Are all NFTs in YugaLabs lifeboat? | Project: Degenz

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Transcript

[00:00:00] Today on all about affordable NFTs we're talking about are all NFTs in the UGA labs life boat. I like it. It's gonna be interesting topic talking through it. And Andrew, what do we see in the news today in NFT land? .

[00:00:14] Well, we've got some board aid news to start us off. We've got a some stories about NFT restaurants. We've seen a handful of them popping up lately on new.

[00:00:23] One was just announced down in the LA area from a restaurant, or that has four or five chains already. But seeing a couple of these pop up also have seen let's see, it was universal music. They've purchased a few Asians. Four apes three or four apes. Now they're putting a music band together, similar to the gorillas put using the board apes.

[00:00:47] So starting to see these H be used a lot more in brands and I don't know the way that people have talked about it, but actually seeing it come to fruition of that year. Yeah. When you see this, it's

[00:00:58] just really sort of the culture following this and you know, it's a funny picture of like board ape imagery on.

[00:01:04] Fries on a burger thing on a soft drink. It's, you know, also being used for really expensive sushi. It says lavish sushi establishment. So it's kind of weird to see a brand being extended in these like extreme directions and like what what's the net result. I'm not quite sure, but you know, try to be parsing out various flavors of that.

[00:01:26] I think in the.

[00:01:27] Yeah, absolutely. So next we've got that board aid. We get, we talked a little bit about this board. Apes are trying to build a metaverse, you know, somewhat as a antithesis to the Facebook Metta world that may be coming or whatever that may be. This is more of a web three native crypto native, metaverse and that's sort of how people are positioning it right now.

[00:01:50] So interesting to see. How, how the NFT or, you know, world crypto NFT world is reacting to this versus the meta play when that was announced.

[00:02:03] And they're look, they're there. Just checking every single box on the playlist of launch a project, do the secondary airdrop launch, a coin launch a metaverse with a land sale, right.

[00:02:19] Drop in on, you know, restaurants and themes. It's,

[00:02:24] you know, go, go to

[00:02:25] go to the playbook of the common roadmap, except they execute, right. Like ideas are cheap. Execution is real. And, you know as we mentioned, like that airdrop of the eight token in the last episode, you know, it, it happened it's real in, in sitting in like 2.2 freaking billion dollars.

[00:02:42] It seems to be roughly holding somehow value. As of, as of this.

[00:02:47] Yeah, I was, I was definitely not so sure that it would hold value as long as it has. You know, and we'll see what happens, you know, who knows by the time you're listening to this, I'm sure it's moved in one direction or another, but I really don't know at this point, I haven't paid all that much attention to the price movement other than just hearing it once in a while to see, you know, what has happened.

[00:03:07] Let's see, moving onto the next news item here. We've got a time magazine. Pretty active in the NFT world. They have released their first ever NFT issue and they've got metallic, uterine co-founders and ease of going on Facebook, Ethereum on the cover of this. And interestingly, in this article, in this interview, he talks a bit about how you know, he's not necessarily happy with how.

[00:03:30] The, or the, the current state of a theory of, and how NFTs have maybe glorified some of the aspects that he doesn't necessarily like about this, including just wealth and attention that maybe go on with board eight. So he wasn't necessarily. They specifically call them out, but a lot of people read it as a sort of an anti, a board, a kind of stance from metallic.

[00:03:55] And, you know, he took it from a point of it's that there's a lot of wealth inequality. There's a lot of eco issues that are definitely are glaringly obvious in this industry right now. And and those are, I don't know, I guess board eight and NFTs are kind of the face of that.

[00:04:12] Super powerful to see obviously the first entity issue of time with, you know, metallic and also it just, you know, it's not all sunshine and rainbows.

[00:04:22] Like I think it's super interesting that he's just like, look, look, here are the problems. And he talks about the top three over your investors jumping in with more than they can afford to lose. The public flaunting of crypto wealth of like that sort of freaking Lambo culture. Like that's that's shit.

