Episode 7 - Now with Segments

Jamie: 0:00

The hosts of Two Bored Apes are not registered investment advisors. The podcast is for entertainment and informational purposes only. Nothing said on it should be construed as investment advice. On this week's episode of Two Bored Apes, we talk about the big news of the week. We talk about the Bored Ape Yatch Club auction at Christie's, the treasure hunt, and the upcoming 2.0 roadmap. We talk about various artblocks project as we are want to do. We take some questions from Twitter and provide answers and then we give the first update on Roy's one eth challenge.

Intro: 0:34

Two Bored Apes, talking NFT's, De-fi, and some random stuff! uh uh uh uh Two Bored Apes, talking NFT's, De-fi, and some random stuff! uh uh uh uh

Jamie: 0:52

Welcome to episode seven of Two Bored Apes. I'm your host Jamie and I'm here with my cohost and friend Roy. Roy. How are you doing?

Roy: 1:00

Pretty good. Pretty good. How are you doing Jamie?

Jamie: 1:04

I'm doing very well, Roy.

Roy: 1:07

Um, we were just talking before and you had an enormous meal or like a lot of food before recording this

Jamie: 1:13

I had a very reasonable meal. But it was so reasonable that then for the next hour and a half, I couldn't help myself from having snack after snack after snack. And we had to delay this recording a little bit while I digestion because I had gorged myself so thoroughly on snacks.

Roy: 1:30

I had an enormous dinner myself, but that was maybe about seven hours ago. I'm still very full. I had...

Jamie: 1:39

most people are not awake seven hours after their dinner. Yeah,

Roy: 1:43

well, my sleep schedule is such that I sleep generally around five or 6am. And what I call dinner is the meal I have at 8pm or whatever. I had two burgers, three wings and a bunch of chips. Well, that is Americans would say yeah, it was too much. It was far too sounds like too much.

Jamie: 2:06

We are going into our first segment of the podcast. This podcast has segments now. The first one is called news of the week. Our news of the week is about Nate Chasteen front running open sea he's the head of operations was it head of product had its product maybe I don't really even know what that means. But that's what his Twitter bio said head of product I had interacted with him a few times. He was always pretty darn approachable on Twitter. So I had just talked to him personally a few times, especially when I was trying to get my royalties sorted out for my open sea project. And then the news hit what was that Tuesday? Maybe?

Roy: 2:49

Yeah, Tuesday, I think maybe Wednesday. Anyway, some amount of days ago, but still this week. And so basically what happened was that someone looked at his his wallet, his theory wallet and did a little bit of investigation and research and deduce that he would buy sudden NFT's which he knew would be featured on the open sea front page in the future, thus getting them a lot more attention. And generally, the price of those collections goes up. So he would buy them before they got featured and then transfer the NFT's. I think maybe he bought them on a separate wallet. And then he would list them at a much higher price than he paid after they get revealed on the front page and sell them to make a profit. And yeah, obviously this is unethical and just not a thing he should have done. When the news came out community basically vilified him. And

Jamie: 3:59

very upset with him. Yes, very upset. I think a lot of it was misguided anger that they just already had an open sea. And yeah, he was just sort of a figurehead with a new specific thing to be mad at them about.

Roy: 4:10

Yeah. And I don't think we've heard from him at all, since all this news came out. But the I think

Jamie: 4:18

half hearted apology, and then it got deleted or something. I think people were saying on Twitter and I never saw it. Oh, yeah. I remember hearing something about that as well. Yeah. It also edit his Twitter profile.

Roy: 4:31

Yes, essentially just say, passed. And then he said, OpenSea. So essentially, he got fired, as is what we can all presume. Because the sign the Yeah. The CEO of opensea came out with a statement or maybe the company who can see basically saying that we don't condone this we're going to conduct a thorough investigation. And then, you know, a day or two later his Twitter had changed. Yeah.

Jamie: 4:59

And that's initial announcement also basically said, henceforth, it will be official company policy, that you can't do this or anything like this anymore,

Roy: 5:08

which Yeah, that was ridiculous. How was that not already your policy?

Jamie: 5:12

Yeah. But it seemed crazy that there. Another thing that we talked about, I kept harping on this when we were when this story first broke, but basically, he was using a not his main wallet, to buy these NFT's early, and then sell them, which, okay, if you're going to do that, it's obviously smarter to do it on your non main wallet. But then he would immediately transfer the proceeds from all the sales back to his meanwhile, and I was just having such a difficult time wrapping my head around the idea that he's trying hard enough to obfuscate this nefarious activity by using a secondary wallet, but then can't think like one half of one level deeper to not immediately send the money to his main wallet. And it was so crazy to me. It almost seemed like he wanted to get caught.

Roy: 5:59

Yeah, it's there's some it's just certainly ridiculous. I think. I didn't I don't think I've ever interacted with him on Twitter, maybe like a Twitter reply here and there, but not like in DMS. But based on everyone who had interacted with him that I know everyone said, you know, he's seemed like a great guy, hard working, etc, etc. I think he his brain just exploded. He's just, I don't know, he wasn't, he needed money. He wanted money, greed got the better of him, he saw an opportunity. And he just clearly he wasn't thinking straight or properly. Because as you said, like if if he was he would have done a better job of Yeah, front running,

Jamie: 6:39

or hiding the front running, he did a fine job. Which would have been just don't send it to the main wallet.

Roy: 6:46

Yeah, I mean, would have been so easy. And I think a lot of the, I guess anger or reason people were upset is that he got caught. But there could be a lot of this going on, of people who would Yes, you know, hiding it better and not getting caught. And we have no real way of knowing because,

Jamie: 7:07

right. And so the we should also say, it seems the number was about 19 Etherium or ether that profited from these trades. And then I saw some people going well, like, Oh, He only stole 19 ether, which, okay, maybe that's not a huge amount, but it seems pretty clear that he was going to keep doing it. If he hadn't been caught. It's not. It's not like he needed 19 to pay for his mom's surgery, made that and stopped. He was doing it continuously. And then he got caught and stopped. And 19 happened to be how much he had made so far.

Roy: 7:45

Yeah, I mean, I don't know the details of how long he'd been doing it for, or what, but yeah, it's hard to imagine that he was doing it and then would have decided just to stop at a certain point, but you know, maybe you would have I don't know. And 19 ether is I mean, it's it's a lot but also an amount of money. It's not insignificant, but it's not a huge amount of money in like in this space, when, like the amount of money some people are making it seems small in comparison, I guess, especially the risk everything, like your job, your reputation, etc.

Jamie: 8:20

I mean, if you if you come if you compare it to what he was risking, yeah, it is not very much. But most humans in the world would think that that amount of US dollars is enormous.

Roy: 8:30

Yeah, absolutely. So that was probably that, like the biggest news of the week, I think,

Jamie: 8:36

yeah, we actually we had some people asking us to do like, an emergency episode almost something something to that effect, just because the news was so big, so current, it's a huge bummer. Because the the space does not need more negative headlines. Because, you know, various governments and and regulating bodies already have poor ideas of the of the space and are looking for reasons to encroach in and and basically just hamper things in a way that is stupid. But to them make sense? Or seems you know, politically popular to them?

Roy: 9:19

Yeah. We saw a bunch of major news companies come out with headlines along the lines of insider trading in $1.5 billion startup in the NFT space and stuff like that, which you know, it so much stuff happens in the space that they don't report obviously the first scene that's scandalous or something like that. They're obviously gonna make a big fuss out of it, but it doesn't seem to have I guess, impacted or hurt the market negatively. I would say at least not yet.

Jamie: 9:52

No, yeah. In terms of directly how the existing market participants are behaving It hasn't seemed to have negative ramifications. But it definitely seems like theoretically, it could help in terms of there being I say help from the perspective of the people trying to pass legislation or trying to regulate the industry in a way that is not understanding how it actually works and what the benefits are. I think we could see some long term ramifications from it, where it where it speeds up that kind of thing.

Roy: 10:31

Yeah, I mean, it's hard to have to know for sure, but I can definitely see that being unreasonable outcome. Another thing, though, that it seems to have spurred on is, I mean, a lot of people were upset with open sea and the way that the platform had been running, and you know, all sorts of issues and just not a great user experience you included last week, you're talking about your issues with them. And I'm just hearing more and more people talk about the the desire for real competitors, and actually hearing like people talking about, within a couple of weeks getting these new sites up and running for people to trade NFTs. So

Jamie: 11:14

yeah, I was also hearing some person on Twitter was talking about I think, maybe it was DC investor or something I'm not really sure, but just sort of about a more, you know, obviously, when this kind of thing happens, a lot of people talk about the future decentralized marketplaces that will really not have any concerns over centralization, because it's totally decentralized. That's one thing, this was sort of a scaled down version of that, where they were basically saying, why don't we just have like, a handful of very well audited smart contracts that people just kind of use straight, you know, just interacting directly with the Ethereum network and we go, okay, if you want to buy or sell this asset, you kind of use this one, if you want to swap in ftzs, this one, and it's, you know, there's only so many different basically contract interactions, that a site like open sea is facilitating between us, and whoever we're making our trades with that it shouldn't actually be that hard for us to just kind of every market participant has, you know, six files on their computer have the code to do one thing or another, basically.

