Theme: Can we stop saying blue-chip NFT?
- In the land of equities https://www.investopedia.com/terms/b/bluechipstock.asp
- One criteria: Have you survived 1 year or more and lived through a bear market with the same team maybe you are a blue-chip…
- Affordable project: Bankless DAO: https://www.bankless.community/
- NFT News
[00:00:00] Today on all about affordable NFTs. Can we stop saying blue chip NFT? We'll get into that at first, Andrew, what he's seen in the news?
[00:00:10] Well, I think you know, this is maybe alluding to one of the things that I'm seeing in the news because ah, we saw this as Zuki has been. Maybe claim to be a blue chip and Ft who that has taken a big hit. The the founder came out and exposed himself to have been a pro Ben, the founder of three previous projects that, you know, you can debate the, the, how much of rugs they were, but he definitely took a lot of ease and didn't deliver everything.
[00:00:42] Deleted socials, maybe impersonated a female persona in a, in a Twitter does account for one of the projects. So all these things, so. That's a Zuki project clearly fell out of the blue chip status quickly. The floor went from over 20 to under 10 fairly quickly. Although I believe it's still holding around 10, somewhat, surprisingly to me, I haven't looked at the last day or so.
[00:01:10] But yeah, that's a, that's one that I think is maybe triggering the the title here is I think we've got to look at this. There's no such thing as a blue-chip in NMT because they are an FTS. Pictures, they're JPEGs. They are digital files. And we've only been doing this for how long there's the oldest ones are like six years old.
[00:01:31] I mean, like the oldest, oldest, oldest, come on, you know, there's no such thing. We know that there's no value assigned to these are most of the time. So there's no such thing as blue chip. We got to get over that. Right. But that's what we were seeing out there in I don't know, other craziness that we didn't even get to talk about last episode
[00:01:50] It was, it was a bombshell that this went off and like, it was like everywhere. And then suddenly it was just, we didn't even mention it last time. Cause it just like, you know, it would have been the entire focus of a whole episode, but you're like, ah, well, so it goes, you know, like what?
[00:02:04] Yeah. Do you know what the floor actually is on a Suki now, did you
[00:02:07] Yeah, it's a little over 10. I just peaked it. So it's, you know, the community is holding strong, but there's a lot of A lot of negative, a lot of negative pressure there. And also it's just, I can't get behind the impersonation elements. The, you know, I want to be careful because founders are allowed to fail. However, the way you fail is very important in crypto and rugging is just something that's gotta
[00:02:31] mean, you could fail, but better disclose what your failures are, disclose your past projects. Say what you're doing now to learn from that. Not after the fact not this was, you know, and I listened to a Twitter spaces that he went on with. Andrew, Wing's a kind of social NFG, social media personality.
[00:02:51] And, you know, it was really disappointing because he gave very run-around answers. Wasn't. As much as far as follow-ups and didn't seem to really understand why people were upset with the whole situation. So little unclear to me why he wrote the article. There were some rumors that others knew about this and were kind of forcing him to come out about it or else they were going to meet the news.
[00:03:14] So I don't know about the veracity of that, but there's also the, I don't know maybe doing this when when there's. A lot of other negative news, you know, to hopefully have people sort of move on quickly. And I don't know. We'll see what happens here. You know, I'm looking at the sales right now and they are solid.
[00:03:31] There's a lot of sales happening. So he is certainly taking in a lot in royalties as these 10 plus eats sales. Just roll in every, a few minutes here.
[00:03:41] Yeah, well, it's like as, as they trade hands, he does well on volume. So, you know, okay. You know, not a project that I kind of ever got into around another title and you're going to be seeing, I think a lot of this is the, this from Bloomberg Bloomberg out of blue-chip NFT collections hit harder than Bitcoin in crypto.
[00:04:02] And so it's, you know, it's definitely true where you're not down 30% or, you know, under a hundred EAs on board apes and punks have fallen as well. You know? I don't know. What do you see in this?
[00:04:14] I mean, it's an attention grabbing headline. I'm not, it doesn't mean a whole lot. I don't know what blue chip means also. I mean, over what period, you know, if we want to say a year ago, Four dates have done pretty well compared to Bitcoin. If we want to go, you know, a week ago, it's different, you know, I mean, that's a sort of how, how it goes.
