Morning Minute | How to Bet on NFTs Without Buying Any
GM!
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
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TylerD's Market Summary
Ever find yourself wanting to speculate on the crypto or NFT market, but not wanting to buy any individual projects?
Now you can buy a single token to bet on the entire Crypto or NFT markets.
💰 The JPEGs are repped by $JPEGz
Cryptex Finance made major headlines yesterday with the launch of their new tokens, $TCAP and $JPEGz.
$TCAP is tied to the total crypto market, and $JPEGz is tied to the NFT market.
The idea is to provide "real time exposure" to each market without having to buy individual tokens.
How does it work?
Let's look at JPEGz specifically.
The Cryptex team uses Chainlink's NFT oracles to gather real time token prices for a specific basket of NFTs.
- According to their oracles, the total market cap of their basket of NFTs is $3.12B.
- They divide that value by 1B tokens, to reach a price of $3.12 per JPEGz
- Each JPEGz is then fully backed and tracking the market cap of the underlying NFTs
One important clarification - while the JPEGz oracle price tracks the NFTs, the market price can vary from it based on supply and demand.
What's in the basket?
Here are the 10 PFP NFTs that Cryptex chose for JPEGz.
- Azuki Official
- Bored Ape Yacht Club
- CloneX
- Cool Cats
- CrypToadz
- CryptoPunks
- Doodles
- Mutant Ape Yacht ClubMutant Apes
- Vee Friends
- World of Women
Would I have chosen this specific set of 10? Probably not, but it's a pretty solid set.
Now the next question becomes - when can we short JPEGz?
🌅 PROOF Is Sunsetting
Yesterday the PROOF team shared the news that the PROOF pass will be officially sunsetting as of Jan. 1, 2025.
Several of the current perks will remain, like the private discord and podcast access, but free drops like Grails and the PROOF of Conference will change to an a la carte paid model.
In the discord announcement, the team also shared that this would provide more ability to focus on Moonbirds.
What they're saying:
"PROOF will work to align its entire ecosystem around a singular vision supporting the future of digital art. By the end of 2024, we aim to be the premiere community that attracts artists, art lovers, and builders all here to make an impact on the future of the web3."
Community reactions seem mixed, with some understanding the move and acknowledging that 3 years was an appropriate amount of time for the pass's perks.
The market has not taken it well though, with the PROOF pass down 23% on the week with a floor of 19 ETH on Blur.
🚚 What else is happening in NFTs?
A few headlines from a busy day in the NFT market:
- The NFT market saw over 22,000 ETH in trading volume on the day, now essentially up for 7 days in a row
- Yuga teases "Legends of the Mara" as a new Apecoin-powered 2D experience following the Otherside's Second Trip
- J1mmy.eth's gold BAYC sold for 800 ETH yesterday, though it doesn't appears Jimmy (previously very pro-royalty) paid Yuga their cut in using an X2Y2 private sale
- J1mmy then turned around and bought a Justin Aversano "Twin Flames" for 111.1 ETH with some of the proceeds (at least he is supporting artists)
- a KID called Beast goes beast mode, soars 100% to 1 ETH
- OpenSea is becoming an aggregator, experimenting with pulling listings from ENS Vision, Sansa and Sound XYZ to start
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- RTFKT CloneX holders are now eligible to claim their Nike .SWOOSH IDs
- The Sandbox is collaborating with Saudi Arabia to collaborate on metaverse projects
- Floki launches campaign to attract Chinese users and onboard them into crypto, using their Valhalla game and a FLOKI token
- Microsoft integrates ChatGPT into its Bing search engine, just days after integrating it within its Microsoft Teams product
🚀 NFT Total Volume
- BAYC (2,567 ETH, 75.6 ETH Floor)
- Sewer Pass (1,692 ETH, 2.44 ETH)
- Checks (1,665 ETH, 2.48 ETH)
- MAYC (1,633 ETH, 14.9 ETH)
- Otherdeeds (1,302 ETH, 1.69 ETH)
📈 NFT Floor Price Increase
- a KID called Beast (87%, 0.93 ETH Floor)
- Gents Croquet Club (27%, 10 ETH)
- Checks (20%, 2.48 ETH)
- Opepen Edition (12%, 0.23 ETH)
- Captainz (9%, 4 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a huge day of events and new drops.
Most importantly, the Dookey Dash game ends today and it's the last day to lock in a score which will likely dictate pending mint dynamics for the Mechs.
Then there is a Memes drop, an Art Blocks drop, an AI art drop (Life in West America) and an open edition from Amber Vittoria.
That's a lot of art. And I'm not sure there's enough liquidity or attention to support it all. Tread carefully.
And last, the Rug Radio PFP mint closes today and will reach their final supply for the Cory Van Lew creations.
- Memes by 6529 (11:00 a.m. ET)
- Life In West America by Roope Rainisto (1:00 p.m. ET)
- Art Blocks Presents: Tout tracé by Florian Zumbrunn (1:00 p.m. ET)
- At The End Of The Start by Amber Vittoria (3:00 p.m. ET)
- Rug Radio PFPs - mint ends
- Dookey Dash - Sewer Closes (5:00 p.m. ET)
Enjoy this write-up? 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 Project Schedule page.
