All About Affordable NFTs
 

All About Affordable NFTs

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Welcome to the Triple-A NFT podcast - All About AFFORDABLE NFTs. A podcast that helps take people from 0 to sixty in the Nonfungible Token world without breaking the bank. Hosts Andrew aka Rantum and George from Mostly Stable on ZED, help navigate new NFT projects, interview expert guests and explore NFT trends. Whether you’re on your first or fiftieth NFT, Triple-A NFT will have something for you.

Episodes

Damn That’s Cool Dalle 2!!! | Project: Kumite

Monday Jul 18, 2022

Monday Jul 18, 2022

Theme: Holy shit DALLE2 is cool

 

Mostly Stable got his hands on access to Dalle2 by openai and this is what he learned…

What does this mean for NFTs

How good is it? Check out discord for images: https://discord.gg/fyX4YB9t2Z 

 

 

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WEN All Aboard The Metaverse Express? | Project: Coldie Wearables

Friday Jul 15, 2022

Friday Jul 15, 2022

 

Theme: Metaverse Onboarding

  • How will next wave of users enter the “metaverse”
  • NFTs role in the metaverse
  • Will 3D virtual worlds remain as primary definition of metaverse?

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Why do people buy NFTs? | Project: Amber Vittoria

Wednesday Jul 13, 2022

Wednesday Jul 13, 2022

Theme: Why do people buy NFTs?

 

“

 

From MilkRoad

Why do people buy NFTs?

The NFT market has seen some serious ups and downs.

DEXterlab, a digital asset discovery platform, recently polled its Twitter followers on why those who bought NFTs participated in such a volatile market.

Some bought NFTs to collect digital art, while others did it for various perks. NFTs with benefits (AKA “utility NFTs”) can score you:

  • Access to communities with virtual and IRL meetups, like Gary Vee’s VeeFriends
  • Access to games. For example, Axie Infinity players must buy three Axie NFTs to start
  • Real-life perks. Crypto Baristas is a coffee project that promises its NFT holders discounts at future cafes

But 64%, an overwhelming majority…

 

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8 NFT Rules To Survive By | Project: ENS domains

Monday Jul 11, 2022

Monday Jul 11, 2022

Theme: The 8 3A NFT RULES

  1. Don’t bet what you can’t afford. Make small bets!
  2. Buy two wen possible
  3. Avoid anon teams - know the team
  4. Don’t time the top, shoulders and knees are fine.
  5. Decide if the asset is a HODL or a FFDL ahead of time
  6. Most wallets are losing money flipping NFTs
  7. Understand and define the utility
  8. Know where you are in the FOMO cycle

Affordable project: https://app.ens.domains/

  • Company names, Celebrity names, Character combos, marketing slogans, startup ideas



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Do physical goods add or reduce NFT value? | Project: WAGMI United

Friday Jul 08, 2022

Friday Jul 08, 2022

Theme: Do physical goods add or reduce NFT value? 

  • Some NFTs include physical goods (prints, shirts, soccer jerseys, etc)
  • Do these add value? 

  • Affordable project: WAGMI United - https://wagmiunited.com/ 
    From Cryptathon:”The utility will be - a free jersey, a headband, a hat, free access to team training sessions, voting on team affairs eg. What positions to sign new players and even promised a vote to replace the directors if the team have not achieved promotion within 2 years. Would be funny if someone within the DAO ends up taking control of the club! Getting promoted in the english leagues is not easy to give themselves a 2 year timeline is very ambitious”

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Invisible Hand behind the NFT Market | Project: maxwellinked (objkt)

Wednesday Jul 06, 2022

Wednesday Jul 06, 2022

Theme: Invisible Hand behind the NFT Market

  • Some assert there are hidden forces working together in NFT market
  • Few projects take off, most never make it. Are those collections “chosen” by a few?
  • Are the outcomes natural & market-determined - or results of collusion?

  • Affordable project: 

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Which Layers survive the winter? | Project: Melissa Wiederrecht (fxhash)

Tuesday Jul 05, 2022

Tuesday Jul 05, 2022

Theme: Which Layers survive the winter?  

 

  • Solana still has volume in down market? 
  • Market volume by chain - who is dying? 
  • FXhash Is Tezos art a thing? 
  • What is FXhash
  • Following Moonbird Whales
  • Art underground

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When AI Art is Easy to Create, What’s the Value? | Evinco Wine DAO

Friday Jul 01, 2022

Friday Jul 01, 2022

Theme: When Art is Easy to Create, What’s the Value?

  • New AI-based tools make it easy to create high-quality art
  • In many cases, difference in outputs from amateurs vs pros seems small
  • How is authenticity verified? How much does it matter? What holds value? 

 

 

 

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TheNFT Floor is Lava | Project: ALPACADABRAZ

Wednesday Jun 29, 2022

Wednesday Jun 29, 2022

Theme: The Floor is Lava 

Don’t trust floors in low volume periods.

 

 

Transcript:

 

[00:00:00] Today on all about affordable NFTs, the floor is a lava. Why we gotta be a little suspicious of low volume floors when we see 'em all right, Andrew, what do you see in the news? Yeah. So we've got, uh, you may have heard some things recently going on with three arrows capital, one of the big hedge funds. I think we talked about them, but they have an, an NFD collection that they have put together under the name of the collector, uh, going the, the group going a starry night.

[00:00:30] Um, so you've seen recently, or some people have noticed that all of their. NFTs have been moved to just a single wallet now? Um, not much, uh, not much news beyond that, but it does look a little, uh, looks a little odd, um, from where they had these all in many wallets before and now they are face potentially facing some insolvency issues.