Roy: 12:31

Yeah, I mean, I think in terms of private sales, it would be very easy. And I think there are already sites that facilitate that. So if you get to, you may be one of those definitely buy a cell and Enta fie from each other in a trustless manner. There are smart contracts and Dapps available that we can just go boom, we'll go to this site. And I'll give you this you can do that we agreed done. But the marketplace aspect where they're all listed for sale, and it's just there and people can browse and stuff. I think that's really what open see is bringing to the table that there's no real competitive for yet. Yeah, the things

Jamie: 13:07

that are sort of competitors are just so much worse right now, unfortunately, that we're all kind of stuck with it.

Roy: 13:14

Yeah, but me, you can just tell that the market is itching for something else to go. Yeah, yeah, something half decent comes along, and everyone's gonna at least try it out. And if it's for

Jamie: 13:25

sure people are excited for that. Yeah. And also, like, you know, if if it comes out, and it's not quite as nice, but they go, our fees are 1.25. A lot of people will stick with them and go, Okay, let's hope they can keep getting this interface a little bit better and smoother. And I'll just stick with it. Because I'm mad to open sea. And you were you're already cutting their fees in half. And then, you know, if that spurs open sea, to meet them at fees, okay. We've just succeeded in making open see a lot less bad than it already was. So it's a win win.

Roy: 13:58

Yeah. And I could also see happening. A new competitor comes up and they just have no fees. Like they're just trying to get market share. And then they'll add the fees later on, which would be very effective, I think. Yeah,

Jamie: 14:13

there's there's sort of a, a never ending amount of business models people could try out. I don't really have much specific beyond that to say, but who, who can even imagine what types of solutions for any of these problems people make? Because you can just you can just spin up code to do anything. And there's a lot of creative, hardworking people that are, are working on different solutions.

Roy: 14:44

Yep. It's been real. It's still early. And were going to go through these teething issues and have bad websites and software and depths and it's just going to get better and better. I think.

Jamie: 14:59

Another thing People have talked about. So you know, we talked about the maybe better centralized sites like if reparable could improve or when show you comes out that kind of thing. And then we talk about the theoretical, very decentralized ones that would, for instance, like, never respond to DMCA or or whatever. That kind of level of decentralization where you could just put any sort of filthy wanted stolen material hate material, that that kind of extreme end of it.

Roy: 15:32

I think that's if it's in the works. There's a platform called universe, universal XYZ. And they're basically building that level of decentralized marketplace.

Jamie: 15:44

Right. So we have kind of those options. But another thing I'm hearing a lot about, is people kind of just desiring for big individual projects to have their own marketplace. And so an example is Axie Infinity, they already have their own, which even has their own blockchain, which is pretty impressive. Yeah. It's called The ronin chain, because basically, they were just doing too much to have all of their stuff on Etherium. It was just costing them too much. So they made their own. But look, map has their own marketplace as well. Larva labs, obviously, for crypto punks has their own. Yeah. So if more projects were able to do that Top Shot has its own, but again, that's not on etherium that's on flow, right? Yes, I

Roy: 16:28

believe so. Yeah. But

Jamie: 16:31

so that's another group of partial solutions to this issue of where, you know, in this decentralized space, but we're also dependent on this one centralized organization open See, that has shown flaws. And and this news story with Nate is the most recent and prominent example probably,

Roy: 16:56

yeah. Yeah, a lot of people have been calling for art blocks to have their own marketplace, because they have such high volume on a consistent basis, basically. And it would mean, what actions,

Jamie: 17:09

what did you think about the basically the outcome of this because, you know, originally, what I saw was a lot of anger. And then I saw sort of, and I'm speaking on Twitter, specifically here of how people were responding to this information about Nate. And then you sort of saw a little bit of a backlash to that going, Hey, he's still a person. Hey, he was cool and helpful for the space, despite the fact that he did this. And then I even saw it get as far as people saying they didn't think he should get fired. So I'm, I'm kind of curious where you fell on the spectrum.

Roy: 17:49

So I was one of the people I tweeted out that, hey, he's a human. And that's not completely vilify him, but I absolutely think he needed to be fired. I think like, regardless of what you think of him as a person, or human, or, etc, the fact that as an employee, he just completely acted inappropriately. Yeah, that is legally me. Yeah.

Jamie: 18:13

To me, it seemed really crazy that people were going as far as to say, they shouldn't even fire him. Like, I understand how the community or the company is supposed to trust him in that position, or the

Roy: 18:28

platform, if he's still the

Jamie: 18:32

Yeah, or open see in and of itself. That's true, too. So, yeah, that seemed like a non starter to me. Yeah, and, obviously, go ahead. Ah,

Roy: 18:43

I mean, if he sticks around in the space, you know, and eventually is working on another project on our platform, I'd be willing to, essentially give him another chance and not just completely ride him off completely because of this. But yeah, I, I mean, that would require time, I guess, more than anything, and like, what's the word? Like, just for him to come forward, explain his side of the story, apologize. You know, maybe donate money to charity, do stuff to make it right. Keep building and offering things to the community for the betterment and just, yeah, all that kind of good stuff. You know, I wouldn't be opposed like if he's working on another platform in a year from now. I'm not gonna just immediately just not love that platform or like, vilify the platform but Yeah, him and open see just can't can't be a match anymore.

Jamie: 19:47

Yeah. And then, I think, because it has become public he is the bar is going to be pretty high for him. So and he's going to he's obviously I would think smart enough. To know that so he'll probably be trying to be on his best behavior the next time. If he is able to land another position in the space, I think he'll probably strive pretty hard to win back the audience. You know, this, this is sort of a thing, like, you know, we're in this world where people like to talk about this canceled culture idea. And then sort of some of the backlash to it is, well, you can't just you have to let people back into society, you have to let them atone for their sins or whatever. But sometimes it feels like they want to skip the whole part where, where the person faces any consequences whatsoever for their actions. And we just forgive them. Without them even apologizing, or understanding what they did was wrong. Making things right for the victim, all that they just want to skip right over that and go, let's just have them back in society, like, like nothing happened. And that I feel like Nate is, you know, welcome to be back within the crypto community at some point, but he can't just do it without acknowledging what happened and, and explaining themselves and, you know, showing a continued record of behaving better than we've seen that he was.

Roy: 21:18

Yeah, I mean, actions have consequences. That's basically what our entire human society is based on, he made actions which 99% of the community disagrees with probably close to 100%. And because of that, he is going to face negative consequences. If he subsequently has, you know, does good actions, positive actions, then the consequences will in time, be good, but he has to do that first. He can't just to get through, go from bad actions to fine. Okay, good consequences.

Jamie: 21:55

That's that's about all we have for news of the week. Right. Well, is there anything else newsworthy in the NFT space? That's not about a specific project that we already cover?

Roy: 22:04

No, I don't think so. I was thinking about this segment. And basically all I could think I mean, it has been sort of over on the news this week. Just everyone has been talking about it. Although it sort of seems to be subsiding. Now, I'm in space. People forget quickly, space

Jamie: 22:20

does move fast. I would say, just in general, the market sentiment seems to be so much better that it's almost newsworthy that, hey, maybe we're pulling out of the bear market. But I don't know if that counts quite as news. And it's just just generalized market sentiment. But I wanted to mention that,

Roy: 22:37

yeah, I would say just generalized market sentiment, it will probably touch him in the rest of the segments.

Jamie: 22:43

For sure. This has been News of the Week. This week in the Bored Ape Yatch Club. Take it away, Roy.

Roy: 22:53

All right. So it's been a pretty interesting, exciting week for the Bored Ape Yatch Club. It seems like every week is exciting for them lately, maybe ever since their inception. But probably the biggest one. I don't even know what to say the biggest thing is we have the treasure hunt, which has been I mean, since the project was announced they they've been talking about it. And we didn't know much until this week. We had have an upcoming auction at Christie's. And yeah, those are the two big coins. Ongoing. Has it already started? It has started it started. Yeah, yeah. So a bid. And it's sort of the auction now. We'll talk about that. First, the auctioning off for I think, what a correct. And they're all wearing suits. And which

Jamie: 23:40

is the rarest of all traits.

Roy: 23:43

Yeah. And sort of in solidarity or in support of the whole fact that the wearing suits. What's what's happened this week is that people on Twitter have started modifying their profile pictures to have so they're ape, they they someone's come up with this website, we can pull your ape ID in and it will just put a suit on your ape. So even if you didn't have an ape wearing a suit, now you can have an eight wearing a suit and just looks sharp and snazzy. And it's a fun thing to do. And that's just been great to see. And then after that, like a day after that started happening. All these other profile picture communities started basically putting suits on their avatars in support of the apes and the Christie's Auction so you'd have cool cats and apes. You'd have gotten cats and apes you'd have a what is an insert? Yeah. Not a nice inserts.

