Stand with Ukraine | Moment of Zen(eca)_33 on Macro NFT Updates & More | Overpriced JPEGs Recap #14

Transcript

it's all fun and well talked about jpegs and prices and and that and it's good to do it life goes on like you can't get caught up and focus just on on something else but just yeah remembering that there's real suffering happening [Music] hello everyone gmgm welcome back to another episode of overpriced jpegs and our favorite and only recurring segment moment of zenika with seneca 33 we're back to talk about what's happening in the market in the world there's some big world updates happening and of course the world of nfts the metaverse etc zenica welcome back as always

thank you it's good to be back it's you're in a new location as every single time we record you somewhere new i am in puerto rico today which if anybody uh uh well actually you won't have seen it yet okay the spoiler justin khan is on the podcast next week and we also recorded while i was in puerto rico and um calamity ensued as i tried to record here so you all have that to look forward to um but yes this is true and you're now back from dubai you know the world's opening up crypto is international you and i are gallivanting around the globe meeting with web3 people everywhere it's it's wild it's fun um so speaking of the world i don't know if there's anything in particular you want to say about this i know

i want to of course just say our hearts go out to the people of ukraine and people of russia who are scared right now i think especially in ukraine certainly uh as the news has broken that russia is you know entering and essentially launching full-scale war it appears in ukraine um thoughts on that seneca yeah this is all very fresh i mean it happened less than 24 hours ago the news broke and yeah it's been sort of a crazy period for everyone i guess in the space and in the world and trying to figure out what's happening and a lot of panic um understandably you know this is a war it's it's a war in the 21st century that's of a scale that we you know haven't potentially quite seen

um you know yeah it's really scary and i think it's flowing into the nft in the crypto space all you know markets are taking a hit and people are panicking for all sorts of reasons but yeah i always just try and i've been trying to frame things in perspective and zoom out and really think about what matters in in life and yeah it's it's all fun and well talk about jpegs and prices and and that and it's good to do it life goes on like you can't get caught up and focus just on on something else um but just yeah remembering that there's real suffering happening yeah yeah absolutely and how fortunate we are to be in a position to spend our days worrying about the price of a board ape you know in the grand scheme of things

that's a tremendous privilege so yeah absolutely hearts out and there's so many you know i know i've listened to listeners of the show who are uh in ukraine and russia and um you know so again just thoughts with you all uh it's such a lame thing to say but what else what else can you say really i am noticing a lot of um people and projects in the nft space are like rallying around trying to figure out how they can donate where to donate to and like again it's not it's a drop in the bucket in the grand scheme of things but it's nice to see this outpouring of support from the web 3 community to try and do something yeah if you spot good projects supporting that and i'll take a look too and we can drop them in the show notes before this episode out just if there's

i have i haven't supported a list of a few that i have to go through later today actually so yeah okay awesome uh well and the other the other kind of speaking of scary moments this was specific to the web three worlds was the open sea what didn't turn out to be an open sea like you know it wasn't their fault yeah but yeah but it was certainly it was connected to open sea and scary and actually then i got so it was you were the one who first alerted me to this your post in zen academy i was in denver as i think a lot of people were i was there for east denver i was at a bar i was at it was the nft now event and i you know yours always catch my attention and it was like hey everyone

like so sorry for the pain i forget what you said like the first line caught my attention as i like looked down at my phone at the bar and was like oh this seems weird and i showed it i was like bankless guys i like showed it to him and he was like oh is it something with like zen academy i was like i don't know it seems broader than that but who knows and then of course all these other things started coming through from yeah from other discord so do you want to break down for us sort of what we we know ultimately happened yeah i'll break through like what we thought happened and then what ultimately happened so the night it was saturday night um and then basically news started spreading like wildfire because people were having their you know their nfts drained from

their wallets i think a lot of really high value nfts from a lot of people were being drained a lot of azukis board apes you know nft worlds nfts worth tens to hundreds of thousands of dollars were all at the very same time getting sent to one wallet and people were going on twitter saying you know my nft is being drained i've been hacked and then someone said that it was due to the open sea migration contract so that openc is changing their contracts version one to version two it's just it's going over a weak period and it's like a change in open seas so somewhere the idea came that maybe the first few people who had this happen had all migrated or something and they identified that as a central point then there was a lot of

panic around that and then um there was also at a certain point people thought the x2 y2 marketplace had something to do with it because again that's a new marketplace and airdrop people claimed they approved assets for sale there stuff like that and interacting with new smart contracts is always a little bit scary and uncertain and so that was sort of the narrative for 45 minutes to an hour i think um as people were still digging and finding out what really happened um and for an hour more and more people coming out saying they their assets were getting drained you know they got hacked and more and more of this was happening um as time went on though it it sort of became more and more clear that it wasn't due to an exploit in open sea wasn't due to

a bug in their contract or x2y2 because all of the people who had their assets stolen had signed uh like approved the transaction like a valor's signature basically means that they had approved that yes okay these assets can be transferred properly um and people did some more digging and it seemed like it was a it was a phishing attack basically so you know they clicked a malicious link they went to a website maybe they thought it was open c maybe they thought it was another site they were minting didn't really look at what they were signing didn't understand what they were signing and then signed away their life basically um and then there was sort of a an email going around so open c sent an email to people alerting them that they were migrating their contracts and say hey you know if