[00:00:52] So could see where they may need to be selling their NFTs at some. Uh, what. Would presumably create a discounted price, um, to what they paid for. So keep an eye on that. I think that is interesting. They have, it's a, it's an impressive collection. Um, yeah. What kind of, what kind of stuff are they long on? Uh, so they've, I mean, they've got some, some, uh, some max copies in there.

[00:01:14] They've got some, uh, DK motions, some, um, some other, I mean, I, I, I haven't looked at the entire thing, uh, specifically, but I know it's a, I've noticed them put some. Or make some big, big, uh, buys, uh, the past six months or so I think they've also got some, um, Some high end art blogs pieces in there. So I'm sure there's gonna be people watching what happens with this because, uh, you know, like I said, it's, it's a pretty impressive collection.

[00:01:40] And if, if someone, if someone's going to, if someone is forced to liquidate, I'm sure there's going to be, uh, buyers at a, a certain price, you know, but it will be a big discount, I would think. Yeah. That's an interesting one. Not affordable, but interesting. Yeah. Not affordable at all.

[00:01:56] Let's see we've got so Nason is a, uh, an analytics platform, uh, does a lot, um, with the NFT space and they are launching Manson connect as a, I mean, they're saying to rival discord, but as a communication hub for NFT communities. Um, so we have talked about the need for. For other alternatives, uh, to disor and it looks like, um, N has launched one here.

[00:02:24] And, you know, I'm curious to see where this goes. Yeah. Um, I don't know much about it, but, um, you know, more web two in it. And let's see, we've got another NFT marketplace launching. This one is called ACAP archipelago. I always have a hard time saying that word, but it is, um, backed by, uh, the artist Tyler Hobbs.

[00:02:45] He's the art artist behind, um, Denzo the Denzo collection. So this will be a generative art specific marketplace. Um, A lot of art blocks, but also other generative art on there. So, you know, we've talked about how, uh, these new marketplaces are popping up and specializing in specific, uh, areas of the NFT space.

[00:03:05] And, uh, you know, that's what we're seeing here with this one. Hmm.

[00:03:08] You know, I just like how many, how many marketplaces for generative art can the market sustain and, and support? I think it's really just about. What artists can you get in there? And I, I think it's hard for a new platform like that. Maybe to be a resource for launching new ones, as opposed to giving maybe the opportunity to find existing artists that have like collections and like you might be able to snipe some interesting opportunities that way.

[00:03:37] Yeah. So I think this is a, you know, more of like a, this third part, you know, a, a marketplace where you can buy and sell generative art pieces, not necessarily launching new art collections from here, but, uh, just like an open sea for generative art specifically. Um, so I assume that they will have more features that are, uh, you know, specific two generative art, specifically some of the, the traits and filters.

[00:04:00] Aren't great on open sea for some of these collections. And I imagine that some of that will, uh, you know, they'll, they'll build. Things to work specifically for generative arts, um, you know, with Tyler Hobbs name, I'm sure that it will get some attention from, from collectors in that space. We tended to say this thought for a future episode, but I get the sense that like we're like reaching a peak for generative art.

[00:04:24] I think there's a certain point at which the bloom is off the roads and it's no longer novel. Just the medium of it. It'll be really much more about how you're actually using it. Especially as I look at the advancements that are about to just roll on with D two. Uh, G P T three open AI extension of, uh, generative images that can be done by like, just text alone.

[00:04:50] It'll no longer be like, oh, how cool you cobble together? These like, you know, uh, adversarial networks and like started with this like unique process. It's gonna be somebody writing a couple sentences and shit. And now, yeah, we got Agans are different than generative. Um, in the way that I, you know, generative art in the space is generally looked at as like, this is the code that produces this output rather than here's a bunch of images that we feed to make a new image.

[00:05:17] Um, so I see those as being, as being different. Um, yeah, we are definitely seeing some, those Dolly two images are some interesting stuff coming out there. This is a, this would cut me by surprise. Saw this headline today. Solana is launching a smartphone. Um, so this will be a, as far as I know, the first web three native smartphone.

[00:05:38] Will have features more built in natively to the OS. Um, so that you're not necessarily, I mean, I think if you, any of us have, have used meta mask on, on your phone or tried to do much on the phone, you realize that you're kind of jumping around from, from different app to app to get things, to work and assign the transactions.

[00:05:58] It's not ideal. Um, so I think. There is, there's some opportunity here to improve that. Um, I'm not entirely clear how this is going to work with work for Solana at this point, but, you know, I it's, I imagine that we'll get some, you know, this will have payment features so that you can pay easily using crypto.

[00:06:18] Um, that's what I said in announcement, at least. Yeah. So it's interesting. We'll see what happens. I don't know. As a rule software companies don't fare. Well, when they just jump on into the old hardware world and assume that like, oh, you just can kind of roll that out. But, you know, um, I don't know if there's particular advantages that being native web three will, will have when it comes to mobile tech.

[00:06:47] Uh, I'm not optimistic about it, but I am interested in, in what they find out. It feels to me more of. A well functioning application on an existing phone than a phone phone, but, Hmm. I mean, as long as you're fine with your call getting dropped, I don't know, for seven hours at a time because you can't keep the network up.

[00:07:07] I'm good. I'm good with that. Oh boy. Oh, oh. T-Mobile can we hear you? . All right. Well, what have we got for a affordable project here? We've we've we've got one. I feel like we, uh, you know, we didn't have the best, uh, we rehashed one last, uh, episode, so, well, I'm glad we've got something here, George, you brought one to us.