Jamie: 24:41

Oh, I was lazy lions. Yeah.

Roy: 24:45

It's been awesome to see.

Jamie: 24:46

There's actually also a me bit up in this same auction block that is wearing a suit but nobody care about it. What's the meat of it? Yeah, and there's a couple pumps up for sale is Well,

Roy: 25:01

yeah, so that zombie that's the only one I've seen actually.

Jamie: 25:07

Yeah, there's a zombie the, the me bit that's wearing a suit is actually a skeleton. So that's quite rare but I'm we I think, but definitely me. I'm most excited about the apes. They're very high end ape. So I'm really excited to see how it'll go one of them especially, you know, because they all have the the suit as we mentioned, but one of them also has blue beams, which is a very rare trait as well. It's a cheetah with a halo blue beams and a black suit. So that one, I think is the most valuable I can't

Roy: 25:38

say for sure, but a lot of red traits, right the

Jamie: 25:42

Yeah, I think there was like a party hat and like, maybe a rare mouth of some sort.

Roy: 25:47

I'm looking at him now. One of them has the party hat. Yes. One of them has zombie skin. And the blue T 's the blue. Diamond grow diamond grill. Yeah. One of them has a pipe and a halo. And then yeah, the other one is suit, Cheetah skin, Blue Beam laser eyes and a halo. Which is? Yeah, it's got a current bid of 4.5 million Hong Kong dollars. Which is do that's not right. 580,000. Maybe that is right. Yeah,

Jamie: 26:29

I think so. Yeah.

Roy: 26:30

I just missed a zero. Yeah. Which is pretty, pretty significant.

Jamie: 26:38

Right. But the there's a long time to go. I think it was a 10 day auction.

Roy: 26:42

Yeah. So yes,

Jamie: 26:45

I thought it was in them. Yeah, I'm excited about it. There's, it looks like what is this? For me bits total for Bored Ape Yatch Club. Bored Apes total and six crypto punks.

Roy: 27:00

Yeah. And a whole bunch of watches, like not NFT's just for watches. Yep. You know? Yeah, it's it seems like the market is in a more bullish phase than the Sotheby's auction. So it's possible we see some higher prices.

Jamie: 27:19

Definitely. And there's you don't have to worry about the bulk discount that we were sort of yanking in for the Sotheby's auction for this. This is just a few high end ones that individuals or Dows, or whatever can can get behind. I've also seen a lot kind of a lot of big ape sales and big A bids lately for higher end stuff. So the ceiling is has been moving kind of a lot lately.

Roy: 27:46

Yeah, floor price has been slowly climbing up as well. Which is cool to

Jamie: 27:51

see. Cut all the way down to like 29 or something, I think,

Roy: 27:54

yeah, it was crazy. People were accepting bids at 22. And it was hovering around 30 for a few days. But I think we're basically

Jamie: 28:05

very steady at 40 for the last like two and a half days.

Roy: 28:08

Yep. Yep. And, I mean, we can quickly talk about the punk floor because that was hovering around 75 to 78 for quite a while. And then it just I think in one day shot up to 100. Just yeah, 100 of the

Jamie: 28:23

time or something for a little bit,

Roy: 28:24

I think yeah, it was 100. Yeah,

Jamie: 28:26

this is still the Bored Ape Yatch Club segment, though. The treasure hunt happened. That was a huge thing that we should for sure. Talk about more. We talked about it a little bit last episode, because you go out Labs had announced it was going to be after the Sotheby's auction, but before the Christie's Auction, so we knew it was coming up very soon if they were going to keep their word. And they did and it happened. Now, can you tell me what day that was?

Roy: 28:54

Absolutely not. gonna think it feels like it was early in the week.

Jamie: 29:00

Right? Maybe Monday. Yeah, that's right. Oh, you know what? It dropped very late at night because I remember being bummed I was already on the couch getting sleepy. And knowing I can't get started on this right now because my brain is too poor. And I'm going to need to sleep too soon. So I could feel people getting a head start on me which is a bummer. Cuz it just it sounded like a thing that was going to be a super fun be something that theoretically I could when even though I don't have a particular inclination to that kind of thing. I would be willing to try at it and have you know, some aptitude for it. Although it did seem like you know, you're going to have a group of people that were very good at this sort of thing. Most likely just plow through right from the get go with no sleep and and wondered at some point, which is basically wonder ended up happening. Yeah, but how much of the treasure hunt did you actually participate in? Because I really worked on it for a while and had a lot of fun and had basically the answer or clue from maybe like four or five of the eight rooms. And there's actually a lot of talk on Discord where people were basically freely sharing what they had found, which was sort of an interesting thing to say.

Roy: 30:23

Maybe we should explain sort of what it was exactly.

Jamie: 30:27

So it wasn't what it was for. Yeah.

Roy: 30:29

So basically, they released there was a website link part of the body, your club website, and you went there. And there was sort of a little trailer video that played and basically telling you there was a treasure hunt, oh, this character Jimmy had. I don't remember exactly what he like he hidden stuff for he had to find Him or do you remember what it was?

Jamie: 30:53

Not exactly. But you also there was a tweet that basically suggested that it was up. And the tweet was in itself, in and of itself, a mini puzzle, and that the solution to that puzzle was what told you where to go on the website? Yeah,

Roy: 31:09

yeah. And so you go to the website, you click on a button, connect your wallet, you have to have a Bored Ape in your wallet to access the treasure hunt. And then it's sort of like a video game where there's an image with maybe eight or 10 rooms in the of the Bored Ape Yatch Club. Like you got the bar, you've got the physical club itself. Yeah, there's a library and a bunch of different rooms. And it seemed

Jamie: 31:36

like Miss to me, I that's what I kept saying, but I had literally every place missed. Yeah, right. So I don't I don't know if that's accurate. Did you play it enough to know if that is at all? Like, I did not. Bummer. Okay. Well, that was what I kept saying. It was like, yeah, no, I again, I had never played,

Roy: 31:51

it was basically it's, it was like one of those games where you click and you like, open up a new room, and you just click on objects and see if anything happened. And then maybe there'd be like, a code somewhere in the room? Or like, right, yeah. So what are you actually playing those you can probably explain, I played

Jamie: 32:10

it a lot, yet, mostly what it was, was there was about 10 different rooms. And in most every room, there will be a piece of paper on a wall or a table somewhere. And if you click that, it would give you a mini puzzle. And that puzzles solution would basically be either a clue towards the overall solution that you put in to solve the whole puzzle, or just an individual, you know, word that would be a part of the solution, which is what it ended up being each, each one was basically a word, and then you just lined up, you just typed in, like all seven of the words. And that was the ending solution. But it was a lot of fun. So like, for instance, in the kitchen, there was a a note that basically had descriptions of a bunch of different famous dishes. So one of them would say, like, Polynesian appetizer where you get to try a lot of things or something. And then the answer was poopoo platter. And there would be basically one letter circled in all these answers. And then if you put all of those circled letters together from all the individual answers, that would basically give you your solution to that room. And if you did this over and over again, and put them together, you would sort of get the final solution. But like two or three of the rooms had red herrings where you would you would solve it and it would go, Wow, what a wasted like the solution to that particular puzzle would be this was a waste of your time or something like that. So you would know that that was not actually part of the solution.

Roy: 33:47

Yeah, it sounds kind of like an escape room, but in videogame format.

Jamie: 33:51

Yeah, it was, it was a lot of fun.

Roy: 33:53

How close did you get? Because you've spent a lot of time on it. How close did you get to

Jamie: 33:58

I did not get particularly close, I kind of went when it was announced that the winners had succeeded. I thought I was a bit closer to it than I was. But I had definitely made some decent progress. And I it also felt like if I was in a better timezone and hadn't been tired and about to go to bed I could have been legitimately a lot closer, but I was definitely still never a threat to this group. Because it was it was basically a group of four or five people who essentially consider themselves like professional puzzlers, which I guess is a thing yeah, um, to to have their Twitter profile specifically mentioned how they create and solve puzzles. So these were very talented puzzles. They did a write up on how they did the solution and kind of walk you through it, which was interesting to see. And that was how I was able to see oh, I was not quite as close as I thought to the solution. They also I want to mention this They none of them owned a Bored Ape Yatch Club before the treasure hunt dropped, and then one of them bought it. And then like five of them work together on it. Now I saw a ton of people on Twitter, sort of Og apes being upset about this. To me, it seemed like totally fine for them to do. But a lot of people did not think that that was cool or acceptable. I'm curious if you have any thoughts on that?

Roy: 35:28

I hadn't seen I saw like one or two things on Twitter about it, but I wasn't actively

Jamie: 35:34

guy. Yeah.

