NiftyNoon: Can PROOF Grails IV Succeed in a Bear Market?

Grails, the flagship product of the PROOF Collective, is launching its new iteration in one of the worst NFT markets of all time (July 31, 2023)

Nifty Thought

• Grails is arguably PROOF’s flagship art product. The concept is unique in that all PROOF Collective pass holders (and a very small number of Moonbirds) receive 1 airdropped Grails minting pass that they can then use to mint art pieces they resonate with from a selection curated by PROOF. Only after the mint deadline has passed can Collective members see the names of the artists behind their selected pieces. The first iteration of Grails is arguably what put the entire project on the map for many collectors with their inclusion of noteworthy pieces such as Protoglyphs by Larva Labs (selling for upwards of $250,000 each at the time). While a few iterations of Grails have been released since then, every iteration has had gradually lower mint pass prices. This has largely tracked both deteriorating NFT market conditions and overall sentiment surrounding PROOF declining.

• As the NFT market reaches new lows across the board, all eyes are on PROOF’s latest drop to set the tone for the Collective moving into the bear market. Without a successful Grails IV release, it becomes very difficult to justify the current prices of PROOF Collective passes (6.7 ETH at the time of publication). The team may find solace in the fact that generative art across the board has held up relatively well during the past few weeks with some collections such as Terraforms by Mathcastles even experiencing rare bear market pumps. Ultimately, Grails IV is make or break for the team. If they have any rabbits to pull out of a hat, such as another planned collaboration with Larva Labs, this is certainly the time to do that.

Highlighted News

• PROOF shares Grails IV is live:

https://twitter.com/proof_xyz/status/1684962366461456384?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Bored Ape Yacht Club Game Pass is now live:

  

  https://twitter.com/boredapeyc/status/1684994287271043080?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• JPEG’d hacked for $11M:

  

  https://twitter.com/peckshield/status/1685645064364822530?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• KaijuKingz Origins- The Journals of Stod minting on OpenSea 08/22/23:

  https://twitter.com/opensea/status/1684962496111673344?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Otherside shares Test Group- A Recap:

  https://twitter.com/othersidemeta/status/1684756832265621504?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Recap of yesterday’s $ PNDX developments:

  https://twitter.com/yazanxbt/status/1685196138960261121?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• This is CryptoDickbutts Series 4:

  https://twitter.com/cryptodickbutts/status/1685384946548944896?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 'What The Font' 50 Editions, Drop details:

  https://twitter.com/deekaymotion/status/1684926839549292544?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Cyber Kongz reduced the Ethereum supply for sale to 3,000 Genkai:

  https://twitter.com/cyberkongz/status/1684672553002942464?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Probably the worst single NFT liquidation seen just happened:

  https://twitter.com/cirrusnft/status/1684582769635254273?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 50 Squiggles mints incoming:

  https://twitter.com/artonblockchain/status/1685017203987386368?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Cryptopunk still worth ~$100k... NFTs are a trip:

  https://twitter.com/jason/status/1685669010472304640?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Perfectly bored four trait sells for 275E:

  https://twitter.com/baloubayc/status/1685379480859082752?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Autoglyph #346 bought for 199 ETH ($373,064):

  https://twitter.com/autoglyphs/status/1685475302611288064?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• Blur ETH Daily Volume: 3,523 ETH (▲ 8.61%)

• OpenSea ETH Daily Volume: 1,368 ETH (▼ 4.07%)

• BTC: $29,391.28 (▲ 0.36%)

• ETH: $1,866.61 (▼ 0.45%)

• Solana: $24.50 (▼ 1.82%)

• Polygon: $0.70 (▼ 2.01%)

NFT Daily Winners:

• ⛰️ Otherdeeds: 0.61 ETH (▲ 3.48%)

• 👩🏻 Milady Maker: 2.71 ETH (▲ 2.65%)

• 🚬 CryptoPunks: 47.94 ETH (▲ 1.59%)

• 🐧 Pudgy Penguins: 4.33 ETH (▲ 1.57%)

• ⛩️ Azuki: 5.09 ETH (▲ 1.11%)

• 🏳️‍🌈 Chromie Squiggles: 10.56 ETH (► 0.00%)

• 🐈‍⬛ VeeFriends: 1.71 ETH (► 0.00%)

NFT Daily Losers:

• 🧬 Clone X: 1.65 ETH (▼ 0.15%)

• 🧟 Mutant Ape Yacht Club: 5.71 ETH (▼ 0.17%)

• 🌈 Doodles: 1.52 ETH (▼ 0.71%)

• 🦧 Bored Ape Yacht Club: 29.80 ETH (▼ 0.96%)

• 🏴‍☠️ Captainz: 4.80 ETH (▼ 2.85%)

• 🦉 Moonbirds: 1.60 ETH (▼ 3.09%)

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