[00:04:38] Like, you know, it's, it's really turns off a general population. Even though some are attracted to that. And then the one is the high transaction. So, you know, making it essentially only used for like huge amounts of finance or, or gambling, like he really wants to see the utility of this. And it's also important to note.

[00:04:58] Metallica is very different than mark Zuckerberg. He doesn't own right. The controlling voting shares of the theory, certainly massively influential, but you know, this is not necessarily his like sort of command and control and that's really awesome. Right. And he doesn't love everything that's happening in the platform, but he also can't just shut it.

[00:05:19] The way that a Zuckerberg,

[00:05:21] right. He calls, you know, buying a board ape and then whole ecosystem, just straight gambling. He's like, that's gold camp.

[00:05:27] There you go. You built it, but that's how people use it. Yeah. Yeah. You know, a bit of a funny part that came out of this, you know, there are a lot of, a lot of negative comments about the the look of metallic on the cover of this.

[00:05:40] And people were comparing him to. To a, you know, got a Tom Brady, they went with addicted. There were a lot of different, a lot of different descriptions, but I actually could see him. One of these, he actually, you know, I could see the Tom Brady look a little bit, but he, he mentioned that he didn't know who Tom Brady was.

[00:05:58] And Tom Brady then took some time to introduce himself. And I don't know that Tom Brady gets to do that much, but he said he was a big fan of a tall, like, you know, as we've mentioned, Tom Brady has been he has been used in a lot of ads and has his own autograph. NFT platform. So, you know, I think he genuinely is a fan of metallic.

[00:06:19] I think it was pretty cool to see this the all time, the greatest all-time quarterback saying that he's a fan of the tele who doesn't know who he is. So, you know, maybe that means something in our culture at this point.

[00:06:30] Maybe it's why I keep coming back to like how disparate the cultures of NFL in crypto are and why I'm always like, so excited about the NFL coming in.

[00:06:38] Because if like, if that sort of Venn diagram gets. I think it's a huge on-ramp, but

[00:06:43] that's absolutely hilarious and

[00:06:45] happened over Twitter. So Twitter, it can't, it's not all bad. And then Twitter, not all bad.

[00:06:50] Let's see, we've got one more story. We've got game stuff again. I feel like we're talking about them a lot. GameStop has launched eight marketplace and an empty marketplace, which we have talked about. And because they had raised money from a mutable X, of course, they've launched that on a note they've launched on Lupron.

[00:07:08] No real reason, no. Given Lupron announced this man. Now, GameStop is saying that they're going to support both of these. Of course, they've raised all this money from a mutable X. And as we mentioned at the time, they then immediately dumped the coin, which caused the coin to go down pretty

[00:07:28] drastically 40% or

[00:07:29] so.

[00:07:30] Yeah. And in this case, it's the opposite. Now loop ring is a, is I think jumped about 40% once this news hit because nobody saw it coming because there had been no word of it. The bring just announced it. So not much. I don't know what's going on here. You know, GameStop is they're good at putting themselves in the headlines.

[00:07:50] I don't know if this NFT marketplace is going to ever be meaningful though.

[00:07:55] Yeah, I guess we will see time will tell. I will definitely wait and see and not jump in on this one. Actually

[00:08:03] give it a, give it a minute or two. Let it, let it be. So Andrew,

[00:08:07] I feel like we've been letting our audience down by not giving them affordable projects and partially because look, if they don't have something good to say, we're not going to say it, but you found something interesting.

[00:08:17] Why don't you share with this collections?

[00:08:19] Yeah, that's great. D gins and Ft. Let's see. So this is a, let's see how many pieces is, this is a hefty collection of let's see. Oh, no, it's a much smaller collection than what it says. Sorry. I am not stressed. This off is about 4,000 pieces. It gives you access to a NFT alpha groups.

