A $100M NFT Collection!?

Plus how to evaluate tokens and Elon vs Dodgecoin founder.

June 06, 2022

MUSHROOM ALPHA

Happy Monday! We are geared up for summer in our neon swim pants. Let's dive in.

Today's Topics:

  • $100 Million NFT Gallery?

  • How to evaluate tokens

  • Elon vs Dogecoin Founder

  • Quick Links

$100 Million NFT Gallery?

Watch this awesome interview with Piers Kicks & DCinvestor. DCinvestor is one of the most well known collectors in the NFT space.

Our take: Traditional rich people buy physical art and rich crypto people buy NFTs which are digital. Physical art is hard to store and you need a mansion to display it. Do you really want people coming to your house? You can store an unlimited amount of NFTs and easily share your virtual gallery with anyone.

Peak bull market his collection was valued at $100M. After the crypto market beat down we are estimating a value between $20M - $40M. Don't worry he won't be sleeping outside on cardboard boxes.

Magic Trick: We sum up 10 min into 1 min below.

DCinvestor considers Autoglyphs to be one of the first examples of generative art. Generative art is created using code vs paint brushes.

Art Blocks, a platform for generative art, paved the way for projects such as Ringers, Fidenza, and Cromie Squiggles. He considers these projects to be some of the most valuable and interesting in the generative art space.

First Buy: Crypto Punks

Regretful Purchases: Meebits

The NFT that got away: Wish he bought more XCOPY 1 of 1s. In the future, DCinvestor thinks XCOPY will be one of the most famous NFT artists of all time.

Lessons:

  • Be true to your authentic collector self. Don't collect what others are interested in. Focus on what you enjoy collecting.

  • Don't FOMO.

  • Buy more Autoglphys:)

Check out his gallery HERE.

How to evaluate tokens

The DeFi Edge, a prominent Crypto Twitter profile, breaks down how to evaluate tokens for the next bull market cycle.

Topics covered:

  • Framework for evaluating tokens

  • Projects he is looking at

  • Buying best practices

He talks about how protocols generate fees which help determine viability in a bear market. Use the tool Token Terminal to review.

Use the P/E ratio as a rough measure of value but not for new projects.

Take a look at the Protocol's Treasury. Are they broke or do they have a long runway?

Utility and Use Cases: What problem does this solve? How is it better than similar projects?

Roadmap: Are they delivering on it? Do they update? Make sure the team is not abandoning their project. Check Discord, Twitter and GITHUB.

Projects to research: Frax (FXS), DYDX, GMX, Perpetual Protocol, and Synthetix.

A very worthwhile thread to look at. Follow @thedefiedge on Twitter.

    Elon vs Dogecoin Founder

    Dodgecoin creator Jackson Palmer was interviewed recently and he mentioned Elon Musk's lack of coding knowledge when he reached out regarding a spam bot script. Big mistake.

    Palmer's first strike: "It became apparent very quickly that he didn't understand coding as well as he made out. He asked, 'How do I run this Python script?'"

    Elon's counter punch: "You falsely claimed ur lame snippet of Python gets rid of bots. Ok buddy, then share it with the world …"

    Elon follows with uppercut: "My kids wrote better code when they were 12 than the nonsense script Jackson sent me. Like I said, if it’s so great, he should share it with the world and make everyone’s experience with Twitter better. If he does, you will see what I mean. Jackson Palmer is a tool." - Ouch.

    Jackson Palmer's response: None

    Lesson: Don't mess with Elon.

    Quick Headlines

    Coinbase does take backs on employee offers - People are not happy about it.

    Snoop Dogg opening a Bored Ape NFT Eatery - Following in the footsteps of GaryVee it will be called 'Bored & Hungry'.

    Hacks:

    STEPN takes a breather after DDOS attack - This is the third attack so hackers really hate walking?

    Hit Reply to let us know how we are doing! We would love to hear from you.

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    Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.