Morning Minute | Sports Illustrated Is Coming for NFT Ticketing
Take a minute to catch up on the latest in the Web3 space with today's NFT market analysis, top movers, and upcoming mints:
TylerD's Market Summary
Sports Illustrated Tickets is embracing NFT ticketing for its $2.5B inventory. Here's what you need to know. Plus Truth Labs comes back for Goblintown SZN2 with a $PEPE twist.
🎟 Sports Illustrated Tickets Launches NFT Ticketing Solution
I'm old enough to remember when Sports Illustrated was just a weekly magazine.
Well they have apparently pivoted into the live event market, and are now on the leading edge of innovation in that industry.
Yesterday, Sports Illustrated Tickets announced the launch of "Box Office" in partnership with ConsenSys and powered by Polygon.
The vision for Box Office is to become the first platform to combine an NFT ticketing solution with traditional non-NFT tickets supporting sports, concert and theater around the world.
A lofty goal, but one that may be achievable for SI Tickets which has an inventory of 50M tickets across 250,000 events.
Here's the quick summary of the announcement and its components:
- Box Office is a turnkey solution for owners, organizers and hosts to create, manage and promote live events
- They're launching "Super Ticket" as the technology solution to connect hosts to attendees using blockchain and barcodes
- Pricing is "50 percent lower than competition"
- Free credits offered along with ticket purchases
As for its scope, Box Office by SI Tickets will team up with organizers across sports, health and fitness, concerts, comedy and nightlife, and more.
And it plans to launch with everything from youth sports to cheer and dance competitions to fashion shows and live music bars.
What are they saying?
A few interesting and telling quotes, from the official press release:
“Blockchain is the future of ticketing, and now owners, promoters, hosts and attendees have access to an advanced ticketing experience that transforms the antiquated barcode into engaging and collectible content." - David Lane, CEO of SI Tickets
“It is thrilling to see disruptive web3 technology gaining traction through new use cases like NFT ticketing. We believe the partnership with SI Tickets will make it easier for owners, promoters, and facilitators to create a fan experience that reaches previously unseen levels of engagement.” - Johnna Powell, Global Co-head at ConsenSys NFT
As a Web3 and NFT enthusiast, it is indeed thrilling to see these major companies embracing the tech and moving forward with one of the best use cases for NFTs.
Why It Matters
Ticketing is one of the best use cases for NFT technology (widely agreed), but not many companies have launched pilots to test it out.
SI Tickets is a big player, launching in June 21 with > $2.5B in inventory and 50M tickets.
Now two major players in the live event space (SI Tickets and Ticketmaster) have begun experimenting with NFTs for ticketing and fan engagement, in the past 2 months.
Goblintown Comes Back for More, Includes $PEPE
Do we need more goblins in this NFT market?
Well we are going to find out.
Truth Labs (founders of Goblintown) made a stunning announcement yesterday.
Goblintown Season 2 is coming, along with some fun twists.
Goblintown SZN2 TLDR:
- Season 2 theme: Big Inc, a large corporation in Goblintown
- Supply: 15,000 NFTs
- Price: 0.096 ETH, free for the top 1,000 worst NFT traders* and Truth Labs NFT holders
- Date: TBD
- Discount: 50% discount available for those paying with $PEPE
The launch came with a fun application site, asking a handful of questions that "will not affect your application" including:
- Why do you want to work for BiG iNC?
- Describe the perfect handshake.
- What does SYNERGY stand for?
- What is the worst crypto trade you ever made?
After completing the application, the applicant will find out where they rank on the "Down Bad" board, which ranks the worst traders in the NFT space.
The bottom 1,000 (or the top bad traders) all get to mint for free (god bless 'em).
Three Truth collections are eligible for the potential free mint, including Goblintown, Grumpl, and Illuminati. Here's how the market reacted to the news:
- goblintown -11% to 0.29 ETH (9999 supply)
- Grumpls +78%, 0.23 ETH (3828 supply)
- Illuminati +23% to 0.29 ETH (8128 supply)
Interestingly, the 3 collections are converging around the 0.23-0.29 ETH range.
The surge in Grumpls and Illuminati are a bullish sign of interest for this new mint, but 15,000 is a large influx of supply for the brutal bear NFT market.
This ecosystem already had 21,955 NFTs, and is now basically doubling it to reach 37,000.
The $PEPE inclusion is the wild card, and it's really fun to see that memecoin accepted as a currency. Kudos to Truth for that move, and bullish $PEPE.
Will they be able to pull this one off? I'm betting yes, as Truth is incredible at marketing.
This one will be fun to watch.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Trading volume was just under 16k ETH on Tuesday, though the initial pop from the Blend launch appears to be fading; NFTs see a mix of red and green
- Blur set a new daily lending record with 8,875 ETH loaned ($16M) in its first day with Blend
- Lebron James rocked a pair of RTFKT shoes in his pre-game entrance for last night's playoff game against the Warriors, which the Lakers won
- The Otherside shared new details for how Sediment tiers will matter in The Otherside, with higher tiers correlating to higher production; Tier 3 will have the best production, and additional Farmers and Echanters will enhance production
- OnChainMonkey revised its tiering system to prioritize Super Set collectors ahead of its upcoming OCM Dimensions mint
- Pudgy Penguins debuted an interactive "Pudgy Workbench" teasing secrets regarding what's to come for the project
- ZED RUN introduced Arcade Mode, allowing anyone to join horse racing events without needing a crypto wallet or ZED RUN account
- ApeCoin DAO opened applications for Community Discourse Facilitator roles until Friday, May 5
- Animoca Brands partnered with ONE Championship and Notre Game to create an NFT-powered free-to-play mobile game called "ONE Fight Arena"; testing begins in Q4 '23 with global launch in Q1 '24
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- The crypto market rebounded on Tuesday; BTC +2% at $28,600; ETH +1.8% at $1,865
- $PEPE fell 30% to a $360M MC, while hot new AI memecoin $TURBO skyrocketed 1100% to a $27M MC (reaching $50M at peak)
- Coinbase officially launched its first offshore derivatives exchange in Bermuda dubbed "Coinbase International Exchange", allowing non-U.S. based traders the ability to bet on BTC and ETH futures with up to 5x leverage
- Florida Governor Ron Desantis vowed to ban CBDCs in a speech on Tuesday, also stating that the U.S. government doesn't like crypto because they can't control it
🚀 NFT Total Volume
- Azuki (3,904 ETH; 15.58 ETH Floor)
- BAYC (1,723 ETH, 51.3 ETH)
- MAYC (1,616 ETH, 11.3 ETH)
- Wrapped Cryptopunks (1,416 ETH, 54.7 ETH)
- DeGods (729 ETH, 8.69 ETH)
📈 NFT Floor Price Increase
- Tableland Rigs (101%, 0.36 ETH Floor)
- grumpls (78%, 0.23 ETH)
- Checks - VV Edition (28%, 0.51 ETH)
- Checks - VV Originals (15%, 0.33 ETH)
- OnChainMonkey (12%, 1.59 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another slower day of drops, with the Memes card coming along with an Art Blocks fixed-price mint.
With some of the early excitement from the Blend and BNPL launch fading, it's hard to say what will catch demand in the NFT market today.
Most likely - nothing, and NFT degens will remain focused on memecoins.
- Memes by 6529 (11:00 a.m. ET); 0.06529 ETH
- Art Blocks Presents: Augury by LoVid (1:00 p.m. ET); 0.1 ETH
- Sanctuary by Ryan Koopmans (2:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email email@example.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.