Morning Minute | Elon Shares NFT Thoughts on Rogan

TylerD's Market Summary

NFTs are back in the conversation and as more than just a punching bag. Find out what Elon and Joe Rogan had to say, along with some remarks from Mark Cuban.

💬 Elon and Joe Chat NFTs

Elon Musk appeared once again on the Joe Rogan podcast yesterday, and the duo did not disappoint.

Perhaps the biggest surprise?

NFTs were a major topic and debuted early in the conversation.

What Happened?

While the duo didn't talk NFTs for long, they chatted long enough for some very quotable quotes.

From Rogan: “80% of NFTs are a scam, except for Beeple. Beeple is a legit digital artist...It's amazing he puts out a piece of art per day, 365 days per year."

Elon then responds that he was following Beeple on X but had to stop because Beeple was too edgy and some of it was too jarring.

Later in the conversation, Elon shares broader thoughts on how NFTs are stored.

From Elon: "NFTs are not even on the blockchain, it's just a URL to the jpg - You should at least encode the jpg in the blockchain - If the company housing the image goes out of business you don't have the image anymore."

Wow. Didn't see this coming from a Halloween Joe Rogan podcast.

Why It Matters

There are a few immediate takeaways, and perhaps a broader one.

First for the immediate reactions:

Beeple is the face of NFTs and digital art to the public. Rogan confirms this in the opening sequence. No one else has yet to reach "household name" status like Beeple and it's hard to see the immediate path for someone else to get there in the near future.

Elon shares the thesis for onchain NFTs in just a matter of seconds (and Ordinals fans rejoice). I'm not going to debate the merits of onchain storage vs IPFS (longer discussion), but it's clear there is some appeal to onchain storage (i.e. ability to recreate) the art tied to our jpegs.

The broader reaction - NFTs are entering the conversation again.

Mark Cuban also did a quick NFT video yesterday answering a "viewer question" in response to the current NFT market situation.

His message is to not speculate, collect what you like and you'll be fine he references his Punk and his MAYC and how he can stare at them all day). He also compares the NFT bear market to similar trends in other markets and say's its normal. He also did this while not appropriately crediting NFT Stats' chart which he featured.

Three major personalities, talking different aspects of NFTs (digital art, onchain storage, market conditions) all on one day.

No one called them a joke and totally dismissed them; each highlighted at least one thoughtful item or aspect of NFTs.

I think we can call that a win.

👥 Friend Tech Trend Tracker

The Friend Tech market mostly chopped again on slightly lower volume, as CBB stole the show with his new NFT collection.

Here are some of the core Friend Tech metrics for 11/1 and their day-over-day change:

• Return users: 5,839 -> 4,514 (-23%)
• Daily Buy volume: $0.73M -> $0.4M (-55%) 
• Total Volume: $1.48M -> $0.915M (-38%)
• TVL: $40.57M -> $40.56M (even)
• Highest key: CBB 5.93 -> 5.97 (+1%)

*TVL in ETH terms 22,530 -> 22,607 ETH (+1%)

Trading volume continues its broader downtrend though TVL remain steady and is quietly and slowly grinding up.

CBB revealed his new NFT collection "Cooking Bull Brotherhood" on Base. Holders of his CBB Bull key were airdropped the NFTs, with a points score which equates to a bonus on $CBB earned weekly (as long as they hold a CBB key). The NFTs are non-transferable until post-airdrop, and can effectively be re-rolled by selling and re-buying a CBB Bull key (which we saw a few holders do).

In other SocialFI TVL news:

• Stars Arena TVL rebounded to $206k
• New Bitcoin City TVL held at $2.55M on the day
• Tomo TVL fell to $900k, its first time below $1M in a few weeks

Anecdotally it seems a new SocialFI app is spinning up every other day at this point, but it's getting harder to gain traction. We will see who emerges this week...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Trading volume fell 9% to $11.8M (6,555 ETH) on Tuesday, with the PFP leaders mostly seeing slight green again
• OnChainMonkey led top movers, up 26% to 1.17 ETH, while BAYC led volume and reached 31.24 ETH
• Gruffters sold out at 0.044 ETH and reached a 0.3 ETH floor overnight, in a quick 6x+ for mintes
• Yuga Labs released their Moon Puzzle No. 9 as their Ordinals campaign continues (with BTC prizes)
• Kanpai Pandas officially released Kanpai Media, focused on sports betting, culture, fashion and blockchain
• A 3D Ape CryptoPunk received an 1,100 ETH bid ($1.99M) in a sign that the high-end NFT market may be warming up
• Moonbirds airdropped a soulbound "Deadity" to any user who had burned an Oddity (for a Mythic) before Oct. 31
• Azuki is providing Satoshi-inspired special edition hoodies for its Spirit Azuki owners, claimable via their collector profile
• The Grapes are giving away 100 Golden Tickets with access to their $GRAPE token presale
• LooksRare launched its Season 4 with an overhauled Gem earning mechanism with a pivot towards YOLO gameplay and raffle participation; 2M $LOOKS are up for grabs this season, which runs for 4 weeks
• Gondi facilitated a 3-year Chromie Squiggle loan in what is now the longest major NFT loan on record (6.5 WETH principal, 15% APR)

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• The crypto market saw mixed results again on Tuesday; BTC -0.3% at $34,380; ETH -0.4% at $1,796; SOL +6% at $39.04
• Solana announced its integration with Google's BigQuery, allowing for easier access to historical NFT and blockchain data
• Backpack (known for Mad Lads NFTs on Solana) is launching a regulated crypto exchange called Backpack Exchange out of Dubai, with direct in-app trades for Backpack Wallet users
• Steve Aoki is collaborating with STEPN to launch a limited edition Genesis Sneaker on the Solana blockchain; 240 Sneakers are up for grabs, for 3500 $GMT, running through Nov 3 11:59 UTC

🚀 NFT Total Volume

• BAYC (2,470 ETH, 31.28 ETH Floor)
• MAYC (1,870 ETH, 5.81 ETH)
• Azuki (463 ETH, 5.19 ETH)
• Milady (364 ETH, 2.85 ETH)
• BAKC (362 ETH, 1.85 ETH)

📈 NFT Floor Price Increase

• OnChainMonkey (26%, 1.17 ETH Floor)
• OCM Karma (21%, 0.14 ETH)
• Chimpers (20%, 0.35 ETH)
• Velocity Series (20%, 0.73 ETH)
• RTFKT Animus Egg (10%, 0.31 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is another full day of drops, mostly focused on art.

fesq is the Meme Card artist today, and Aleksandra Jovanic is featured in the Art Blocks drop. They both join Tristan Rettich in minting new art today, as he opens his Resonance mint for holders of his ORBS mint pass.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Tristan Rettich - Resonance (10:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Art Blocks Presents "Glasshouse INAT" (1:00 p.m. ET)
• Reylarsdam - CREYNIUMS (2:00 p.m. ET)

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 tyler.warner@luckytrader.com.

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.