[00:04:35] It really depends what you're measuring. So I don't know. And they're using the term blue chip, which I wouldn't. I
[00:04:42] Yeah. that's, the blue and that's the blue chip use, right? That's why I had to include it. I had to include
[00:04:46] as that is funny. And you know, they certainly, I don't know if you're going to look at the non Bluetooth. I would say gets a lot worse.
[00:04:54] Yeah. Okay. Instagram rolling out and hefty tools this week. I guess it depends on when you're listening to this, but they're letting digital collectors show that they own a image. So there you go. Following the, you know, falling with Instagram what Facebook always does, which is copy and paste, ironically for NFTs in terms of features that Twitter has already rolled out.
[00:05:17] So now that. Maybe I, you know what, there's no like, oh, this'll bring in everybody. It is another little sort of minor move of web two to web three that might interest seven people
[00:05:29] Yeah, and it's not a real big move. I did notice that they're working with a few different chains, including polygon. I think that's what they were launching on initially. So I think that is interesting. That polygon is being used there. I think we'll see.
[00:05:40] I can bring my horses. I can get my horses into play.
[00:05:43] Well, yeah, and I think it's good for that, for that layer to start getting used or getting used by bigger, bigger customers that maybe need to roll up more of these transactions. So I think that's good to start seeing them actually realize that that could be a problem later on, rather than just going on a theory of only, and assuming that it will just work.
[00:06:05] And I, you know, I don't think that's gonna work for Instagram users when the fee, when they see these. Are insane on the Ethereum network. So going into polygon sounds like the right move and it makes me a little more optimistic of a polygon as well. Not that I haven't been big on polygon to begin with.
[00:06:22] Yep. Nah, I'm in long polygon, but been a little painful to be old in the old MADEC token, as of late
[00:06:27] Yeah, absolutely. Right. Hey, you
[00:06:29] bit. The interesting nuance here, just speaking from my own perspective and what I've, what I've seen is that, like I have an Instagram account. There's no way in the world.
[00:06:39] Then I would change my picture to an NFT because I have a different personality there. My web two socials are very, very, very, very different. It's like, there's this like, you know,
[00:06:52] nighttime, I'm mostly stable daddy during the day. I have to be a reputable human being and also a dad and also somebody on social who's posting pictures of the kids.
[00:07:01] Like I'm not going to put up. You know, I'm joking. I'm not going to post my, my, my horse as my profile pics. So, okay. On the positive side though, I'm a little
[00:07:12] Maybe that says more about your NMT collection then.
[00:07:15] I've Hey, maybe I can, I'm still trying to get one of these nouns, like that might do it now. It's just, you know, I just don't like the signal unless it's like designed for that, but you're right.
[00:07:25] Maybe I
[00:07:26] Yeah. Well, I think that's something that we need, you know, that we'll need to be champ or overcome. That is a challenge. If people don't want it at all, they're into it. You know, what is the right way for Instagram to maybe come into this? And I don't know what it is. I don't know. I'm not sure if they're just trying to force their way in here, but you know, if we need people to come in to make this grow, you know, we're going to have to see some other adoption than, than what we have right now.
[00:07:49] but the Domino's are there. Right? Because if you look at Oculus and that whole ecosystem, you know, pulling in NFTs is just one step to the left. Now they're beginning to go in that direction of allowing these these entities. And like that starts to get me interested if suddenly I can like bring in my skins or whatnot into, you know, moveable elements.
[00:08:09] So we're seeing the beginning of the beginning. Something to be hopeful for, but again, I'm not holding the breath. All right. Any else? Anything else in the headlines before we move? Move into
[00:08:19] No, nothing else from me.
[00:08:21] Okay. So I have got an affordable project kind of. That's the funny thing is I've been talking about this prior to, you know, everything melting down and I still like it as a play.
[00:08:33] The Bankless Dow. So Bankless is, I would say the number one most listened to crypto podcast or for certainly Ethereum based podcasts. They have, you know, guests like. You know, the metallic and they pretty much can get anybody on this. On this podcast. They have a tremendous listenership, a very active discord in the Bankwest stout essentially is by membership.