you want to keep your listings you can follow this process and someone speculated that there was a phishing email basically sent out around the same time and people clicked on that thinking it was open c i don't i don't think it's been confirmed and if anything i it seems more and more likely that wasn't the point of attack but yeah i'm not sure that we know exactly what so i think about 32 or 33 wallets in total had assets drained i don't know if it's yet known what the central point was that connected all these wallets maybe it was multiple points you know um but it was a really scary night in the nfc community because you know i i didn't know what was going on no one really knew we're all figuring it out and you know telling trying to like revoke access to our nfts

and move them to safe wallets and all sorts of crazy stuff and honestly for like 10 minutes 10-15 minutes it was really a doomsday scenario in my mind like if this is actually an exploit slash bug in the open c contract and everyone who had used this migration like hundreds thousands of users were getting all their nfts like this is a real doomsday scenario um thankfully it wasn't that unfortunately a lot of people still did have a lot of assets stolen but it could have been worse yeah no i i obviously totally agree i went home i was at this nft now party i was going to a cyber cons event later and they were sort of back to back but i you know headed back to my hotel just to like revoke access to things like check that

you know it's scary i was on my phone and i was like you can't really do as much on your phone and so i was like just like when i get back to the hotel check what's going on uh definitely deeply uncomfortable and these scams you know these these kind of scary moments i feel like are happening more often as the the scams seem to be getting more sophisticated i think i mentioned to you like jamie and pranksy both publicly mentioned this week that they were scammed yeah and it was funny i'm in a telegram chat i i sort of had this funny order of operations where i saw jimmy say like just got scammed like it happens or something and then saw in this telegram chat somebody posted like hey like pranksy and jimmy just like both got into this project

and i sort of like roughly i wonder you know is there a connection there and then like a moment later the person posted again being like wait don't mind this project like yeah pranksy was then posting being like yeah jimmy and i booked up the game so uh now jimmy was like no i was just being stupid and apparently he's coveted or something he chalked it up to that but the point being like increasingly yeah you know sophisticated people can be scammed there was that long thread recently who was that that guy who was a victim of like a very targeted attack yeah did you i'm trying to remember his uh or i think it's him um their handle yeah i don't remember their handle is this the one where they uh it went for like a couple of weeks and they almost approved all of their um wrapped ether

and like just uh the wrong contract um this was yeah this is when they're they were they're working on a dow that has something to do with like space um it's so embarrassing that that's how i'm framing it because i feel like it's actually much more sophisticated than that but it was like they're working on a very niche dao and they became convinced that somebody who had connections to boeing was then in their discord which was really appealing because they you know they were doing you know sort of sophisticated like uh what's like like social engineering capital expenditure big you know whatever that has like a very nice specialty and it was like a weeks-long targeted attack against this person

successfully convincing them that these folks actually had ties to boeing and then also themselves working on some separate project and they've been like engaged in his discord and doing graphic design work for him like actually participating as community members and then on and then on the side we're like oh you know can you stake into this contract we set up by the way yeah he was so smart and he staked not from his hot wallet he initially like you know sent things to his and then they like were pushing to have him take it from the heart from his hot wall and he was like okay like sure like i just have to like you know they made some excuse for it and he was like sort of weird but whatever and was like i'll have to read through the contracts before i do it and that's when they got

really hostile and you know started and then he was like that's when i realized something weird was going on but like holy crap i like i had no if that if somebody had done that like i had no chance like now i know i'm getting more sophisticated but like that was such a long con they were pulling that was so targeted um yeah it's just it's worth the wise be super super so so careful one of the getting an email yeah one of the um so a lot of people know that discords are getting hacked left right and center and people post fake announcements to fake insights one of the ways that you know people are doing this is they will reach out to the mods of a discord and say hey i'm launching this other project would you like to be a mod for this discord um and

offer them you know several eth or some like lucrative payment that immediately gets them oh yeah okay and it's not unrealistic for a person to sort of talk to mods from other discords um and then somewhere in the process they say um if you can just install this plugin or this bookmark or like can you bookmark this some very it seems benign but it's not and it basically gives them access to your entire discord account including if you have two-factor authorization on it it somehow bypasses that i'd have no idea how yeah so you just got to be super careful 100 it is i you know i do think we'll eventually we'll hit an equilibrium with this where you know this stuff will will die down but

simply because the security measures will get good enough and as the as the space matures but like for where we are right now it's definitely i understand newcomers sort of apprehension by my boyfriend zack you know he's sort of new to this whole space and you know learning fast but and when this was all happening saturday night he was like oh god like you know like i don't know what like what what am i supposed to do like i don't i don't understand i'm still just understanding how the basics here work like how am i supposed to you know you want me to revoke what you know it's it's um unstoppable domains is the number one provider of nft domains with domains ending in crypto dot x or dot nft unstoppable domains lets you replace your long complex wallet address with a human readable address using unstoppable

you can verify the ownership over your nfts log into web3 apps and join tens of thousands of people using them as their twitter usernames with unstoppable domains you can have all of your crypto addresses registered to one single domain so it doesn't matter where crypto payments are coming from or where they're going by registering all of your crypto addresses to your unstoppable domain all of that is taken care of in the back end better yet with unsolvable domains you don't have to worry about gas costs or renewal fees because you own it buy your domain and you can show it off as your new twitter username so you can get your name for as low as five dollars at unstoppabledomains.com everyone is talking about the metaverse these days and we're all still trying to figure out what it actually is because everyone is looking for how to get

