DeFi Alpha Call #36
Join us for this week’s DeFi Alpha Call and hear from Owen of The Defiant print team as he delves into the exciting world of MAGIC and Treasure.
Also, yyctrader will guide you through a Starter Tutorial where you can learn how to open an instant loan backed by NFTs with DeFrag on Arbitrum.
Plus, get a head start with the Degen Tutorial and reserve your free TreasureTag on Arbitrum.
Finally, don’t miss the NFT Overview that includes the Sewer Pass, Porsche, Open Editions, and The Memes.
The link to the recording and summary can be found below.
00:00 – MAGIC + Treasure
04:54 – Treasure Tag
07:17 – Instant loans for your NFTs
11:05 – Sewer Pass
12:35 – Porsche
15:43 – Open Editions > Proceed w/ caution
18:28 – The Memes
Degen Tutorial
Reserve Your Free TreasureTag on Arbitrum
- Connect your wallet and sign-in
- Verify your identity and wait for the email
- Customize your tag with Twitter or Discord (optional)
- Claim your tag to participate in future events such as Treasure quests.
Starter Tutorial
Open an Instant Loan backed by NFTs with DeFrag on Arbitrum
DeFi Dad covers how he can instantly open a USDC loan backed by my NFT collateral on DeFrag! Read more.
NFTs Overview
Sewer Pass from Yuga Labs – the resurgence of play to earn?
The game is skill-based, and those with the highest scores at the end of the game on Feb 15th will be able to mint rare NFTs. The competition has become fierce, with even championship gamers joining in and many players making money by playing for others.
Porsche – a complete mess
The Porsche mint was a tough sell from the start as they planned to sell 7,500 NFTs at 0.911 ETH each. There was no community formed around the collection, and when the mint day came around, they barely sold 1500 NFTs. The company then ‘listened to the holders’ and announced they would cut the supply, but still kept the mint open.
People bought on secondary, thinking the mint was over, causing the price to rise, but then others realized it was still open and minted and sold a bunch, causing the price to drop back to the mint price. The collection ended up being smaller than intended, but prices have increased. The future utility sounds cool, but I’m staying away.
Open Editions – flying across Opensea. Proceed w/caution
Open editions are just copies of the same NFT, and their value depends on the popularity of the artist and future plans for the editions (burns etc.). However, this commoditizes the art and creates competition among owners of the same piece.
The Memes – taking a beating.
10 days ago, the floor price of almost every card was around 1 ETH, and a full set cost close to 150 ETH. There were big sales and trades where people exchanged their full sets of memes for CryptoPunks. However, this seems to have been a blow-off top for the memes.
The price of the NFTs, including Crypto Daydreams which we’ve been watching, has been cut in half across the board. The volatility in the NFT market is well known, as attention is so fickle in the space. Even the booming collections of 2021 are down 85-90%, and it’s been rare for collections to hold the community’s attention and maintain a good floor price.
I personally sold a bunch of my meme cards during the pump, but I’m now looking to buy back what I sold as there seems to be a lull in activity. The price gaps between NFT listings are generally so high, which makes it easier for FOMO buyers to drive up the price.
