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Theme why XCOPY?
- Value of holding a glitch art NFT
[00:00:00] Today on all about affordable NFTs, the team buys the next copy. Hopefully we are actually on this episode live because of when we're recording and when this drop is happening going to be talking through our hopeful ability to buy the X copy dropping on March 24th. on the Nifty gateway, Andrew.
[00:00:24] Good. Just so you know, watch and watching this drop today, it's been good. There's been a few different parts to it. The edition that we're looking at is still coming up here, but it's the final part. And man, it's been exciting to watch some pretty big bids on some of the auction items early on here.
[00:00:40] They were an addition of six and addition of 12, I believe that addition of six was a. I think the minimum was about 70,000. Sorry. I lost track of that one. At the end. Let's see. Have you been watching this as, along the way, George?
[00:00:56] I've been looking at it. And then just to take a step back, explain what's going on nifty gateway.com is one of these NFT platforms that is a much, much more curated experience there. I'll just be honest in the past. And a touch critical that some of the drops they're just lack community behind it and community is what drives marketplace values.
[00:01:18] It has been pretty thin secondary on a lot of general pieces though. They are able, I will say this very able to bring in amazing artists and I'll just say an ex copy is something that I thought was beyond my general purchasing power. So we have our eye on one in particular, the max Payne open edition it's max Payne and friends.
[00:01:40] And it's very much in the style of glitch art X copy. That is really emblematic of one of these art movements. And I'm excited about it, but in. I'm already breaking one of the rules that I claimed I was buying a piece that is one eith I claimed I would only
[00:01:59] you said I believe you said,
[00:02:01] over 180, so I think you may technically be okay here and I even on, and I'm going to go a little further here on nifty your gas lists.
[00:02:11] Until you get it out you've gotta, you gotta pay something to get it out of the the wallet there, but it's this is the first time I've heard a lot of people talking about nifty gateway in awhile.
[00:02:21] They do get a lot of big artists still. I was looking through some of the recent drops, but it seems like people were really excited about this one. And X copy is an artist that little. Oh, it's everybody seems to know beyond even if they're just into maybe PFP and FTS profile, picture type projects, they still know the name X copy.
[00:02:42] They recognize X copy. And a lot of people still don't have it. Don't have a piece from him. So this is one of the this should be one of the biggest mints that he's done. Maybe the biggest there has been some criticism about the one eighth price and. It thinking that it's maybe too high looking at what's out there right now the cheapest four piece is about three and a half E I believe.
[00:03:06] And that's that's an addition of 600 from NFT boxes that was done last year. So you know, I, it is an expensive mint. It is also quite a bit lower than what the market is priced at right.
[00:03:20] now. I understand why people think it may be too much there are. He did it.
[00:03:24] It is it's an artist that has proven he'll come back to pieces and will deliver value. And doesn't forget as collectors.
[00:03:30] And so to clear it up a bit more, an open edition means that as many times as humans, click mint, I guess bots too. But as many times as mint. In a window of, in this case, I believe it's gonna be 10 minutes and it's going to happen in seven minutes, by the way, let's keep an eye on that clock. But in that window, as many times as humans, click mint, that is how many will be in the marketplace.
[00:03:52] Is that correct?
[00:03:53] Yeah. that's how they do that. Open edition. It's not my favorite thing to collect or men just because you don't know how many will be there at the end. And as it's there's been many open additions that have left people without much of a secondary market. I don't really expect that to happen with this one.
[00:04:13] I don't think that it's going to be. A piece that will see a sudden rise in value. But I also think that if you're looking for a long-term hold for me and artists, that will be considered one of the artists that really was. Bleeding edge of going into NFTE art. I think it's a good play there.
[00:04:33] Because there's still a like I said, it's still a pretty high priced artists to get into otherwise at three and a half feet.
[00:04:40] Yeah. And I think it's, I just, I really I'm excited about it, but I also acknowledge that here's what will likely happen and I think it will be interesting cause the listener can go and currently look at what is max pain trending at on open sea or on nifty gateway, because it's weird.