exposure to it that is why a metaverse index fund is so important because in such a young market an index can give you broad exposure to all the various players who are building out all these digital worlds that will ultimately become the metaverse and that's why you should check out the metaverse index from the index co-op the metaverse index gives you simple easy and safe one-click exposure to the emerging open metaverse trend the mvi index contains some of the biggest metaverse projects out there including axia infinity decentraland elluvium and more so join thousands of holders who have already trusted nearly 50 million dollars to the mvi index and if you buy 500 of mvi on the dharma app you can receive 50 worth of eth on the polygon network there's a link in the show notes for you to click so you can

get started on your journey into the metaverse well on to i don't know i'll call it better news simply because it's not like objectively dark yeah um we definitely want to get into projects that are are big this week we'll talk about invisible friends you and i actually i've talked about mf is on here but i don't think you and i have talked about it nft world yeah so we'll we'll get to all that which will hopefully be exciting for folks um but let's start we've got this mutant serum being listed for like 4 200 eth or it's like you know i think it's like what is it 420 6.9 it's like 420 69. yeah yeah yeah yeah yeah yeah i you know again will space ever mature never change nfts never change

stay true to yourself um yeah do you want to kind of break that down for folks and why this feels like news yeah so yesterday i think it was the day before um so the mutants basically there's three tiers of them m1 m2 and m3 and they get progressively more rare m3 i think there's only like a dozen of them or like a very small amount and there's like 10 000 m1 and 8 000 i don't know exact numbers but there's a very finite number of m3s and they're all unique one of one mutant apes uh so obviously they're valuable and so as uh they get like drunk or like you know used um the mutant gets revealed and the one-on-one

art is revealed and you know people everyone gets to see not just the owner of the whole community what this one-on-one is and basically i think the team came out and and basically alluded to or straight up said what the all that the remaining ones were so they take the traits from the original board eight so like there's trippy fur there's gold there's you know all the different types of apes um have a mutant variety and the gold is like the most valuable type of board a and so the gold mutant hasn't been revealed yet and so we're down to three well we were down to three and then yesterday one of them got revealed it was a trippy fur one which is the second most valuable type in the ecosystem and then now there's two left and the last two are either going to be

a cheetah or gold um for eight and so yeah it's sort of like one uh this one individual i think his name is deepak he owns one of them and and he's you know he has been splashing around a lot of money over the last couple of months on buying like he he bought that uh i think he bought the alien punk for eight thousand eight thousand eight thousand yeah yeah yeah which is insane um so yeah and then he he's been talking on twitter about wanting to get in touch with the person who has this listing for 4200 eth um and i think someone saw his wallet yesterday and he topped it up with like just over 4200 so he's ready to pay that amount potentially um

and if he does he will have both and basically guaranteeing him the gold guaranteeing in the gold yeah so the gold one is basically going to be the most valuable nft in the entire broad ape ecosystem which is arguably the most valuable nft project and you know what is the value personally i think 4200 ethers is somewhat cheap for that considering an alien punk of which there's you know how many are there nine or something um went for eight thousand eth this is yeah i mean bought eight floor is higher than punk floor and it seems to be the trajectory is going up um yeah it's it's it's all so crazy though like just the amount of money people are paying for these jpegs well i had

supermassive on the show last week uh and we talked about the eight thousand eath sale and he had sort of an interesting perspective on it so deepak who is the one i'm that is who we're talking about here who's the ceo of chain so deepak had written a post and i'm going to get some of the details here wrong but it was it was essentially like uh you know rules for for marketing rules for making it in web3 it was you know something along those lines where and then the the piece here that's relevant is like needing to stand out and make a splash there's so much happening in this ecosystem all the time that you really need to stand out so he's the ceo of a protocol and to be honest like i know chain protocol

because he bought a punk for eight thousand either you know like because he spent eight thousand eight and so you know i see a lot of this like i think he very much views this as a as a marketing play for himself and his companies and his projects um and i understand that you know supermassive was sort of cynical on it also for i think valid reasons being like this is the stuff that kind of gives the space a bad rap at times right when you're really flashy and showy and like um you know conspicuous consumptiony and everyone in the mainstream looks at this and it's like this is disgusting just like people throwing around just crazy amounts of money on this stuff in a in an intentionally splashy way but but look i mean that's that's where we are and that's everything it's not like

that's that's nft yeah yachts are you know there's these mega yachts that are wildly splashy and over the top and completely unnecessary like you know this is not unique to this space so um but yeah i think this is uh this is definitely part marketing for him as well as i'm sure and it's working investing and speculating oh it's working yeah yeah we're talking about him right now i've talked about him two weeks in a row on this show there you go that's off to you deepak um interesting well and then uh in in continuing the thread of of blue chips i think people consider cool cats a blue chip right but they're sort of in this ongoing like frustration you could call it with the cool pets situation which seemed to have been just

sort of like expectations were poorly managed by that team in terms of time frames and et cetera um what's sort of the latest with all of that yeah i'm not 100 on the absolute latest but basically over the last couple of weeks i mean they launched basically first of february is when i mean that's when the sale was meant to be it was meant to be 28th of january and then they delayed to the first of february um and then uh sort of the ev everyone was excited for it it was a lot of build up they're like hey we're gonna get our cool pet cool pet eggs we're going to hatch them we're going to have our pets we're going to play this game it's on polygon it's you know play-doh earn it's fun it's like nostalgia nostalgic reminds us of pokemon all that kind of stuff and then