Roy: 35:37

I mean, I, I can understand why some OG apes are little, like miffed. irked. Yeah. But it seems fine to me. I mean, they, they bought an ape. So they paid, I don't know, 100 plus$1,000, to be able to enter, quote, unquote, right, so yeah, I'm not. It's not like you can stop like tons of people were working together. It's not like you can stop people from communicating and trying to figure out these puzzles together. So yeah, I don't really see an issue with it.

Jamie: 36:08

Or some of these people on Twitter were acting like, only the owner of the ape could was allowed to work on it. And it was, I didn't probe them too much. But like, I was gonna say, like, really? Like, can I not ask my wife what she thinks about this? Like, are you serious, that you think that that's not allowed? And I also specifically talked to a friend of mine, who does not own an apex, I sent him screenshots of some of these rooms. And I said, Hey, do you want to help me with this brain teaser? And I didn't think I was doing anything nefarious at all, and figured almost everybody that was actually trying for it would be doing similar things. And and I would have absolutely no problem with them doing that kind of thing.

Roy: 36:51

Yeah, I mean, I think it's, it would have been cool if someone who had an ape since the beginning or for ages one, I guess, but it seems fine to me that someone bought an ape, and then was able to win it still.

Jamie: 37:06

Yeah. And it's also like, I had a bunch of fun doing it. And these non original apers winning the contest did not take that front away for me. Yeah. So yeah, I mean, I'm totally

Roy: 37:18

fine with it. From everything I saw and heard a lot of people had a lot of fun with it. I myself, I tried it a little bit, but it seemed that basically a similar situation to Yuria drop while I was asleep. And when I woke up, I was seeing stuff about how there were teams of people who had been working on for hours, and their brain was already hurting. And they're like, ah, you know, this is difficult. And I was like, well, am I really going to try and you know, and we were talking about working together. And we did one of the puzzles together. But yeah, when I started clicking around to all the rooms and seeing all the different, like, elements that were involved, there was a lot to Yeah, I was like, Ah, no, so I gave up quite quite quickly. I tried playing the video game, probably more than anything, which it turns out, it was a red herring. Right?

Jamie: 38:09

That was another one where they had a sort of difficult platform game. And then when you got to the end of it, it basically just had something that said, like, why did you waste all that time playing this game when you could have been working on puzzles, or something like that. So that was another one of the big red herrings, just just so the people who actually participated have an idea. I basically had nothing going on in the attic, and lots of stuff between completely correct and part of the way they're solved on basically all the other rooms. That was basically where I got I spent a lot of time in the bathroom clicking around, because basically every room did have an object that you could click on and sort of zoom in and get a clue or whatever, but the bathroom I could not find anything to basically interact with while clicking. So I was very concerned that I was missing something there and wasted a lot of time trying to get something to happen. And I think all you were able to do in there was flush the toilet and did over and over. Maybe it'll flog nothing, just a waste of time. Yeah, yeah, but it was super fun. Yeah, and also click the amount of money that you go Labs has, or at least had, I guess I don't know what they've done with all the meat and money. This is a kind of thing that they could put on regularly and give away prizes of equal value to what they gave away in this.

Roy: 39:39

No. Exactly. Okay.

Jamie: 39:42

It was Bored Ape Yatch Club number 10. And Bored Ape Kennel Club the dog number 10 as well as an M one or m two serum. I believe those were the Free.

Roy: 40:01

That's pretty, pretty significant. Yeah, yeah.

Jamie: 40:05

I'm gonna I'm gonna double check that. Or APR club? Treasurer.

Roy: 40:11

Yeah, um, yeah, they have so much money. Now they can, as you said, do more stuff like this or just completely different stuff. But that's also fun and awesome and engages the community but also rewards the community. Yes, it's just, it's cool. So they have basically finished what they call the roadmap 1.0, which is, you know, the dogs, the treasure hunt everything up until now and you ants, the mutants? Yeah, that was a big part. And so they basically said they they've been working on all now probably start working on roadmap 2.0. Which there's been a lot of speculation about what that might involve. But I think we have very little actual information of what we could expect, but I think it's safe to say it will be insane.

Jamie: 41:04

Yeah, okay. I'm, I was barely listening to, as I was looking up that answer. I have, actually, for us now, the grand prize was 10 ether, Bored Ape Yatch Club number 10. Bored Ape kennel club number 10, an m two serum, and then a special surprise, which is going to show up in their wallet. At some point, which I haven't actually seen what that is. And just so people know the guy who won his screen name on Twitter is at JTOBcat ca t. And you can you can check out his write up about how he and his puzzle friends software, it was it was pretty interesting. And they're clearly smart people who are always doing this kind of shit. Because it was it was not easy at all. And they managed to solve it in what 30 hours or something like that.

Roy: 41:59

Something Yeah. Something crazy gets to them.

Jamie: 42:04

And so while I was searching for that, you were basically telling me about our roadmap. 2.0 2.0? Yeah, people are very excited about it. And we have very, like almost no information about it. Right? Yeah. They they basically just sort of hinted at what is going to be more important and less important and have utility and not have utility, but like, very, very little in the way of specifics. Yeah, I think I'm super excited.

Roy: 42:32

The most sort of hype slash, I guess speculated aspect is people have been talking I mean, all the rage in NFT projects these days is for the projects to create like an ERC 20 token which is rewarded to holders. So we have the cyber cons, who give banana tokens to the holders, and it's just sort of a passive income yield. Because the banana tokens have utility for breeding and sort of other aspects. And now the cool cats are coming out with a milk token, the sub ducks are coming out with a token. And a lot of apes are like now thinking, hey, that would be awesome. That would be cool to be able to get yield from apes without having to sell our age, because we've spoken before about, you know, one of the biggest issues, I guess you could say for people who only have one eight is how difficult it is to capitalize and get financial value out of that if they never want to sell and yeah, this could be a cool way from the the eagle labs team to do that. If they can figure out a I guess a sensible way for for them to create a token.

Jamie: 43:41

Right? Well, there's also been some speculation about real life locations, like an actual Yacht Club of some sort in Miami, people were batting around or like, I mean, they could literally buy a yacht.

Roy: 43:57

Yeah. They someone says they should just buy a yacht and sail around the world. Maybe it was you and just wants to go apes. Yeah.

Jamie: 44:05

Yeah, that would be a lot of fun. That would be so cool. I guess it takes an awful lot of money to operate a yacht day to day, but like, they're also making an awful lot of money just in royalties, day to day, like I don't actually do you know, approximately what their daily volume is. These days are no,

Roy: 44:22

no, but I can check it out pretty quickly.

Jamie: 44:25

I'll be curious to see what they're bringing in a day in royalties on average lately.

Roy: 44:31

Alright, you, you talk for a minute.

Jamie: 44:35

Alright, I'll talk about all the great stuff that could be coming in 2.0 digital stuff, non digital stuff,

Roy: 44:44

alright. It looks to be around 1000 eth a day. Okay, so

Jamie: 44:51

5% of that is 50 sort of bringing in like $150,000 a

Roy: 44:56

day. Yeah. Which is, I mean on top of I mean, they Raised nine, 90 million, 90 million from the mutant sale. Presumably the making interest on that now. Yeah, it's it's a lot of money and

Jamie: 45:13

yes, it works. Yeah. I'm excited for sure.

Roy: 45:18

So basically, this whole treasure hunt was like one day's revenue. Well, there's maybe two days. Yeah.

Jamie: 45:25

Much closer to two. But

Roy: 45:26

yeah, yeah. And they basically shown that, I mean, they just keep delivering on, on providing awesome content and value to holders and doing cool things. So there's no real reason to believe that they weren't continuing to do that.

Jamie: 45:45

They basically built a video game as a head fake within their treasure home. Yeah. You know, obviously, it was not a high end game was a ton to do. But still, it was a fully functioning side scroller, and its only point was to make people think that they were making progress on the on the treasure hunt. When they were not. That game

Roy: 46:08

was tough. I played it for half a day. I was close to finish.

Jamie: 46:12

I think I got to like 1400 or 1700 score. Yeah. And I guess you needed 5000 to get to the end. Yeah. But I heard that it was not actually part of the solution before I'd wasted too much time on it.

Roy: 46:26

Yeah, I gave up. Well, before that. Anything else you can think over? Yes. Oh, yeah.

Jamie: 46:32

This is not for Roma to Bored Ape Yatch Club. DraftKings, the biggest daily fantasy sports site in the world is doing an NFL contest this weekend. Or I guess I should say this past weekend because this episode will come out on Tuesday. It's $100 buy in, there's going to be a total about 2000 entries or something like that. And first place is a Bored Ape Yatch Club NFT. And then second place is like 1000 bucks. So it's basically it's basically a winner take all contest, and the winner gets an eight. And I used to play a lot on DraftKings. I haven't in like, probably a whole season and a half or something. But I'm out of DraftKings retirement to try and win this. Exciting. Yeah. And probably the the actual DraftKings players are licking their lips hearing that? Yeah. Because, you know, I was not a winning player before and I haven't played in a long time. But I'm back because that that sounds fun to me.

