Moisturized

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.

Gm kings and queens. I’m feeling refreshed this week after my mini-rant last Friday. Revitalized. Moisturized. In my own lane. Ready to deploy.

Admittedly, I’ve been largely sidelined from AVAX NFTs for the last few weeks. It’s been pretty entertaining to spectate from the bleachers, albeit a bit frustrating. I can only be so patient.

I’ve learned a lot over the past 12 months from losing money. Patiently sitting in stables for the right opportunity is not one of them even though my general thesis of the May turbodump seems to be upon us. Assuming that I still have not learned my lesson, I like a few emerging narratives within AVAX NFTs that have cropped up and piqued my interest lately.

DAO Liquidity

Earlier this week, Avalabs selected the first batch of DAOs (or “Tastemakers” - I still think this is a weird phrase) to receive funding. You can check out the full list here:

Of the DAOs selected, I’m a member of The 100 DAO which is comprised of the OG Smol Joes (more on them later). Effectively how this will work is each selected DAO will submit a request to the Mona Lisa Fund to make NFT acquisitions on their behalf. Requests will include a general thesis and rationale for the acquisitions and if accepted, be purchased by the Mona Lisa fund and transferred to the DAO.

I haven’t been following every DAO too closely but I imagine NFT sweeps will fall largely in line with their core themes and community values. It will be worth watching (and listening) to see what is purchased and how new liquidity injected into the ecosystem will affect NFT holder behavior. Really interesting game theory will be in play for those who aren’t a part of these DAOs and trying to position well.

My hope? I just want everyone to stop acting poor. Have some class.

The Expansion (of Smol Joes)

After multiple months of teasing, Joe Studios finally kicked off The Expansion this week. For those not familiar, Smol Joes and Smol Creeps are in the process of merging into an entirely new Smol Joe collection. I’ll avoid rehashing how this works for the 5th time.

After 2 hours of not realizing that I didn’t have enough AVAX to burn and re-mint my Joe, I managed to upgrade my own.

He do be looking pretty spooky. Rest assured that I will run this market in October.

The Luminaries (unique Creeps) mint window opened yesterday and the remaining Creeps will be minting this weekend on May 28th.

I’ve been pretty impressed with the Luminary creativity so far. What I think some remain concerned about is the potential dilutive value of the OGs. Personally, I don’t share this concern. The OG backgrounds are uniquely thematic and in line with their OG counterparts so it seems pretty clear from a differentiating standpoint. I anticipate the real action (and possibly some DAO liquidity?) will occur once the rest of the Creeps are given the green light to start minting.

 Ferdy Fish (Again)

Ferdy continues to reap the rewards of their burgeoning ecosystem. Sitting at around a ~150 AVAX floor, I managed to work out an OTC deal last week with Gengar for 115 AVAX. My first profitable trade here in many, many days.

Rumors have swirled around the potential launch of a $ferdy token which could be tied to multiple parameters, including ownership of a Ferdy and leaderboard standings on Ferdy Flip. Maybe - just maybe - my degenerate gambling habits will pay off.

$Ferdy utility remains to be revealed. Perhaps there is absolutely zero utility (my preference) but I wouldn’t mind if they got creative. The fact that $Justin is the first AVAX shitcoin to not die within 20 minutes due to opportunistic grifters or paperhands makes me bullish on their potential launch.

Also, they just dropped a degen tracker very similar to the BXREKT Twitter bot that we’re familiar with.

It’s little additions like this that make this project so wonderful. Expect to see me spam your feed with rekt bot tweets as I attempt to reclaim my top spot on the leaderboards from Momind.

Conclusion

With all of those in mind, I still believe that we’re due for some more pain over the next couple of weeks on the crypto front. It may be prescient to wait out the storm, or you can mindlessly ape now instead of waiting. In either case, NFTs stand to rise from the ashes and enjoy a good summer while crypto chops to death. That’s my personal thesis anyway - I’m just a penguin who reiterates that none of this is financial advice.

Enjoy the weekend gents.

Cheers,
Chuck