it just it was like technical issue after technical issue had to delay the launch delay the launch open it up stop it delay it and then finally i think the launch ended but then no one can play the game and then delays and delays and delays and technical issues and um it's just sort of for a team that is as blue chippy as the cool cats and that had up until now basically had a clean record they had done everything excellently no real dramas no real tech issues to have such significant tech issues um a lot of people are like having pause for concern and there's a lot of fun around there i'm i'm a holder i've held them basically since the beginning very shortly after i'm not particularly worried because i mean i i believe in the team i think they're great and

they're very smart and clever and i'm it's it's unfortunate that this is happening of course um i wonder how much of it is explicitly their fault in terms of bad coding sometimes it's just like polygon has issues or you know plato and games and bridging and there's all sorts of other issues that could be arising but um i think they could have probably communicated better throughout the process as well and that's what a lot of people people are unhappy about yeah it's just it's we haven't really seen a blue chip project face this level of like fud i guess is the word to call it so it's it's interesting and the floor price i think before the the cool pets drop was around 15 eth and then it

dropped to a low of six uh last night this morning right now oh this morning it actually got as low as sex but this was after like after the um the the war news broke everything just tanked yeah um yeah it came back up a bit i am i kind of want to buy i'm like debating buying one of the pets because they were at like a one and a half or something and we had this thing we'd buy in at like two you know you would say that and i i i didn't yeah yeah well you have you have enough right i have none i have no sort of exposure to the cool cat world and i i i still remain i agree like long-term bullish on them i think they have so much kind of community support behind them even while people are maybe

frustrated by what's happening like i don't think you're going to see the cool cat community like disintegrate so i i will consider it i will continue to consider it and probably not do it and then feel bad when it like skyrockets to five years someday that tends to be my general pattern it is odd you know it's funny because i think uh i don't know why it feels more intuitive to me that the stock market uh suffers under geopolitical instability than the nft market like the fact i that i guess people just like want to pull their money out because they just get scared and you want to get into like a conservation mode of like i want my money on hand in case things go wrong so it's the exact same dynamic at play but for some reason it feels i guess because it feels like we're in

our own little world here in nft land that yeah it's almost uh i don't know it's it's funny to me that you have um you know a connection there as well yeah it'll be really curious to see what happens over the coming weeks just with every market but i wouldn't be surprised if the nft market does sort of continue to be in a little bit of a bubble and world of its own um [Music] but yeah who knows so actually we didn't do we didn't do macro updates up at the top yeah which is of course where we usually start i think because again i'm sort of distracted by the ukraine russian news um but one thing i wanted to ask you on the macro update piece and i don't know if you have other thoughts but you know we we've sort of been talking like oh is

there this decoupling that's happened with nfts and and the crypto markets and i think the conclusion has sort of been like yes but but i also was curious like are we actually starting to see the an inverse relationship which which has a which is logical right like as the price of eth goes down you see the nft market right have you know higher volume more of a bull market and then as eth climbs sort of um you know the the nft volumes at least go down it feels like we're starting to see that which would be a sort of a logical place to land for hopefully obviously whatever reasons like in some ways it was odd that previously they were in lockstep um i don't know what are your thoughts on

that i think that yeah when eath price is down and dropping i think when it's in like this highly volatile state nfts are still a little precarious and no one really wants to jump in but once it settles like we saw that it settled around 2400 for a while a couple of weeks ago january and then it settled for 2900 3k for a while and then you know nfts were still pumping once it had settled at a certain point and i think yes a lower eth price is generally going to be good for nfts because a lot of especially new people to the space they frame everything in in us dollars or euros or fiat wherever they are um and if they're going to buy in um you know an nft that's a 0.1 mint all of a sudden goes from 350 to 190 you know

depending on how much each crash is and it's a lot more appealing um and accessible for people um and just gas as well like gas costs when metamask pops up and you see the gas amount in in dollars or euros or whatever currency um when that's lower it's a little more palatable to say yeah okay i'll i'll spend 20 or 15 on a minute versus 55 on a minute or something like that um on the note of decoupling though one thing i've noticed lately in terms of the whole macro market is up until say a month ago i think the nft market was it sort of moved in unison so like if if prices were dropping it seemed like pretty much across the board prices were dropping and things were pumping

pretty much universally things were pumping maybe like the blue chips would start and then other projects would follow but everything would sort of work in in in lockstep and that's how it worked now i think we're starting to see like i would say that the whole the macro market is kind of a little bit bearish at the moment the last few weeks even prior to the to the war um prices were bleeding dripping you know bought apes went from 120 130 maybe down to like 90 um and just slowly bled um cool cats obviously dropped a bit a bunch of projects dropped but there were plenty of projects that were pumping and doing really well mfa's nft worlds two obviously obvious obvious examples and then a bunch of new projects that you know

we were joking about we haven't even really heard of or done a lot of research on like three landers and tubby cats and all these projects popping up and flourishing so it's it's now getting to the point where it's not like the entire market is bullish or bearish it's whether it's certain sectors like new projects or blue chips or gaming or just individual projects within there that and i think that's healthy i think that's good yeah yeah i mean i i've been struck by this like it it it's always moved fast but it somehow feels like it's moving even faster like trying to track i mean i feel like i think it was three weeks ago i was talking about creeps which had been sort of on the top charts where we i don't what's happening in creeps right like i have no idea i haven't even

