRIME KEYS look like a bargain. They are a key part of their ecosystem. DYOR
Duppies announce tentative mint date and increase collection supply
Historical Insight: PridePunks are the first CryptoPunk derivative. Although the contract is from 2018, note that most of the NFTs were actually minted in 2022 on rediscovery of the collection. Make your own mind up on the significance of that. Join their Discord to check out the vibe.

Talking Point - Stay focused. Don’t throw in the towel

I’ve seen a lot of people lamenting about the current market conditions, understandably. But it’s my belief that it’s those who remain focused who will prosper in the long term.

Whilst (largely uninformed) naysayers and observers take pleasure in saying ‘I told you so, those monkey images are a scam’, we need to understand that there’s still a huge knowledge gap between what these types of characters think NFTs are, and what they actually are.

It certainly doesn’t help when the forth wealthiest man on the planet (Bill Gates) decides to join in, stating that crypto and NFTs are ‘100% based on greater fool theory’, but those who understand the space should not let such nonsense cloud their opinions.

The PFP craze undeniably gave rise to huge speculation within the NFT space, and most projects in that sector will fail. That’s true. But the unfortunate part is that many people believe that that’s all there is to NFTs: PFPs and digital art.

Not only does the misconception completely misunderstand the PFP space itself, but people don’t seem to realize that there’s a whole world of NFT utility unfolding behind the scenes. I’ve never felt stronger that we will see NFTs and SBTs become intrinsic parts of society.

Yes, the market is in a downtrend, but i’ve never seen so much development, innovation and progress being made within the NFT space as I do now. It’s relentless, and the biggest companies in the world are piling in on a daily basis.

This is the perfect climate to really see which projects, communities and leaders can hold their ship steady. Every community can appear hopeful and positive when we’re in a bull run, but it’s much more valuable to see how they act within a bear market.

Collections such as World Of Women, Cool Cats and Meebits are all sitting way below previous highs. These are all highly regarded projects. Is this the perfect time to capitalize, or are they a waste of time? Now is the best time to DYOR. (Here’s an insightful piece on Cool Cats for example, which digs into exactly what i’m talking about)

Take this time to really survey the landscape and see which communities and projects best weather this storm. It’ll be a good sign for what’s to come. Also, use this time to educate yourself. Expand your NFT horizons. Try to understand how NFTs may have use cases for the company you’re working in and how you might be able to help facilitate their integration.

For example, I have interests in the hospitality sector, and this article I came across a couple of weeks ago got me thinking about how I too could use NFTs as room stay tokens. I also recently created an NFT collection for a friends bar and restaurant, whereby holders get IRL benefits, discounts and prizes. Another friend who operates a boat company asked how they might start issuing tickets to customers as NFTs. I explained how it would work. And myself, as a writer, am busy exploring how I can use NFTs to craft a new way of storytelling.

My point is that whatever industry you’re in, take a moment to ponder how an NFT may be useful in your environment. More often than not, you’ll find a use case. And if you do, explore it. It could be you who brings the idea to fruition. Why not?

Keep learning, build and take stock in the fact that this is just all part of the market cycles. Don’t throw in the towel just yet.

Tip Of The Week - NFT Dictionary (For Beginners)

This week I thought I’d share a little NFT companion I found a few months back. It’s a helpful guide for anyone who is just getting started. When you first delve into the NFT space the new terminology can be a bit confusing.

In this little guide by the guys at nftnow.com, the basics of the NFT language are explained in simplistic terms.

It’s a fantastic starting point for any beginners looking to get to grips with this new world. Click below to read. Enjoy.

NFT Dictionary: All the Terms and Definitions You Need to Know

ZenAcademy and 333 Club Noticeboard

Regular Event Reminders

Join poker nights via our Discord. Events held weekly, with prizes to be won.
Weekly Movie Nights are going strong. See more info here.
ZA runs a guided meditation/gratitude circle in Discord for a weekly reset.
As a ZenAcademy member, you get exclusive access to market health statistics on a daily basis in Discord, and you can check out community member Swombat’s daily NFT market health updates on YouTube here.

Irregular Events and Info

The latest edition of ZenChats is now available which addresses mental health with Alex from Head Spaces NFT. Check it out here.
Zeneca’s latest newsletter, entitled ‘Red Candles’ is now out. Click here to read.
Episode 45 of Two Bored Apes is available. In this episode, Zeneca and Jaime talk about the week's news, goblintown.wtf, Nate Chastain, Jaime's Bored Ape, a lot of generative art and Tezos, plus more. Listen on Spotify here.
The good people at Easely are offering a 20% discount to any ZenAcademy token holder. Check out the conversation Zeneca had with their founder here.
Our GITBOOK is now live! It is a repository for all of the information relating to ZA (our values, the team, our partners, perks, and plenty of helpful resources). You can visit it by clicking here.
ZA project founders now have the opportunity to apply for a consultation session with Zeneca. All you need to do if fill out a form, which you can find here in Discord.
They’ll be a breakfast event on Wednesday, June 22 from 9-11 am at NFT.NYC in collaboration with Curious Addys and Meta Angels communities. There will be 75 spots per community, and raffles will kick-off on 1st June, so watch out for more info in Discord.

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.

ZenCaps: Your Weekly NFT Recap to Cut Through the Noise

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