Suffering From Success

(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 fellow agents. Hope everyone has been enjoying the week so far. Now that I've returned from the dreaded hellscape of southern California, I certainly am. It's been yet another week of me Chucking™ my disposable AVAX into Raffllrr and not winning anything. At least I'm having fun, right?

This sums up 2022 in nutshell for me: losing a grotesque amount of money from crypto going to 0 and revenge trading token-denominated pictures. If you're reading this, it's likely that your situation isn't too far off from mine - it's truly a team effort!

Let's get to our rundown for the week.

Market Update

With broader crypto looking relatively strong and steady outside of a brief hiccup yesterday, I think we can expect to see good volume for AVAX NFTs in the near-term. This can all change quickly, but this past week we had another good showing with >$100k weekly volume on Joepegs.

While I love Dune and this particular dashboard, if anyone has an aggregated data source for AVAX NFT volume (ideally including Raffllrr) hit my line, because stuff like this is going unaccounted for:

Yes, I've lost all of these whale giveaways, but I'm really vibing with the willingness to incentivize fellow plebs to get involved and potentially win some AVAX NFTs. Kinda begs the question if stuff like this can be used to onboard folks that aren't using AVAX - I think that would be pretty compelling, but alas.

Project Update

Despite a relatively high-volume week, floor prices would have you fooled. As much as I LOVE Raffllrr, I have been wondering: do people winning NFTs immediately floor it to capture profits, and is that reflected here?

Largely it looks like most projects are flat here. Genesis Chad Doges dumping makes sense, but I'm not entirely sure why Supers followed. Again, there seems to be significant mispricing here and I think the market is still trying to figure that out.

Shout out to RockDog for an excellent 1/1 pull. While floors may be mispriced, there's clearly collector appetite for the very rare traits and desirable 1/1s. As always, nothing I say is financial advice - do you want to explain to your accountant that you listened to a penguin and aped your net worth into Chad Doges?

Apparently yes.

Golden Tokens are the other collection that caught my eye this week. As I've covered in the past, these are the mint tokens that APA holders receive when they burn an APA in preparation for the upcoming OOPA mint.

I'm not entirely sure the mechanics, how the burn will work, so I'm bringing along Chef Goose next Thursday from the Party Mansion Studios team to shed a little more light on what they're working on, so be ready.

Lastly, Nox Beyond came out with an update earlier this month that I sorely neglected - their art is in the process of being revamped.

While this is still ongoing, expect to see upgrade optionality starting sometime in March. I've gotten sneak peeks at a few sketches and they look pretty good so far. I'm low key an anime weeb and I'm getting big JoJo vibes here, so these appeal to me personally. Their DAO has also been fairly active, with some legit and also very funny proposals coming through the pipeline lately.

Wish we did tbh.

Conclusion

Outside of the handful of projects I touched on, not a whole lot of updates to share this week. Really hyped to shed some more light on OOPA in the next article, so make sure you're tuned in. Otherwise, steady lads and enjoy the rest of the week.

Cheers,