Morning Minute | A New Use for NFTs - Movies
TylerD's Market Summary
The first-ever film to be funded solely through NFT sales is about to make its debut. Find out more about the project, plus new details for $MEME and a rocky day in SocialFI.
🎥 The First NFT-Funded Film Set to Debut
NFTs have seen quite a few use cases tested out over the past few years.
Well add another to the list - fundraising for a movie.
CALLADITA, a film fully financed through NFT sales, is premiering at the globally recognized Tallinn Black Nights Film Festival in November.
This marks a transformative moment in cinema funding.
CALLADITA is directed by Miguel Faus and features some intriguing aspects:
- Unique Financing: Fully funded through NFT sales, challenging traditional cinema financing models
- Inspired Storytelling: Focuses on socio-economic disparities through the lens of a young Latin-American maid's life
- Community Support: Backed by over 600 collectors, including high-profile names in the NFT space
- Milestone Achievement: Set to be the first NFT-backed feature film screened publicly
This decision into NFT-based funding wasn't just a experiment.
It was a necessary pivot after traditional funding avenues turned down the project.
That pivot led to an NFT sale in March 2022 featuring stills from Faus's original short film, "CALLADITA."
The community's response was overwhelmingly positive, raising over €750K and enabling the feature film's production. Notable contributors included personalities like gmoney, Farokh, Snowfro, and entities such as Nouns DAO.
Why It Matters
CALLADITA's success highlights a significant shift in how artistic projects (i.e. films) can be funded.
This model is not just about securing financial resources; it's a move towards greater artistic independence, allowing creators to bypass traditional gatekeepers in the film industry.
Moreover, it demonstrates the growing capabilities of NFTs beyond digital art trading, revealing potential impacts on larger industries and institutions.
It's a big deal. We should all be rooting for CALLADITA to succeed.
💰 New $MEME Details
The Memeland team shared some important new information regarding its upcoming $MEME token launch.
Their community presale ("Fire Sale") will happen Thursday morning Hong Kong Time, and the pricing has been released.
The Fire Sale round will be held at $300/unit with 25.3k units available. Each unit will receive 300,000 $MEME tokens.
This equates to a $7.59M raise for 7.59B tokens (about 11% of supply), at a $69,696,969 valuation. This lines up with what was previously shared regarding launch FDV.
As a quick reminder of the $MEME tokenomics already shared:
- Total supply: 69B tokens
- FDV at launch: $69M
- $MEME price at launch: $0.001
- Token allocations:
- 25% for community airdrop
- 33% for ecosystem fund
- 10-12% for Fire Sale
- 10-12% for Private Sale
- 20% for Contributors
The market did not like this news, with both Captainz and Potatoz taking a hit.
Captainz fell 5% to 3.95 ETH and Potatoz fell 17% to 1.3 ETH. Captainz are now 15% off local high of ~4.5 ETH and going the wrong way into the token sale.
We will see how sentiment progresses ahead of the airdrop and official launch...
👥 Friend Tech Trend Tracker
The Friend Tech sellers came out in force Monday morning leading to a major drawdown, but the bleeding seems to have stopped (at least for now).
Here are some of the core Friend Tech metrics for 10/25 and their day-over-day change:
- Return users: 3,414 -> 4,679 (+37%)
- Daily Buy volume: $0.86M -> $1.47M (+71%)
- Total Volume: $3.05M -> $9.23M (+202%)
- TVL: $40.53M -> $39.5M (-2.5%)
- Highest key: CBB0FE 4.97 -> 5.22 (+5%)
*TVL in ETH terms 22,178 ETH -> 22,141 (even)
The main story of the day was the spike in sellers vs buyers. Sell volume came in at $7.76M yesterday vs just 1.47M in buys (5.27:1), the worst that ratio has ever been.
That's bad, but the good news is - the bleeding seems to have stopped, at least temporarily, and keys are rebounding.
The other big news from yesterday was from CBB. CBB teased a new DeFi protocol he's building on top of Friend Tech, which "enables FT farmers to hedge their portfolio position" and is launching imminently. A very intriguing development.
In other SocialFI news:
- New Bitcoin City saw its first TVL hit in weeks after its major rally, dropping from $4.3M to $3.3M (-24%) on the day
- StarsArena TVL held steady on the day in the $1.14M range without much development or news
- Tomo TVL saw a 7% dip to 1.21M
- New streaming-based SocialFI app TurnUp announced its public launch will take place tonight around 11 pm ET, along with its first trivia event for early access users taking place at 12 pm ET today
The SocialFI market remains in major flux; we will see how volatility continues to impact this infant market.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume jumped another 8% to $12.4M (6,970 ETH) on Tuesday, though the leaderboard was mostly red again
- Moonbirds and Winds of Yawanawa led notable top movers, up 6% to 1.92 ETH and 10% to 8 ETH respectively
- Artist Ripcache sold 4 ordinals art pieces for a total of 5 BTC (95 ETH or $169k)
- Arcade released a video stating "snapshot taken," likely tied to an anticipated airdrop coming in the future
- World of Women announced its next WoW Gala will be in Paris on Feb 24, 2024
- NBA Top Shot teased some new improvements ahead of the new NBA season, including updated designs, more Moment utility, and better scarcity rules
- Magic Eden will host its second Pokémon card drop with Collector Crypt on Oct. 27 (priced at 5.5 SOL per pack), with select Solana NFT communities able to distribute preferred access passes to their respective communities
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market fell slightly on Tuesday following its major rally; BTC -1% at $34,285; ETH -2.6% at $1,786; SOL +0.6% at $31.99
- HYTOPIA, formerly NFT Worlds, raised $3M in funding led by Delphi Ventures, to build its game platform and engine
- Zilliqa Group is partnering with Racing League to launch a web3 fan engagement program, blending the world of horse racing with blockchain technology
🚀 NFT Total Volume
- BAYC (1,627 ETH, 26.4 ETH Floor)
- MAYC (999 ETH, 4.91 ETH)
- Captainz (327 ETH, 3.95 ETH)
- DeGods (296 ETH, 3.27 ETH)
- Moonbirds (187 ETH, 1.92 ETH)
📈 NFT Floor Price Increase
- NFT Worlds Genesis Avatars (30%, 0.17 ETH Floor)
- Farm Land (25%, 0.27 ETH)
- Station3 (24%, 1.73 ETH)
- goblintown (22%, 0.19 ETH)
- Blips (18%, 0.19 ETH)
🗓 Upcoming NFT Mints and Events
Today is a very busy day of drops, spanning art, memes and more.
The highlight is likely from Snowfro and the Velocity Pass team, as Snowfro debuts his first ever generative physical mint (with an NFT component).
Befe is the Meme card artist today, and Nat Sarkissian is the Art Blocks artist on deck.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Velocity Pass - Snowfro (10:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- Art Blocks reGEN - "Life and Love and Nothing" (1:00 p.m. ET)
- Corporate Pepes (1:00 p.m. ET)
- Tyler Hobbs x Blackdot - application ends (TBD)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's NFT Calendar page.