NFT Roundtable | Dookey Dashing

NFT Roundtable | Dookey Dashing
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Welcome to the Weekly NFT Roundtable, where members of the Lucky Trader team weigh in on some of the most pressing questions, news, and events in the web3 space.

This week, we're talking about the success of Yuga Labs' Dookey Dash, Doodles heading to Flow, Memes by 6529, and IRL NFT conferences. 

The commentary below is purely opinion —not financial advice!

Recommended Reading:

Dookey Dashing to Glory

Question 1: Two words have captured the space for the last week… Dookey Dash. The Yuga Labs gamified mint has seen over 19,000 ETH in volume via Sewer Passes, and overwhelmingly positive reviews of the game. Are you playing Dookey Dash, and what are your early thoughts on the game/market surrounding the experience?

Ghost: I am playing, and it is a lot of fun. I also bought a Tier 4 pass — not to go for a top score, but because I think things are going to get really spicy as people start locking in scores and we get closer to the end date. The incorporation of $APE was masterful, and a great example of a potential new gaming revenue model developing before our eyes. With over 20,000 $APE spent per day and a 5 percent royalty on 19,000 ETH in secondary volume, Yuga has created a perfect storm of rewarding holders, creating a fun game, and generating revenue.

Logan: Because I am a loser, and non-gamer by trade, I am unlikely to play any web3 game... It’s not you Dookey Dash, it’s me. I am surprised at how smooth the first week of play has been and the overall positivity surrounding the game. Obviously unveiling a game introduced a ton of execution risk for Yuga and so far, it seems they’ve hit it out of the park — and I think the simplicity of the game has played a large part in the community response. 

Tyler: I played and got a near-record-low score of 733. I love the game. It’s fun. I wish my son was old enough to play for hours every night to give us a shot at a top score (damn toddlers). I thought Yuga’s execution risk levels were at all-time highs ahead of this game dropping and Jimmy the Trial mint, and they crushed it. Grand slam outcome. It’s an amazing revenue stream (average of 20,000 $APE spent per day on booster). And they are definitely going to drop a free version afterward to mass play (curious if there will be incentives for top scores). 

Jason: Am I the only one who doesn’t care about this game? I haven’t played it, but it doesn’t sound fun. I can’t imagine people would want to play it without the financial incentive. I’m bullish on web3 gaming, but I’ll pass on Dookey Dash.

Doodles Going with the FLOW 

Question 2: Doodles made waves on Wednesday with the announcement that their upcoming Doodles2 will be on the Flow blockchain. Bullish or Bearish for 1. OG Doodles 2. Dooplicators/Boxes 3. The brand/mass adoption?

Ghost: This might be a little contrarian, but I am bullish on this move for OG doodles the most. I think this creates a clear division between the high-end Doodles on ETH, while the lower-tier, mass adoption-ready Doodles2 components can thrive on a low-cost, normie-friendly chain like FLOW without directly diluting the ETH side. Random normies that see Pharell or the brand and like it can have an easy entry point, and that brand awareness will bring further value to the high-end side. 

Logan: I think it’s bearish for short-term price action across Doodles collections, but I absolutely understand the need to simplify the onboarding process if the ultimate goal is to onboard MILLIONS of users. I’m not sure what the market was expecting or if a cool Dooplicator experience can spring prices in the other direction, but for now… I think we’re heading down a bit. 

Tyler: The move is bullish for Dooplicators and Genesis Boxes, and neutral for Doodles. The former two are the access passes to Doodles 2, which definitely has the chance to reach the masses. We are finally going to see what reaching the masses means though for big PFP brands, and it doesn't necessarily mean numbers go up. It’s bearish for Doodles in the sense that now there are no major known events coming up to spur a leg up; bullish in that they could be the first brand for major mainstream adoption, hence my neutral rating.

Jason: This is bullish for Doodles and mass adoption but bearish for the space in general. Not enough people are talking about how this move is anti-web3. Using Flow blockchain and avoiding self-custody wallets might be safer for the average user, but it sacrifices composability. Composability is at the center of crypto and NFTs. Doodles2 feels… web2, similar to other Flow-based platforms like NBA Top Shot. Even if it does successfully onboard new people to the Doodles ecosystem, it seemingly ignores the foundation of web3. This isn’t necessarily bad, but I’m more interested in projects that educate potential collectors about the benefits of decentralized technologies and composability.

