Issue 22 🍵 NFTs are . . . dead?

All the profile picture switching says otherwise!

Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.

After we went on a break, there was an article proclaiming NFTs dead.

Well, the profile-picture collectibles appeared and prove that NFTs were anything but dead.

The Bored Apes Yacht Club is definitely the most prominent one that appeared, and probably the most impactful. It spawned a whole new template—every week now, there’s a handful of new generative profile picture projects, with a roadmap full of promises of community and etc.

They function like lottery tickets, really. It’s a gamble to get a rare or cool-looking one that you can flip later down the line for more than the mint price.

But well, people like to gamble, because even 10,000 supply NFT projects sell out, netting millions in dollars for the creators.

We personally haven’t participated in these, due to time zone restrictions, but we’ve joined a few closed groups to try and observe.

Here’s probably the best summary that we got:

  • A lot of these groups aren’t cryptocurrency natives, they’re really a separate circle of people who really just got into flipping NFTs. A lot got started with Top Shot, and have stayed ever since.

  • As the broader crypto market had dropped at least 50% over the past few months, as the price of Bitcoin dropped, the number of opportunities in profile-picture NFTs had only exploded. There are success stories of people flipping 0.4 ETH to a few whole ETH during that same time period, completely unaffected by ETH going from $4000 to $2000.

  • A lot of these things are pretty short-lived. Some just die in 24 hours, while some are lucky to get the right whale or influencer’s attention (a recent example: GaryVee pumped Deadheads). The wins definitely cover the losses, though.

Flipping aside, a lot of them are super nice, though. These groups are places where you can show up and learn about how to use a crypto wallet and load it for the next drop. The groups we’ve entered definitely have a strong sense of helping each other win.

So yeah, sure, NFTs are dead! All these non-crypto natives navigating the NFT space and making money clearly mean nothing. 🍵

Other news

🌱 Crypto Art Week Asia is starting this Friday, July 9, and will run until July 17. Enjoy talks, virtual and physical exhibits and gatherings, and discover more artists from Asia!

🌱 “Beacon Book”, a book on some of the people who worked on Ethereum’s Beacon Chain, has been released. The full text can be read on Mirror, with artworks that can be collected as NFT editions. 100 physical copies will also be up for auction soon.

🌱 Upcoming NFT marketplace, DoinGud, just announced an open call for their first exhibition, “Origins”. Accepted artists will be the first to try out their platform, which allows creators to split the sale to causes they support. On top of that, DoinGud is also giving away a laptop and drawing tablets to lucky entries.

🌱 Tim Berners-Lee’s Internet source code NFT sold for $5.4M! Whew.

Reading list

Creative corner: Seehee Chae

Seehee Chae is a Korean artist, who makes this beautiful drawings of girls in soft, pastel colors.

We particularly loved her Sonyeo collection. Sonyeo means “girl” in Korean, and we love how they’re highly reminiscent of vintage anime.

Check out more of Seehee’s work on Opensea, and you can follow her on Twitter!

Try this

If you have an Axie or a CryptoPunk as your Twitter profile picture, you can ask for access to a Delphi Digital report on Axie!

Delphi Digital is a well-known crypto research firm, and this is a quick free thing to do for the week. Would definitely try it.

🍵 See you again next Wednesday!