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FREE MINTS NFT ARE STILL RIPPING 50X đŸ€Ż READ OUR HOW TO GUIDE: NAVIGATING THE FREE MINT META đŸ”„

June 10, 2022

Disclaimer

The information contained in this NFT Scoop newsletter or podcast is not financial advice, it is provided for educational, informational, and entertainment purposes only.

The information contained in or provided from or through this website and podcast is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice.

NFT’s can be highly illiquid markets, causing sharp drops in prices due to changes in narratives and trends.

Weekly Market Update

As the above chart shows, the NFT market operated in a more consistent fashion with fewer erratic moments throughout the week. Total volume on Opensea remained strong with a 15.9% increase to 112,135 ETH. The majority of this activity was buying and not selling which can be evidenced by the above chart showing a rise from the 5th June for % of projects with increased volume. There was an immediate reaction from this new injection of volume causing an increase in the % of projects with increased floors, however, the same dropped off and has started to level off again at a near identical rate to this time last week. As per our previous newsletter, we suggested some positive movement in the secondary market was to be expected and the above chart confirms as much. With Ethereum now on a bounce from a midweek dip we are expecting to see more volume put into the market over the coming days.

NFT Scoops of The Week

Famous American artist, Chris Brown took to his Twitter to announce the first sneak peek of his NFT collection is live. Chris Brown is one of the latest high profile celebrities to enter the metaverse by launching an NFT collection ‘The BreezyVerse’ He states “This collection will offer an exclusive value-packed utility and I’m excited to connect with my fans”. We are witnessing more and more high profile individuals, organizations & megabrands utilising both NFT’s & Web3 demonstrating the demand for this space.

Although not many details are known about the plans, Chris Brown’s latest Album “Breezy” is set to be released on 24th June so we anticipate there will be some overlay between the two.

In response to a tweet by Blockworks stating “A single private key can reportedly mint an infinite number of new Bored Apes”. Yuga Labs co-founder and BAYC developer Emperor Tomato Ketchup took to his Twitter to respond to this claim by advising that this was no longer possible due to the contract owner now being burnt.

This is a positive move for the group as whilst there was a single private key out there that could mint an infinite number of new OG Bored Apes at any time, this could have led to the potential for thousands of new bored apes to be minted and dumped onto the market which would have caused havoc to the collection and for their community.

Given the latest spree of hacks regarding this project (see previous newsletter) it is good to see them tightening up on potential liabilities.

PayPal took to Twitter to announce that “PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks
..PayPal customers will be able to transfer supported coins into PayPal, move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets, and send crypto to family & friends on PayPal in seconds."

A huge move in the space, with some exchanges charging high fees and long waiting times for funds to be transferred, this could be a revolutionized feature for Crypto users due to the removal of existing burdens surrounding the movement of funds.

Presently the company state that the feature will be for eligible US customers, however, we anticipate a wider rollout will not be far away.

To celebrate the return of Capital’s Summertime Ball after three years away from Wembley Stadium, the company is launching a 1st Edition of NFT digital collectibles.

The collection consists of 3 different NFTs: Classic Gold, Exclusive Platinum, and Super Exclusive Diamond.

Classic Gold Tier costing 0.00694 ETH / $12.50 includes a unique digital collectible

Exclusive Platinum Tier costing 0.344 ETH / $620.00 includes a unique digital collectible, plus 2 tickets to Capital’s Summertime Ball in 2023 with Golden Circle, Standing Tickets

Super Exclusive Diamond Tier costing 0.693 ETH / $1250.00 includes a unique digital collectible, plus 4 tickets to Capital’s Summertime Ball in 2023 with Level 1, Seated Tickets.

All purchases state that there is no gas to be paid.

Should this launch be a success, we expect to see more large-scale events incorporate NFTs moving forward as we transition to a digital ticket era.

The Winner’s Circle

The Goda Mint Pass offers holders of the NFT exclusive access to Goda artists and drops by giving holders priority mint and allow-list opportunities for all Goda artist drops.

It has been confirmed that collections of over 5000 items will give NFT holders 2 mints. Any collection of 1500 - 5000 will give holders 1 mint and anything less than 1500 will be treated on a case by case basis.

The project is still in the process of minting, which began on 8th June and is to last 48 hours.

With a relatively low supply of 1000, the project has instantly created a large supply and demand aspect of purchasing.

At the time of writing this piece, the total number of items currently stands at 795/1000 but we expect this project to quickly sell out before the deadline as all mints are reserved for their whitelist.

The total opposite of a free mint, the cost of minting the Goda pass is 1ETH, which on the face of it seems steep. However, the current floor of 7ETH would suggest that the supply and demand element stated above is all too clear.

With only 86 items out of 795 being listed for sale, there is certainly a bullish element amongst holders. With only 14 items listed between the current floor price of 7ETH and 8ETH, another feature of low collection projects is evident, thin walls.