[00:08:38] So it's a group that discusses new projects discusses news in the NFT ecosystem posts updates each day. They got my attention when they put out a report on the rare token from super rare when it was especially low they. Saying that it was a good buy at rallied abouts. I think over a hundred percent since then they put out six new reports just this past week.

[00:09:04] And it seems like that's just going to be a regular thing. They've announced they've got five more coming next week. So I've found those helpful to look at even. Not projects that I'm necessarily getting into. It's great to get some insight into what people are thinking and seeing around around the NFE ecosystem, they've put out a lot, or they put out a lot of content each day.

[00:09:23] Two of the people behind this are hosts of a warning Twitter spaces show and rugged radio, a once a user owned Audio platform. That's currently done Twitter spaces, but they do a morning show there with, let's see it's O S F N F T, who is a, he was an early punks collector and has been in a lot of a lot of big projects and seems to be quite influential in actions.

[00:09:49] I seems to be, he is quite influential. You know, when he posts and is quite knowledgeable about the NFT ecosystem. Great. Mondo is another one that is on there and Baroque, who is a artist and a sort of social, an FTE person or social media, NMT influencers. So they all are on that show and do a lot with this project.

[00:10:10] They post daily updates starting with more of a marketing. Wide outlook, you know, macro outlook of what's going on in the world from a financial perspective and then how it relates to crypto and then finally into NFTs. So they post a lot of content That just gives you a lot more than you can possibly track on your own.

[00:10:32] So I found that helpful. Let's see, we've got a floor of about 0.2 right now. I have one of these right now. I got in at that price as well, or right around there. So there's different types of characters. You know, like I said, it's, it's getting you access. So, you know, you can, you can get. Spend some time looking at the the different rarities.

[00:10:52] There are some different types of let's see different there's lobsters, there's some different characteristics, but you know, you're looking to just get in to the discord. You know, you can look at something around that floor price, but try it out has been holding fairly steady around that price recently.

[00:11:09] And let's see, moved up. It wasn't. The town in the 0.1, five range for a while there. And let's see for a couple months it looks like or a better part of a month. And then has moved up recently. So, you know, it seems like people are noticing, you know, I don't know if they are planning or I shouldn't say they, they do have one.

[00:11:31] Other project that gives you access into it. I don't know if they're planning any others. I think it's just these two projects that give you access to the discord. So it is limited in how many are out there. The account that they have systems that they have on open see is wrong. They mentioned, so it's a little hard to get the exact number.

[00:11:48] They say there's about 4,000 pieces, but this, and I think that's weird. I said to the other

[00:11:52] open, see, it looks like it's saying it's like, it's an 11,000. But yeah, that floor is definitely moving. You know, what I do like is the community based like access as long as there is a dedicated content generator associated with it, like just access to another freaking discord is like, need that like a hole in the head.

[00:12:10] But not a bad call saying like, all right, here are people that are, you know, talking about topics intelligently. So interesting. I will take a look full disclosure. I don't own one. I may FOMO in, although I'm trying to get myself a little breather after a recent, recent.

[00:12:24] All right. Good one. Yeah. Sorry.

[00:12:25] Went on a little long there. It is a project I liked, so yeah, take a look if you're looking for more news, but we also, we also share a lot of good stuff in our own discourse. So hop in there. If you are looking to to discuss projects and we've got links, we've got we've got some discussion going on and always welcome new people there.

[00:12:43] Great. Thanks. Alrighty, let's move into the theme. I'm excited about this. The concept here is, you know, are all NFTs in the UA labs, lifeboat. We all live in a UGA lab submarine and rough back of the napkin with that recent purchase of the SS behind you know, or the BuyBoard natives buying crypto bonds.

[00:13:06] Right. And. They roughly have about 25%. I think this is right 25% of east based NFT assets. However, you classify that, which is massive. If you think about how many different projects are out there, that, you know, one company is now controlling this much. And with that, that's, you know, it's a lot of ease.

