NFT Insider — Nov 24

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We analyze deals, track performance and find arbitrage opportunities across the NFT space.

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Last week’s performance

Last week was a quiet one for NFTs on the big two fractional sites. While Otis and Rally have offerings that will soon hit the market, neither IPO’d a fractional NFT last week.

  • Rally offered Bored Ape #9159 two weeks ago which was fully funded through its Early Access Program. That Bored Ape was fractionalized with a market cap of $195,000. The current floor for a Bored Ape is approximately $188,000.
  • Otis has emerged as a leader in fractional NFT offerings. Otis is keeping its offerings diversified, moving beyond stalwart PFP projects CryptoPunks and Bored Ape Yacht Club, and continuing to move into art projects.
  • Coming soon, Otis has offerings from Damien Hirst and XCOPY. It will also be offering a rare bold Chromie Squiggle #2241 to complement its normal Chromie Squiggle #524. Squiggle #524 is currently trading at $2.05 per share, up from its IPO of $1 per share.
  • Otis recently acquired Fidenza #815. Rally also recently acquired a rare Elephant Meebit #11275. Googly eyes sideways stare…

Bored Apes

The Bored Ape Yacht Club took the top spot last week on OpenSea, with a trading volume of 17.9K ETH.

The Gorillaz are the original Apes.

The Apes have risen in value in the last few weeks thanks to high-profile purchases by Jimmy Fallon and Post Malone.Plus, music producer and Ape owner Timbaland announced a music label based on BAYC.

H̶u̶n̶g̶e̶r̶ S̶q̶u̶i̶d̶ Wolf Game

While BAYC is on a tear, the hottest NFT project by far is Wolf Game. Now listen, navigating through the intricacies of this game has a Hunger Games feel to it.

There are wolves, sheep, and wool. Your sheep can help you produce $WOOL. $WOOL is the token under which the game operates. You can stake your sheep to get more wool. The wool is essential because you need it to mint more sheep and there is a 10% chance of minting a wolf. Wolves are where the game is at.

Wolves get paid a tax when a player claims their $WOOL. Wolves can also steal sheep when they are unstaked. Why would someone unstake? Because in order for someone to sell their Sheep on a secondary market, they must unstake the NFT from the game’s protocol.

At the moment, one $WOOL token is worth $0.13 according to the Uniswap Exchange. According to game mechanics, you get 10,000 $WOOL per day per sheep while they are staked. At 13 cents per token, that’s $1,300 per day. The floor price for a sheep is 3.9 ETH.

The Sandbox

Keep an eye on The Sandbox, one of the better developed metaverses in the crypto space. Items from The Sandbox on OpenSea vary from plots of land to different block-style characters that are available for purchase in ETH or SAND.

This Sandbox Cat sold for 30 ETH.

Sandbox’s upward trend could signal the emergence of the metaverses as a mainstream form of investment in line with PFP NFTs. Many of the items for sale have lower prices, so for it to have the amount of volume it does suggests a high number of transactions.

This week

Rally will IPO Chromie Squiggle #5847. This squiggle has some rarity to it because it is a Fuzzy Squiggle. Only 11% of all squiggles are fuzzy. Rally purchased the asset about three weeks ago for approximately $55,000. The offering is for $66,000.

When Rally purchased this fuzzy Squiggle it seemed like they struck at the right time. Another purchase for a fuzzy squiggle was made on the same day for 55k. Only two days later, three purchases for fuzzy squiggles were made for 60k, 70k, and 65k, respectively.

According to OpenSea, there were no sales of fuzzy Squiggles for two weeks until last week. In the last six days, there have been three sales of fuzzy squiggles averaging at $48k. None of the three sales were for above $50,000.

According to DappRadar, the most recent fuzzy Squiggle sale on their site was for $50,000 six days ago. If we average all sales from the last three weeks we arrive at $56k. The market has shifted in the last couple of weeks for Squiggles.

Based on our valuations, the inferred value of Chromie Squiggle #5847 is between $48k – $56k on the high end. Also note that there are five fuzzy Squiggles for sale on OpenSea below Rally’s market cap of $66,000.

New IPO’s

Chromie Squiggle #5847

Only 11% of Squiggles are Fuzzy. This actually hurts my eyes.

Undervalued assets currently trading

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Industry news

ConstitutionDAO made major headlines last week when the DAO put up a brave fight to purchase an original copy of the United States Constitution. Alas, Brooke was not on team ConstitutionDAO.

For those who don’t know, Brooke Lampley is a big deal. Lampley is the Chairman & Worldwide Head of Sales for Global Fine Art at Sotheby’s.

Back to the point, if DAOs remained an unknown entity to the majority of the United States, if not the world, then these decentralized organizations certainly made themselves known with their showing at the Sotheby’s auction

It turns out that not even a collective 20,000 strong is enough to beat the hedge funds. A lot of weaknesses and questions were raised about DAOs along the process and through the failing bid.

Since the mission to win the U.S Constitution failed, at least DAOs can take solace in the fact that this fascinating case study will allow some of today’s brightest minds to go back to the drawing board to figure out their next move to propagate deFi 2.0.

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Author

Horacio Ruiz

Horacio Ruiz

Horacio is a veteran math teacher of the New York City public school system. Prior to teaching, he lived in New Orleans where he worked in sales for the New Orleans Hornets before joining The Institute for Sport and Social Justice to rebuild homes in the Lower Ninth Ward and neighboring St. Bernard Parish. He currently lives in Staten Island with his wife, Alicia, his three sons; Oliver, Henry, and Jacob, and their pitt-mi,x Tipitina. In 2019, Horacio published a biography, The White Knight: Calvin Patterson and the Integration of Florida State University Football.

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