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Welcome back to the second edition of Summary Sunday, where we cover the major events that happened in the NFT metaverse since the last edition. This past week has had several major drops and a few little scandals, and for a few days we saw a lot of despair that NFTs were about to enter a bear market before Bitcoin claimed and then lost a new all-time high, leading to rallies across the board.
Let's dive into some of the major events of the past week.
The digital artist known as Burnt Toast dropped his much-anticipated "Doodles" 10k collection, minting for 0.123 ETH per item. As of the time of this writing, the floor is 1.35 ETH, meaning minters were able to claim at least a 10x return on investment within a single week! However, this mint was not without its controversies as the whitelist did not seem to be apportioned entirely equitably. Many notable Crypto Twitter influencers found themselves on the whitelists without having to jump through the same hoops that average users had to just to be whitelisted.
That being said, making a 10x ROI within a week while reaching 12.1k ETH volume is an indicator of a very strong launch and potentially a decent floor long-term. The question is, once the hype dies down will demand hold the floor steady, or will people take aggressive profits in chasing the next big mint? If it's the former, then that could be an indicator that NFT appreciation is still in full-swing, whereas if the floor drops out and the hype moves on, this could instead indicate frothiness in the market meaning that speculation is in full swing - indicating that the NFT market is in the later stages of a bubble.
Of course, the success of one project doesn't make or break an entire market, but if we see massive floor pumps followed by equally massive dumps, that's a strong indication of pump-and-dump mentality of buyers, meaning a lack of long-term confidence may be preventing quality projects from sustaining their price floors.
I'll be keeping my eye on Doodle, particularly because I love the pastel colors and art, and will be attempting to buy one around the 1 ETH mark. If it starts to take off again above 1.5 I may FOMO in just because I want one desperately for a backup PFP, but we'll have to see what the market dictates in the near future.
Mint price: 0.123
Current floor: 1.35
Current ROI: 10.97x or 997%
Long-term outlook: Good to Great (3.5/5)
Before we dive into RareBunniClub, we should first talk about what a DAO is. Many of you might have seen the term “DAO” before, but you’ve probably seen that term very recently. A DAO is a decentralized autonomous organization, or essentially a club whose finances and operations exist on the blockchain, instead of via bank accounts.
Many NFT projects are operating as DAOs, meaning you gain access to the organization by owning one of their NFTs, and one of the most popular NFT DAOs is CyberKongzBets (CKB), a play on the subreddit “WallStreetBets” famous for pumping the Gamestop and AMC stocks during an epic short squeeze earlier in 2021. CKB is a private Discord server for the owners of CyberKongz (see below), a pixelated ape PFP NFT. CKB is well-known in the NFT community for being home to many well-known traders and NFT flippers, and is closely watched by the broader NFT community to see what projects they are purchasing.
Earlier this month we saw the “Kongz,” as they are referred to, sweeping the floor of a few projects, notably Bitbones (see my profile picture for an example of a Bitbones). NFT wallet watchers keep track of Kongz’s activities and often try to chase those purchases to get in on the pump. While Kongz is not the only NFT DAO to do so, it is certainly one of the better-known projects.
This brings us to RareBunniClub, the most recent project that Kongz is suspected of coordinating large floor sweeps. Because RareBunni’s are not revealed yet, it is somewhat risky to purchase one pre-reveal, but if the Kongz have it their way this project could see a big pump post-reveal. Just be sure to take profits if you hold more than one, as we don’t know how the art will turn out!
RareBunniClub mint: 0.04 ETH
Pre-reveal floor: 0.09 ETH
Reveal date: Monday, 25 October (late evening, time TBA)
Post-reveal long-term outlook: Decent to Good (2.5/5)
CyberKongz mint: 0.01 ETH
Current floor: 9.8 ETH
Long-term outlook: Great to Outstanding (4.5/5)
Speaking of NFT DAOs, another big project that launched this past week was HeadDAO, a new NFT project launched by 16 year old Shamdoo.eth. Shamdoo is clearly a knowledgeable crypto-native even for his age, and has deftly created a sold-out project that quickly raised over 125 ETH to their treasury (coming from commissions of sales) with the purpose of using the community treasury to purchase valuable blue-chip NFT projects for community ownership.