[00:13:28] It's a lot of NFT value and they're now sort of dictating this larger play. We already mapped out is sort of following this Pete by number, but feels like roadmap of things you do after you have done your initial drop. Yeah, I think it's

[00:13:45] worth taking a look a little bit more about, you know, how they actually did this.

[00:13:49] You know, they all came pretty quickly here. You know, they bought that IP, they announced the the Abe claim right after that. And then they announced the the funding, which had been rumored for a while. You know, like a day or two after that. So it's been a lot of news for you guys. It caused a lot of movement in different projects.

[00:14:11] You know, we talked about it, the other side video and how different projects were featured in there. Definitely seen prices of some of those projects rise because of that. They've since fallen back down for the most part. But I wouldn't say that for the overall, because of me, bits of definitely Held pretty strong surprising to me that they have done as well.

[00:14:33] You know, but I think beyond that, we've seen that this ape coin has, it will, it's done well, but there have been a lot of people that have sold. You know, I think one. One interesting aspect here is that they released this in March, shortly before the us tax deadline in April where a lot of AP holders may, may owe some, some taxes if they have sold any at this along the way and still hold some, they may not necessarily have the liquidity, but this certainly helps if you are in that situation, because this was a big airdrop for for.

[00:15:09] I am holders. And then there's the people that don't necessarily need to to sell to, or, or to sell for taxes, but maybe can use that in other projects. And initially we saw that going into some of these other projects that were mentioned, and, you know, I think there was a thought that it would sort of float more of the NFT marketplace.

[00:15:28] And I think a lot of that. Largely stayed within the UGA labs ecosystem, whether that's just into other NFP project from board apes to, to the the kennel club or the mutant Napes or even to some of their other IP, like they need that or punks, you know, I don't think those are as popular, but there's, I think we're seeing a lot of it stay within that ecosystem rather than go out to other parts of the ecosystem, you know?

[00:15:51] And it's, so it has helped some of these other projects, but I don't know that it's helped as much. As, as maybe some thought. And the other side of that is, you know, if, if they falter, I think that it could be bad for the NFT space as a whole.

[00:16:07] Yeah. I feel like that's what you're hinting at. You're saying they are now the, you know, the banner for NFTs, good, bad indifferent.

[00:16:16] And then here is a company which

[00:16:18] can do well, it can do poorly, but it is

[00:16:20] motivated by. You know, shareholder value is it's taken on investment. It is now on a very distinct course and you know, we've yet to see what happens. I think there was inevitable. There's an inevitability to this right, where you've got the pendulum that will swing from all right.

[00:16:39] Here's a highly fragmented, decentralized market with a lot of different brands, a lot of different small players, all playing all at once. Inevitably one of the fish gets bigger than the other ones and figures out how to. And then swallow too, and then sort of capitalize on it and follow along with the way financial markets always do a power law where 10% of the things have 90% of the asset and a distribution.

[00:17:04] And so, you know, this is kind of expected. I would maybe say that there's probably more, more to come either by them buying. I don't know if they would buy more, but others realizing like, you know, boarding. I mean you labs, I'm sorry. UGA labs now have five of the 10, five of the top 10 most traded by sales volume and FTEs on the interwebs.

[00:17:28] Like that's, that's a lot. So I said 25% of overall value, but like just of the top 10%, they have half of that list.

[00:17:36] So one important distinction between the collections that they've created versus acquired is the commission. There is no commission on punks, or maybe it's a, it's one of the reasons me, this have been used so much in wash trading on the looks rare platform because there's no commission there

[00:17:56] really quickly, what does commission

[00:17:57] actually need?

[00:17:58] Right. So the, so commission. Brittany into contracts so that the the creators get a percentage of the sale. So I

[00:18:05] believe, let me challenge you on this. I don't know if it's actually written into the contract. I thought it's something that the platform has to honor based on the intent, because you can go to other dark markets and trade around that.

[00:18:18] I feel like that. Yeah.