[00:04:57] It'll be a dual market as well. And there's going to be a lot of flipping and some FOMO. I wouldn't be surprised to see the price actually get below mint. I would be a little surprised to see people dip below mint because I think the people that are knowledgeable of X copy one, understand that place and are likely wanting to hold it.
[00:05:16] Like the, my problem is that like I'm walking up this money for a very long time because I want to hold it. I just I'm excited about holding this particular artist and I respect. That he has proven and conducted himself in the space sort of giving access to previous holders and really just maintaining a style and consistency of work where you can look at a thing and.
[00:05:35] That is an X copy style in the same way that you can say oh, that is in the style of Monet. Oh, I get it. This is like an impressionist style. And so it checks a lot of those boxes, but I wouldn't be surprised if later on this maybe drops down and I'm emotionally prepared for it because what we were talking about the other day what would you buy and hold for three years?
[00:05:57] Like something like this probably.
[00:05:59] absolutely. If we had a chance to do that with one eighth of that five towards this it's something that I would absolutely be willing to hold. So I think one interesting thing that we haven't talked about here with this drop is that it's some of the earlier parts that I alluded to earlier. People that were holders of an earlier nifty gateway meant of his a, it was called afterburn.
[00:06:22] There were two pieces, two parts of that after burning guzzler. So you could take an afterburn and enter that into a drawing. So there were about 870 of those, afterburns before the. You could enter any one of those into a drawing. If it was selected, it would be burned. And in return you'd get a green version instead of the red version that was common in the 870.
[00:06:47] So it's a more limited edition version. So then it's reducing the supply of that initial piece too. So then the second part of this. Still coming up here is if you can take two of the afterburn additions it made actually going right now, as we are speaking you take two of these afterburn additions and burn them for another open edition.
[00:07:08] It's actually three different open additions. You can select one of three and. Get any one of those three, if you do burn those two, of course you lose the two of them, but you get a very exclusive piece by doing so. As we're recording this, the floor price for those afterburns, that's been going around six and a half hours, the high sixes, low sevens.
[00:07:28] So it's a pricey piece. So burning two of those is big by. It should be passing some of the value to the new piece, but that's a lot to do. So you're also putting it all into one piece then. It's an interesting drop, but as you're it is an example of how he is coming back to old pieces.
[00:07:46] And I wouldn't be surprised to see this open edition used in a similar manner for our drop in the future where you can baby burn pieces or somehow reduce the supply of these so that it's not a huge addition for us.
[00:07:59] Yeah, and I think you were speculating. Hold on two minute warning, two minute and 50 seconds more and let's not talk through.
[00:08:05] thank you.
[00:08:06] The over-under that you said you think 5,000 of these things are going to be minted.
[00:08:12] That's, it's a high number. I don't know. It's a number that I heard. It was listening to it, a Twitter spaces. It was a number of, they were floating around there and it didn't seem far off to me when I start thinking about the demand that is out there. I was looking at some numbers today of what I could put together for X copies.
[00:08:30] Secondary market. I've found that there's about 25,000 each that's been traded on secondary volume. So a lot of that I shouldn't say a lot of that. That's actually a small number of that is just one-on-one one-on-one work, which is on super air. A good number of that has just been. Purchased originally, and then held by the original mentor or purchaser, I should say it's done super at the artists typically Minson themselves.
[00:08:55] But. Sorry, but there has been a lot more there's been a lot of grading that it's a good secondary market, it's it? It doesn't the prices don't dip much just looking at it over time there's, it seems like the interest is growing. So I would not be surprised to see it go that high it's.
[00:09:13] I know it is
[00:09:14] All right. So you're going to take the over, I'll take the under, but you realize we're talking about $15 million in event.
[00:09:20] Yeah, I know that is, and it's 10 minutes. I hope that I'm high on that one. I just, because I want to, I'd like to
[00:09:27] sure. You're all set up on nifty. You have to get that prepaid Ethan there it's
[00:09:31] I've got that. I've
[00:09:32] and they blocked certain cards. They're like, oh, sorry. No capital ones. And oh, it takes five
[00:09:37] Oh, you can move. You can send me from a from a wallet as well.