[00:07:26] What have you got? I have found the thing you say it first I'll pack a PAC cadavers, PAC. Deborahs all one word and it's, uh, an alpaca themed, uh, type of PFP will say, and I'm talking about, um, not their 3d collection, but their Genesis collection, current floor price. At 0.2, they have 9,700 items, roughly speaking half owners.

[00:07:55] So that's a pretty good mix of owner distribution. I'd say. And the, the team is, I hate saying this, but semi docs where they have a team, I can see, but they're, you know, Twitter profiles, they do list the team. There are a number, uh, of them, uh, working on this project at least 12. I see. They have. A bit of a classic run the play with regard to their roadmap, focusing on the metaverse, but they're doing it as sort of a play on other people's lands.

[00:08:29] So they've got a foot in NFT, worlds, sandbox, web land, other deed, arcade land, but more importantly, it seems like they're trying to build mini games inside of those ecosystems, including not limited to a mobile game they're planning and. I think it's affordable. I found it also on, um, uh, the, the wame.io, but it's actually had some, some interesting price movement recently.

[00:08:56] So I don't know if you're, you're also seeing that Andrew. Yeah. So I, this is one that I looked at a very long time ago. Um, and I remember that it had actually climbed up. I mean, looking here, like this is, this was up over half an eighth at one point. Um, Hannah's come back down, but yeah, we're seeing some, we're definitely seeing some action still here.

[00:09:16] It's actually, I see it at the end of, um, end of last year, looks like it was hitting at one point. Yeah. So this is really had a run. This has really come down, um, from there. And I dunno, we're also kinda seeing like this, this 0.2, um, floor looks like it's, you know, looks like it's holding fairly strong as a, as a floor.

[00:09:39] Um, you know, seeing some sales under that recently, but not a whole lot. Um, so, you know, I think that's something we've we. We've talked about, and you know, these, these, the collections that do persist with sales and that you do start to see like, well, this is really where the floor is. Um, you know, I think that's, that's good to get there, you know, not saying that it can't go lower, um, you know, famous less words.

[00:10:01] Right. You know, as soon as you, you buy in, it can go lower of course. But, um, but I think it is good if you see sales over time, you know, that are, you know, they get picked up when they do get much below there. Um, and I do like that. I mean, they do have a big team, like you said, it's semi doc. But I recognize a lot of the people that are here and it, you know, they, they are people that have been around the space for, you know, relatively considerable amount of time.

[00:10:23] Um, you know, considering the age of the NFT world. Yeah. I mean the gray boys was it the little NFT characters and they were like focusing on that. It's kind of like that play where you're just like, I I'm past trying to get up on sort of acquiring land, but acquiring the, the players. And the builders that will be trying to work across the land with across brand types of components.

[00:10:52] And these folks seem like they're developing stuff. I don't know, you know, not financial advice I'm talking about, you know, two D P F P Alpac is done with pixel art. So there's that full disclosure. I don't own any, but tend to get into. I get in my own head of being like, I'm gonna feel like a real dope if I don't buy the thing I talked about.

[00:11:13] So don't be surprised if you see mostly, most, mostly stable creep into the creep into the activity there. Yeah. Easier. I'm gonna float some bids. I'm gonna, I'm gonna float some bids, maybe, um, maybe I'll use genie. There you go. Yeah. I mean, uh, yeah, definitely worth floating bids. I think we've talked about that.

[00:11:34] You know, that's, it's a good play right now. I think you can get a lot of things, a lot of, uh, offers accepted and try out that new, uh, that new collection offer feature on open sea. That's that's pretty cool. I'm so glad you brought that up. Uh, because they, they bought it and they implemented it right away.

[00:11:49] So like, just to talk this through, there is now a collection make collection offer. So this means I'm literally just saying I'm willing to pay, you know, in case of this, I'll, I'll throw a dart at 1.5, a 0.15, sorry, 0.5. You're gonna wanna be careful. You put that 0.5 and I can put an expiration date. It looks like of one day, three day custom date.

[00:12:13] And now this means like anybody who wants to sell one of these Alpac Cadas. We'll see that and be able to say, okay. Um, so I, I'm not really getting to choose on trade. Am I you? Well, you can put a, you can select, if you want to do a specific attribute on most of the collections, I have noticed that the, uh, it's somewhat different on various collections.

[00:12:41] So I can put a collection note. Like I want a body of a standing, cuz I have no clue what the rarity. The rarity special, unique. I think they've got, you know, attributes in here.

[00:12:53] I am checking it out yet. I actually have not done. Yes, you with this, you cannot do any kind of, uh, offers on or any kind of attributes on the PAC Cadas it seems like it is on some collections and not on others, but so this, yeah, you'd be making a collection offer similar to how it's done and looks rare already where you can make an offer.

[00:13:13] Anybody that holds one could accept that. Um, but yeah, I think it's, I mean, I think that is a, well, I know it's a whole lot easier than trying to make offers on, you know, the, the five or so that are just among the floor. Um, so this is, it's a nice feature. Um, and I think it adds, I think you can add a lot of liquidity to projects, um, makes it much easier.

[00:13:34] Um, For these offers to even, to make the offers that people that maybe weren't so interested or, or didn't yeah. Didn't we say like 10% of offers are getting accepted these days. I think it's, I don't know about, yeah. I mean, I've seen some big numbers of like the percentage of sales right now. The number there in with have been has been it's been up there.

