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Where I Am At With NFTs

Disclaimer: Though I have been spending quite a bit of time of late poring over NFTs and immersing myself in the space, I do not in any way consider myself an expert on them, and though I believe – from a speculator’s perspective – that the mechanisms of price discovery are near enough identical, there are some glaring discrepancies. The first of these is inherent illiquidity as a non-fungible asset class; though NFTs are more liquid than traditional art forms, they are significantly less liquid than altcoins. As such, do not expect to just jump in and out of them as you might with altcoin positions and do give some serious consideration to the fact that you may end up with something that simply doesn’t sell, or at least not for a long time. Given that fact, it is paramount to be interested by the artwork itself – in the event that your speculative thesis does not pay off, at least you will have artwork that you enjoy.

Right, now that’s over with, let’s just jump into what I am currently looking at.

Below, I have provided 16 NFT projects I am either looking at or invested in, with several brief bullet points on their unique features and general speculative thesis:

16 Projects I’m Interested In And Why:

SATOSHIBLES

Satoshibles

  • Supply: 5,000
  • Mint Price: 0.02 ETH
  • Current Floor: 0.23 ETH
  • Thoughts: This was the first NFT project I invested in, primarily because the artwork is inspired by a portrait of Dorian Nakamoto, who has become the face of Satoshi for many in the cryptosphere. It is an iconic portrait and the artwork here is very unique. More recently, Satoshibles have announced that they are working with Stacks to make Satoshibles NFTs cross-chain, portable to the Bitcoin network itself, which, if accomplished, would serve the concept extremely well given its inspiration. We have yet to really see NFTs take off amongst Bitcoiners, and I believe Satoshibles could bridge that gap.

BLOCKART

BlockArt - Ether Marbles

BlockArt - Morphology

  • Supply: 9,858
  • Mint Price: Varying, generally 0.2 ETH or higher
  • Current Floor: Varying depending on collection, 0.05 ETH overall
  • Thoughts: Generative art has been one of the key innovations of the NFT space, and whilst Art Blocks is considered the premier generative art platform, I believe that BlockArt is better in every way. If the purpose of generative art is the relationship between the artist and minter, where the very act of minting makes the minter a co-creator, then BlockArt’s platform breaks new ground in this respect. On BlockArt, users are able to search for historical blocks from which to mint pieces, and, more importantly, can customise their artwork via modules prior to minting, truly affirming the minter = co-creator dynamic. Further to this, the importance of minters is made explicit by BlockArt offering perpetual royalty share for secondary sales to the original minter of the work, alongside the artist themselves. If generative art is significant, then BlockArt should take its place as a pioneer.

COOL CATS

CoolCats

  • Supply: 9,993
  • Mint Price: 0.02 ETH
  • Current Floor: 10.2 ETH
  • Thoughts: In my opinion, Cool Cats is a blue chip in-waiting, if not already one. It is already considered among the upper echelon of profile picture projects, where the artist has – as far as I’m aware – been working on the ‘Blue Cat’ for years prior to the NFT launch. The community is top tier and the project has companions in development. Further, they are developing a token – $MILK – which will increase the utility of Cool Cats.

TREASURE

Treasure

  • Supply: 8,999
  • Mint Price: Free
  • Current Floor: 0.07 ETH
  • Thoughts: Treasure is a derivative of Loot, where it considers itself decentralized, open-source money for the Loot ecosystem. Where there have been innumerable derivatives of Loot, Treasure has arguably done the most in the least time from a development perspective, having implemented DeFi functionality already, where Treasure can be unravelled and staked individually to earn $MAGIC. This is a bet on Loot becoming something worthwhile and Treasure being critical to its long-term success.

ONCHAINMONKEY

OnChainMonkey

  • Supply: 10,000
  • Mint Price: Free
  • Current Floor: 0.25 ETH
  • Thoughts: This is a derivative of Bored Ape Yacht Club with one very significant difference to other derivatives: it is the first NFT project to launch the entire collection 10,000 in a single transaction fully on-chain, with all images living on the network. Gary Vaynerchuk is invested and an unknown investor with $100mn in USDC has bought over 50 in the past couple of days. One thing I have noticed that is different to other projects here is the strong hands mentality, where only 12% of the total supply has been listed at any one time, though usually less – in general, I find that 25%-30% is the norm for projects.

OMNIMORPHS

Omnimorphs

  • Supply: 10,000
  • Mint Price: 0.08 ETH
  • Current Floor: 0.22 ETH
  • Thoughts: These are a profile picture collection of NFTs with exceptionally striking visuals, where the defining feature is the importance of masks. Masks are a metatrait composed of mask pieces and mask colours, where rarity of the NFT is defined by matching mask pieces and mask colours. In effect, Omnimorphs with 4 mask pieces of the same kind and 4 mask colours of the same kind form an 8/8 mask set, which is the rarest. This approach is novel in and of itself, but the team are going one further with the development of the Fusion mechanism, which will allow holders to burn one Omnimorph to fuse traits to another one, with the team airdropping 2 x Fusion Catalysts per Omnimorph owned. This will affect collection rarity and following the Fusion period, metadata will be locked and rarities will be cemented. I love the ingenuity here and the artwork is fantastic, so I am excited to see what happens here.