Roy: 47:27

Do you know that awesome number or like what traits it has?

Jamie: 47:30

I don't it has the stunt man helmet is the only thing I can tell you off the top of my head.

Roy: 47:37

Okay. I don't know enough about traits to know if that how valuable it is.

Jamie: 47:42

I think it's just slightly rare, basically. Yeah, I think it's, uh, you know, a lot of people talk about how, if you're, excuse me, wanting to make money on NFT's you should buy basically, the rarest things are the four things. And all the stuff in the middle is like a lot harder to get the proper amount of value for I kind of think I agree with that. But within that framework, it's sort of that it's definitely not floor, but it's hard to get paid a lot more than more for it because it's not really distinctly rare.

Roy: 48:17

Yeah. I agree with that. My strategies almost exclusively exclusively been to buy floor. Yeah, unless I see something that's rare that's criminally underpriced, then I might snag it.

Jamie: 48:29

This has been the Bored Ape Yatch Club section segment, Segment of the podcast. We are talking art blocks. Let's talk about what we talked about last episode, which was the upcoming curator project fragments of an infinite field by Monica Rizzoli.

Roy: 48:50

Oh, baby, what a joke. What a joke. What

Jamie: 48:53

a drop.

Roy: 48:54

Wow, we loved it before it. It was released or dropped.

Jamie: 48:59

You could hear us raving about it on the last episode.

Roy: 49:02

Yeah. I mean, you sort of lamented that you had you wish the episode came out before the drop so that people could have listened to it and then maybe been more inclined to buy it because of how much the price is going up. But we recorded it on a Sunday night. The drop happened on the Monday and the podcast came out on a Tuesday. So it was sort of sandwiched in between. But yeah, I think the drop, so it was a Dutch auction. It started at 10 eth. And as as usual, basically dropped heaps and eventually, I think one person paid 10 eth. There's usually one or two just willing to pay the absolute most for whatever reasons, but essentially 50% sold out at 2.5 eth. And then the rest 50% sold out at two eth Pretty much yeah. And everyone loves it. I love it. You love it.

Jamie: 49:55

The monster loves it friggin beautiful.

Roy: 49:57

They are the

Jamie: 50:00

They're very evocative.

Roy: 50:03

Yeah. And they look. I mean, they look, again, like I said, last time, they look different to anything else. And looks, they look like something I would love to have hanging on my wall. And I think that's what a lot of people say. And they may not think the same for other art blocks, pieces, necessarily, which they may like, but it's just not like it sort of looks great in a traditional sense, but also in a generative art sense. And it's, it does, yeah, there aren't too many pieces that I would say fit that bill necessarily.

Jamie: 50:37

Yeah, you know, what I also think, like, it's an art box, you don't find a lot of art that is representative specifically of real world things in the way that this is. And when you do, it seems like it's kind of like, you know, there's, for instance, there's the flowers project, where you're kind of just zoomed in just on flowers. And they're very abstracted, whereas in this drop, there's a lot of flowers. And if you look at the flowers, they look just like flowers. So you know, they're not photo realistic or anything. But it's it's very, very clear that it's sort of just a nice drawing of a flower. But that is just part of an overall composition in the piece, rather than being the whole piece of art.

Roy: 51:35

Yeah, I agree. Like the whole piece of art is it's almost like a landscape or like a

Jamie: 51:41

well, I mean, it's it's kind of right there in the title. Right? Yeah. There's, she's sort of imagining an infinitely sized field. And we're looking at a fragment of it.

Roy: 51:51

Yeah. And there's there's different seasons. There's summer, autumn, winter, spring. And yeah, each one looks distinct and has certain traits for that season rain or snow or petals falling, I think for autumn.

Jamie: 52:09

Yes. And then Paul and Paul her

Roy: 52:11

spring. Yeah. And so they sold out at two to two and a half eth. And essentially, the price just went up. It didn't really, I mean, up until like the last couple of days, but it just slowly sort of climbed to around I think 10/8 It's up there for maybe a daily

Jamie: 52:30

is well, yeah.

Roy: 52:33

Very busy times. Yeah. Yeah. To 20. And then it's sort of sat there for maybe a day or two days. And then it's sort of rocketed to think between 35 and 40. That's

Jamie: 52:44

not how I remembered the way I remember is it basically went from the mid price to about 16. And then it pulled back from 16 to like 11 to 13. And it kind of hovered there in 11 to 13 for six or so hours. And then from there is when it rocketed basically all the way up to 30.

Roy: 53:07

Yeah, actually, I think that's right. I think maybe it hovered around 11 to 13. For like, a day though, maybe. Because I definitely remember it being around there. And I waited a while and then I listed mine for like 16 and went to sleep and woke up and it was old.

Jamie: 53:28

The same thing basically happened to me except I was just on the couch and someone in our group chat went, Hey, look, this flower sold for 100 ether or something. And I was saying in the chat Oh, I'm I'm bummed because I know for a fact, I didn't have one listed for 100. So I know that definitely can't be me. And then in that discussion, I went to check on mine. And it was gone. I had it I had it listed for 18. I had a a spring that had no pollen. So that's rare. You know, you're talking about these traits that they each have. And the you know, Snow has winter, yada, yada, those are all like basically 80% of that season, we'll have that trait on and then about 20% will have that trade off. So I had a spring with no pollen, which is is pretty rare. And I was hoping to get maybe about 50% above floor and then take the money and get a piece that I liked the look of more and then kind of pocket the difference. But it ended up basically just going at the floor because I wasn't paying enough attention. And so you know, I listed it when it was sort of in that 11 to 13 range for floor. And then I just didn't didn't keep checking how quickly the floor was moving. Because I got lulled into a false sense of complacency. And then Bama got snatched up for me on the Florida team.

Roy: 54:50

Yeah, it's one of those instances where you're, I mean, is that the biggest sale you've ever had of an NFC?

Jamie: 54:56

Yeah, the second the second biggest I did 17 and a half on a blip map. So by So this was the biggest buy half an answer.

Roy: 55:02

Yeah. I mean, it's one of those cases where you sell something for like 50 60,000 US Dollars 50,000 in profit, but you're still a bit bummed.

Jamie: 55:10

Yeah, I actually was, you know, I was in a good mood, even though it felt like it worked out poorly. And I was basically telling all sorts of people at the time, I just, I think I just made the worst financial decision. Which was selling this. Yeah. It was ludicrous because it was literally, it was Wednesday. I had bought it on Monday. And I basically sold it for a $50,000 pre tax profit. And I was certain certain that it was a terrible financial decision. Yeah. And so that was just a fun dichotomy to be playing with. Yeah, it basically also just proved

Roy: 55:54

to be a bad financial decision. An hour lay on the floor was double that.

Jamie: 55:58

Yeah, I sold it for 18. And the floor got to 30. Very quickly thereafter, it's hovering around like 22 Right now, I

Roy: 56:06

think. Yeah. I think the highest sale has been 100. Maybe, maybe a little more.

Jamie: 56:15

It's the highest one that I can remember off the top of my head. I'll look it up real quick. If you want to talk about I'm looking

Roy: 56:21

it up right now. Dang it. 100. Yeah, got it. And I believe that's a summus dome. Let me just check

Jamie: 56:29

it almost half. Yeah, we're playing?

Roy: 56:32

Yes. So there's been a sale for 100, which is a summer storm and a 69. Sale, which is a summer storm. Which is so the rarest trait is Storm, basically, which is a summer trait.

Jamie: 56:44

I'm not actually sure if that's true, though. You know, we've been having a little bit of trouble getting metadata for our blocks on open sea lately, because our box has got a new website and yada yada. But there's a lot of different numbers for how many flowers are in the picture. And that's also a stat there might actually be an amount of flowers in one batch. Happens. rarer than storm. But, you know the difference between storm and no storm I guess people would think is a lot bigger than the difference between say 74 flowers and 75.

Roy: 57:20

Yeah, yeah. Anyway, it's one of the rarest traits. And I got incredibly lucky. I'm into one with storm. Yeah, so I listed it for sale. I

Jamie: 57:29

think it's the I think it's the 12th rarest one. According to rarity guide. Yeah. collection. So that's very lucky.

Roy: 57:37

Yeah. 12 out of 1024. Yeah, so I listed that for 295 eth, or something, which is below floor. Which is crazy. So I love that tray of that trait. Yeah, yeah. Imagine the whole floor was that. That would be crazy. But the the floor basically goes mine at 297.5, then 333, then 608. And then 3500. This five listed for sale. So you never know.

Jamie: 58:11

How many are there? Total? 19 or 19? Total?

Roy: 58:14

Yeah.

Jamie: 58:14

Yeah. That's cool. Yeah,

Roy: 58:17

it is. The crazy thing is I didn't list it for a few days, because I was like, I don't want to sell that. And then I guess I snapped out of my insanity. I was like, that's a million dollars. Yeah, if someone wants to pay me that, then I will take it.