[00:13:54] So, uh, yeah, definitely try those wealth offers. If you are buying it into any of these projects, I think it's real smart. Yeah, I might put little fueler, little fueler, bet. Know what George is gonna be doing? George, you gotta finish the podcast. No, I got a thing to do. Sorry. I'm busy. Alrighty. Uh, that's your affordable project and good luck to.

[00:14:17] All right. So let's get into our topic here. Low volume projects and floors. Whew. What's the problem, George. the floor is lava. All right. The floors lava injury. It means it's gonna get, it's gonna a burned, right? It's a little. Well, well, metaphor here is that with low volume, I've had this thought of, you know, both on the rise up and the rise down, but you know, you, you watch the price sort of hit this peak in your, in your mind saying, oh, if only I had put a high price on it, it definitely would've sold when it hit the peak.

[00:14:50] The point is like, In and around there, like the amount of volume really is thinned out and in general has thinned out, which just means that you just need everyone to agree to a certain price and set the number there. But especially, I think when you reach that peak, you, your likelihood of being the like three things that sell at a peak at that floor being like when it gets up there is minuscule.

[00:15:11] So if it, if you're the type of player and I was until I really thought about. If you're the type of player who's like trying to time it. So I'm thinking about selling my, my flower fan thing. Like, oh, how, how can I perfectly time? The peak, the truth is only like a handful of people are going to get that sold at that floor when it reaches there.

[00:15:32] And then it's going to drop quite precipitously from wherever that is because the floor is lava because there is low volume. If there's only three people bidding on a thing being like, all right, I'm good. And. It doesn't matter what you set the number to. No, one's buying. Yeah. I mean, I think that's yeah, low volume.

[00:15:52] I mean, I think you just really can't trust the floor. I mean, if you it's almost, I mean, it's almost an indication that the floor is too high. If the volume isn't there, um, otherwise, you know, somebody would be buying it. It means generally speaking that the price is gonna have to come down before someone's ready to, to make the offer, uh, or to make the buy, um, you know, it's.

[00:16:13] Not always the case, but you know, I think you start seeing that to get the sale. You'll have people that will. List, maybe, you know, 20% under what the floor is because you need to make it somewhat attractive. And as we know, you know, once one person undercuts, uh, you know, you you'll get others doing it as well.

[00:16:30] And you know, this is really just a matter of there's more people wanting to sell than there are buyers out there at that time. And it's, you know, the prices can drop pretty quickly when that happens. I feel like there's a metric missing for. Some of my evaluations right now, which is like rolling 10 day volume sales, average, not volume.

[00:16:53] I don't like what I don't like is that we're handed volume as opposed to transactions. I wanna know average transactions trailing 10 day. And, you know, just to come like to, to put my money where my mouth is and my math should be, uh, for the Alpac Cadabra, I feel like I'm nailing it on pronunciation, by the way.

[00:17:15] Not bad. Your dad's. We have like, it, it fluctuates between like it's a range of a low of three and a high of, uh, a high of 12 trailing 10 day. So not huge, but there's movement. Right? There's a little bit of life there. Yeah, I think that's, I mean, I think that's a good, I don't know, potentially a good metric that they could add, but there's definitely, you know, looking at the total volume really, isn't a very good indicator of what's going on with the project.

[00:17:43] You know, as we know that there's a lot of projects that start hot and that's where, you know, 80% of the volume comes and then it's. It's slow after that. Um, so it's not great. I mean, and I get your point about even putting it in not necessarily volume, uh, but in the number of sales, you know, a high price project, obviously the volume is going to be much greater, but it doesn't mean that price is holding any steadier.

[00:18:06] It just means that it was a, you know, that it's higher prices than the lower price projects. Um, I think trying to look at the number of sales look at, you know, how it is recently, you know, it's, you know, right now when you're going on open sea anyway, Kind, I mean, to get that information, you're sort of just looking through the sales history, um, you know, these, their charts, aren't interactive.

[00:18:26] You can go and, and get information on this other places. And, you know, it's something that I do a lot, but, but yeah, I think you're, you're right in pointing out that it's the, the metrics aren't fully giving a full story of what's going on in the collection at this at any given time. Yeah. And it's exacerbated by volume.

[00:18:43] I, I don't know what, how to say high versus low. In terms of number of transactions, cuz it's, it's really thrown off by the power law of looking at what, you know, the top crypto slam, blah, blah blahs have, you know, like, oh, a number of transactions, you know, 58,000 on so rare. Or if you're looking at like right now, the duplicator drop right from doodles, we were talking about doodles the other day.

[00:19:05] I announced that at Ft NYC, like, you know, they're doing like, uh, 800, 800 transactions the past seven days. So. Those are it's different. I'm looking at projects that have just been quiet, right. Quiet for, for a bit. Um, but still have like a base level. Like we haven't completely forgotten about you kind of thing.

[00:19:26] Yeah. I mean, I, I think we've, you know, we've talked about that when looking at some of these projects right now, we wanna see that there's still some sales going during this time, you know, because if it's, if you got nothing right now, um, you know, it's gonna be hard to just have it come back because of a market turnaround.

[00:19:42] There's a lot of other projects that are taking attention. And as we know, that's a lot of what NFTs are. It's. You know, who can get the attention and it's hard to get it back if, uh, if people have moved on. Um, so I think you're right in saying like, where are people still paying attention? Where are people trying to scoop up some deals and look at that, you know, try to find, I got a fun game.

[00:20:00] I have a fun game. I just made up. All right, you're ready to play. You're gonna guess the seven day transaction amount for, for different projects I throw out to you. Right? So total transactions that have occurred over the past week. Are you ready? Max pain and friends. Ooh, how many transactions? Uh, man, I don't know.

