Disclaimer: This newsletter is not financial advice. We buy what we like, and you should buy what you like.
There has been quite some buzz around celebrities’ Ashton Kutcher and Mila Kunis’ “Stoner Cats” NFTs.
The very simple premise is that it’s a crowdfund, to “connect storytellers directly with their audience and essentially decentralize content production.” For buying in, you get one of the NFTs that enables you to watch the episodes of the Stoner Cats animated series. Owners can also expect to have more perks, like being part of a DAO where they can help develop more animated projects.
The show has a star-studded voice cast lined up, including Ethereum’s own creator, Vitalik Buterin.
And technically, the sale was a success. They sold out in just 35 minutes, despite the 0.35 ETH price tag (about $800) and expensive minting costs.
But ultimately, responses were divided. Some saw it as a project with potential, targeting players who aren’t within the crypto space.
And there are some who just see it as a celebrity cash grab, especially since owners get no commercial rights.
We can admit we didn’t care enough to mint, because it didn’t feel like an equivalent exchange. The buyers empower the creators to create what they want, but the NFT owners are limited by what the creators want to give them.
And that’s not really the type of project we want to support. The exciting thing about this entire space is that it’s possible for anyone to show up, for free, and amass a community strong enough to do cool things while making money for it.
Part of that magic comes from a free-flowing exchange of capital and empowerment from creator to community, back and forth. As the community hypes up the project and creates the metrics that make the project good enough for others to enter, the community and creator get to benefit from that upside, both ways.
Stoner Cats didn’t quite look that way to us. But hey, we’d love to be proven wrong.
🌱 Yield Guild Games sold out its $12.5M public sale in a matter of seconds. With only 32 successful participants, responses to the distribution of that public 2.5% of tokens were a bit heated. With 45% of supply intended to go to users through a community-mining program, let’s see how this pans out.
🌱 E-commerce platform Shopify has started supporting NFTs. They’re using the Flow blockchain, instead of the more popular Ethereum chain, but they are starting with the NBA’s Sacramento Kings to release Smart Ticket NFTs for their upcoming games happening next week. The NFTs will not just serve as a ticket to the games, but also give owners digital collectibles, access to exclusive merchandise, and more.
🌱 Steve Jobs’ 1973 job application is being sold, both as a physical artifact AND as an NFT. The organizers are asking which will have more value: the physical or the digital? The auction ends later today.
🌱 The highly anticipated EIP-1559 had a commemorative NFT series with splits of the sales going to its contributors. A great way to show that there is a possibility of having an upside for creating public goods.
🌱 NFT curation platform, JPG, is set to open their first exhibition “Deep Time” later today, featuring works from Larva Labs and Sarah Zucker. The platform is yet to be released to the public, so this show will give us a sneak peek of how JPG will work.
Art of TRA is a Thailand-based artist who makes these fantastic theme-park works, which is a brilliant niche. The art is colorful and bright, and the animations are just so much fun to look at.
Like, watch the animation below without hearing some carnival music in your head, I dare you.
Thing to try
This week, we’d love some feedback on Cup.
And yeah, hey, it’s Elle here. I started the newsletter to get better at NFTs, but recently, I’ve admittedly been questioning if I should bother keeping this going. It’s a lot of work, not to mention growing the newsletter’s reach also requires even more work.
So, yeah, I guess before coming to a decision about whether I get better at the work or quit the work altogether, maybe I practice my beliefs about community and ask you, the reader, what you’ve liked about Cup thus far.
What’s working, and what isn’t?
🍵 See you again next Wednesday!