Jamie: 58:31

Because and also you have others have Oh, yeah. It's not like

Roy: 58:35

my fidenza Oh,

Jamie: 58:37

and it's also um, you know, like, I think a ton of these look really great. And very few of them don't look great. So you can sort of sell a high end one and keep a lower end one and aesthetically still feel like I have a part of this collection. That looks fucking great.

Roy: 58:56

Yeah, I think if this sells I will definitely be buying a autumn and winter and completing my my set of the seasons at the very least.

Jamie: 59:06

Yeah, so you have a spring and a summers?

Roy: 59:09

Yes, I've currently got some true summers in a spring. And

Jamie: 59:14

I just have one summer now I had one spring and one summer, and my spring is gone now.

Roy: 59:19

Yeah. Rachel, actually, I

Jamie: 59:21

don't think I'll ever build. Nice. I. I don't think I'll ever be able to make a full set of these. But that's okay. I can be happy with my one and just appreciate ones that I do not own as well. You can right click save them. I can right click Save. And that's true. Yeah, I quite like the one that I have. So I don't even need to right click save other ones. I can just appreciate mine.

Roy: 59:48

Excellent. There was a few more drops this week. But I think maybe the one that I was most excited about is a was democracy by generative artwork. Next,

Jamie: 1:00:01

which is democracy assisity I think

Roy: 1:00:04

it's democracy it sounds like democracy but the cities like the artwork, blocks and stuff so democratic city because say for one argue over the pronunciation, but I'm pretty, I'm gonna say democracy by generative artworks, which is, I think like a company. It's all like a Yeah, an artwork. The generative artwork, some Yeah, that there's certain individual, it's not an individual, but there are at least two individuals I know of that. collaborate on projects and talk in the discord. I think, Steven and Alex, and they're always around Block Talk. And they've had a couple of other projects and blocks, and Perian. And

Jamie: 1:00:47

that is one that I like a lot and have spent a ton of time bidding on and I've never landed one. But I really liked sort of like rain. I can't remember the exact name of the palette, but it's basically a rainbow palette. Yeah. I really, really like those and have tried to get a lot but I'm

Roy: 1:01:05

so incredibly close to buying one. Like, maybe three months ago, two months ago, just before the crazy hype, I saw it. It was like, I think a Rainbird colored one but also animated. And I mean, super rare. And it was like point two five or something in the flow was point two. And I went I saw it. I was like, I should get this and I'd like hemmed and hawed for a minute click Buy and someone who already bought it, so I should. Yeah, cuz I like I didn't understand the collection that well then like, I didn't know. Yeah, I looked through I didn't know what is is actually really rare. There are a bunch of these how many animated? I just saw it looked cool. It's like, yeah, I should probably get it up too late. But um, yeah, so democracy at these factory drop, it was a Dutch auction as well. It, it was kind of interesting, because the Dutch auction prices, I think, started at 2.5. And then it went to two, and then 1.75. And then it dropped all the way to one. So that's like a massive, massive drop. And then it basically sold out at one or at point seven, five. But because of the gas will or the amount of gas people had to pay 2.75, the effective cost was roughly the same, which worked out to be around 1.25. Unfortunately, it dropped. The drop coincided with another project, I think Omni morphs, or something like that, which was dropping around the same time. So gas by to an absurd amount. And it was sort of like, quote, unquote, the good old days, or the battle days,

Jamie: 1:02:36

or those double drops, or a bomb, or, yeah,

Roy: 1:02:39

I saw someone post an absolutely fantastic suggestion in Block Talk for up blocks, which is there's just make that drops, like 12 minutes past the hour, or like, a 20, or like 20 minutes or something nice and round, because every other job tends to happen on the hour. Our blocks can I mean, there's nothing necessarily stopping them or requiring them to be on the hour so that even on the half hour, I think we would avoid a lot of gas rules. Right? Yeah.

Jamie: 1:03:07

But I also feel like our blocks may be such a big enough institution that if they just put out theirs early enough, other projects should try to avoid them. It's kind of like, you know, what big, big movie studios when they release one of their huge movies, the competitors don't want to release there's the same week, or even the next week, they want to give a little bit of time, so that way, they can be the big draw at the movie theater. It would be sort of nice if people projects would try harder to avoid overlapping.

Roy: 1:03:40

I agree. I always think it's a really good sign if a project is cognizant of other drops happening around the time that they had planned this for and are willing to postpone it within reason.

Jamie: 1:03:51

Yeah, especially like I mean, I guess it's it's not maybe so terrible for the art black stuff, because the prices are relatively high now. But like if you're talking about one of these avatar projects or whatever where you're only paying point oh five or something like that, you know, to get really get squeezed on the gases. So yeah, huge bummer.

Roy: 1:04:12

It is so many more of the projects now. Moving towards like mid passes and whitelisting and these kinds of systems, which Yeah, it makes little

Jamie: 1:04:20

sense stuff. Yeah, avoid the gas horse.

Roy: 1:04:24

But anyway, back to democracy. It's I think it's a really, really cool looking drop. Essentially, you get an animated piece of art. It's it looks like a city block. I would say like a city, maybe not even a block multiple blocks. And you can zoom in, you can zoom out there. There may or may not be weather effects like rain, lightning. And yeah, they just looked really cool. There's like different types of cities and layouts and building a Lego vibe. Would you see Yeah, that's That's a word that a lot of people have described. And

Jamie: 1:05:03

it's it's also like, it's almost like big three dimensional archetypes are archetypes archetype. Archetypes. Yes, it looks a little bit like those as well.

Roy: 1:05:15

We got to get you to say archetype archetype a bunch of time so it sticks

Jamie: 1:05:19

archetype. Yeah. We've talked a lot about how we're so impressed by all these art blocks projects that don't look anything like other art blocks projects but for this one to me that's not the case it's it has a level of uniqueness for sure. But it definitely reminds me of like GE do its work a little bit. And as we just said it also kind of reminds me of our our types archetype. Archetypes. Yeah. And yes. Is that how it really how you say it archetype? Yeah. archetype, archetype. archetype. Yeah, these look kind of like archetypes. And three dimensional. A lot

Roy: 1:06:05

of people have said that and also look a little bit like that the generative artworks previous factory job and Rekha done and Richard D. Yeah. Something like that. Which is sort of like a 2d version of this. Oh, yeah. Really simplifying it a bit. It was sort

Jamie: 1:06:23

of like a side of a building each one kind of? Um, yeah, and Karidian? I think so. And maybe just the one that I have.

Roy: 1:06:33

They sort of look like a top down bird's eye view of these, I guess. But uh, you could also perceive them to be sides of buildings with Windows and stuff and all like, even sort of like a computer, like a motherboard type thing or computer chip. There's a lot of different ways to interpret them. But yeah, so these democracies look like a bunch of different blocks projects put together. And I think that they're pretty widely loved and well received. The Yeah, the prices spiked anonymously, which I'm not too surprised by because of the success of fragments of an infinite dream, people saw, hey, up looks both for two weeks now. It's 38th new app looks I'm gonna buy it and get 10x My money and it doesn't quite work that way. So the price, the full price goes up almost a fall within the immediate aftermath. But it's sort of dropped down to between one and 1.5. I think it's been hovering around. Yeah. Which is still one right, manageable. Yeah.

Jamie: 1:07:36

And it's sort of reminding me of Where's really investigating the transitions, these ones that are three dimensional, and then you get to basically just choose whatever camera angle you want, are so interesting to me, because it almost makes you a photographer, or cinematographer of an existing thing. And you kind of get to just, you know, you're making your own shot and, and composition. And it just, it kind of allows you to interact with the art in an artistic way to to just get a specific view that you're into. Yeah, I really like that.

Roy: 1:08:13

As do I. It's very cool. Have you played around with the galaxus drop much?

Jamie: 1:08:21

Sometimes I'll just spin the planets really quick. But

Roy: 1:08:25

those are really, really cool. So that it's another factory job. It's been out. I mean, it dropped months ago now. That's an old one. Yeah. And it was open for a very long time.

Jamie: 1:08:35

Yes. They were expensive, too. That was part of the problem. Yes, point. I think they cost like point two, five or something.

Roy: 1:08:41

Yes, that's what I was gonna guess maybe even more. But yeah. But essentially, it's a whole planet. And it rotates, you can zoom in, you can zoom out if they'll have clouds, and some of them have like a plane or a helicopter. And you can you can press different buttons on your keyboard and essentially, you can fly the helicopter or the plane will be in it. And

Jamie: 1:09:00

into the view from the outside. It

Roy: 1:09:04

is really cool. Cool drop, I think. And I really like

Jamie: 1:09:09

the variety of stuff available on our blocks is so cool.

Roy: 1:09:13

Yeah, there was a 485 eth squiggle sale a few hours ago before that, you know nine bought it.

Jamie: 1:09:24

You know, I'm a big I'm a big fan. His Twitter. Yeah, probably my favorites a great way we should probably link to that. He's also he's the one that bought the tulip the 1000 s fidenza.