[00:18:19] I, I don't, I, yeah, I, I don't know exactly how I, I don't know because I, I don't know exactly how it works. It's certainly something about the, the, the The project itself, the collection itself, because there were collections that were being used. I mean, if there is something set in the contract, I don't know if there's a way for platforms, essentially, not to honor, I guess I know there's a way for a platform to just not honor it.

[00:18:41] Like it's not immutable to the contract being

[00:18:43] written. Like you can incorporate, it's not fun to transfer that it actually happens the platform and students to pay it out of. Know, I think that should probably be addressed if there is a, you know, a fair way to do so. But I, you know, I think that is important to think about, even if they're getting huge returns from the board apes, there's been massive tradings since all this has happened, I, you know, was looking at it the other day.

[00:19:08] And I think I've realized that I think. Within a few days, they had taken in about 63 million in fees from the trading. And there's really no cost to them. I mean, there's, these are digital assets that are being traded at this point and it's on a marketplace that they don't run. You know, they're paying eight fee to open, see, or your character looks rare, but they're also not spending anything beyond that to, to, to do this.

[00:19:31] So let's see. It's a very. It's

[00:19:33] taken like 2%, 5%.

[00:19:36] The question, I don't know. I would say I was going to guess two and a half. It may be as much as five. You know, I, I, we should look at that. Yeah, let's look it up

[00:19:43] real quick. Cause I, you know, what's curious, I'm just looking at the past seven days right.

[00:19:48] Of, of transactions for just boardings, right. There's been like 216 of those that happened and let's say. They get 5% of that. I mean, they made 3.5 million on just board apes, changing hands and seven days for, you know, the cost of breathing air. And so, you know, similar to the way that, you know, Google has got this money printing machine called, ad-words and certainly apple has its money printing machine called the app store.

[00:20:21] Look,

[00:20:21] you know,

[00:20:22] the, the numbers are there. As long as you're able to keep the marketing brand and value there, it's like awesome. In terms of generating that kind of revenue, but interesting that I didn't realize that NEBA is set up at a zero fee on those, which, which kind of hurts in that kind of volume as it moves back and forth.

[00:20:39] They're like, Ooh, you know, what is the, what is the ongoing value of that? And Ft to, to the, to the credit.

[00:20:46] It is a two and a half percent commission fee for a UBA labs on each each secondary sale. So let's so divide

[00:20:53] my number in half. That's still whatever, you know, like a couple million dollars. It's

[00:20:57] incredible. Yeah. I mean, it it's, it certainly adds up. They've been doing huge numbers recently. You know, they keep adding, adding more ways.

[00:21:05] It shouldn't say that that ape token is. Was officially launched by the, the board API club Dow. It's not by UGA labs and it does. So it's not any. It's not, it has no stake in UGA labs has nothing connected to the the revenue or to the commission there. It is a Dow, you know, I will see what spins out of that.

[00:21:27] You know, as we know, a lot of doubts are created and there's a big challenge to getting something going, you know, that thing said, I could see this token being. In there. Metaverse for sure. We've seen some drops. Recently I know Snoop dog did one that was an album or a song, I believe that was only available in the able token.

[00:21:44] So I'm sure we'll see use cases like that. You know, maybe it becomes a dose like meme going, but it's, but it's a power instead of instead of dojo powered. Yeah,

[00:21:54] and they're they're going to push it right. That all it all has to succeed. Right. And so if that boat continues to rise, so to do that,

[00:22:02] The overall

[00:22:03] fate of entities, I think I'd take the contrary to you on if it sinks.

[00:22:07] I don't think it sinks the overall market actually. There could be a positive externality of that, which is they stopped sucking all the oxygen ahead of other projects. Right. Because like so much money is going in and it's like, oh, where do I go? I just go into this one corner. And suddenly it sort of starves a long tail of projects out.