[00:08:57] If you have a 35,000 of the Bankless token, and that then gets you access to you know, their community, their, their alpha, their conversations, and also just a ton of voting and a very impressive network. And so that. You know, it's a token, mind you and everything is a pretty volatile. I don't know if you've noticed, but their play here is coming back to NFTs in their conversation with Kevin Rose, who you remember is behind moon birds.
[00:09:28] And their conversation there, they were kind of picking Kevin Rose's brain about, Hey, how would you do an NFT drop if you were us? And his first statement was just like, you've got to reward the people who were there at the beginning, the people who are your original holders and people that are downloaders would be potentially one of those groups.
[00:09:47] So this is, as you can see speculation upon speculation, but at the very least, you know, I think you're, you're part of a community that has attention and has loyalty and has. And when we think about things, that'll survive a fire. I know that they are committed to continuing that podcast. They have survived previous bear markets, one of those indicators, and I think they might be around.
[00:10:10] So I don't think an NFE is coming anytime soon, but when prices are low might be interesting. What is your hot take on this, Andrew?
[00:10:18] I like it take, huh. Now these guys have been around building. They have been wiped out. They were around in 2018 and I listened to their podcast all the time. I think they produce some of the best content, really insightful. They know. The crypto industry. They like, I mean, as well as anybody that can talk about it.
[00:10:38] And I really liked that they've been here when nobody was paying attention when they lost everything. When everybody left, if that did happen again, I'm pretty sure they would continue doing the same thing. So that makes me a very I don't know, I'm very bullish on, you know, being part of anything that they will do.
[00:10:57] And I think that is a great way to get in just to any project that they may end up doing, you know, who knows what they, what they have planned. They definitely seemed interested in maybe launching something. They've got the bank west Dow, and I know they, they talk about building even more. They built quite a following.
[00:11:15] And I think this is, this is worth getting into, if you, you know, if you're, if you believe in the Ethereum system at all, you know, they're going to be here. So I like it.
[00:11:26] Awesome. And then I have a quick one from our community, actually. And this is one from Johnny. And this is I'm going to mess up the name of this one, for sure. AVS anime, AVS anime. And that the artist is basically created these generated images, which are very sort of uplifting pro-social and passionately.
[00:11:52] They're supporting the LGBTQ. I am community and with part of this and they're you know, they're looking to, they have not disclosed how much they're giving, but they're getting a part of it away. But really, you know, just cool looking images and full disclosure. I don't own any I will say they mint it out.
[00:12:12] I believe it.
[00:12:12] was 10,000 and there are about 3,400 owners of is in the affordable range of 0.01, three. And they do have a discourse.
[00:12:22] Yeah, I really like the art on these they're cool pieces and it sounds like a cool project to be a part of, if you just want to support this. Cause I don't know a ton more about it, but I'm glad someone was able to bring this to us. Thank you, Johnny.
[00:12:35] Yeah, they stated that half of the mint profits will be donated. And I don't know about continued sales, but worth worth checking out a unique art. I will say that this is not like sort of, you know, lift and shift from a, another one. Seemingly hand drawn and then sort of again, generated cool stuff.
[00:12:52] Thank you. All right. Can we, can we start over? I mean, can We stop saying blue chip?
[00:12:59] We may be doing that right now. We may be in the process of that. Although I have a feeling we're just knocking them off one by one.
[00:13:06] Yes until there's none left. Okay. So I thought it'd be fun maybe to start with like, you know, in like Bluechip parlance, right? Like when you're talking about blue chip, it was first described as high price stocks in 1926. remember that date, right? When an employee at Dow Jones observed that certain stocks trading at $200 or more per share were like, kind of like a poker chip that of, you know, blue, white, and red, where blue was simply more and, you know, kind of funny that it was coined in a period of time where the 1920s were pretty volatile with regard to stocks, but you know, it really refers to a blue chip.
[00:13:47] That has been operation for this a generally a number of years, but you're thinking like Coca-Cola Disney, right? These are companies that have been in the game for 30 plus years. And so you're, you're sort of really thinking about what a company that has survived and up and down market. Maybe multiple times a history of execution has delivered on promises time and time.