Roy: 1:09:36

Oh, yeah. Did for Yeah. Yeah. Yeah, it's a hell of a squiggle sale.

Jamie: 1:09:43

Right. The only rare squiggles that I like are the bowls in the hypers though, all the other ones to me are less visually interesting and appealing than basically just a regular squiggle. So this this was although all Just because anytime I see a big art plot sale, I mean to it is not a piece that to me, I actually like all that much. I would rather visually I'd rather have a Foursquare, which is crazy, given the price disparity between a 401. And that that's so expensive.

Roy: 1:10:15

Yeah. No, that makes sense. Yeah, it? I guess I would,

Jamie: 1:10:22

though, yeah. Also looks so cool.

Roy: 1:10:25

I haven't really investigated the full extent of the squiggle collection actually all that much. I mean, I like the just the standard like the as you said,

Jamie: 1:10:35

it's fine, especially if it's got a good spectrum if it if you're seeing a lot of colors on or not once I find that better than one word, like you're only kind of seeing green, and then that all goes away. And now you're seeing all yellow, and then that goes away. And you're seeing all blue, that kind of thing. I'm less than two that

Roy: 1:10:55

and actually like those ones as well. The ones I guess, just like the least the ones in the middle where you see, like half a spectrum at all times. You know? But yeah,

Jamie: 1:11:07

there's a squabble for every taste.

Roy: 1:11:09

You go. Whoa, I'm just looking at someone just posted in blog talk. This. It's like a grid three by three of the democracies and it looks freakin awesome. I'm gonna link this in the show notes as well, so people can see.

Jamie: 1:11:25

Oh, yeah, I think I maybe read that they intentionally made them. So you could kind of just line them up and create your own, like, bigger thing.

Roy: 1:11:34

I just send it to you on Viber I don't know if you can check that. You're gonna say something that punk 65290

Jamie: 1:11:42

Just, we're saying there's a squiggle for every every person and and the one for 6529. Is that giant, expensive one that uh, yeah. Yeah. Okay, yeah. So I'm looking at this, this three by three grid of democracies that you send in it does look very cool. Yeah. Well, that green Tassler one is very different than the others.

Roy: 1:12:04

They all seem kind of different Juliana's, which is Yeah, yeah. Cool.

Jamie: 1:12:08

It's so solid in the in the color. The other ones have so much more variety.

Roy: 1:12:13

Yep. Cool drop, I would say.

Jamie: 1:12:17

Yep. I missed that one. I'm not sure what was happening. But I did not get around to it.

Roy: 1:12:21

Yeah. I'm into two. And I'm pretty happy with both of mine. They,

Jamie: 1:12:30

there's also no, there's no new curated drop until I think the 27th were told,

Roy: 1:12:36

yes, that's correct. There was some sort of technical issue and they wanted to make sure that everything was right, or what they are

Jamie: 1:12:44

basically saying that the this upcoming project is quite complex. So they're, yeah, they're taking their time on it.

Roy: 1:12:50

Yep. So that hoping for the 27th, which I think whenever there's a gap or delay in curator drops, it tends to be good price wise for previous curated drops, because people are looking for places to invest in top looks, and they don't have a new job to I guess, dump 1000 2000 eth into.

Jamie: 1:13:13

Yeah. It also just kind of, you know, negates the argument that you'll sometimes see about how our blocks, there's just there's so many projects, so many projects. But you know, if you've if you already take that argument and go Well, what if we're just looking at curated stuff, and then you see a nice break. It's just kind of a bit of a counter to that.

Roy: 1:13:39

Yeah, I mean that the rate at which they've dropped curated drops has basically remained consistent. If anything, it's slowed over the last few months. So, yeah, I

Jamie: 1:13:51

don't really know how many there are, what is there like 30 projects that are curated at this point?

Roy: 1:13:55

Um, I can check pretty quickly. I think that sounds about right, maybe just over there. Ah, 3636 37. Actually, that's not including the most recent ones, the 30 sevens? Yeah. Yeah. Which is? I mean, it's not a lot I would say.

Jamie: 1:14:24

Now. Yeah, I

Roy: 1:14:25

think there's like 150 plus total applause drops. So yeah, a quarter over maybe a curated just under.

Jamie: 1:14:35

Yeah, that's a lot of factory projects.

Roy: 1:14:38

Yeah. And, I mean, people say that they're sort of flooding the market, quote, unquote, with factory projects. But again, I think that this sort of releasing them at kind of the same rate, as they always did, or at least had for the previous couple of months before the bear market really took the bull markets or really took off. It's just that Before they would release them, and they just wouldn't instantly mint out and there'd be 15 to 25 available people to meet and now, yes, yeah,

Jamie: 1:15:09

they would like release a project, but that that wouldn't instantly create all this supply because people just weren't minting them. Yes. So now Now, whenever they, you know, have a project with a maximum mint size of 1024. That means we now have 1024, new artbox pieces. Yeah, whereas before, it was just, there's potentially 1025 more. And, you know, every two days, that number will in ACC, there will be, you know, one actually minted from the project, which is so different from how it is now,

Roy: 1:15:46

so crazy to think about. I remember our ROI, the factory drop, I think the main count is like 900 or something. And it dropped. And I think maybe like nine people meant to the mummy like 25 in the first day, and then it just really just sat there for a very, very long time. And yeah, it just wasn't selling for 906 Total era. And it slowly started picking up momentum here and there. And then, you know, got to 8090 minutes or 120. And then eventually, one day, the discord fell in love with it. And people started minting and then firmer kicked in. And it just meant it out as as sort of what happened towards the end of the era where the they had things open up look, this code would decide, hey, this one's cool. Let's let's meet these or let's just meet something during off the deployments and pick a different project and, you know, get some new art and support an artist and then yeah, now now we can't really do that anymore. Which is a bit of a shame, though.

Jamie: 1:16:50

It is a shame. It was a lot of fun.

Roy: 1:16:54

They have a new website up blocks. Finally, they they've been talking about it for it's been a long time months. Yeah, I reckon you could go back three months ago, watching after dinner mints and snow for I was like, Yeah, I'm feeling pretty good about releasing the website. And, yeah, I mean, obviously, for one reason or another. It's been delayed and delayed, and they want to do it right. And so the the beta version of the website is now live signing. Yeah. And, yeah, have you used it that much?

Jamie: 1:17:27

I have not, I've used it just just a tiny amount just to like, get a rough overview of what's different, but I have really not clicked around at all.

Roy: 1:17:36

Yeah, I've also kind of just done the same. I like, I like the look of it and like the artwork is more prominent, and it looks nicer. But I guess a couple of times I I basically spent most of the time on it just after they announced it, and things just weren't loading properly. Maybe the site was just overrun with people. So I definitely want to spend more time on it. But it seems nicer, I guess an improvement.

Jamie: 1:18:05

Yeah, you know, I barely know enough about it to, to comment, but it definitely does seem more like they're showing you the artwork, rather than you having to search for words. You know, either the artists name or the project name, and then get into it, and then see it. You know what I mean? Now? Yes, there's always sort of a thumbnail, or even full size image of what the art you're about to start looking at is pretty much Yes. Really helpful for just just random browsing and random discovery of projects, I think,

Roy: 1:18:43

yes. And as you can click on that there's an artist button. And then it just pops up like sort of a grid of all the artists and a sample of their work. So you can just kind of scroll through that and get a really good overview of all the different projects that way, I mean, you could have done that in the gallery view on the old one, but I think just that had like one on top of another with a bunch of text. And it was like a giant page to scroll through to see everything. This is just a really nice grid view with nice large thumbnails of all the different art. Yeah, it's just, it's just nicer. And

Jamie: 1:19:20

they've also kind of emphasized curated, you know, before, it was very the three tiers that we've talked about curated then playground, then factory. This new website kind of makes it seem like there's two you have curated and then you have the rest of the stuff. It's kind of lumping playground and factory together.

Roy: 1:19:42

Yes, that's that's kind of correct. Which man, it is what it is. It's

Jamie: 1:19:49

I don't really have a qualm with it. Yeah, I don't know. Because essentially, in the curated stuff is curated and the only difference really between playground and factory is just what the person has already done that's in the playground drop. It's it's not really saying anything about that specific drop. And its quality. Correct. It's inherently worse than curated are better than factory or anything. It's just, this is a project by somebody here, who already did a curated project.