[00:09:42] correct. Yeah, they've done. I will say a lot of work. They've done a lot of work to improve the UX at nifty for actually integrating with the rest of. No crypto interfaces and wallets and I hats
[00:09:56] are we here? We get to take a look
[00:09:57] We got 42 seconds. You're going to refresh the page or not refresh.
[00:10:00] You're gonna wait for it to happen. What do you want to do?
[00:10:02] I I don't have a lot of I don't have a ton of experience on these nifty gateway sites.
[00:10:08] a bit of a nifty X brown, go ahead and refresh. I don't want to get caught in the page cache with, cause I really like the other game is like mint number, right? So oh, when you know what mint number do you get? So if you're not first, then you're like, oh, don't want the hundredth or something or what number you got?
[00:10:23] at the top of this at the top of the screen, when you do a refresh
[00:10:27] Two, one mint, prepaid Eve, my alarm going off in the background purchase, complete Alexa stop.
[00:10:36] also. Wow, that's a good price for each right now.
[00:10:39] I was watching it all day. I was like, of course. And the last two days, this thing is like freaking rip.
[00:10:44] Not good for purchasing, I should say. Good for
[00:10:48] I feel like he does the exact opposite. I always wanted to do. Yeah. Oh, I am so pleased by this. I am very happy.
[00:10:55] So now we can watch it. We can actually watch this live. How many are minted? I believe I was just noticing that we did the other mince that I was mentioning where you could burn two of these. They are complete. So you can take a look at the number of the number that were actually it did.
[00:11:14] There it'd be.
[00:11:15] Max Payne, open additions. I don't see. But I always want to come back to this like really quickly and why we wanted to do that. Like the team buys an X copy live, like this is part of the attraction of. Alive drop. It is part of the excitement that frankly NFTs have we were saying like, oh, you're just trading things like right now I have the dopamine rush.
[00:11:38] I'm like actually excited. I was nervous. There is a whole process there. And now like a hilarious story of oh, when I bought that thing, we were doing a live podcast. This is one of the things that. And I'll use the word addictive, but hopefully with the lower case, in the sense that like it's fun and I would probably do it again.
[00:11:58] Hopefully not at that price Angeles, the last time I'm going to spend one Heath on something. But I think hopefully we conveyed that and capture that. And then the people listening to podcasts, probably minted things before, but that's one of those thinking about onboarding for new people.
[00:12:12] Type of excitement and experiences that I think if nifty actually gets right there, like it's pretty easy to onboard there. It's clean. You heard us click done as opposed to oh, wait a minute. Am I writing to a contract? Oh, this site's a little weird, what do I it's,
[00:12:26] Yeah, absolutely. It's it is very easy. It was actually impressed me how quickly that went forgot what it is like when it is nice and smooth, like that it's like minting on polygon or something where you don't need to just wait for the gas to get through. So I was looking also at those other additions that I mentioned just to give some context there.
[00:12:46] Let's see, 2134 and 33 of the various pieces. So that was another 88 total additions. So it means that there were another 176 of those after burns burned. So there total of, let's say 276 of those 870 burned. Today's drop of those. Afterburns significantly reduce the supply of those afterburns.
[00:13:11] I'm also giving that collector, some new pieces to get into that others don't have so more unique pieces and I think this is a pretty cool drop. In general nifty does the you're right. They do a great job with this part of it. The like a lot of other platforms, these specialty platforms, I would say it's not just nifty.
[00:13:29] They don't do much to really encourage the secondary market. It's okay. When you've got an artist. Like X copy. And there's other artists too that have big fan bases and don't run into the same issue, but there's a lot of artists that don't have that. And they may make some incredible art, but there's just no secondary market there.
[00:13:47] And it's not necessarily just the artist's fault. I think these platforms can do more to encourage the secondary market and make it better for collectors and artists alike.
[00:13:56] Yeah, I'd say where I've been burned most frequently on nifty. Cause I bought probably a lot more than you have on this particular platform is first time artists that have had success in another industry sphere or sector and are coming over for the first time because there's a ready-made audience ready to go.
[00:14:16] doing the hard work of saying let's build community, let's build my, my persona in the crypto community. And with, without that I think that's a big lesson. All right. Quick update. There's five minutes left in this mint and Andrew, you're going to be like, shockingly, do you know what it is at
[00:14:34] I am not looking at it
[00:14:35] five thousand one hundred and forty five thousand one hundred and four.
