Three NFT trade ideas

Welcome to The Metadata, the only NFT newsletter that you’ll ever need.

It’s an exciting edition. Pinky promise.

Today we cover:

• Market Update: Bull market vibes

• Two NFT trade ideas for the week

• Our favourite tweets this week

Market Update

During last week’s edition, we picked up on how NFT daily trading volumes were rising and that this trend could continue for a while.

Just as anticipated in our previous edition, the NFT market has continued its upward trajectory. We're now witnessing daily NFT trading volumes nearing the $20M mark, with Blur leading the charge, accounting for approximately $11M of that figure.

Is the bull market back? Let’s look at the signs:

• "The Simpsons" Halloween special featuring NFTs.

• Blur’s token price is up 110% over the past 30 days

• Someone buys a Zombie punk for 600 ETH

• Memeland launches its MEME token and makes its NFT holders rich again

• Cryptoadz leads the NFT market with a +145% run

But the burning question remains: is this the beginning of a new NFT cycle, or just a rotational game where NFTs become hot for a few weeks and then die off? Pay close attention to what happens with BTC & ETH in the coming weeks.

If BTC & ETH continue going up, everyone will feel richer and have disposable income to buy JPEGs.

Conversely, if BTC & ETH stall out or sink, it’ll probably cut short the mini bull run we’re seeing right now.

NFT Trade Ideas

Since the market is back (for now), let’s explore some NFT trade ideas. Consider this as a guide on which tokens might be good to look into and how we are thinking about them.

NOTE: None of this should be taken as financial advice. Please always do your own research, that’s how you develop conviction.

Trade Idea #1: Doodles

• One of the OG PFP collections, raised $54M at a $704M valuation in 2022

• Family-friendly, art is top-tier, better than almost any other project so far. 118,000+ IG followers.

• ComplexCon coming up and Doodles will be releasing a Capsule collection soon

• Despite its past mistakes (e.g. Doodles 2), its IRL activations and Crocs collaboration went quite well

• CEO has been quiet but says an update session will be coming up. Quite timely given the burst of wind in the markets

• Feels like it bottomed out at around 1.3E with seller exhaustion. It is now at 1.8E and could run once we get more information about the roadmap. Pudgy Penguins is a good comparison (at 5E now)

Narrative Trade Idea #2: Find NFT projects with upcoming tokens

• Memeland did a successful token launch last weekend, and NFT holders got a very good airdrop. For example, a Captainz NFT holder would have made a profit of ~$7,200 if he participated in the Firesale and another $3,500 of unlocked tokens with $14,000 to be released over 2 years.

• Everyone is looking for the next NFT project that’s going to launch a token and crossing their fingers that it’ll do as well as MEME

• Some projects that may have an upcoming token:

  • The Grapes (confirmed. We called this in our earlier newsletter when the floor price was just 0.2E. It is now at 1.3E)

  • Mittaria Genesis (confirmed, timing uncertain)

  • Mocaverse (rumoured)

  • Creepz

  • 0N1 Force (rumoured)

• Many projects that ARE just THINKING about launching a token will likely seriously consider launching one or making an announcement soon

• The idea here is to accumulate NFTs of projects that will launch tokens and sell them when the token is launched

Trade Idea #3: Watch for SHRAP

• SHRAP is the token for Shrapnel, “The 1st moddable extraction shooter game, built by a unique team of BAFTA & Emmy Award-winning talent, using UE5 & blockchain.”

• There’s not much info about the token, but it will be listed on Kucoin and Bybit on 8 Nov. It could follow the trajectory of recent token launches like BIGTIME

• Early access to the game is planned for December 2023.

Our Favourite Tweets

🐥 Alex thinks the GameFi narrative is going to run hard

🐥 Simpsons brings NFTs back into mainstream awareness

🐥 Yuga Labs co-founder casually buys a Zombie punk for $1.1M

🐥 Cirrus is pulling users to Arcade by offering better loan terms

🐥 OSF launches NFT collection for his upcoming boxing march in Dubai, marries prediction markets + NFTs

🐥 MapleLeafCap thinks GMT will benefit from Gas Hero’s upcoming launch

🐥 Palis thinks OpenSea might actually launch a token

🐥 Octo, the Axie Infinity of Solana?

🐥 Anonymoux thinks Patrick Amadon will rise to become a top NFT artist

🐥 Brands going to FOMO into NFTs… again?

🐥 How does value accrue back to NFT holders?

🐥 ZTX’s awesome spaces on token economies in gaming.

🐥 Elon Musk also joins in to talk about NFTs

That's it for today folks. 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.