CUPCATS

  • Supply: 5,002
  • Mint Price: 0.02 ETH
  • Current Floor: 0.98 ETH
  • Thoughts: CryptoTwitter is perhaps the single most charitable community online, and we love stories about those that come from very little working hard to make things better. Cupcats are an NFT project by a 26-year old woman from a developing country, living in difficult conditions and with a boundless love for cats. She has artistic talent but had no audience until she was discovered by more influential CT members who put her in contact with some developers and thus the Cupcats NFT project was born, with a small supply and very cheap mint price. The inspiration for the collection is obvious – her love for cats – and the goal is to use the revenues generated by the project to continue supporting cats in her area. Tetranode is also extremely bullish on Cupcats, having spent several hundred ETH on the rarest of the collection, which obviously helps its case. I think this has the potential to be the next Pudgy Penguins or even greater given that the story resonates with much of CT and the art is extremely cute. Narratives are important and the narrative here is clear.

CRYPTOSAINTS

CryptoSaints

  • Supply: 7,777 (still minting)
  • Mint Price: Originally 0.11 ETH, now 0.055 ETH with free claim of NFTs for original minters
  • Current Floor: 0.04 ETH
  • Thoughts: There is no project that I have seen thus far that has put more effort into incorporating all aspects of Crypto Twitter into the collection than CryptoSaints, where all the stories and memes have been baked into the artwork itself, with traits such as Wassies, Diamond Hands, NGMI Hats, Shitcoins, Permabulls, with even a few influential faces in the mix (Bitlord, Cobie, Gainzy, CZ, Pomp and more make appearances). Given this, I will support the Saints for crypto culture, though the project has undoubtedly struggled from the off to garner traction. They recently cut the minting fee in half to 0.055 ETH, providing a 1:1 free claim for minters at the original price, with hopes that the cheaper mint will drive growth. I do think the artwork is truly unique and culturally relevant, but we shall see if the project can begin moving forward towards a full mint.

0XVAMPIRE

0xVampire

  • Supply: 9,848 
  • Mint Price: 0.06 ETH
  • Current Floor: 0.16 ETH
  • Thoughts: Whilst it goes without saying that the artwork here is quite striking and unique, the main speculative thesis here is that the project sold out inside two minutes, whilst simultaneously avoiding gas wars via a novel pledge mechanism that allowed users to pledge to mint a given number (up to 5) of 0xVampires and then mint them at any later date they desired, thereby not requiring huge gas fees to mint. In the end, whilst gas did hit 200 GWEI during those two minutes (still significantly lower than other high-profile mints), due to pledge gas fees being significantly cheaper than mint gas fees, most users paid very little at all to reserve their mints. Further, having spent time in the Discord, the community is already quite large but growing rapidly and thriving, which is great to see, and holders will be able to claim a 0xWitcher in October as a companion.

MYSTERY LABS

Ribonz Mystery Labs

Spacetime Mystery Labs

  • Supply: Currently 3,209 assuming full mint of Voyagerz
  • Mint Price: Varying, 0.1 ETH for Voyagerz, which is still minting
  • Current Floor: Varying depending on collection, Genesis Ribonz at 0.18 ETH, Spacetime at 0.07 ETH, Voyagerz at 0.125 ETH
  • Thoughts: Mystery Labs is an independent generative art collective that have now released three collections. There isn’t a great deal for me to say here beyond the fact that I love the artwork, and in many respects some of the work being produced here appears more visually appealing and interesting than much of the more expensive collections on Art Blocks, where if Mystery Labs had released their collection via Art Blocks I think we’d be looking at several ETH floors across the board. The bet here is simply that the art will win out as collectors find it, but in truth I just enjoy seeing the artwork in my collection.

HASHGUISE

HashGuise

  • Supply: 10,000 (still minting)
  • Mint Price: 0.06 ETH
  • Current Floor: 0.03 ETH
  • Thoughts: The artwork in this particular profile picture collection is stand-out, in my opinion; where most ‘character’-based projects opt for one outline (an animal or humanoid form of some sort) that is then used to create several thousand derivatives via the generative algorithm, Hashguise have instead created 100 different characters, where 100 derivatives will be minted by the algorithm to form a collection of 10,000. The characters are all unique and interesting and I am a big fan of the stylistic choices here. However, Hashguise has seen initial traction stall, where 6,700 of the 10,000 have been minted for over a week now, and price is thus struggling. As long as the team persevere, however, and continue fostering the growing community that does exist, I think the project will mint out fully and then begin to gain traction as the variety of great artwork is showcased.