[00:14:39] We're halfway through. I know it will slow it down. We'll see what
[00:14:43] It's been slow it's rate of its rate of increases is definitely slowed, but so that's, we just watched 15 million psych role and I'll say the site didn't even hiccup, right? Not so much
[00:14:54] So I was, I did run into problems. I ran into problems initially when I went on to just check the auctions, but they. They did a quick refresh. They pause the site for about five minutes and they actually added some time to the initial options I noticed without running into huge delays or needing to send out notifications that just did it and took care of the issues.
[00:15:16] And then the site worked perfectly after that. It was.
[00:15:18] Yeah congrats to progress. The next cabin is quite a pay day.
[00:15:22] So I'm just curious are when they do open additions here, or is it limited to one per wallet or people minting multiple per wallet here? Do You know that this George, it looks
[00:15:34] You can keep buying them.
[00:15:36] Oh, no, shoot. No. I may have just accidentally purchased another. I think I may have accidentally bought another one. I was, I'm very used to having to be able to click things and then have a lot have the confirmation come up from your
[00:15:52] Oh, my God. Did you just buy another one?
[00:15:56] So it looks like I bought two of these. Okay. All I am not editing this.
[00:16:00] Be careful what you click. this is a live lesson and here we are. I'm all right with that. Like I said, I think it is a good long-term whole, luckily I You have the ease that I'm okay with that purchase accidentally. I am used to a my, my wallet where you can click things on the browser as many times as you want.
[00:16:20] And the browser doesn't matter because you'd need to confirm it in your wallet. And that's not the case where you're on nifty. Like I said before, it is a very smooth baby, too smooth of a process for some of us. I love it so much. Good. Probably a good. So if you're listening to this, there may be somebody trying to sell one of extra X copies on the market. Congratulations. You were probably the 5811th person to buy one.
[00:16:48] Like I said, I think there is a good chance. There'll be a burn mechanism to this at some point. So.
[00:16:54] may not be so bad to have a couple. That's what I'm going to go with. Anyway. Tell him myself, it's a good move for the future.
[00:17:00] I feel we've gave we gave a good summary of what a alive mint is. And we'll do this later. Those of you listening at home, Andrew is rubbing his face and a little bit of this belief and he has turned a brighter shade of red than I normally see him. He has a little flush.
[00:17:18] As one might be let's talk about some headlines that we were going to share now that the
[00:17:23] sure. Let's get
[00:17:24] excitement is over.
[00:17:26] headlines here, man. It has been, ah, there's been a lot going on and it's hard to keep track of everything. You've got. Let's start off with what you've got here on the top here, George.
[00:17:37] Sure. At the start I like following what dapper labs and NFL and the whole ecosystem is doing. And the recent news coming out of the block, crypto.com is NFL Lucy's rules, loosens rules around crypto. Company sponsorships. This is the sort of can they buy a stadium? Can they support a team?
[00:17:57] And it's just going to increase the amount of crossover advertising. Obviously the super bowl was very crypto Laden, but this is opening up. I think the team level, if I'm reading this correctly, the team level types of promotion and relations Yeah, I saw this. And I noticed that they said that it can't be used for merchandise or experience or for exchanging for that sort of thing yet. So it is just advertising, so they can't have direct Direct correlation with these assets yet. So I think they're trying to keep them away from things like NFTs for tickets, but I think it is a a start and hopefully we start to see even more there. One more nuance in here actually also is that the NFL allegedly, I don't know how they track this. According to some reports spent 600,000 lobbying the sec and various government either. Agencies on blockchain technology. So it's interesting to see like the lobbying efforts to move and adopt crypto coming from a lot of different sectors.
[00:18:53] Yeah, that is interesting. Very, yeah, it's a lot in that NFL tends to do pretty well and getting their way.
[00:18:59] All right. You want to drop the big news?
[00:19:02] Sure. Yeah, we've got big news from UGA labs. The creator of board apes got all sorts of big news from them. Let's see, they've raised $450 million. In a, I guess it's actually the seed round. So the study record for the largest ever first seed round, it was their first funding. First outside funding they take, they had taken this.