[00:20:21] 30. All right. 62. I'm trying to build a little muscle for us. All right. So it's like they're, you know, kicking around close to 10 a day. Okay. So we get that type of project. Um, let me see another one for you. Um, going to go with.

[00:20:37] Oh, ACU guitars. What do you think? Number of transactions past seven days? Um, let's see, I'll go. I'll go with 50, according to this 96. Okay. I I've been about, uh, I've been about half the number on both these so far. Well, it's just intro. I'm trying to build our muscle here. Uh, alright. You wanna do one more?

[00:20:59] Sure. Let's do one more. you're like, why am I playing this game? What is, I'm gonna double whatever I think. And then I should wait, but then I'll I know you'll choose. All right. Alright. All right. Right. Let choose one that let choose one. That'll be good for your, okay. I feel like you have a good pulse on cool cats.

[00:21:24] What do you think? Ooh, you know, I don't, I don't have much of a pulse on that right now. Uh, I have not paid attention and I'm not sure how the pulse is there, but ah, let's see. Cool cats I'll go with, well, I'm gonna go with one 20. 1 43. You're getting better. Ah, all right. Getting better. all right. So there was a, I mean, look, there's a semi point to this game, but I think I want to build up that muscle and hopefully like you were playing while we were just having this conversation, but to try to understand, like, so we just said for the PAC Cadas.

[00:22:00] That we saw that many transactions going on for like, all right, they're doing about, you know, a range of call at seven a day. So you can begin to say like, where does this stack up? Like in terms of signs of life, because I don't like the metrics that were handed. And so I, I, I really wanna tune that a bit more to understand if the floor is lava.

[00:22:19] Yeah. You know, I'm thinking about it in some, almost like a, a, an inventory turnover type of, uh, metric, you know, you wanna see like how, you know, how big is the collection, how fast these pieces selling. Um, and I think that is more, more meaningful than just volume. Um, you know, we, we know that volume is, is, I don't know, pretty blunt, uh, measurement to be using for all these different collections.

[00:22:42] And it's , I don't think it really gives us much, much information overall. No. Here's the other thing with volume is that one rare piece sells for like 10 X the floor. And so you're like, oh my gosh, this project is ripping. And you're like, no, a whale came in and wanted the super rare piece in this collection.

[00:23:02] But that doesn't mean biscuits for the floor. Yeah, exactly. I mean, we, yeah, it, it, it, it's a vanity metric, really, I think at this point, and we've seen that people know how to game this. They also know that that is the ticket onto the leader boards and we've seen over and over again, that new projects come on, get hot, make it onto those leader boards.

[00:23:25] And then most cases, they just, the price just slowly fades after that. So, you know, volume is a, is a. It's one measurement that is being used way too widely right now. And it doesn't give you much information about how quickly can you actually sell your piece and how firm is the four? How, how realistic is this number and how much has it been tested, tested by the market?

[00:23:51] Absolutely. All right. That's what I got for you. That's all my, all my, my theme.

[00:23:56] All right. I think that's a good one. So, all right. As reminder up it comes. Yeah, go on discord. Go rate us on whatever app you happen to be listening to because, uh, you know, the more the merrier and maybe we can like start moving market on your new salon phone. You know, I assume there's some got their own podcasting app.

[00:24:18] I'm sure we talk. Hey look, I think we've had an open mind about. Solana and magic Eden and again, correlation or causation three, a talks about magic Eden magic Eden gets 130 million. I'm not saying we didn't not do that, but we should have found something for ourselves in there. we're terrible business people.

[00:24:43] really awful, which is why you should believe us or rating. The team, the team could use it. The team could use it. Yeah. all right. Stay safe out there.

 

 

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Loss Aversion & NFT FOMO Science | Project: Bankless DAO

Monday Jun 27, 2022

Monday Jun 27, 2022

Theme: Loss Aversion NFT
Loss aversion in behavioral economics refers to a phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain. For instance, the pain of losing $100 is often 2 to 3x greater than the joy gained in finding the same amount.

  • Are we having fun yet
  • Stop checking prices on long holds
  • Science of FOMO and HODL
  • Do the emotions match the reality

[00:00:00] Today on all about affordable NFTs, we are talking about loss, aversion and NFTs, the secret science behind FOMO and ho we'll get to that later though. Andrew, what are we seeing in the news? Oh, right. Yeah. What are we seeing out here? We've got, oh, we've got genie X, Y, Z has been acquired. So this is an aggregator.

[00:00:22] This has been acquired by UNS swap labs. So. Uh, UNO is their first real push into NFTs, but I think this is pretty significant. We saw gem another aggregator get acquired by open sea a couple months ago. And this was, uh, this was the other big aggregator out there is the other big aggregator out there right now.

[00:00:44] And, uh, that's big that UNOP has, has acquired them. Um, I can definitely see, um, how they will, uh, or, or how this could add some different liquidity options with, uh, unit swaps. You know, if the unit swap can build this into their suite of products, Yeah. We mentioned genie a while back when we were talking about multiple bids and bid aggregators, and you actually called the fact, they're like, I'm gonna do some transactions on here because I bet they're going to make a distro at some point now they don't have a coin coming, but they are, as I understand it, going to be rewarding, the people that had transactions, and this has already been snapshotted with U S DC coin or with a stable coin.

[00:01:23] I love it. I, you know, what's in your wallet. I think we did some transactions there, way back because of that episode. So late in alpha. Yeah. Yeah. I mean, that's, that's interesting. I haven't seen a, a straight U S D C airdrop like that, but I like it. I don't have to worry about the token price suddenly diving as everybody is everyone.

