Latest RENGA by DirtyRobot News

DirtyRobot, the mastermind behind RENGA, severs ties with former CEO Tails, assuming control of RENGA Inc, according to a message shared in the RENGA Discord. 

The Deets

• RENGA plagued with internal alignment issues
• DirtyRobot steps up as CEO, reclaiming control over RENGA's future
• Aims for a transparent, community-focused operation
• Uncle Ben will assist DirtyRobot in steering the ship

The Bulk

RENGA is undergoing major internal shifts. DirtyRobot, the creative force behind RENGA, announced his decision to part ways with the former CEO, Tails, amid concerns of misalignment within the team. This step is taken to address the issues hampering the project's progress.

In a heartfelt message to the community, DirtyRobot expressed his gratitude for their unwavering support, acknowledging that RENGA wouldn't be where it is without them. He further communicated his discomfort in placing his destiny in someone else's hands, thereby deciding to assume the role of CEO of RENGA Inc.

In this new role, DirtyRobot is focused on reinstating the core values of RENGA, ensuring its true essence is maintained while also working on rebuilding the business foundation. Transparency and inclusivity, for both team members and the community, are emphasized in this new era for RENGA.

Assisting DirtyRobot in this new journey is Uncle Ben, who will play a key role in ensuring things run smoothly, keeping the focus on community and quality art.

🎤 Founder's Feedback

📊 By the Numbers

The news comes on the heels of the RENGA x Haas collection sellout. Since minting yesterday for 0.088 ETH the collection is up to a 0.134 ETH floor. 

🔜 What's Next?

Under DirtyRobot's leadership, RENGA is set to undergo changes that aim to fortify its connection with the community and emphasize the art's quality. 

For more web3 and NFT news, visit the Lucky Trader newsfeed.

MoneyGram Haas F1 Team and RENGA revealed more details on the upcoming collaboration.

The Deets

• A dynamic representation of F1 race locations through digital art
• Art pieces holding potential for bonuses and activations
• Exclusive benefits to holders including team merchandise and virtual interactions
• Minting details and phased launch strategy revealed

The Bulk

The Haas x RENGA Racing partnership is set to revolutionize the connection between fans, racing, and technology. The unique fusion of blockchain tech and digital art aims to enhance fan interaction, providing a more immersive experience that truly transports supporters into the heart of F1 racing.

The partnership goes beyond conventional team memorabilia. It is a unique concept that represents upcoming race locations dynamically through digital art. Each artwork holds potential for undiscovered bonuses, opportunities, and activations that extend beyond the aesthetic appeal of the pieces.

With the Haas x RENGA Racing collection, holders are promised an array of exclusive benefits. From the opportunity to win MoneyGram Haas F1 Team driver firesuits, full-size replica helmets, and special edition hats, to a virtual meet and greet with the team, the partnership offers a unique platform for fan engagement.

📊 By the Numbers

The initial minting will comprise a total supply of 1,000 pieces. Phased minting will begin with Raffle Winners on August 1 at 4:00 p.m. ET, followed by the Raffle Waitlist at 5:00 and the Public Mint at 6:00 p.m. ET, respectively. 

🎬 Take Action

Users can participate in the minting process beginning on August 1 on OpenSea.

For more web3 and NFT news, visit the Lucky Trader newsfeed.

RENGA announced its first-ever RENGA Report, sharing updates on the team, events, and new content channels in the RENGA universe.

The Deets

• New talented team members join the RENGA family
• Launch of RENGA's YouTube channel
• Weekly RENGA Ruckus Twitter Space starting soon
• Teaser of upcoming art-ility experience

The Details

The first-ever RENGA Report introduces new talented team members, who bring a balance of artistry, degeneracy, imagination, and creation. 

The launch of RENGA's YouTube channel will offer new ways to engage with the community. Content will include event recaps, updates, fireside chats, and more.

To improve communication, RENGA will host a weekly RENGA Ruckus Twitter Space, starting this Tuesday. This platform will provide regular updates and discussions.

Lastly, the report teases an upcoming "art-ility" experience, suggesting that RENGA's Player Characters might soon gain new capabilities.

❗️Why It Matters

As participants head to the sidelines and attention drifts elsewhere it is increasingly important for projects to stay in the line of sight for their communities and prospective buyers. Many projects have been dinged by web3 as a result of poor communication, and RENGA's willingness to improve its outward facing communication should only be seen as a positive. 

🎬 Take Action

Users can set a reminder for the first RENGA Ruckus to learn more. 

Renga has filed a trademark for a suite of software and services designed to enable users to view, trade, and manage digital collectibles and tokens, according to a USPTO filing and first report from Elina_Esq.

The Deets

• Renga trademark filing covers downloadable software for managing NFTs and digital assets.
• Includes an online marketplace for NFTs and digital collectibles.
• Encompasses non-downloadable software and a website for electronic storage of NFTs.

The Details

The Renga trademark filing suggests that their upcoming software will allow users to view, analyze, record, store, monitor, manage, trade, and exchange digital assets like cryptocurrencies, digital tokens, and NFTs. 

