Broke Boys

(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. I have to admit - I really haven’t been paying attention all that much to NFTs over the last week. Last Friday, deep from within the bowels of etherscan, emerged the $PEPE token.

I was not that early, but still snagged a decent bag around $2m market cap. And well, you know the rest.

‘Tis a slight brag, but the point of my opener is that the advent of $PEPE, which may very possibly become our 3rd blue chip memecoin in the next bull market, has captured almost ALL of the attention from NFTs. We’ve had a strong downtrend continue over the last week, which was initially started by our huge wick upwards in coin prices.

Crypto volatility almost always gives way to NFT floors caving. Most want to move back into their denominated tokens of choice so they can catch the move up. Since everyone has the same idea, we usually see floors move pretty drastically in relation to underlying token price changes.

While not related to Avalanche, this thread illustrates just how much attention has pivoted away from NFTs.

I haven’t been terribly surprised at the NFT capitulation across the board this week. What I am surprised by is that AVAX can’t even do shitcoins right.

I guess a bunch of Campfire guys started a PEPE/WAVAX pair yesterday and were shilling it all over Twitter who then proceeded to dump on everyone for 80 AVAX. Nice.

I’m not one to sell shame - go get the bag. This is a PVP environment that takes no prisoners. That said, it would be nice to pretend that we had any sense of what it’s like to have money.

Shortly after this, I ended up buying Wojak out of spite. Lead from the front, especially in shitcoins.

Anyway, rant over. This week will be brief but let’s get to our weekly recap.

Market Update

I’m excluding the other marketplaces this week as Chikn saw a 127% increase vs. last week.

I gotta be honest, I knew we were down bad but I didn’t expect a >50% pullback. Just goes to show you how much attention has left the space lately. Many NFT holders are finding better returns elsewhere and it’s important to stay nimble in this market. I’m certainly in that cohort as well.

Outside of OOPA and Chad Doges, most other projects didn’t even sniff the top 10 in volume this week. I won’t reflect much on price performance this week and will focus more around a handful of project updates.

Sausagers

If you’ve seen some haunted hot dogs on your timeline, thank Will and the Sausagers team for spawning this project into existence.

I’ve been looking forward to this project for months. Will has been a great part of the AVAX community, leading the charge on Shidizens and now Sausagers. They look primed to do well and have already started to cultivate a cult-like community on Twitter. I’d check out their website as well - I believe they’re going to have a mint experience here. As I’ve said in the past, really bullish on projects who put in the dev hours up front to move away from Joepegs to create something truly unique from a UX standpoint.

Peons

Over the last week, Peons has been continuing to tease their upcoming art upgrade.

While I still think this will take time to be priced in, I couldn’t help but feel a twinge of being annoyed after the news about how the art upgrading will work.

To break it down, Peons will be sorted into 3 different classes. Originally, we knew that Top 500 Peons along with Rainbow Mouths and Nudes would roll right into the Rich class. However, it looks like now there will be random Peons outside of those parameters that can randomly roll into a higher class.

I bought a Top 500 Peon with the expectation that these would be more unique. Don’t want to fud my own bags here, but wish this was communicated a bit better. I’ve no issues with changing plans as it’s important to be dynamic as a project, but need to align these announcements in a way where they don’t impact holder expectations when trying to anticipate a key update.

In any case, I’m looking forward to these being rolled forward.

Conclusion

I’m keeping things light this week. Lack of sleep and staring at charts has me absolutely gassed, but at the end of the day, I’m having a great time. Remember to T your P’s and stay frosty.

Cheers,
Chuck