[00:19:22] Is that a $4 billion valuation? This is big. They took this. Was Andreessen Horowitz leading the round here. I think they were they were the biggest investor by a pretty good margin. I don't know exactly what all sports in there. I did a hear of a lot of NFT influencers and a D traders that were also involved in this round.
[00:19:45] They made a point to make sure that anybody that was investing had to own a board ape in order to even be eligible to participate in this round. There it's, this is big it's huge money. They also own the crypto punks IP as we've discussed. So they have a good chunk of the market now.
[00:20:08] Yeah, valued at 4 billion. After that investment, it is pretty massive. And and have having here they're they also have a drop for a teaser the other side. What's that about?
[00:20:20] Yeah. So this leaked on Friday night around, I think. PM Pacific time. So not a time that you would think that they would be putting out a video. It seemed like it leaked out. And maybe it was a little bit earlier that than that. And then they put it out officially after that got the official version out there.
[00:20:38] So it was this. Video of rendering 3d rendering of the apes, but then they've, they are joined by let's see crypto punk driving this spaceship eager, say crypto cam. I'm sorry. A cool cat in there. A crypto's a let's see, I think there's a doodle in there.
[00:20:56] I'd see it nouns in there. I
[00:20:57] nouns. Yeah. There's so the, yeah, so they put a handful of projects in there that cause a lot of speculation, they, this was done to net version of the other side by the doors called the day.
[00:21:10] They said, see you on the other side and it could be it's coming. April. So not a ton of details, but later on, there was a, another leak. So I don't know what's going on at UGA labs or if these are intentional weeks, you'd think they would find a way, a better way to get these out there or something.
[00:21:26] But there was another leak that had some of their slide deck alluding to, or not alluding saying that they want to build a metaverse. So I think.
[00:21:33] we are seeing a Hugo lab metaverse on the way, and they are bringing other projects with them. Big. They want to play with other projects, not just their own sounds like they will integrate with with the projects they mentioned in there.
[00:21:47] I would think as well as project. So with the bigger projects that maybe don't have IP restrictions.
[00:21:55] Yeah, it's interesting. And of course a coin was announced as well. I think we're going to dedicate a whole episode to like understanding the power that you've allowed is now going to be building with eight coin. It initially dropped I think it was like March 18th, 17th, 18th, and it immediately shot from $8 to 16.
[00:22:15] And now seems to be hovering at $13, but more shockingly is the market cap. And if I'm reading this number right, is 2.2 billion. And it's like the 60th coin on the overall list. So that's pretty impressive. My thought was that it was just going to pump and drop off a cliff so far that does not seem to be the case.
[00:22:37] And our first sort of week of it. But we'll say I have I have not gone near it.
[00:22:42] No, I haven't either, but yeah, I think you're right. We need to talk a lot more about this. There's a lot going on here and it's certainly had effects on a lot or just every part of the NFTA ecosystem at this point.
[00:22:55] Yeah. You mentioned the X copy coming under fire for the one eighth. We included that link in the show notes, and I think that's an important note and also the final tally, cause it just closed 7,394. That means $22 million
[00:23:13] Wow. I did not think that I would be off by that much by being under with my guests of 5,000.
[00:23:20] the numbers
[00:23:22] I did. Yeah, you could see, I was really just trying to help myself when
[00:23:27] should have been 7,393, but now the inside scoop
[00:23:32] the momentum was really shifted by my second purchase. There.
[00:23:36] the big, extra move by rent. Hilarious. Alrighty. I think we can park it there unless you got anything else for us.
[00:23:43] No, I think I'm good. I think we we've got more to talk about soon, but I think that's good for today.
[00:23:48] All right. I'm going to go and keep refreshing my profile until my NFT shows up. This is always the, like the part that like, I'm like, oh, when does it show up? When does it show up? Am I sure it's going to show up? Cause I didn't see it on the blockchain because it happens. It's a pre-process, that's how they do.
[00:23:59] And so smooth and gasoline, it's preprocessed and it doesn't show up right away. Now you're like, I'm pretty sure I did it. I got a confirmation. Right. Out
[00:24:11] All right.