Seizing the Memes

Question 3: Dookey aside, Memes by 6529 have been the other clear winner over the last few weeks, with the price action on the full set going parabolic as major artists continue to release work into the collection. Are you seizing the Memes, or fading this run?

Ghost: I am seizing the Memes, and wish I had been accumulating in mass earlier. I’ve been buying select ones of artists I like, and I think the reputation of 6529, the top-tier artist connections they have, and the overall ethos of the project are a perfect recipe for long-term value. 

Logie: I missed the Memes and now I’m just trying my best to ignore the price increases to keep my sanity. The quality of artists joining in on the fun makes me feel like there is a lot of room to run here. People WANT to be involved. That’s awesome.

Tyler: I’m deep in the Memes. It’s my biggest personal bet of 2023 in the past six months, along with Friendship Bracelets. My thesis is that 6529 is building a larger ecosystem, using Memes as the foundation, with Rememes (now popping up everywhere) and Meme Labs enabling much wider adoption. The price action looks to have local topped, but given the caliber of artists 6529 has brought in and his caliber as a founder, I think this project is just getting started.

Jason: Neither. I love this collection and ecosystem. I don’t own any of it, though. I missed it, and I’m okay with that. At this point, I’ll be sitting on the sidelines rooting for anyone who bought or is buying in the future. You win some, you lose some, and you miss some.


Question 4: IRL events are in the headlines with PROOF of Conference announcing details for its event. Tickets are free to claim for PROOF Pass holders (1). Moonbirds holders can buy 2 for 50 percent off. And Oddities can buy 1 ticket at 50 percent off. Would you pay for an NFT event, and is charging for conferences a bearish move or just a necessary evil as projects expand their holder base?

Ghost: I am an introvert, and enjoy my digital divide between the degen NFT world and IRL — so have yet to attend a major conference, and certainly don’t think I would pay for one. But I do see the conundrum that some projects are facing, as the ecosystems expand and there are more people eager to attend. Don’t know what the correct answer is, but especially for some of the higher-value assets — it's a tough sell to then pay for a ticket after investing so much already. 

Logan: Would I pay for an NFT event? Yes. Would I pay for any of the events that have been hosted to date? No. If you’re building a fun event with a group of people I have a connection to, why wouldn’t I be open to paying for it? Moonbirds had David Blaine present at NFT NYC... I’d have paid for that, magic is awesome. If you build it (a good event), they will come.

Tyler: If you’re charging me for an event, it better be good. I don’t hate paid events as a model for projects to use in general, but it feels a little tone-deaf, especially for Moonbirds holders who on average paid tens of thousands of dollars for their NFTs. Now, I do like charging the public to attend events.

Jason: The consensus here is correct. Paying for IRL events isn’t necessarily a bad thing, and in certain circumstances it makes sense. But forcing collectors who bought and decided to hold thousands of dollars worth of your pixelated pictures to pay to get into a community event is… tone-deaf, and that’s putting it nicely. 

Meet the Roundtable:

Ghost: Ghost is an NFT analyst at Lucky Trader. He has been in crypto since 2017, and entered the NFT space via NBA Top Shot in January of 2021 before minting Bored Apes and degenning into the broader market. 

Tyler: Tyler is a high-volume NFT trader, having reached the top 100 in NFT sales revenue using NFTBank’s rankings, a Pengu maxi (in Luca we trust), and a writer for Lucky Trader. Tyler’s writing spans market analysis, news breakdowns, project ecosystem overviews, and web3 opinion pieces.

Logie: Logan is a content lead at Lucky Trader and is best known for selling every good NFT far too early. He also maintains an irrational exuberance for clay-based NFTs. 

Jason: Jason is an NFT lead at Lucky Trader. He has been involved in the NFT space since CryptoKitties in late 2017, and, like most, he lost a lot of money on Top Shot in early 2021. But nevertheless, he persists (with his Series 1 Legendary From The Top LeBron James Block).

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.