NiftyNoon: Are Meme Projects the Future of NFTs?

Despite the brutal bear market, some meme projects have found an opportunity to shine (August 17, 2023)

Nifty Thought

• The bear market has been brutal for “serious” projects. Despite their attempts to build legitimate products with the backing of tens of millions (sometimes hundreds of millions) of venture dollars, floor prices for projects such as Bored Ape Yacht Club, Moonbirds, and Doodles have only trended down. This is in stark contrast with projects like Miladies or even the recently launched Sproto Gremlins that have seen recent large price pumps.

• Ultimately, this aligns with a core NFT truth I have been a huge proponent of: these are digital-native assets that can only succeed by appealing to digital-native buyers. Projects like Milady tap into degenerate meme culture in a way that particularly appeals with long-term crypto natives. These buyers hope to pick up Miladies for multiple ETH, not because they want to pretend to be venture capitalists speculating on the future of finance, but because they think milady memes are funny. Milady.

Highlighted News

• Nearly every major project is down 50%+ over the past six months, with the one exception of Milady:

  

  https://twitter.com/punk9059/status/1691783106628649341?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Sproto Gremlins break NFT bear market trends:

  

  https://twitter.com/iamnick44/status/1691728490213572923?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The National Futures Association, a CFTC designated SRO, has approved Coinbase Financial Markets as a registered Futures Commission Merchant:

  

  https://twitter.com/coinbase/status/1691751814004175204?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Yuga Labs address SaaSy Labs API for Made by Apes information issue:

  https://twitter.com/yugalabs/status/1691514973745274880?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• @scatter_art puts Sproto Gremlins front and center right next to other legendary Scatter Hall of Famers:

  https://twitter.com/iamnick44/status/1690415220089339904?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 3 VC backed NFT projects get flipped by Sproto Gremlins:

  https://twitter.com/ashrobinqt/status/1691513968139853826?s=46

• Looks Rare share SZN 3 is live now:

  https://twitter.com/looksrare/status/1691845110039015659?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• ZTX announce $13M seed round led by @jump_:

  https://twitter.com/ztxofficial/status/1691880713996632429?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• A new limited edition drop from adidas x @BAPEofficial - Coming August 22nd:

  https://twitter.com/adidasoriginals/status/1691359070815449089?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• WAGMI team speaks out after recent project developments:

  https://twitter.com/wagmiunited/status/1691868189817479312?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Doodles Vinyl Figure in Grayscale, Full Color, and Iridescent:

  https://twitter.com/doodles/status/1691495089418252289?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Ready to simplify your onchain life? Announcing the Fire Wallet:

  https://twitter.com/_joinfire/status/1691847167382618455

• Sam Spratt offers thought process behind a 3.33 Eth mint price:

  https://twitter.com/samspratt/status/1691812318894534986?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Soon-to-be-released latest core collection of digital objects will explore the Mercedes-Benz design heritage:

  https://twitter.com/mercedesbenznxt/status/1691381718991654912?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• heart + craft by @ArtOnBlockchain & @JordanLyall introduces the inclusive edition:

  https://twitter.com/prohibitionart/status/1691840960110477488?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• @finnydegods announces departure from project:

  https://twitter.com/finnydegods/status/1691941879536038310?s=46&t=M0fwR8cB-NzfaaZbG7PmHQ

• @MBKR__ and PROOF will be hosting first official meetup in Seoul on September 6 from 6-8 pm:

  https://twitter.com/proof_xyz/status/1691634401082552574?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The Boys of Summer" - Exploring Digital Art and Self-Quantification:

  https://twitter.com/billunft/status/1691920993483473066?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Summer Kevin Mint Details:

  https://twitter.com/pixelmon/status/1691449461393018881?s=46&t=FDvODYk70I4D8jbE_d13cQ

• Chromie Squiggles seem like one of the safest long-term plays:

  https://twitter.com/seedphrase/status/1691448328293367809?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Sproto Gremlins has gone parabolic:

  https://twitter.com/punk9059/status/1691792886705381377?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Machi just bought his 400th DeGod:

  https://twitter.com/punk9059/status/1691965958318166070?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Bored Ape floor below 30 ETH now:

  https://twitter.com/cryptodonalt/status/1691911788944846941?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• GRAILS PART IV achieved close to $1M with again very strong results across the 22 lots sold:

  https://twitter.com/michaelbouhanna/status/1691878632786972940?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• Blur ETH Daily Volume: 4,538 ETH (▼ 35.93%)

• OpenSea ETH Daily Volume: 1,811 ETH (▲ 2.09%)

• BTC: $28,600.89 (▼ 1.96%)

• ETH: $1,798.65 (▼ 1.45%)

• Solana: $23.23 (▼ 1.14%)

• Polygon: $0.62 (▼ 1.47%)

NFT Daily Winners:

• 🦉 Moonbirds: 1.48 ETH (▲ 0.56%)

• 🌈 Doodles: 1.43 ETH (▲ 0.36%)

• 🚬 CryptoPunks: 47.90 ETH (► 0.00%)

• 🐈‍⬛ VeeFriends: 1.69 ETH (► 0.00%)

NFT Daily Losers:

• 🏴‍☠️ Captainz: 4.59 ETH (▼ 0.22%)

• 🐧 Pudgy Penguins: 3.98 ETH (▼ 0.25%)

• 🦧 Bored Ape Yacht Club: 28.45 ETH (▼ 0.38%)

• ⛩️ Azuki: 4.81 ETH  (▼ 0.80%)

• 🧬 Clone X: 1.38 ETH (▼ 1.34%)

• 🧟 Mutant Ape Yacht Club: 5.73 ETH (▼ 1.75%)

• 👩🏻 Milady Maker: 4.29 ETH (▼ 2.50%)

• 🏳️‍🌈 Chromie Squiggles: 10.40 ETH (▼ 2.80%)

• ⛰️ Otherdeeds: 0.57 ETH (▼ 4.20%)

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