KILLAZ

Killaz

  • Supply: 9,971
  • Mint Price: 0.029 ETH
  • Current Floor: 0.2 ETH
  • Thoughts: Killaz have truly striking visuals, where the traits incorporate different weapons and body types, all developed to be used in an RPG game that is in active development. Further, big names in the NFT world are on board and the team have announced both a companion drop (Lady Killaz) and the development of passive staking of the NFTs to provide income. This, coupled with the development and release of the game and the fact that Killaz has a high percentage of unique ownership (# of holders divided by total supply), makes me rather confident in its future success.

HAPPYLAND GUMMY BEARS

Gummy Bears

  • Supply: 9,600
  • Mint Price: Free
  • Current Floor: 0.05 ETH
  • Thoughts: The primary thesis here is that the entirety of the HappyLand Gummy Bear collection was free to mint, and Crypto Twitter has historically looked kindly on whatever is the opposite of a cash grab. The community is relatively small but enthusiastic, with several larger players involved that are willing to get the ball rolling in numerous directions for developing real world utility for the NFTs. Further, holders could claim companions at 0.012 ETH that, when owned alongside a Bear, will provide holders with free airdrops and other utility in the future.

0N1 FORCE

0N1 FORCE

  • Supply: 7,777
  • Mint Price: 0.0777 ETH
  • Current Floor: 2.19 ETH
  • Thoughts: 0N1 FORCE was one of the first profile picture projects of the August 2021 cycle that broke the mould regarding design and became a high-profile drop with Steve Aoki among others aligning themselves with the project in more than just a collector capacity. The project hit an average price of 5+ ETH at one point before having a bear cycle that took the floor to 1.6 ETH or so, with it now pushing back up after having spent several weeks at that range (altcoin bottoming formation, anyone?). I have been buying 0N1s in that sub-2 ETH range, expecting the next cycle for 0N1 FORCE to take it back above 5 ETH and probably towards that fabled 10 ETH floor level that only Punks, Bored Apes and recently Cool Cats have broken. The unique ownership is higher than all three of those blue chip projects and there have been some very large sale historically, showing the significant interest. I think this will be a serious outperformer when its next cycle begins.

SEVENS

Sevens

  • Supply: 7,000
  • Mint Price: 0.07 ETH
  • Current Floor: 0.37 ETH
  • Thoughts: Sevens released very unique artwork and, despite a disaster launch that led to an airdrop of over 500 NFTs being required to reimburse those that had failed transactions due to serious gas wars and botting of the mint, I am cautiously optimistic about the future of the project given the response from both the team and the community, coupled with the overwhelming initial hype for the collection. The community has continued to grow whilst the project has suffered over a 50% decline in the floor price since mint, and I am looking at buying the 0.37 ETH floor. Again, I really like the visuals here, and I think ‘Season 2’ of the roadmap will bring renewed traction.

CRYPTOFIGHTERS

CryptoFighters

  • Supply: 4,953
  • Mint Price: ?
  • Current Floor: 0.13 ETH
  • Thoughts: CryptoFighters was launched in January 2018, as the first play-to-earn NFT on Ethereum. That is the play here, as I am anticipating NFT archaeology to continue growing and for historically significant projects to garner a premium. I have been buying Generation 0 Fighters, as these are the earliest mints from February 2018. There is also an active team that is building out new functionality for the NFTs and is looking to revive the gaming aspects of the project.

ROARING LEADERS

Roaring Leaders

  • Supply: 10,000 (still minting)
  • Mint Price: 0.065 ETH
  • Current Floor: 0.08 ETH
  • Thoughts: There are a couple of interesting components to Roaring Leaders, which is still minting at present (around 60% in a couple of days after the launch of the public sale). These include an NFT Mutual Fund, where the fund collects blue chip NFTS (with several donated by the team already) and these will be voted on by holders both for purchases and for sales, with profits shared proportionally among holders automatically to the holder wallet. Further, there is a deflationary mechanism by way of an airdropped Elixir that holders can use to burn one Roaring Leader to improve the rarity trait of another. Lastly, the artwork itself is designed by an ex-Marvel/DC/Star Wars artist that did official prints for The Mandalorian.

And that concludes this initial NFT post. I just wanted to give you an idea of what I am looking at and the reasoning behind various choices.

If you enjoyed this post and want to see more NFT-related content, I will consider publishing more related to strategy, speculative approach and resources I use in the future.


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This Post Has 2 Comments

  1. Fahim

    Great post, I was really hoping you would do one on NFTs and you managed to pull one out of the bag, much appreciated.

    Look forward to a future one around your approach and strategy for NTFs for this cycle and the tools you use.

    All the best.

  2. nv9

    Great post, Nik – I’d love to hear more from you about NFTs (overview, strategies, etc.) in the future!

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