[00:01:44] Yeah. Usually when that happens, it's like, all right, start your engines. Let's liquidate this thing as quick as. All right then next we've got some news on what is coming for Facebook and Instagram regarding NFTs. So, um, I'm not sure if you've had a chance to look much into this, uh, yet George. Yeah. I mean, as I understand it, it's a deeper integration with NFTs and eyeing toward, uh, an actual, I think more of a, a marketplace, as I understand it.

[00:02:14] Yeah, and it sounds well, they are putting aside the, the issue of the 47.5%. Um, fee that they'd like to take. They're saying that they're just, just going to be a free for now tiny taste. Don't worry about it. We're gonna give you it free for now. And then, I mean, at least they're telling you this time that they're what they're going to do.

[00:02:33] In many cases, it's been, we'll give you something free and then we just change the terms later on and start charging charging brands for, for the same exposure. So, you know, we'll see what happens here. Um, You know, we we've talked about how this has the potential to bring a lot of people in. And I just hope that it is the right experience.

[00:02:53] If this is what's going to be the first NFT experience for many people. What I do like is it's making you realize that there's a commoditized race to the bottom game for platform fees, right? Even 2.5, maybe look back and that's the open C. Maybe just you're like for doing what exactly making it riskier, allowing a whole bunch of other fake projects to scam me, letting latent contracts get stolen.

[00:03:21] Like what, what was this 2.5? Get me, uh, sorry, sorry for the flood there. But like, I'm just saying it's reflective of a commoditized market where the, the number you're going toward is zero. So you're gonna make your money maybe some other way. Uh, but 2.5 seems high and it's a very, very important. You don't have to look far back in history books to see Facebook with a, a proud history of rugging developers and people that rely on its platform.

[00:03:47] Yeah. Yeah. So what's another 45%. I think it's well worth it. Right?

[00:03:51] Well, 47.5 45, whatever man. That JPEG's gonna 10, 10 X. Okay. All right. So next here we've got doodles. They have announced, uh, Pharrell as their chief brand officer. Um, they've also raised another round, uh, led by Alexis Hanian, um, the founder of Reddit and has his own, uh, VC fund. Now, um, the, the price on those have of course climbed on that news.

[00:04:16] They also had a, I understand they had a impressive party. I assume. PLL probably. Probably performed at the party. Um, but they've had some pretty, uh, good live events I've heard in the past. I think they had a big event at, so by Southwest and, uh, the price after that RA, uh, uh, started going up as well. So, um, interesting.

[00:04:35] Definitely. Uh, not going away, like we've seen some other, I don't know, some other big name projects, just kind of Peter out. And we're seeing that they're still, still going for it here. Yeah. I mean, I consistently hear strong things about their team. Um, I don't own any doodles. They are. They're not on my short list.

[00:04:52] Cause their price doesn't come to very much affordable territory. Very often. Point . Yeah. That's good for them. Right. congrats if you are a holder. Cause that's uh, I wouldn't, I wouldn't look to sell that right now. If I, if I were holding no.

[00:05:06] We've got some other news of a, I guess, a web two company coming into the NFT space. This is eBay acquiring NFT, marketplaces, known origin. I dunno if I'd say marketplace necessarily. It's more of a, uh, NFT art platform. Um, but that's. It was that's big news. Um, I was very surprised to see that eBay was the one that ended up with known origin.

[00:05:31] I thought that there was, I mean, it seemed to me like there was a possib, there was there would've been a good case to be made for them being acquired by a more crypto native company that, uh, I presumably could keep, just give them more stability, um, over time. Well, you need, you need capital to make acquisitions.

[00:05:49] And when you're capital and your bank may have been held in crypto, It's hard to make moods potentially. So, you know, it may be a big web, two opportunity buying point. Yeah. I just, I didn't didn't know that I was going to have eBay based NFTs in my wallet. well, I mean, you see it in Shopify. I mean, the eCommerce giants know that there's a lot of transaction volume.

[00:06:16] And, you know, they're, they're in that game. And so I think there's a realization that it doesn't matter if it's, you know, tangible and tangible with regard to like, am I, is it a physical object or we're just talking about a transfer of ownership of a object or an idea. Yeah. I mean, they definitely get that part.

[00:06:36] And I think, you know, in some ways it's a lot easier when you don't have to deal with the, the physical object. Yeah. Or unless. News story we've got here, Sal NFT marketplace, the, uh, magic Eden, uh, has raised 130 million they're planning to expand to, uh, more chains. So, you know, we may end up seeing them be, uh, more epic competitor with open sea right now.

[00:07:01] So does, or Sal is on open sea, but, uh, there's. I think it's something like less than 2% of the overall volume is done on open sea. So there's not much competition between them directly right now, but I think we may see that, uh, magic Eden may, you know, may expand to the Ethereum chain at some point, right?

[00:07:21] If someone just dropped 130 million on you, you better have a total addressable market. That includes more than Solana. So I have really liked using magic Eden. I think, uh, it's, uh, it's really turned me on to like the possibility that there's something over there. Um, but it's, it's good overall for the market, 6 billion valua evaluation on that, uh, on that hybrid in a monster bear market.

[00:07:49] Okay. Yeah. I mean, that's, you know, that's an impressive, that's an impressive, but also magic Eden has days where it outperforms in terms of total volume transacted, open sea. That's true. That's a good point. Um, and yeah, we will, we'll see what happens here. I think that, you know, we're still seeing the, the marketplace.