Such a concept is not new, but for a 16 year old to lead thousands of internet strangers towards the goal of community ownership of quality digital art is pretty impressive. However, there’s a few things to discuss (this is where the “scientist” in me comes out) regarding some pitfalls of DAO ownership:
DAOs are hard to truly decentralize. If there’s a community treasury fund in control of a single individual (or small group of individuals) this is not a truly decentralized organization.
Decentralizing a DAO’s treasury requires some advanced cryptographic and programming knowledge, and DAO operations and politics can quickly scale to a high level of complexity. It’s important for DAOs to clearly define their goals, roles, and operations to avoid drama.
If somebody joins the DAO and later leaves, do they still retain partial ownership of the NFTs their royalties purchased? Most of the time the answer is no, and while I’m not advocating for reform, it’s important for people to realize that DAO membership doesn’t necessarily guarantee proportional ownership of the DAO’s assets.
Now, for those that don’t know me I’m a grad student finishing his computer science thesis with a blockchain research group, therefore I often have some highly skeptical takes on certain concepts, and DAOs are my bread and butter. I’ve been studying them for almost 4 years and they’re still a very nascent technology. However, as the cryptosphere and metaverse continue to grow, DAOs will only become more popular over time.
Back to the project at hand, HeadDAO minted for a cheap price of 0.055 ETH and is already at a floor of 0.58, providing a healthy 10x return for investors. Due to the DAO mechanics, the well-known persona of Shamdoo in the NFT space, and the desire for community in the metaverse, I anticipate HeadDAO to continue to grow in the short/medium term.
Their current shared assets include the following blue-chip NFTs:
This project is obviously going places, and with a floor of 0.58 this isn’t a bad opportunity to join the club and reap some of the profits!
HeadDAO mint price: 0.055 ETH
Current floor: 0.58 ETH
Current ROI: ~10x, or 900%
Long-term outlook: Good to Great (3.5/5)
I’m going to leave you here as I’m about to run to see a film this evening, so unfortunately I don’t have time to cover all of the amazing honorable mentions of the past week. If you have questions and want to know my thoughts on any projects, feel free to reach out to me on Twitter or on Discord at Zomboy#2590.
See you next time!
Welcome back to the second edition of Summary Sunday, where we cover the major events that happened in the NFT metaverse since the last edition. This past week has had several major drops and a few little scandals, and for a few days we saw a lot of despair that NFTs were about to enter a bear market before Bitcoin claimed and then lost a new all-time high, leading to rallies across the board.
Let's dive into some of the major events of the past week.
The digital artist known as Burnt Toast dropped his much-anticipated "Doodles" 10k collection, minting for 0.123 ETH per item. As of the time of this writing, the floor is 1.35 ETH, meaning minters were able to claim at least a 10x return on investment within a single week! However, this mint was not without its controversies as the whitelist did not seem to be apportioned entirely equitably. Many notable Crypto Twitter influencers found themselves on the whitelists without having to jump through the same hoops that average users had to just to be whitelisted.
That being said, making a 10x ROI within a week while reaching 12.1k ETH volume is an indicator of a very strong launch and potentially a decent floor long-term. The question is, once the hype dies down will demand hold the floor steady, or will people take aggressive profits in chasing the next big mint? If it's the former, then that could be an indicator that NFT appreciation is still in full-swing, whereas if the floor drops out and the hype moves on, this could instead indicate frothiness in the market meaning that speculation is in full swing - indicating that the NFT market is in the later stages of a bubble.
Of course, the success of one project doesn't make or break an entire market, but if we see massive floor pumps followed by equally massive dumps, that's a strong indication of pump-and-dump mentality of buyers, meaning a lack of long-term confidence may be preventing quality projects from sustaining their price floors.
I'll be keeping my eye on Doodle, particularly because I love the pastel colors and art, and will be attempting to buy one around the 1 ETH mark. If it starts to take off again above 1.5 I may FOMO in just because I want one desperately for a backup PFP, but we'll have to see what the market dictates in the near future.
Mint price: 0.123
Current floor: 1.35
Current ROI: 10.97x or 997%
Long-term outlook: Good to Great (3.5/5)
Before we dive into RareBunniClub, we should first talk about what a DAO is. Many of you might have seen the term “DAO” before, but you’ve probably seen that term very recently. A DAO is a decentralized autonomous organization, or essentially a club whose finances and operations exist on the blockchain, instead of via bank accounts.