thought of them for age ages totally and you know i kind of checked because that was the example that it popped in my head and you know they're they've they're they've declined steadily but hey they still they're still like a several east project like they're not yeah you know they didn't disappear off the face of the earth like that's how fast this is moving that these projects that i was like all right i really need to finally cover this one you know it's like it's irrelevant yeah yeah yeah it feels irrelevant i'm not actually calling it irrelevant right but like it feels irrelevant within a couple of weeks so yeah and then i mean some of the top volume projects the three landers tubby cats eden horde cat blocks genesis you know these like all did thousands yeah of ethan volume in the last 70 days and zadek and i were joking

were like we literally know nothing about these projects i know nothing about almost any of them it's um yeah it's it's really wild uh and i you know i i wonder too to some extent for for you and i who both sort of are generalists in this space and sort of you we have different jobs because i'm a little bit more centered on content i think than than you make a lot of content but i feel like you're first a d-gen you know it's always yeah i still check floor prices all like yeah all day every day all day long yeah yeah yeah and i'm i've always been a little bit less almost more content first right and and i think it does make me wonder sometimes like people talk about this from a trading perspective but that need to specialize

a little bit like how can you be tracking like the metaverse fashion market at the same time you're tracking the you know general pfp community membership mark at the same time you're talking the gaming market at the same time you're tracking the music market like holy [ __ ] like you know in the real world we have people who to some extent like have niches yeah and uh it used to be like eight months ago 10 months ago you could just be across all of the projects because we had two projects launching a week now we have 200 launching a day so yeah yeah yeah it's absolutely wild and i think gaming in particular i mean i see so many you know pde or and otherwise and just kind of general mmor pg whatever those acronyms are like i i somehow you know

a lot of those come across my radar and not that i do deep due diligence so i have no smart point to make about them but there's so many that feel like are just emerging one of the other oh that was actually a point i wanted to make on the as we were talking about the cool pets sort of saga for lack of a better term you know i interviewed justin khan yesterday that that episode will be coming out next week but he he's you know long-term bullish on gaming and nft gaming and has been uh talking about that pretty publicly and he was like you know the reality is it takes two years and you hear this from other people it takes a long time to build like a good game like that and you add on the you know kind of this is

a new area like these are not things that can be spun up quickly and done sort of at the quality that people are used to in the call it traditional gaming world so he's really excited he's like there's a lot that's in the works right now that's going to be fantastic but you've got these people coming from aaa game studios who are starting to build who who are who are the top at what they do it's just like there is a time lag because it takes time to do this really well so i do have a certain amount of empathy for the cool pets team you know not that this is the most complex game i don't know the the the details of the game but like that's a big undertaking um yeah it's not easy and so you know i i do have some some

sympathy there um okay well the other the project i feel like the project of the week that certainly feels unimpacted by anything else happening in the market yeah is invisible friends crazy crazy crazy project it's been so hyped and so they've been building for months um yeah so they there's 5 000 of them they did a mint list only so there's no public sale it was extraordinarily difficult to get on the mint list um understandably because i mean they have 500 000 people following them on twitter presumably close to that in the discord there's i know there's a ton of people in there um yeah so the the project itself like it's these

animated walking 3d people invisible people so like it's like yeah it's like you see the sunglasses but it's like not on a face yeah like their hood is pulled up over a head but there's no there's no face i think they look awesome they're very very cool they're different they're unique it's and the artist behind it is you know he's renowned he's been working in you know 3d animated art for many many years marcus magnuson marcus magnuson yeah and um yeah so i mean everything's great but it just got hyped and to oblivion basically and so the mint price was 0.25 and basically immediately they were selling at 10 eth eighth and and they dropped a little bit

to eight ish and then now they're sitting around nine to ten again um it's just an insane project and actually before before the public sale went live they had a a charity auction so he created a one-of-one gold invisible friend and said you know the winner of this auction or all the money will go to charity and the winner will get this gold one but also um five uh five tokens of the invisible friends collections just airdropped and it sold for 500 each so or 496.69 because again yeah yeah of course it's not after you yeah um yeah what is your take on like does it deserve this hype

like i feel like azuki and i i actually sort of at the time was like had i seen nuzuki before it was crazy hyper i understood why it was hyped but but the answer was maybe sort of yes like i think at the time i said i don't know but the truth is like that website was really well done the erc721a innovation was obviously like showed the technical savvy of the team the entire thing yeah and now i i really like this art i i actually like i it resonates for me probably even more than like azuki art does to some extent and like that i'm like oh this is cool but beyond that like again you know why do some of these projects just kind of hit like that do you have a perspective on this one yeah i think it um

it's just supply and demand and scarcity and and fomo and all sorts of stuff so whether what is whether it deserves a price or not it's so hard to tell because if you really break it down the tangible value on almost any of this is just nothing it's very minute it's all just like what are people that are willing to pay for a thing whether it's for clout value or or if they just really like the art and want it and there's so many factors that go into consideration um i think it's it's unique and different but um and clearly had a lot of work put into it and if it's if there's utility attached in the future there could be value there but i don't know i think so i i have one i'm into one because i owned four pieces from the previous

