👀 The biggest NFT mint of the year is here.... and its skill based? 👀
Yuga Labs dropped a bomb on the space this week after revealing that their upcoming mint would revolve around a temple runner style game
After an explosive start to the year for NFTs, the old adage of "Ethereum up, NFTs down" held true again this week. Most of the top collections experienced sharp pullbacks, but with Yuga releasing more information on what's to come soon, there was no shortage of excitement in the space.
This weeks headlines (short and sweet with all eyes on the Yuga claim):
$ETH continued to fly leading to a reversal in NFT momentum
Yuga revealed more details on Trial of Jimmy the Monkey "Dookey Dash" game which is set to begin on January 19th
Floor prices of the top collections were down across the board over the last 7 days after $ETH saw a steady 25% climb throughout the week. Bored Ape Kennel Club was one of the harder-hit collections after speculators that were hoping for a dog-centric announcement from Yuga were leftdisappointed after no game-changing utility was announced.
With the Sewer Pass claim bringing 30,000 new high-demand NFTs onto the market, it'll be interesting to see if other collections sell off as collectors move to get into what may be the cheapest Yuga-related asset on the market. My gut tells me that we'll see some of the mid-tier collections continue to slide as a result of this, but crazier things have already happened in 2023 (I'm looking at you, feetpix)
Things to watch closely over the next couple of weeks:
Kennel Dogs are clearly going to be useful for the later stages of the Yuga mint in a few weeks and tend to run hard when they catch momentum (as we saw this last month)
Moonbird Oddities continue to be one of the most intriguing collections as the long-awaited Moonbird's Mythics collection, which will bring with it a burn mechanic for Oddities, inches closer
Azuki and Beanz have picked up a ton of steam recently, and there is a massive amount of speculation growing centered around a rumored announcement coming for Chinese New Year
Checks have exploded from a $5 mint to a $500 floor collection and they've managed to keep the momentum going with an upcoming burn mechanic
BendDAO is now filled with tons of mutants and apes that are at high risk of liquidation, the dominos seem like they will begin falling shortly, which in the past has presented incredible buying opportunities
Things that worked this week:
Checks - 0.006E Open edition mint that ran to as high as 0.35E after plans for a burn mechanic were revealed
Createra - Free mint that peaked at 1.6E after announcing a 10M round led by A16Z
The Memes by 6529 - Full set is now sitting at 90E after starting the week at 42E
Miladies - Up from 0.9E to 2E
Pepeland - 0.011E mint that swiftly pumped t 0.05E
A Kid Called Beast - 0.0777E Mint that peaked at 0.63E
feetpix - Flew to another new high of 0.2E
Yuga Announces Dookie Dash
Apes, stretch your eyeballs and warm up your scroll muscles — lots of new info about next week. Short version: monkey butthole, Sewer Pass January 17, skill-based mint begins January 18, new power sources. Video explainer coming soon, more at https://t.co/h8JXeLkC57, and the 🧵 https://t.co/bF1h2qAXrM
— Bored Ape Yacht Club (@BoredApeYC)
Jan 12, 2023
Yuga released more information about their skill-based mint this week with an announcement detailing "Dookey Dash". BAYC and MAYC will be able to claim a pass and play the game over the next few weeks. At the end of the three weeks, the passes will "transform" into something else. Rarities will be based on the scores you receive and the top score will recieve the key that is currently stuck in Jimmys bottom. Holders were originally supposed to be able to claim a pass on Jan 17th, but the claim has now been pushed back one day and should be launching within 24 hours of this Newsletter going out.
The announcement revealed that the main difference between the four tiers is that the higher your tier, the higher your score multiplier when you are playing Dookey Dash. The market's reaction to the announcement revealed that speculators were clearly hoping for more out of the tiers after all three collections saw sizable drops of up to 40% in their floors.
The next few weeks are shaping up to be somewhat of a Web 3 internet Olympics. Some collectors that don't have the energy to play have gone to the lengths of hiring professional gamers to play for them in an effort to acquire the elusive key. While its unclear what the ROI of hiring professional Fortnite players to play a temple run-esque game will end up being, there's no debating that sticking around for the ride over the last few months has paid plenty of dividends for Yuga holders across the board.
For the sake of the entire space, let's hope that continues...
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