Memeland Gets Close to Launching Token

Welcome to The Metadata, the only NFT newsletter that you’ll ever need. We summarize our research findings on the latest trends in NFTs & Gaming into a quick read every Wed/Fri. Thanks for being one of our 1,000+ readers each week!

Today we cover:

• 📉 Forkast NFT index is down. Are NFTs ded?

• 🙉 Keep calm and earn $MEME tokens — Memeland’s upcoming token launch

• 💰 All about Recursive ordinals: next big thing or scam?

• 👟 Adidas & Fewocious collaborate to drop a dope shoe

Market Update

Let's take a moment to delve into the Forkast 500 NFT index, a comprehensive tracker of NFT collection prices across various blockchains. Over the past 30 days, we've seen a 12% dip. What's the takeaway here? Simply put, the scales have tipped towards more sellers than buyers in the NFT market.

But let's put this into perspective. While the NFT market is experiencing a bit of a chill, it's faring considerably better than its alt coin counterparts. The past month has been brutal for many alt coins, with losses ranging from 30% to 50%. This downturn is largely attributed to the SEC's regulatory action, which has classified nearly all crypto tokens as securities.

Believe in Memeland and $MEME Awaits You

Lately, there has been a lot of buzz about Memeland , a Web3 venture capital studio with a keen focus on community. As a subsidiary of 9GAG, Memeland is on the cusp of launching its $MEME token.

Memeland's strategy is to leverage NFTs to foster community, design mass-appeal products, and create tokens to distribute value in a decentralized manner.

At the helm of Memeland is Ray Chan, the founder, and 9GAG CEO, whose genuine persona and commitment to product quality have earned him respect in the crypto space.

The $MEME token is set to be the primary currency within this ecosystem, and promises to bridge all ecosystem projects. Although the tokenomics of $MEME remain under wraps, the anticipation is high. All we know today is that 69% of the tokens will go to the community.

What about the rest?

The token will be launched in both ERC-20 and BRC-20 formats.

The rumor mill is also abuzz with talks of a potential launch of 100 Ordinals NFTs in collaboration with major artists and a possible listing on OKX, as hinted by an AMA session between Ray Chan and the CEO of OKX.

Memeland NFT holders have started receiving special codes, granting them the privilege to activate a whitelist and participate in the upcoming $MEME sale. This can be achieved by purchasing Captainz (5 codes, 8.9 ETH) or Potatoz NFTs (1 code, 2.6 ETH), which come with codes for the waitlist.

And to get in, you have to play a mini-game and collect 69 coins. But what if I don’t own any Memeland NFTs? Don’t fret:

• We found this Premint that gives you a chance to make the whitelist (till 21 June)

• Follow @9gagceo, @Memeland, and participate in Twitter drawings.

🤑 Our Views: Memeland has crafted an impressive ecosystem right from the start. Their innovative gamification system, featuring NFT staking and quests, has provided an engaging adventure for the project's community.

With the upcoming launch of the $MEME token, this ecosystem is set to become even more vibrant. Even without any token utility, $MEME could be perceived by many as the ultimate memecoin to own, the next version of DOGE.

Floor prices for Memeland NFTs have bucked the downtrend of other NFT projects, signaling a lot of interest in the token launch. But with the limited information around tokenomics and token utility, there’s not a lot of basis to price this right now.

Ultimately the decision is down to faith in the team: Believe in Memeland → Buy NFTs and get ready for token. If you’re skeptical, then look elsewhere

The Daily NFT Show in 20s

We watched PROOF’s daily NFT show (13 Jun) and summarise all of the alpha for you:

• New Whale Wallet Emerges: This whale has spent about 4100 ETH in the past month, mostly in the past week. The wallet has been buying a lot of NFTs, particularly in top projects. The wallet is unique because it has also bought some "Grail" NFTs, making it different from most airdrop farmers. Love to see these big boys coming back into NFTs.

• Notable Sales: Top Hat VR Punk that sold for 135 ETH, two female punks sold for 95 ETH and 88 ETH, two Kraken Captain sales for 14.7 ETH and 10.75 ETH, a Opepen Edition size 1 that sold for 11.2 ETH, and a piece called "Cycles" by Josh Pierce that sold for 2 ETH on SuperRare.

Today's News

• Blur’s token unlocks begin on 15 June, with a whopping 40% of circulating supply coming to the market.This is due to the end of a four-month cliff during which insiders and investors. Expect some price volatility to happen.

• 9dcc, a web3 luxury fashion brand, introduces its accounts feature, which allows better networking for…your clothes

• Otherside announces that its luxury Gucci Koda pendant claims will begin soon

• Pudgy Penguins introduces a Soulbound token to represent its Most Valuable Penguin every month

Top Tweets

🐥 Recursive Ordinals are the new in thing. Scam or good technology?

🐥 If you want to know more about Recursive Ordinals, read this

🐥 This Ape intends to save ApeCoin DAO

🐥 Why the largest luxury brand in the world is getting into NFTs

🐥 A reality check on the state of crypto today

Upcoming Mints

🍿 OCM Dimensions on 15 June. It’s a collection of 3D generative art on Bitcoin, includes pioneering features like recursion. 300 rare pieces will be minted this Thursday at 0.08 BTC each.

🍿 Adidas & Fewocious collaboration. 4,500 mint passes will be up for sale on 22 June. Holders will be able to claim a physical sneaker in the summer.

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). If you were forwarded this newsletter, you can subscribe with just one-click:

Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.