Additionally, the filing indicates plans for online retail services that offer a marketplace for buying and selling NFTs and digital collectibles. In an ongoing marketplace war, many projects have teased the potential unveiling of their own marketplaces for a variety of reasons. It appears Renga may have similar plans. 

❗Why It Matters

If Renga's trademark filing comes to fruition, their software and services could bolster the Renga community, providing comprehensive suite of tools for managing their Renga NFTs. Many projects have opted to deploy something similar, most recently with Kanpai Pandas and its PPDEX reveal and Azuki's vast Collector's Profile.

Today has been a very volatile day in the crypto markets, to say the least. Binance is set to potentially acquire FTX in a blockbuster move, and early fallout from the news has sent several crypto tokens down sharply.

So what is the early impact on the NFT market?

Market Volume Impact

For starters, volume is down. Yesterday OpenSea hit $12M in trading volume, but so far today has just $5.45M (on pace for ~$7M). This is partially caused by the dipping ETH price (-18.7% to $1,300), as well as crypto trading clogging up the Ethereum blockchain and driving up gas prices.

But in general, NFT liquidity typically dries up on very volatile macro crypto days.

That lack of liquidity has started to impact some NFT project sectors.

PFP Impact

The top-end PFP market is holding steady, so far.

BAYC is at 66.8 ETH on Blur (removing flagged assets) and 69.5 ETH on OpenSea (+0.74%). CryptoPunks are at 64.69 ETH, even on the day, but leading the volume charts with 546 ETH traded (flight to quality). 

Mid-tier PFPs are down slightly, with CloneX at 8.6 ETH (-2.6%), MAYC at 12.35 ETH (-0.56%), and Azuki at 11.07 ETH (-1.2%), though the 3 sets have combined for just 156 ETH volume.

Though, while these projects' floors are mostly steady in ETH terms, they are now down ~20 percent in USD with the recent ETH dip.

Recent Movers Impact

The volatility seems to have hurt recent project movers the most.

Friendship Bracelets opened the day at 0.3 ETH floor but have since dropped 30 percent to 0.2 ETH. KPR has fallen 16 percent to 0.64 ETH, and RENGA has given back some recent gains, falling 12 percent to 1.05 ETH. Art Gobblers also continue their recent downtrend, falling another 6 percent to 3.8 ETH as GOO hits $11.7 (-14%).

Other (Surprising) Impacts

Perhaps the biggest and most important NFT takeaway from this crypto volatility is out of Frank DeGods and the Solana ecosystem. For those not following, SOL has been one of the hardest-hit tokens (besides FTT), down 26 percent on the day to $23.79.

This has led Frank to reconsider his future on Solana.

To be clear, he indicates no "rash decisions" will be made and promises to engage the community in the decision-making process.

The y00ts floor has taken a beating on the day, down 20 percent to 58 SOL ($1,379 or 1.05 ETH). The mint t00bs are down ~10 percent at 82.5 SOL.

UPDATE: as of 3:51 p.m. ET Frank shared that he deleted his tweets about moving to ETH, due to their impact. He did mention that dialogue will remain open but "No decisions will be made today."

This situation is all still evolving and the full extent of the impacts likely will not be known for days (perhaps weeks). Additionally, NFT market action does typically lag crypto actions, so there may be greater moves over the next few days.

One thing is fairly likely though - we will not see a big NFT rally until the crypto markets re-stabilize.

The Lucky Trader Sharp Report is showing some big movement in the past 24 hours related to sharp wallets entering some new and existing projects.

Degenheim is leading the report with a +153 net unique buy score on the day. The new project was minted yesterday at 0.08 ETH and has reached a current floor of 0.16 ETH on its first day of secondary trading.

Finiliar is in second on the daily chart, with a +50 unique buy score. This comes on the back of a surge in floor price, up 38 percent on the day to 0.36 ETH. Finiliar NFTs traded as low as 0.06 ETH back on Oct. 4 and have been on a steady grind up over the past two weeks, accelerating in the past day.

Sharp wallets also added Renga, Street Machine, and The Sillies, rounding out the top five unique buy score winners on the day.

This negative feedback against Renga is backed by data, as NFT social metrics platform nftinspect.xyz shows that Renga is ranked just 74th in terms of PFP usage for the project on Twitter and boasts just 515 unique PFPs. This number is up 59 percent on the month, from 350 in mid-September, but still far below the major collections.

For reference, the leading projects by PFP usage include:

• Clone X (6,518)
• Moonbirds (6,396)
• BAYC (6,290)
• Azuki (5,410)
• MAYC (5,334)

PFP usage on Twitter is a common metric that NFT holders and traders have used in determining collections to invest in over the past year, as this new PFP NFT sector has exploded.

This #rengaweekender rally may also be driven by the recent fall in floor price, as Renga has seen its floor drop from above 3 ETH to 1.95 ETH at the time of writing and has seemingly lost some major momentum.

Will this trick work for Renga? Time will tell.

RENGA, which just started its reveal process that allows holders of RENGA Black Boxes to redeem their PFPs from artist DirtyRobot, has seen its floor price rise from 0.23 ETH to 0.29 ETH as Sharp wallets buy the NFT. The Black Box NFT floor price has risen to 0.58 ETH as of Tuesday.