Yuga Labs Land Sale Imminent! Do Not Miss! And...Is Utility Pass Season Upon Us? + New early Alpha

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

Market Update

Across the board, the market has remained fairly consistent. We have seen increased volumes in NFT trading activity throughout the middle of the week, which has now returned to previous levels as seen earlier this week. With regards to the majority of the market’s floor prices & listings, stats show it has been pretty flat. That being said, this week we have certainly seen blue-chip season as we will go on to discuss, with Moonbirds, BAYC, MAYC & the Proof Collective rallying hard.

Breaking News

This week we have seen Coinbase finally launch their NFT platform in beta mode. From what we can see this is only available initially to American users. The crypto exchange which is renowned for the easy user experience of buying major cryptocurrencies now sets its sights on onboarding retail investors into NFTs. One thing is for sure NFTs are here to stay.

Binance has recovered $5.8 million in funds linked to the Axie Infinity hack. The news was confirmed by CZ the CEO of the major crypto exchange on Twitter.

CZ revealed that the North Korean hacking group believed to be responsible for the audacious attack had started to move the stolen funds today. Some of the crypto ended up making its way to Binance and was spread across 86 different accounts. Based on market rates at the time, it's the largest crypto hack on record with more than $625 million in total going missing.

Market Direction Update

We are seeing the rise of ‘Utility Passes’ within the NFT space. Utility Passes give holders access to exclusive communities and clubs with the combination of dropping serious value thereafter. Examples include Proof Collective, Relic Pass & Akutar Mint pass to name a few successes. We believe we will continue to see a rise of these ‘Utility Passes’ across the NFT space. Though with hype always comes scams, be wary of the new passes coming onto the scene trying to capitalize on this wave offering future returns & value. Those blue & medium chip passes seeing real success now have been developing and have been in the works for months. Stay cautious of new passes popping up on the scene, you can look into these by researching things such as how long the project has been around on Twitter, whether the team is doxxed, and whether the engagement they receive is organic or is fuelled by bots. That being said, it’s great to see the NFT industry moving forward with new utilities & forms taking shape outside the PFP world.

Weekly Winners

Moonbirds

Moonbirds has stolen the show yet again over the last few days, we have seen an extreme frenzy across Twitter with profiles using Moonbirds as their PFP’s fueling the hype around the project. Moonbirds have shown rallying strength to a current floor price of around 35 ETH ($105k). The project has seen staggering 344% growth in floor price, their parent project ‘The Proof Collective’ has also rallied hard up to 57% in floor this week to a total of 139 ETH. We called Moonbirds a month ago and gave you the 1 in 4 opportunity to win a whitelist spot from the raffle. If you were lucky enough to have been selected for the raffle you would be sitting on a whopping 14x right now. The Proof Collective is a serious team that is behind Moonbirds and has promised utility & further value to be delivered to investors in the future. So far so good. The question is, how high will Moonbirds Fly? Watch closely…

Meebits

Meebits have seen a sharp rally over the past 8 days. We called Meebits as floor to watch on the 29th of March. Over the past 8 days, Meebits have jumped from a 4.1 ETH floor to now a 5.93 ETH floor. The growth of this project is again likely due to the Yuga lab’s land sale as Meebits are part of their ecosystem. The Yuga land sale is certainly on narrative right now and as the saying goes, all boats rise with the tide.. in this case, it’s Yuga Labs.

Weekly Losers

Akuma

Akuma over the last week has fallen since the highs of the Anime hype with a 51% decrease in floor price. We have seen the same trend across the board with similar PFP projects within the anime scene. This hype around Azuki has certainly dampened. This is likely due to the limelight being stolen by Moonbirds & the upcoming Yuga Labs land sale. We believe a lot of talented work has come out of the anime trend so it's a shame to see a number of projects fall in price. NFT is a trend & narrative game, follow the trends and take profits along the way.

Market Summary by @bitcoinbarbell

Floors to Watch (Utility Edition)

Relics Pass is one to watch as the hype for utility tokens increases. The floor is up 1eth in the last 24 hours for the low-supply project. The 1000 supply makes the Relics Pass so bullish. For example, there are just 20 listings until a 6eth floor and 40 until a 12 eth floor. To put this into context there were 11 sales today. The project itself is a very safe bet when it comes to utility tokens. The team has proven themselves efficient and the project has already collaborated with Gary Vee. With the Proof and Moonbirds hype continuing I can see this one back at an all-time high of 6eth. Especially with the launch of Sneaks of Nature coming soon. Potential investors will want to claim this airdrop. The project has also steadily been gaining blue-chip investors. There are 27 Mutant Ape, 24 Azuki, and 20 Doodles owners involved in the project. My tool gives this project a 17% blue-chip holder ratio. There is also a high individual owner ratio. There are just 854 holders to 1000 items which makes me even more bullish on this project.