Many NFT projects are operating as DAOs, meaning you gain access to the organization by owning one of their NFTs, and one of the most popular NFT DAOs is CyberKongzBets (CKB), a play on the subreddit “WallStreetBets” famous for pumping the Gamestop and AMC stocks during an epic short squeeze earlier in 2021. CKB is a private Discord server for the owners of CyberKongz (see below), a pixelated ape PFP NFT. CKB is well-known in the NFT community for being home to many well-known traders and NFT flippers, and is closely watched by the broader NFT community to see what projects they are purchasing.
Earlier this month we saw the “Kongz,” as they are referred to, sweeping the floor of a few projects, notably Bitbones (see my profile picture for an example of a Bitbones). NFT wallet watchers keep track of Kongz’s activities and often try to chase those purchases to get in on the pump. While Kongz is not the only NFT DAO to do so, it is certainly one of the better-known projects.
This brings us to RareBunniClub, the most recent project that Kongz is suspected of coordinating large floor sweeps. Because RareBunni’s are not revealed yet, it is somewhat risky to purchase one pre-reveal, but if the Kongz have it their way this project could see a big pump post-reveal. Just be sure to take profits if you hold more than one, as we don’t know how the art will turn out!
RareBunniClub mint: 0.04 ETH
Pre-reveal floor: 0.09 ETH
Reveal date: Monday, 25 October (late evening, time TBA)
Post-reveal long-term outlook: Decent to Good (2.5/5)
CyberKongz mint: 0.01 ETH
Current floor: 9.8 ETH
Long-term outlook: Great to Outstanding (4.5/5)
Speaking of NFT DAOs, another big project that launched this past week was HeadDAO, a new NFT project launched by 16 year old Shamdoo.eth. Shamdoo is clearly a knowledgeable crypto-native even for his age, and has deftly created a sold-out project that quickly raised over 125 ETH to their treasury (coming from commissions of sales) with the purpose of using the community treasury to purchase valuable blue-chip NFT projects for community ownership.
Such a concept is not new, but for a 16 year old to lead thousands of internet strangers towards the goal of community ownership of quality digital art is pretty impressive. However, there’s a few things to discuss (this is where the “scientist” in me comes out) regarding some pitfalls of DAO ownership:
DAOs are hard to truly decentralize. If there’s a community treasury fund in control of a single individual (or small group of individuals) this is not a truly decentralized organization.
Decentralizing a DAO’s treasury requires some advanced cryptographic and programming knowledge, and DAO operations and politics can quickly scale to a high level of complexity. It’s important for DAOs to clearly define their goals, roles, and operations to avoid drama.
If somebody joins the DAO and later leaves, do they still retain partial ownership of the NFTs their royalties purchased? Most of the time the answer is no, and while I’m not advocating for reform, it’s important for people to realize that DAO membership doesn’t necessarily guarantee proportional ownership of the DAO’s assets.
Now, for those that don’t know me I’m a grad student finishing his computer science thesis with a blockchain research group, therefore I often have some highly skeptical takes on certain concepts, and DAOs are my bread and butter. I’ve been studying them for almost 4 years and they’re still a very nascent technology. However, as the cryptosphere and metaverse continue to grow, DAOs will only become more popular over time.
Back to the project at hand, HeadDAO minted for a cheap price of 0.055 ETH and is already at a floor of 0.58, providing a healthy 10x return for investors. Due to the DAO mechanics, the well-known persona of Shamdoo in the NFT space, and the desire for community in the metaverse, I anticipate HeadDAO to continue to grow in the short/medium term.
Their current shared assets include the following blue-chip NFTs:
This project is obviously going places, and with a floor of 0.58 this isn’t a bad opportunity to join the club and reap some of the profits!
HeadDAO mint price: 0.055 ETH
Current floor: 0.58 ETH
Current ROI: ~10x, or 900%
Long-term outlook: Good to Great (3.5/5)
I’m going to leave you here as I’m about to run to see a film this evening, so unfortunately I don’t have time to cover all of the amazing honorable mentions of the past week. If you have questions and want to know my thoughts on any projects, feel free to reach out to me on Twitter or on Discord at Zomboy#2590.
See you next time!
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