[00:22:25] I feel like

[00:22:25] . I don't think they're going to be. Okay. Anxious to get back into other lesser known projects. That's, that's what I fear. That's interesting, you know, we'll see, you know, I think they also have the potential to grow the market so much at this point. And I think that's, that's really the , that's what I'm hoping that they are just leading many more people into this and that they will become a smaller part of the market because the market grows so much.

[00:22:48] And, you know, I don't know. It's great that they have such a large large stake in the say of the market at this point. Yeah.

[00:22:56] I don't know. I think the people they onboard are like coming in and buying a $200,000, whatever, and then they, they're not like a real potential user. Right? Like they're not running around with that with a hot Pollock.

[00:23:07] They're like, all right, put it in a desert, put it out of sight and then like, hold it, set it and forget it. They're not like necessarily jumping in and active in the community. I think there's like a weird handoff of. Kind of just cold collectors, maybe rolling into those sides. Yeah, certainly

[00:23:22] I could see that, you know, I would say the counter is this ape token is actually the easiest.

[00:23:28] It's the easiest way for anyone to get involved in the ecosystem. You really, anyone can exchange any amount to be part of this now in some way and have some small part of this. Whereas before I think you had to, I don't know what. I'm sorry, what is it? I always forget the name that the kennel club. I don't know what those are at.

[00:23:45] Not my, I don't think it's a super other popular project in general, but I think those are still, if I dunno, 60% of the

[00:23:51] time, the teller, the number nine, they did 10 million in last seven days. You know, they're real right. And I'm sure we're it April.

[00:23:59] Hmm. Wow. And that's, that's a solid race war for a project that nobody really even talks about.

[00:24:05] It just it's just because it's.

[00:24:07] and, you know, it's part of it's, it gets you in there. And I think, you know, we're going to see a lot of people just by that token to have part of UGA labs too, even though it's, you know, as I said, it's not part of it, but here's why it's going to be correlated with how with the success of Hugo labs three

[00:24:22] years from now, you could have the option of buying well at this price, eight X copies or one.

[00:24:29] 48 kennel club. Like it's not even a question in my mind. And maybe that's like, what I feel like, you know, Vitalic is, you know, saying or not saying when he's like, that's called gambling, right? Like, you

[00:24:40] know, the, the thing I always keep in my mind is this, the rate of

[00:24:45] increase the shorter, the timeframe that.

[00:24:47] Right where it goes from zero to absurd. The shorter, that amount of time, the more likely is that same half-life existing off the back end, the faster it goes up, the faster it rips down as opposed to, you know, slow, steady growth over time that sort of grinds improves and grinds and proves is more likely to have that type of staying power.

[00:25:08] So we're dancing on the edge of a knife for sure. And you're pointing. That there is a, there is a major spike and bubble in certainly maybe this valuation is hard to say what these things are all valued at, but it has risen in a short timeframe which sends off certain alarms.

[00:25:25] Yeah, I think you're right.

[00:25:27] You know, it's kind of the opposite of the Lindy effect that we've talked about, you know, really want long steady or, you know, slow, steady is a lot better than the fast like this. You know, there is a, a lot of profit to still. Taken by people for a long time on the way down. So, you know, you've got to keep that in mind, and I'm not saying that that's going to happen.

[00:25:47] I'm not saying that it should, or that these are overvalued. I don't know. You know, I'm not saying that I. It's not one that I jumping into at this point. I think that's a good, good way to think about it. Would I rather have eight of those X copies that we were just minting on the last last episode or, or one of the the kennel club and, you know, I, you know, it is, to me, it's easy to say that I'd rather have eight of those Zack X copies.

[00:26:13] Oh, you did

[00:26:14] accidentally by two less, we forget.

[00:26:16] Yes. Still, still a little short of the EPA. It's still funny. It is. Yes. Yes, it is for some of us.

[00:26:23] All right. Anything else that you want to tackle on this theme?

[00:26:27] No, I think that's good. You know? We'll see how this evolves.

[00:26:31] All right. Thanks for bringing it to us.