Current Floor: 3.8eth

Quantum Key is another utility token that is gaining traction this week. The floor is up roughly 5eth this week. This is another approximately 1000 supply project. Again, the low supply instantly makes this project bullish. There are just 30 listings until a 10eth floor and 44 until a 15eth floor. With 48 items sold today. The number of blue-chip holders on this project is actually even more impressive than Relics Pass. My tool gives it a 45% blue-chip holder ratio. There are 75 Mutant Ape, 72 Clone X, 69 Cool Cat, 55 Doodles, 55 Vee Friends, 53 BAYC, and 46 Azuki owners involved in the project. This suggests to me that an absolute ton of smart-money investors are involved with the project. The individual owner ratio is similarly good to Relics Pass with 845 holders to an approximately 1000 supply.

Current Floor: 7.9eth

0xOG Pass is another utility token I want to showcase to you. However, this one is slightly different as one pass is being released every 6 hours for a price of 1.8eth. Despite this, you should just ignore this as the minting of these is always botted with bots using up to 7eth in gas to make a calculated tiny profit. When I wrote this paragraph the pass sat at around an 8eth floor. I’ve just woken up and the pass is now at a 14eth floor. Anyway, there are around 300 of these trading on Opensea with 4 being released per day. There were 24 sales in the last 24 hours and there are just 11 items listed until a 22eth floor. There are also just 16 items listed on Opensea. The blue-chip holder in this project is also highly significant. There are 30 Azuki, 26 Clone X, and 26 Mutant Ape investors in the project. This suggests a ton of smart money invested which is similar to Quantum Key. The individual owner ratio on this pass is insane and is near enough 100% unique.

Current Floor: 14.5eth

Alpha

Demonica

Demonica is a P2E (Play to Earn) Dungeon Crawler. The game itself is an RPG in which the player will explore a variety of dungeon spaces. The player will also fight an array of characters in order to progress, rank up, etc. As the player progresses they will begin to earn NFT's. The name Demonica itself is derived from one of the in-game characters named Demonica who is a female 'mage archetype'. Other characters include Shinigami who is a 'rogue archetype' and Akumai who is a 'warrior archetype. The game will first be an 'Alpha Game'. This is a basic Minimum Viable Product that is available quickly after mint.

Token 

Demonica will include an in-game token called Remnant. Or $REM. This token will power the in-game economy and will be earned through staking. (Opens the project up to supply shock). Players will be able to spend their token in the marketplace or to 'power each dungeon run'. However, this is the case for the alpha game. In the final game, tokenomics will play a bigger role. The team wants to minimise token grinding and maximise enjoyment.

Team 

Allenownz 

-Background in business & sold his finance business.

-Amassed a following of over 2.5 million in content creation.

-Member of a top-tier gaming organisation

Mitchell 

-Previously involved in two e-sports organisations.

-Previously helped in brand building with major creators and influencers.

Rbro 

-Previously involved in talent scouting for e-sports organisations

-Manages 15 e-sports professionals, content creators and influencers.

-Background in finance and technology.

NotLuc 

-Gaming Youtuber with over 1 million followers.

BobbySolez 

-Amassed a following of over 1 million and a member of a top-tier gaming organisation.

Conor Lynch 

-Project Lead.

-Vast experience with marketing, publishing, sports, film DeFI, and social media start-ups.

-Helped build companies such as NASDAQ listed Cardiol Therapeutics to successful IPOs.

-Background in writing.

Alex Radisic 

-20 years experience in design and art directing.

-Worked for Coca-Cola, L'Oreal, Nestle, Opel, Unilever, and others.

There is also a background team away from the founders and leads. This includes 2D and 3D artists. It also includes game designers and devs.

Key Details 

-Minting on May 7th

-0.05eth Mint Price

- No AAA game off the bat but an Alpha game will be available shortly after mint.

-Demonica NFTs will live on the Ethereum blockchain but the game will take place on Polygon to minimise transaction costs and maximise gameplay.

My Comments

This is a really interesting project. I'm personally bullish on P2E projects so I really loved learning about this one. The team is really stacked and clearly has a good mix of NFT, gaming, brand-building, and business experience. Will need to read a whitepaper to get more of an idea of the game theory and gaming experience behind this one. Overall, bullish.

Official Links: 

Medium Article Links

Twitter

Website

Discord

VeeFriends Season 2 Raffle

This is the Season 2 project of the famous Gary Vee. The floor currently sits at 1eth with a ton of supply still to be released. You can get involved in the project by entering the raffle that I will link here. Being successful in this raffle would give you instant $3000 value and I am very bullish on this project long-term too. The only entry requirements are that you have been in the VeeFriends discord since before yesterday and have 0.355eth in your wallet.

Yuga Land Reminder

The announcement of Yuga Land is imminent at this point. This is the best opportunity since MoonBirds to see some serious gains from a mint. Ultimately, with a 100k supply regular land is not going to give you financial freedom. However, the 10% chance of getting a Koda is the chance of seeing an instant value of 10-20eth in my opinion. Rare land with good resources may also see similar numbers. If you have liquidity I recommend participation in this one. Each plot is going to be 1eth but Yuga hardly ever gets anything wrong. I have a lot of conviction in the success of this play.

Floors to Watch and Alpha by @Walty

Thanks for reading! We hope you enjoyed our work this week. For daily updates follow us on Twitter here. Don’t forget to share if you found our newsletter useful. See you on Friday for more.