[00:08:07] Uh, we're still seeing the market, the marketplace has developed, and I don't know that we will, that it will just be open sea. Like it has been, uh, dominating the Mar marketplace PLA or marketplace wars in the future. Yeah.

[00:08:21] All right. So our affordable project this week is a bit of a, I'll just be honest, uh, a cop out, double down but I'll, I'll make the case, uh, again, just really quickly about the Bankless and Bankless Dow token. And, you know, we mentioned it before that is coming from Bankless the leading podcast, I'd say leading crypto podcast, frankly.

[00:08:45] Um, with an amazing, dedicated, uh, audience, but also just respect in the space. I mean, just to throw it out there, one, the opportunity just to map it out is the Bankless, uh, Dow token. Currently trading at 1 cent. And now, you know, this thing is down quite significantly. Like, I mean, look in 90 days, you know, it hit a high hundred percent in the last 24 hours though.

[00:09:13] yeah, no. Uh, depending on what 24 hours we're talking about, but you know, this thing was, uh, at 12 cents, um, back in December of 2021, But I just want to, you know, play out the, the narrative really quickly is that Bankless out holders that have at least 35,000 tokens get access to the community. But what's more are part of this community that has the potential for a future NFT drop.

[00:09:37] Nothing's been said, nothing's been promised you can look back at the Kevin Rose conversation that they had. But again, if you're thinking about, you know, and I try to do this levered E plays Bankless is. Really the Vanguard of communications around E they pick up the phone and have Vitalic on the line.

[00:09:57] Boom he's on the podcast. They have a reputation in the crypto space, such that they like DMed mark Cuban last week. And with 40 minutes notice the guy is on their podcast for an episode. If we are looking for things that can carry reputation and attention capital a attention, which drives value. Um, I see this as, you know, a, a levered E play, um, at a time when you're saying like, okay, they have the, the means of production.

[00:10:28] They have the means of broadcast and they have the reputation and trust that is necessary to, to launch something of significance. And I think they are smart. And they're not gonna launch shit during a bear market, but they're building and thinking. And I think post merge and when the market returns, they're gonna remember who their friends were.

[00:10:49] And so, uh, it's a project that I'm, I'm looking to double down on and get a little more friendly with. Yeah, that's a, it's a good one to bring back up. It looks like it's actually at the, you know, right around the lowest price it's ever been. Um, so, you know, I think that's not a bad time to be buying. Um, and like you said, how many is it that you actually have to hold to, uh, to be able to join the 35,000 so full disclosure?

[00:11:15] I am, I already have 35,000. I'm, uh, looking at. Maybe pulling the trigger on some more so that I can hold and then sell when, when it, when it rises a little bit, um, you know, the old buy, I'd still be able to hold weird. When you talking about like tokens, you like? Hmm. Yeah. I mean, it is interesting, you know, we're, this is not a, an NFT, but obviously, you know, we think that there may end up being an NFT here as we've talked about in the past.

[00:11:40] Um, and, uh, you know, it is funny to think, you know, when you're buying just amount of tokens and there's no pictures, it feels. It feels very different. um, you don't feel, you don't have the much of a, an attachment to those, those tokens when it's just a number. It's true. I, you know, it really begs that, like, I want to be identified as a member of this community more so than like, oh, I looked at the assets you're holding, but on the chain and I found like, no, I like com strong communities will look for.

[00:12:12] Identifiable membership element it's um, I dunno, you know, clearly not financial advice, like I'm speculating on speculation. That's what that's, what's been in my head recently. I like this one. I, I think I do not have any yet. Um, I think I may need to, uh, go, go take. Take the advice that, you know, we gave out at maybe the wrong time, the first time.

[00:12:35] But, uh, so hold on. I, I took my own advice, but here's the joke like E I think at that point may have dropped more than the price of at the, at the point would now the transaction, but it was, it cost, I think at a time I did, it was like about 0.5 E to get 35,000. And now it's down to 0.3 E to get 35,000.

[00:12:56] And of course you can, you know, play the game any way you want dollar cost or. Just hate it. Yeah. Nice. Well, thanks for reminding us of this one, George. Yeah. I mean, our ultimate advice is we realize every time we do our project reviews, we should've just bought about two of everything we ever said, regardless of what we thought at the time, the problem is selling it at the right time.

[00:13:19] yeah. Yeah. Over a period of time, we would've done fine, but there's points at which you should sell. This is true. Well, maybe we should, uh, maybe we should get into that a bit. oh God, I don't wanna touch it. I'm so fresh. The only thing I can for sure do. And like the people in square laugh, cuz I just keep saying it is like the only firm advice I can give you is just wait until I sell something and that number's gonna go up it sure.

[00:13:41] As the sun rises in the morning, you wait for me to sell it. And that, that freaking thing is going up only. All right. So look for, look for George to sell. I'm the ultimate. I'm the ultimate sell signal. Just add 72 hours. okay. Here we go into loss. oh man, here we go into loss, avers, NFT land. And, and here's, here's the narrative that I'm, I've been thinking about, what is really behind FOMO and ho and I'm just trying to get into like why I've made some of the mistakes I've had and, you know, Been frustrated when I've been the idea of loss, aversion is a behavioral economic term referring to the, the idea that the, the real or potential loss is perceived by individuals, uh, you know, emotionally it's, it's more severe than an equivalent gain.

[00:14:29] So put another way the, the pain of losing a hundred dollars is like two or three times greater than the joy of. Finding the same amount, which is, which is a weird way to put things, but it is something that has been literally proven in, in various ways where they do experiments of, you know, would you take this gamble if it meant losing this much versus gaining this much.