However, despite the high mint cost, there is the availability to instantly flip the NFT for 6ETH profit which leaves us with no other option than to declare this project worthy of Winner Circle status.

You will recognize this project from our Alpha section in our 03/06 newsletter where we advised this project was the latest free mint to try to get your hands on.

The project minted on the 5th of June and the same was only available to their whitelisted community, however as previously advised, there were a number of daily giveaways.

The 7k items quickly sold out and the floor immediately sat at 0.35 ETH and has since slightly dipped to 0.27ETH before levelling off at 0.3 ETH.

The art for the NFT is simplistic displaying a drawing of a human figure however each is unique in nature.

There has been some remarkable sales from this drop, the most impressive being item 69 which was initially sold following mint for 0.69 ETH and then re-sold following reveal for 4.2ETH, which is comical given that within the crypto & NFT community, numbers 69 and 420 have meme culture status.

Please bear in mind that with this project there is no roadmap or utility so be cautious before entering the secondary market. Not all projects will be as successful as Goblin Town but with a decent amount of free profit, this project is well-deserving of its place in the winner’s circle.

Floors to Watch

This was a project we mentioned a few newsletters back as having most notably, music artist Pharrell on the team. Well, the project launched and has seen extreme success thus far, topping the Opensea volume charts today. The mint pass itself gives guaranteed access to their drops and exclusive access to their artists. The target audience of the pass is collectors of contemporary art, both digital and physical. Currently, Goda sits at a floor of 7eth with a supply of 1000 tokens. Due to the low supply, we can see this one moving up further as more information begins to emerge about potential collaborations and drops. Currently, just 76 tokens are listed on Opensea with a sell-wall of 44 until a 10eth floor. This shows how fast the floor could move on the back of some positive momentum. Moreover, 45% of Goda holders also hold blue chips such as MAYC, Clone X, and Doodles. This is definitely not a risk-free play. However, if you are interested in the project then there is definitely some upside potential from here.

10KTF had a lot of relevance a month ago when the whole of the NFT community was watching the Otherside mint. There is a lot of speculation between 10KTF’s connection to the BAYC ecosystem and their metaverse. 10KTF have a committed community and a gripping story & lore behind the project, not to mention heavy-hitting employees such as Beeple. However, 10KTF is definitely gaining some momentum again this week. Beeple has been teasing that something is coming regarding the project. This has sent the floor up from around 0.5eth to 0.7eth. With just 79 listings until a 1eth floor, we can see this one reaching that target on the back of some positive news. Beeple has been hyping the discord up over a teaser that he has just seen, this comes on the back of information he released in February that they were working on something ‘huge’ that wasn’t 100% confirmed yet. We said a few months ago that 10KTF is a solid purchase and that still appears true today. With more news to come out, this one definitely has upside potential. An announcement is due on the 23rd at NFT NYC. This could be a very nice purchase at .7eth if the news on the 23rd is bullish which we expect it to be. Here is a link to some clues as to what this announcement could be regarding.

Alpha

How to Navigate the Free-Mint Meta

Create a Burner Wallet

Free-mint projects are something to be wary of. While malicious activity is unlikely to take place, these projects will be using unverified coding and thus, you are putting quite a lot of trust in them. With fomo playing a massive part in the free-mint scramble within minutes you could find a project on Twitter, connect your wallet, and lose every NFT and all the ETH in your wallet. Therefore, a burner wallet to use exclusively for free mints is necessary to mitigate the risks of being drained. Set aside enough money for gas in the wallet and transfer any successful free mints to your real wallet or even your cold wallet. This is the best basic security measure you can take during this meta.

Learn How To Mint From Contract

Minting directly from contract is actually really easy once you’ve done it a few times. Simply go to Etherscan, input the contract address into the search bar and follow the instructions we will include below.

One thing to note is you will know instantly if you have entered incorrect details into the contract. You will be quoted an insanely high gas fee which is usually the tell-tale sign. This high fee will also be present when the contract isn’t live yet.

Use Tools to Check Minting Activity

While it’s impossible to remain on top of every free-mint that takes place, tools such as Alpha Sharks, Nansen, and NFTNerds will show you trending mints. This is updated by the second and will allow you to see free-mints that are close to selling out. Thus, you can jump on the bandwagon before others.

The Future?

While it is impossible to predict how long this trend will be alive, we do think there’s definitely more room for the free-mint meta to grow and there will probably be another Goblin Town esque project which reaches 5 or 6eth soon enough. A positive that free mints do present is that ensures projects continue to drive value & entertainment to investors into the future/post mint as they rely on secondary royalties for revenue rather than a cash grab on mint day.

Join our Twitter spaces tomorrow at 10 AM UTC with Surgence NFT project. Set your reminders! This is a super exciting project! Take a deep dive into the story behind Surgence & find out how to get whitelisted for this awesome project.

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