[00:14:12] Again, you know, has value in the. No, maybe even throws off a dividend. Like there's just, it has very clear characteristics. They're seen as less volatile investments highly liquid, a lot of these words I'm using and not
[00:14:27] They don't describe the NFCS
[00:14:29] I've been describing.
[00:14:30] I mean, I think it'd be hard to, it's hard to even describe that too many stocks. In today's age because things are so volatile compared to them. And, you know, I know that it was quite volatile then, but that the, the day to day volatility and the way that things shift quickly now is, is quite different.
[00:14:48] In much faster trading, we didn't have people that could just trade at at their fingertips at any point. So I think the idea that anything could be Bluechip especially. Such a ridiculously volatile and illiquid market, like NFTs is pretty preposterous. Really.
[00:15:08] Y it kind of irks me though, is the false sense of stability. I think it imbues on things that just happen to be very expensive. There's a huge difference between something that is very expensive and something that is very. And I think that's like, let that sit for a second. And I get very uncomfortable when, you know, people start, you know, especially with people who maybe can't afford her, it's on the edge of what they can afford.
[00:15:37] Start pining. After something that they had imagined would hold their value. You can even look at something like crypto punks, which is, you know, the, the OJI of OGs of, you know, what we look at for NFTs. Do you remember. The company got bought straight up. So that is just a different company now, Right. UGA labs now controls that asset.
[00:16:01] And if they want to destroy, demolish change, whatever that brand, they can sure you own the asset. But I'm looking at these as like small companies that are running to drive the attention and value and utility. Of these assets and I, I, I don't think there's a single project. I could point to that even fits the following very base criteria, having survived a year or more, and also have lived through a bear market and crypto with the same team. There you go. If you, if you can check those boxes for me, go ahead and call it a blue chip. I'll give you a second.
[00:16:42] Right. Yeah. We've definitely had an issue of people, conflating price with blue chip and we see over and over that high prices leave a long way to fall. And we're seeing, I mean, we are seeing them kind of be taken down and right now, you know, I guess people are still considering board apes and maybe punks.
[00:17:01] Although, you know, you've got to think that punks over. We'll never be able to to challenge board apes as a brand in any way. I mean, they're owned by the same company that clearly wants board apes to be the king there. And, you know, they should, it would be wrong for them to let another brand challenge that, but, you know, what are the, what are the more tried and true brands?
[00:17:24] There aren't any you know, larger labs probably had the longest Longest record, but I think they've done a lot to sort of tarnish their reputation and they've let go of the brand anyway. You know, I don't know that I, I'm not sure that, I mean, I certainly would not put board aids in a blue chip or even the team and the blue chip category at this point.
[00:17:44] We've got to see, they've got a lot to prove. And at this point, the other side minting is you know, not looking great interns. How the energy market has fared since then.
[00:17:56] Yeah. And just a week ago, had we been marching through the blue chips? We would have been a mentioning Zuki.
[00:18:04] Exactly. Yeah. Zuki. I think the others that have been up there, I don't know, maybe a Clonex the, what have we had? And we've had a cool cats were up there at one point. I mean, right. Artifact. I mean, maybe because of the, you know, there's all these, all these. Priced are these, you know, these big collections that are priced high that are considered blue-chip.
[00:18:26] And, you know, I think if people, especially when the price is, I want them to be blue-chip because you don't want to think that your 20 EPS could all of a sudden be worth for Eve and you know, the truth is that it can happen and we've seen, and we've seen what happens in when people run to get liquidity exchange, certain tokens for what they think it's worth.
[00:18:48] And that there's not quite as much liquidity there as it was. As they believe, and it changes the value pretty quickly. And that can happen with your NFTs as well.
[00:18:58] And, and in short order, because the market for the other side can, can vanish very, very quickly. All right. So again, I say it here, like if you've survived over a year and you've lived through a bear market, so it's like has to be over a year because bear markets come and go. With the same team, maybe you are a blue chip.
[00:19:16] So right now there are no blue chips be very careful. And that's why we always like to make affordable small bets on what's. What's out there.