collections that gave me the mint list spot um mood rollers and slim hoods yeah that's part of this because this is all part of the random character collective random character collective right so they had two previous drops that didn't have this kind of hype i mean they did well and but yeah then uh and then if you owned four of them that entitled you to to an invisible friend yeah basically so yeah the random character collective is this group of uh 3d animated artists who came together and said you know they were doing things individually and then why don't we just bring this collective together combine our communities our art is somewhat similar and in that style um and yeah so i have one and i mean i don't want to sell it at 10

eighth but i also don't want to buy another one at tennessee it's a really like i have some like i want one like i want to keep one just because it's so again it's really cool and like i like the look of it and you know now we've seen i think a phenomenon maybe we had never seen before where there were a lot of derivatives and copycats launching before this even launched and people was taking this style and like trying to copy it and launch all sorts of fake projects and scams and stuff um and now there's another one coming up i think imaginary ones that is very similar in style somewhat similar style um and so we might see this era of more like animated 3d

pfps or art or style and if that happens and becomes a big niche of the space and invisible friends was like the first i think there's there's value in firsts in this space um the collection size is small that's 5k versus the 10k sizes the unique ownership distribution is really really really good so everyone can only make one so there's like 5 000 of them and like 45 4 600 unique owners um i don't know a lot of people are saying it's gonna dump i would not be surprised if it does but i think it's and a lot of people are comparing it to like mecca verse and hate yeah and these other projects i was saying i was actually literally as you were saying that i was looking up to see where hape is at right now in terms of tapes at like two two to three oh my

gosh okay yeah if i may though this art is way better i hate the hate part and i'm not i feel bad because there's like real people behind that project and i i don't think they're not a rug they're like actually doing their best yeah yeah i so i don't like to be like you know mean but like i really hate that heart i find the glossy sheen on the hapes like yeah gross uh so again not everybody's got their own style and their own taste this is not to be like mean to a team that's doing their best but uh yeah i mean way more i would agree like i hate uh i think the the sort of like the trailers and the hype seem better to me than the actual output yeah and um i mean

tbd for invisible friends because currently they're all pre-revealed so it'll depend but based on a lot of the previews i've seen it it looks very very cool and awesome um everyone well not everyone a lot of people seem to think that it's going to go the same way megaverse and heap and you know the floor will drop to two three four maybe less eth um again i wouldn't be surprised if that happens but it to me it does seem different and you know famous last words uh i can't remember who said it the four most dangerous words in investing is this time it's different so yeah who knows yeah yeah yeah fair uh i was looking at azuki too because they're azuki's holding strong at 10. i need to get somebody on here whether i mean obviously it would be great to talk to

the azuki team which you know them but like even just like somebody who like spends all their time in that discord like tell me what's going on there that has made this community hold so strong maybe you know then but i i i don't but i know someone who does or i know someone can talk to you if you want like okay i want to bring this bring this uh i don't know if it's even alpha i want to bring this insight to the overwatch jpeg's audience because it's like this big question i have like how has this avoided the fate that so many other projects that were super hyped it's like azuki and doodles i feel like those are the two who like haven't sort of experienced kind of big dips at some point for super high projects post sort of an explosive like post

reveal time yeah doodles went up ah not doodles uh zuki went up so quickly as well like just so fast and and but did they have it they had a slight post revealed dip like that was the thing with doodles that was no they didn't was like they didn't they didn't either okay so i wanted to buy it yeah yeah i was like i'll wait um most projects do but you know occasionally you get the exceptional ones that don't and it didn't it just went up and up and up i guess that you know that they're they're i always want like things to make sense and be logical which especially in this world you can't really expect but like you know i'm just like there must be an answer to that there must be a way to predict in the future when that you know

yeah when you'll have that dynamic and of course there isn't in all likelihood but i'll talk to your azuki friend because i would like to get the perspective of somebody who's like deep in that in that world yeah axiomfinity is a game universe filled with cute fascinating little creatures called axes that players can collect as pets players aim to battle breed collect raise and build kingdoms for their axes there are and will be many varied gaming experiences for axes many of them having players compete with each other using complex strategies and tactics to attain top rankings or be rewarded with coveted resources others will have them complete quests defeat bosses and unlock in-depth storylines there are countless unique axes that players can collect with varying body parts and experiences the axi universe is a player-owned economy

where the players can truly own buy sell and trade the resources they earn in the game through skilled gameplay and contributions to the ecosystem it's a digital nation where people come together globally with their axes to play earn and live join the axi revolution at axiinfinity.com bankless polygon is ethereum's largest and most vibrant scaling solution to date with millions of monthly users and all of the biggest defy apps the polygon ecosystem has turned into a blossoming metropolis of defy activity transactions on polygon are quick and cheap allowing users the freedom to achieve their defy goals all while being economically anchored to ethereum but polygon isn't just the proof of stake sidechain the polygon team is building a suite of scaling

solutions including polygon hermes maiden nightfall and xero all with different design choices in order to be optimized for all possible crypto use cases if you're a developer who wants to build on the polygon ecosystem go to the link in the show notes to check out their fantastic documentation and if you're a user who just wants to experience fast and cheap defy you can bridge over your eth or other tokens and start playing around with any of the thousands of applications that are available on polygon okay other projects again i've talked about mf's a little bit i've kind of given my take so i would love to know yours i like they continue to do well okay yeah well you love the cco project i love cco i love memes i think there's great power and memes um yeah there's sartoshi you've got the