[00:14:55] And we just, we hate losing things which makes it tough to play the NFT game with the swings, being what they are. And it can really, uh, cause you to make stupid buying and selling decisions. Because of this loss, aver versus playing the game as though, like you were a computer who could calculate the proper expected value and there's this like loss, aversion engine, just running the background.

[00:15:20] I don't know. Does this make sense to you? Do you see this manifest? Yeah. I mean, I, you know, I've heard of this, uh, phenomenon in the past, you know, the idea that, uh, , you know, you're, I dunno it, it's probably the reason why, why we don't sell our NFTs at the right time and, you know, hold them on the way down.

[00:15:37] And then when they go down, man, it feels like, it feels like you lost, even though you never, you know, you were never ready to sell at that high price anyway, you didn't have that, but it still feels like you've lost that. Um, when it does go down and. We've all had a bit of that, at least a bit of that recently.

[00:15:55] Um, probably a lot of that and you know, it does hurt and we, I don't think that most of us appreciate, or, you know, the science is telling us that we really don't appreciate things when they're going up. Um, to the same degree that, you know, we, we, uh, we hurt when they go down. So one way to think about it for me, I'm just trying to consider when I'm watching a number go down by, you know, oh, I've lost 0.3 on this thing.

[00:16:21] Versus when I sell for like a gain and to really say like, oh, I'm still frustrated by my gain because I'll watch it go up still. And then it's like loss a version on top of my gain. I'm like, I don't even get the emotional upside. And sometimes it could just not be fun. You it's like, even when I win, I feel like I've lost because it goes up by, you know, an amount that I was like, ah, I lost it by this.

[00:16:45] It, it, it's a very hard game. Yeah. That's the, I mean, like you were saying before, you know, you wait until, wait until George sales and then the price is gonna go, but you do feel like you lost that because you had the chance. To be, you know, to hold until that higher price came. Of course, you know, would you sell at that price or would you hold until, you know, until it ended up being at an even lower price than what you did sell it for us?

[00:17:08] You know, I think it is really hard because you don't, you it's, it almost feels like when the price go goes up, it kind of feels like, well, that's what it's expected to do. That's not, I don't, you know, I, I bought expecting that the price would go up and that's what it's doing. So I'm not necessarily going to sell when I see that happen.

[00:17:24] Um, But then all of a sudden, when it starts going the other way, you know, you, you may think a little differently, um, you know, cuz you do feel like you, you lost that opportunity. The reason I also bring it up is I'm trying to steal myself a little bit with an emotional guard, wondering whether or not my emotions about a project or my instinct about a project

[00:17:46] match the match, the reality. And so put another way. if I see that my project that I'm invested in starts going down, my emotions are probably going to cause me to hold onto it with the aspiration that I won't lose this money. If I just wait long enough and it slides and slides and continues to slide.

[00:18:10] So I could have taken a much smaller loss, which is felt as two or three X, but it's going to make me a little bit slower in thinking about selling on the way down. And conversely, it's also going to mess with how I, uh, calculate expected value for, you know, oh, I have a profit now, but I'm gonna be maybe slower to pull a trigger because it could go up more and I could lose out on that, on that Delta.

[00:18:39] So, you know, I'm, I'm trying to think about it both on the upside and downside, but it, it definitely is in play and causes me to make messy decisions. Yeah. I mean, the emotions of you're certainly gonna get tested in crypto and in, and in NFTs cuz we see these things move so quickly. Uh, Both up and down price directions.

[00:18:59] And that makes it, I mean, that does test your emotions in here. And I think it's important to just think about that, acknowledge that there are emotions at play with these and, you know, try it's, you know, try to take those out at times when you're, when you're making your buying and selling decisions. But you know, it obviously cannot be done fully.

[00:19:18] I think it is important to try to try to keep these things in mind. Take some wins when you, when you can and recognize that those are, those are actually wins and you need to do it or else, you know, it's gonna be tough to, to stay, stay around the NFT. Uh, just the FD space for, for long, I would think. And the other piece for me is the idea that this is the science behind FOMO, the fear of missing out I'm going to lose.

[00:19:48] I'm going to lose, which is going to have the emotional impact of two or three X, the amount there. And one thing that I'm really trying to hold myself to is, is not letting loss aversion jump in when I miss a mint. And then that sort of following 24, 48 hours where the price sort of pumps and inevitably comes down except in very, very, very rare cases to not be part of grabbing that bag in the.

[00:20:18] Following 24, 48 hours after, after a mint, uh, after a mint out, I'm like, if I missed the train, I missed the train. Let's just wait. Yeah, I think, yeah, I think that's smart. You gotta try to do that. You know, you, you know, there are the rare cases where it keeps moving up and I think there's some, you know, when you're interested in the project, you have, you have a tendency to think that, well, I've obviously picked the project.

[00:20:46] That's gonna keep moving up. Cuz I've picked out the one, the one from, you know, among all these others, that this is gonna be the smart one, but you gotta re. You're probably not that good. You probably, I, I know that I'm not. Um, and I generally, and you know, that's when I do make the mistakes is when you're thinking that, you know, somehow you've, you've got some sort of , um, insight into why this one's going to be so different than all the others.

[00:21:12] Yeah. I think that's a whole, whole other episode of assuming that you're better than the average investor is a very dangerous place to be yet. Here we are throwing dart. That's right. All right. Thank you for humoring me on the, on the loss of Virgin game here. Uh, anything else to add before we sign off?

[00:21:31] No, I think that was a good, good discussion. Good discussion. See you out there. I'm gonna go check the, the Bankless price now.

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