Baby Don't Hurt Me

(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)

Good morning bruhs.

Candidly, I’m not sure how to kick things off this week. My dopamine receptors have been cooked for the last 48 hours. For the second week in a row, things are actually happening on AVAX and my monke brain has proven entirely unequipped to handle it.

To be perfectly clear - this is the first time I’ve felt exhausted from having TOO much fun in NFTs. For context, this is being written as of last night on a long plane ride, where I’ve probably spent the last 2 hours staring at Twitter and giggling incessantly at all of the shitposts and pasta being thrown around. However, this isn’t your normal Twitter scroll. All of these interactions have been underpinned by unmistakably good vibes.

It really do be feeling different this time. With many traders on ETH exhausted from Blur farming and just generally becoming bored, AVAX has a great chance to capture the attention of the NFT space in the near-term. I expect things to happen slowly, then all at once now that The Plan has been unveiled.

People are making money and having fun on AVAX now (finally? for once?). Roll these all together and you are given a potentially potent formula for success.

Before we dive into these wildly foreign concepts of “money” and “fun” in AVAX NFTs, let’s take a quick look at The Plan and what was unveiled yesterday.

The Future of Florence

If you build it, they will come.

After weeks of teasing, The Plan has finally been revealed - or should I say The Avaissance. Please do not ask me to pronounce that out loud.

Glad I can finally talk about this one. I think this is going to be awesome.

Delivering strong incentives for new creators to come to Avalanche, who receive funding from Avalabs directly to bring new projects to life under the mentorship of reputable artists is a really ambitious idea.

While we have some great creators here already, onboarding new artists into the ecosystem who may have existing audiences attached to them is going to generate excitement. I personally don’t dabble in generative art too much (outside of Ripperz), but maybe this is the time to take another look. Dom and I had a good conversation last Friday on OOPA’s Happy Hour spaces, and he made a great point that it’s important to play in more than one sandbox (PFPs, generative art, 1/1 art, etc.). You may find that you’re quite good at one of those 3 that you otherwise wouldn’t have guessed unless you tried.

I’ll get to some specific FUD a little later, but I saw some people saying: “But what about $MYBAGS???”

Fish alluded to liquidity being provided to sub-DAOs for buying potential projects.

Remember when I said I was bullish on DAOs last week? The writing was on the wall. More details to follow on this subject soon.

OOPAs

Let’s revisit the topic of making money.

Taking into account that last week was simply an outlier in volume at $450k, $250k in weekly movement is another excellent showing. What’s more is that Unique Buyers are up ~35% from last week - a really bullish sign that more people are taking the plunge or at least adding to their bags.

Looking at the most voluminous projects, OOPAs and Golden Tokens continue to command everyone’s attention. With their trait marketplace coming out tomorrow, I expect some pretty insane OOPAs to start cropping up over the weekend.

And the sweeps keep coming.

I mentioned on the OOPA spaces last Friday that NFTs are fundamentally speculative. Similarly to venture investments, one of the biggest factors that goes into any investment decision for me is looking at the team. Goose, Giraffe and the rest of Party Mansion Studios have worked tirelessly for the last 7-8 months, and I’m thrilled that the market is starting to price this in. Nice work. PAMP.

Zebruhs

Before I begin, I’ll let Justin do the honors.

Starting as a completely rugged and dead project, Bruhs have resurged with meme potential that is just as potent as Ferdy Fish. They have completely taken over my timeline.

I remember Wiz was shilling these to me earlier in the week and I said “wtf, these are stupid” as any mid-curve NFT enthusiast would. But the sales bot just kept going BRRRRRRRRRRRRRR and one of the best organic memes I’ve seen in a long time was born.

All you need to do is type in “bruh” on Twitter search and sort by People You Follow. It is everywhere.

This is a perfect example of how a meme can captivate a community. Facilitate enough buy-in from a subset of people and all of a sudden you give the sidelined money no choice but to ape or at the very least, participate in the memes.

Dread it. Run from it. The Bruhs arrive all the same.

I’d also like to point out that community engagement like this is INCREDIBLY bullish to me and has broader implications for the ecosystem. Whatever you may think of the project itself, the fact that people are throwing money at this based on meme strength alone means that projects with stronger utility like OOPAs are going to see even more demand.

This is what having fun looks like.

FUD FUN

Where there is fun, there is fud. Like positive and negative charges, these two forces always attract each other in the NFT space.

Nothing like a good ‘ol #ratio.

This thread was the source for some excellent pasta, would highly recommend if you’re hungry and looking for something tasty.

Secondly, some jabroni made a burner account called “Can We Talk About AVAX?” and wrote a long Twitter thread on how basically everything was going wrong for AVAX NFTs. Our friend Virtual Query managed to archive it before that guy deleted his account, but you can read his glowing review of the ecosystem here.

My thoughts?

Last but not least: people are literally copypasting Raffllrr onto other chains.

Look at us. People are actually going out of their way to make burner accounts, fud the ecosystem and copy what real builders are building here. We’ve come so far from the point where nothing was worth fudding. I’d like to personally say how proud I am of everyone.

That anon guy did touch on Smol Joes, which I’ve already provided my thoughts on in this thread:

I won’t rehash my thoughts, but in summary I think fading this move on Smol Joes looking to expand their brand via collection consolidation means that you simply don’t get it. And that’s okay - there are literally dozens of you.

How am I playing it? Here’s some alpha.

Take it or leave it.

Conclusion

Another great week in the books. Let’s keep it pushing fellas. With Sausagers, Doggerinos and more on the way as well, it doesn’t look like our fun is going to end any time soon.

Have a great weekend. Bet more.

Cheers,
Chuck