you've got the kind of like known respected artist piece yes yeah that's huge and you know founder and you know he's very hands-off and it's community doing everything it's very the art is very simplistic um it's like stick figures but it's because of that that these derivatives can thrive and people can meme and yeah i i'm a huge fan i had like 40 of them um i sold a few yeah i sold a few when they were like five six eight because you got it and i i felt like long term this is i'm really bullish on them so i felt like a little icky but then also you got to take profits and that's just stupid money that was one of your that's when you're gold right you

were you were one of your goals in the last when things started to be a little bearish right wasn't it or when crypto started tanking was to take profits more yeah like three three and a half now three three and a half now yeah they hit six ish um wow but then they started retracing a bit and then again this war news dipped it but they've been holding strong actually around the three mark the last 24 hours um i i just like i love them so much so david hoffman of bankless loves mfa's and like you know the bankless guys david and ryan like they they're they've historically been more on the d5 side right they're a little bit less than like nft world but they just absolutely love mf and for him it's just like this perfect level of like irreverence and kind of like you know middle finger

with a smile like there's just he just loves the vibe the kind of yeah i really do think it's it's irreverence it's the right word for them um so i don't know to me they seem like the the crypto punks of this era it's like yeah wow bold statement yeah yeah um i guess we'll see after just selling some but yeah let's um yeah let's see yeah but the community is just doing so many cool things with it like every day you scroll twitter and i see like fun derivatives and memes and and stuff people are created and some of them are very high effort and like there's a lot of work put into them and then

yeah i don't know yeah it's we'll see we'll see that we will okay final project i feel like we want to actually there was one other thing i wanted to talk about before we do our final project final project is nft worlds are you tracking the the punk sail withdrawn the sotheby's like not really i just saw that there were it's like 100 punks right 104 or something yeah yeah some 102. somewhere between 100 and 104 punks yeah it's probably 140 and they were going up for auction and last minute the the seller pulled out and said i want to huddle and i think there's sort of questions around is that because like they actually suddenly became super bullish or because they felt like they weren't getting like because of the market you know the

market instability right now around again geopolitics et cetera like they felt like they weren't going to command the price they wanted um that it was supposed to take place last night i actually wanted to be there it was in new york there was like a southerners event for the whole thing and um of course i'm a puerto rico so i couldn't go yeah but um interesting yeah my guess is that just because the market was so bearish that they that they didn't want to do it um and it'll be so bad for the overall market and the punk market if it's sold for like eight million or something yeah yeah absolutely so yeah okay final project nft worlds

uh i might give kind of an overview here just just of what this sort of is for anybody who hasn't been tracking it and then i don't know i want to hear your thoughts does that sound sounds good so from my perspective this is this like you know metaverse call it right that has sort of emerged and like at least temporarily like overtaken some extent sandbox essential land like these platforms that feel like they've been building for much longer um i i could be skewed and sort of that's just my perception of when i of how i sort of became aware of this whole thing but the you know the the uh the highlight here the important piece of this is it's a metaverse whose base layer is minecraft it's like the minecraft worlds

minecraft being i guess the most popular game of all time i think or the best selling game of all time but it's also an open source world so you can build on the minecraft ecosystem in the minecraft uh you know game and so some folks have have pulled from that open source to build these minecraft worlds uh in sort of a metaverse formats they're selling like mine like land in their metaverse like any others uh that's of the minecraft look and feel and they have a governance token world wrld that is you know their equivalent of sand or mana that's their you know governance token and i think my understanding is like their argument that the pro argument here of course is like okay you know you have a

lower buried entry to participating in a minecraft metaverse because you have this global community of people that have already built on it and understand it and you know love it on the other hand that's perhaps your your downside too which is again you're pulling something that is open source that anybody else could come along and copy and so [Music] you know how do you maintain your advantage in that scenario that's my understanding of where we are and what's going on what's your take on all this yeah that again yeah that's basically it and so like the worlds are all minecraft worlds i think the comparison to like sandbox decentraland and these other metaverses

it's interesting because for starters there's only 10 000 nft worlds compare that to sandbox there's i don't know two three hundred thousand i don't know how many plus 100 6 000 right for sandbox yeah sixty six thousand yeah so way more plots and also the plots are way smaller in sandbox and elsewhere so one nft world is much larger than every sandbox plot combined is like an enormous world um which is it's just such a fun or like just crazy thing to think about like this is all just digital land digital assets like anyone can make it infinite if they want it like there's no we're all placing these arbitrary restrictions on the sizes of these things and so yeah nft worlds just came

along and said all right we'll do a minecraft world be enormous um people can build whatever they want the the infrastructure is very easy because anyone familiar with minecraft can build on it and we'll integrate it with web3 so then they you know they've made it so that people can bring assets into the world like web 3 nfts and then the world token is like this native currency i think they've set it up now so there's a shop in in the game where you can buy and sell in-game assets with world without paying gas and it's just like this really cool function of feature that's it's just a lot of immediate utility and so yeah i mean they've got plans and they seem to be executing well on them um it is a lower barrier to entry both from a technical point of view because a lot of

