It's been a challenging year for blue-chip NFTs. "Wen?" is the constant refrain. When will we see the next glorious cycle that brings us to NFT nirvana? When we will see the market find a pulse? When we the pain stop?! I'm cautiously optimistic to report, that wen is now.
1. This week's AI Video: FABLE DIFFUSION - The works of LEGIO X
At Flamingo DAO, we are huge fans of Legio X. His collection of AI music video Art NFTs are among the top collections on Fellowship. This video includes a compilation of some of the pieces in the Flamingo collection. Enjoy!
2. FLOCK TALK This Friday
Man has it been an action packed week in the NFT space, and in crypto in general. The Boldtron epic drop on Fellowship, Roope on Vacation, Art Blocks signs of life, die with the most likes in Marfa, ETF Approval (please please please) and more! Join Astam, Legio X and myself as we break it all down on Friday at noon ET.
What an action packed week in the NFT space, and in crypto in general. The @edbyus epic drop on @FellowshipAi, @rainisto on Vacation, @artblocks_io signs of life, @toadswiback at @glitchmarfa, ETF Approval (please please please) and more! 
Squawk with us Friday!
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3. What We're Minting Now - Boldtron, The Vault of Wonders
As of the writing of this note, Boldtron's The Vault of Wonders: Chapter 1 - The Abyssal Unseen is still minting out on daily.xyz. The collection of 1000 AI creatures produces a "cabinet of curiosities" like but unlike anything in nature. Of the 1000 unique pieces, 100 are designated as "Hatchlings" - deemed by the curators as the finest samples in the group. The other 900 are divided into 36 families of 25 creatures each.
I personally minted 4 Wonders and wish I had more Eth lying around to collect a few more. The sale is at https://daily.xyz/solo/boldtron
4. Essay: Signs of Life at Art Blocks and 3 Undervalued ABC collections
A rule of thumb for NFTs goes like this: When ETH is going up, NFTs go down. When eth is going down, NFTs go down. But when eth goes sideways, NFTs go up! For the past few months (until Tuesday) we've been in a sideways kind of market with ETH chopping around $3000. This has given the blue-chip NFT collections a chance to find some footing and then gain against ETH.
Artacle provides the leading analysis platform for the NFT Art market, and specifically tracks an index of Art Blocks Curated (ABC) collections. Since the beginning of 2024, this index is down 47% in ETH terms, but only 13% un USD terms. In fact over the past 30 days, their index is down 9% in ETH and up 6% in USD.
These last 30 days indicate that we may be turning the corner. Certainly volume on secondary markets seems to be picking up. However the relative strength of individual collections within ABC still shows that some are seeing renewed interest while others are still wallowing.
With the sudden and surprising reversal on the odds of ETH ETF approval moving the markets earlier this week, we do note a retrace in ABC against ETH and USD.
With all that in mind, I'm optimistic that the bottom is in for ABC in USD terms, though we will need to see the impact of the ETF news before we can consider the ETH bottom. For collectors who are thinking about investing from their USD reserves, now might be the right time to dabble on a few beaten down collections that I view as under-valued.
First up, we have "Anticyclone" by William Mapan. This collection stands out for its dynamic and fluid compositions, capturing the essence of swirling atmospheric phenomena. Each piece is a unique blend of color and motion, making them visually arresting and deeply engaging. Despite its artistic brilliance and the growing recognition of Mapan, "Anticyclone" remains relatively undervalued.
With its stunning visuals and innovative approach, this collection has significant upside potential. In USD terms the average sales price has held steady, and there are some great pieces available near the floor.
Next on our list is "The Harvest" by Per Kristian Stoveland. This collection offers a captivating exploration of organic growth and decay, rendered through intricate generative algorithms. Each piece feels like a snapshot of a living, breathing ecosystem, full of rich textures and subtle details. Despite its unique concept and execution, "The Harvest" hasn't yet achieved the recognition it deserves. Its deep narrative and artistic sophistication make it a prime candidate for future appreciation. Keep an eye on this collection – it's ripe for discovery.
The Harvest has had a terrible last month, with only a handful of sales. Maybe I'm wrong about the relevancy of this collection, but it really moves the needle in artistic style for me.
Finally, let's wrap things up with the iconic "Chromie Squiggle" by Snowfro. This collection is one of the first on ArtBlocks and represents the epitome of generative art. Each Squiggle is unique, showcasing a mesmerizing array of colors and patterns. Despite its foundational status and historical significance, many collectors still overlook its long-term potential. The simplicity and elegance of each piece make it a timeless addition to any collection. Keep an eye on these Squiggles – they might just wiggle their way up in value.
Squiggles are accustomed to trading in the 8-12 eth range, and have occasionally dipped into the upper 4's, which have always been buying opportunities. Thats close to where we are now.
Thanks to Artacle for providing all the charts in this essay! Lastly, if you are looking for the TL:DR of this article, just have a listen to Mona Mints, who covered this topic in less than 2 minutes:
Mona Mints checks in from Marfa with her Top 3 undervalued @artblocks_io picks. Featuring works by @williamapan @perkwerk_ and @ArtOnBlockchain.
5. Sponsors Wanted!
This past week, I landed my first Flamingo TV Sponsor! No reveals yet but we will be featuring their service starting in June. I have 4 more sponsor slots available, and only want to work with brands and services that I love, use, and believe this audience will find value in. Sponsors will help us grow the FTV reach and expose a bigger audience to great art and culture. If you would like to help us accomplish this please reach out to jonas@ftv.xyz.
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