people know how to build in minecraft um but also financially speaking so like obviously the world's they were free to mint as well that's another thing there was a bit of a gap now it's like 16 i think uh no it came come down a lot it's like 10 10 or 11. oh okay i think 17 or 18 and then dropped to like 10 or 11. um but so yeah it obviously it's not cheap anymore but what you can do is if you have a world you can subdivide it you can rent out parts of it um and either yes for someone who wants to build on your world can take a tiny part of it because again these worlds are enormous um and what we're noticing is a lot of projects themselves are buying worlds because you know instead of buying three

or four sandbox plots you could buy an nft world and build more quickly on it and integrate more easily on it i guess and and have it more usable um and so i think that's been pushing the price up a lot it's where like projects themselves are buying because obviously a project has most projects that are successful have large treasuries and can afford 10 15 20 for a plot or two um yeah i'm i don't really know what the long medium long term yeah so i i minted a bunch and i still have five and and so the way they do yeah um i

yeah i have too many nfts um so they you got like an airdrop of world token in january i think and then there's another one coming up sometime soon and then i think i think it was late december was the first and now first one yeah so the next and then i think you'll be another air drop yeah and then i think you'll be able to stake your your worlds um and just generate more world token as time goes on um and i think i was listening to someone i don't know if this is official or not it might be spreading bad information but i think what i what i remember hearing was that um the way they're gonna structure it is so like to incentivize people to build really good things on their their worlds the worlds that have the most people coming to them so like the best games and stuff

like that they will get some allocation of world token from like the treasury or something so there is incentive to build great things and have people visit your worlds as well i know 50 of their world token allocation is rewards now whether that's like quest you know rewards or for people building on it i'm not sure but that again do your own research i'm not sure we may be yeah we may be spreading false information but yeah it's a significant chunk of world tokens are reserved for like a reward system for people in their ecosystem yeah um well awesome i'm intrigued for sure and uh i think

you know this will be a a battle we'll be tracking for literally a decade or more so we're going to see so many more pop up um i mean coming out it's supposed to be coming out this year because they did the alpha hopefully yeah you know yeah we're supposed to be people i think everyone yeah sort of had rave reviews so i'm sure sandbox is going to be massive as well it's got so many collabs with projects and people have been building there for a long time so it's hard to imagine sandbox not being absolutely enormous and one of the main metaverses agreed now with the caveat that i i have heard from somebody recently who who has some sandbox land uh and sort of part of like a broader brand

call it they've had some frustrations working with sandbox in terms of feeling like there's some disorganization and some sort of like just lack of awareness around sort of them and they're yeah i don't know you know i don't want to say too much um yeah and certainly don't want to put anyone up last but all these projects you know it's it's tough you're managing huge ecosystems a ton of hype money etc so i'm i'm also i would say yes on the sandbox but i will say i've heard people who are working closely there you know some some frustrations yeah i'm i'm i've heard someone talking about a metaverse project the other day where it's just like infinite plots it's it's just like you know there's anyone who wants to build can

find which in one sense makes a lot of sense for the digital world like you know why we arbitrary placing you know there's only this many plots in the world but um yeah i don't know where we end up i think we'll have a mixture of a bunch of different metaverses that all have different nations in these cases yeah yeah absolutely and it's it's also going to be like an elite and a status thing like the real world is you know like going to soho house means something to some people and not everyone can go and so you'll have a similar dynamic happening here where a certain world you know we'll want to congregate in certain worlds based on what we think it signals about who we are and getting to be there etc etc human nature cannot be

changed fundamentally by technology the problems that exist because of fundamental human nature will persist yeah well awesome any final updates thoughts things you're uh you're grappling with these these past couple of weeks i i felt for a couple of weeks that the whole market is in this like precarious state market that's the word yeah it's like on a nice edge it feels frothy it feels like there's a lot of projects a lot of derivatives and scams that it's like a minefield to sort through and wade through um i still feel like that right now and it's just you know dialed up to 100 with with the the war breaking out yesterday obviously um just a reminder in mind to be mindful of

like obviously perspective of everything but also it's like to take profits and to make sure that you're not f you're not in a position where you're over leveraging nfts you're too reliable on nfts or even crypto in general because it's all risky and volatile and um it's very easy to find yourself in a position without really intending to be to have like any inordinate number a percentage of your portfolio in nfts just because you bought them and then they go up 50x now all of a sudden you have these entities that are worth so much um and if if they tank a lot you'll be really upset so just take profits is yeah yeah and also it's you know i've spoken about this right it's hard because there because there are so many new projects coming

all the time that you want to buy into like the stock market doesn't work like that you know like i have my recurring buys on on some like say you know some index funds that give me kind of broad coverage and i'm not like you know i'm not tracking every new ipo yeah and constantly like fomoing wanting to like buy into that where it's like kind of sucking up increasingly like what you have you know and uh but nfts have that quality where like you've bought it and you don't want to sell the projects you're already in but then there are new projects coming out that you want to buy into so it can very quickly and insidiously become something where you you do have sort of too much locked up there so yeah yeah take take breath be careful absolutely all right seneca

great chatting with you as always i will see you in a couple of weeks uh thank you to everyone who listened to the team over at bank let's make this possible our sponsors and just sending lots of love out into the world in this scary and tumultuous time thank you [Music] hey we hope you enjoyed the video if you did head over to bankless hq right now to develop your crypto investing skills and learn how to free yourself from banks and gain your financial independence we recommend joining our daily newsletter podcast and community as a bankless premium subscriber to get the most out of your bankless experience you'll get access to our market analysis

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