Roy: 1:20:26

And arguably, you could say that an artist may take it less seriously in the playground. I mean, it's in the name. It's called playground. It's yeah, it's it's sort of intended to be for them to just try new things and play. And yeah, it's just not curated, essentially. So they also have like a whole bunch of filters. So you can filter like entire collections by the traits and stuff and view them in a really nice manner. Which is

Jamie: 1:20:57

Yeah, I was actually, while trying to do some searching of fragments of an infinite field on open sea, I was getting very frustrated with their search console, specifically, what I was looking for was, I was trying to see how to value my piece, which again, was a spring with no pollen. And every time I could search for spring pieces, and it would filter, I could search for no pollen pieces, and it would filter. But if I dared to ask it to filter both, it would again, just show me all 1024 pieces from the collection. Yeah, which was such a huge pain in the ass. I basically have to either search for spring and then kind of manually look for one that didn't look like it had pollen, or search for no pollen, and then manually look for one that looked like it was sprinklers. So that that was just so annoying. So it'll be great to have a better way to do that kind of thing.

Roy: 1:21:51

Yeah, I haven't tested the the new side, see if you can do that. But hopefully you can. But yeah, yeah,

Jamie: 1:21:58

it just did not either, but I think he can.

Roy: 1:22:00

Yeah. Um, yeah, I think that's it. Was there anything else up looks related you wanted to cover?

Jamie: 1:22:09

I think that's it. Let me see what we have written down that that that and that. Yep, that covers it. Excellent. Twitter q&a,

Roy: 1:22:20

we had a q&a. So this is a segment that, I guess we just Well, I really just started earlier by tweeting out asking if anyone has any questions or things that they would like us to talk about on the podcast. And yeah, we thought it would be cool to go over some tweets that people have sent and discuss them either in short form or long form. First up, we have a tweet from at eth for food, who says how you manage anxiety from missing something big or selling too early or buying into a pump? How do you manage that dreamy?

Jamie: 1:22:58

Well, there was a lot of different things to wonder, how do you manage, I would say, let me go to the selling too early one first, we've talked about this before. And I'm sure we'll talk about it again. But if you can afford to try to get two or more pieces of a project that you're interested in. And then you don't have to worry about that so much. Because you can you can sell one piece, quote unquote too early, to guarantee some profits and give you some money to continue buying new NFT's or whatever, and still have more pieces from the collection to hold on to for further gains down the road. I had actually recently been saying that, you should have to two pieces of a project for that. But now my current experiences with fragments of an infinite field is making me think you really need three, one to sell early, when you like five or 10x the money one to sell later, once you've liked 100 or 200x, the money and then one to just hold forever for the cultural purposes. Because now I'm stuck with I sold one of mine for basically 9x what I paid. And now this other one, I love it. And if I get rid of it, I'm going to have no pieces from this collection. But also, if the price kind of continues to do what it's done for a while, the offers are going to be so huge that it's going to be difficult for me not to want to accept them at some point. And so it'd be a lot nicer if I just had to and I could accept one of these ones for maybe $100,000 which is again crazy. Yeah. And then keep one to appreciate as a legitimate art collector. But now I'm I'm stuck with just the one and I got to figure out what to do with it.

Roy: 1:24:51

Yeah, I've been hearing more and more people talk about needing or wanting three of a collection instead of two, which was their status. For a while ago, I heard a someone say something from the the sort of like the sneaker collecting community, I'm trying to remember, I think it's like you want three, one to one to rock one to flip and one to

Jamie: 1:25:15

whole server. So

Roy: 1:25:17

yeah, there was a catchy a word, but essentially rock is to wear flip is you flip for, like to make your money back on the three. And then the one is you hold for your moonshot to sell in 20 years, when it's worth a million dollars, whatever. And, obviously, if you can afford to buy multiples, then that's gonna mitigate a lot of the anxiety and fear from selling too early. But it exacerbates, I guess, the anxiety, if you're buying into a pump, or buying into a project that you don't really, or that ends up flipping, or that, you know, you may not believe in as much.

Jamie: 1:25:54

Yeah, I think the one of the easiest ways to kind of cover all this stuff is what we call bankroll management, though, that was what we call it in poker. But basically, it just means, you know, as a specific in poker, you basically didn't want to play a tournament that you didn't have, say 100 times the size of the buy in as your total money that you had available to play poker with. Because the swings were just too big that you're kind of risking too much. So in terms of say you're buying into a pump, as this Twitter suggested, if you're doing that with half an ether, for instance, and you only have two ether, you're gonna feel pretty shitty, if you lose a quarter of your bankroll just buying into something that ends up not being worth so much. Whereas if you have two weeks that are and you're only spending point one five, on something that seems like it's maybe starting to pump, you know, it's it's much easier and more comfortable if you're playing within your, your boundaries. So I think just, you know, looking at what you have, and, and playing within that set, amount of money safely, is going to help you not feel too bad about any of these things. Now, in terms of missing something big, I think that's sort of something that you have to face individually. Because it almost seems like a certainty to me, you you can't you can't get into every single NFT project, unless you have so much money that it doesn't matter if you're missing big things, which obviously, if you're asking you do care about it. So you're going to for sure see projects that do very, very well that you're going to miss out on. And I think that you kind of hopefully have enough success in other ones, that you can kind of take solace in the fact that a you're not going to be able to get all of the big winners and be you have managed to get some of them. And so like for us, you know, we've done well on our apes, we've done well on our blocks. But there's other projects that have been super successful that we've missed out on. You know, like one for me is the punks comments you've done very well on them. I ended up getting none. And it was what point to two min. And now you have like six different NFT's that are all worth 457 ether, like it was, it was a fantastic deal. I looked into it a lot and thought it was interesting, but never quite thought it was worth it. And I missed out. But it's easier to deal with that when I went well. But I did get blit maps at min price. I did get one eight and a half an ether. I did get a lot of you know pureed art blocks in in May and June when things were much, much cheaper. So once once you start to have some successes, it becomes easier to see other people's successes that you missed out on.

Roy: 1:29:10

Yeah, I agree with all of what he said. I'll add on to that last part about like, if you miss something big? Yes, it's easier if you have had success. But even if you haven't had that success yet. If you look at it from a perspective that the fact that you're missing big opportunities, is just his evidence that there are big opportunities all around you. And they're never ending it seems Yeah, that there's going to be another one. You're in the right space at the right time. There is an element of luck involved. I mean, no one knows which projects are going to 1050 100x it's just It doesn't work that way. So if you see people on Twitter that are talking about getting in on this, they're not talking about the ones that they missed, or or they're these massive whales who can basically just invest in every single product. Correct. But there are plenty of people who have limited bankrolls and are trying to pick and choose and they're picking the wrong ones. And it is unfortunate. Maybe not in the wrong ones, just not the ones at a meeting right now. And it can be difficult to be in that spot and look around and see everyone else making tons of money. I mean, I was sort of there in February, March where I was dabbling in NFT's and I bought art blocks. I had hieroglyphs and aerial views and their price, the full price tanked. Like I'm into tons of them. It was none, not insignificant part of my bankroll. And back then, they were trading bloomin for months. And now they've gone on to moon obviously, but I was in a situation where I saw, you know, friends had crypto punks, and friends had crypto voxel land and other things hash masks, I remember thinking hash marks were really cool. And I wish I had one. And you know, I had a bunch of AI art that was worthless art block stuff, which had gone down in price, and it just wasn't really working. But eventually. I mean, I kept at it, I got into enough projects, and some of them started doing well, I was able to flip some of them and then, you know, learn from my experience. And eventually. Yeah, I mean, something I say a lot is that the only thing you really need to do to find success, I think in this space is to like survive, you just need to make sure you're not going all in on one project, see bankroll management, as you said, keep some money, stay around, learn, you know, learn from your experience, learn from other people's experience research, get more in touch with the space and you will, like it's what's that, quote? Luck equals opportunity times. Something hard work? No. There's a great quote. But yeah, you will get your get your success and luck, if you just stick around in this space, and you know, keep working at it. I really believe that. Yeah. The fact that all these projects are pumping is is a good thing, even if you're not in them, but it's it's hard to see. Yeah.

Jamie: 1:32:04

Right. Yeah, you just need to be ready for the next one. And just one last thing. You know, it seems like this person is talking a lot about emotion. But I think if you try to approach things intellectually, and go, Okay, why did I miss this big thing. And you might find it's because it was not a thing that was something that you're interested in or could comprehend. And so there was no way you were ever going to capitalize on it. So you don't need to beat yourself up over missing it. You know, if you don't like art, and you don't like our NFTs, don't don't concern yourself with the fact that you didn't get in on this artbox project that's doing very well, because you That's not for you, you know. So, and the same thing with all the other ones. You go. Okay. When I sold this too early, was the next leg up in this market, something that I could have possibly foreseen? If not, maybe I need to not beat myself up for it. And you can also go well, when I sold, did I reinvest that in something else that did just as well? Again, if I did, I don't need to be so concerned about it. Yeah, you know, so I would say try to take the emotion out of it. And intellectualize things a little bit more. Yep. 100%. Next question. When Moon serve three said, Is it pronounced Bay see or be a YC? Discuss? I think it's B A yc.

Roy: 1:33:41

I agree. I've never

Jamie: 1:33:43

even heard like, next question. Yeah, no, I've

Roy: 1:33:48

never heard base C either.

Jamie: 1:33:50

No, that seems crazy. Be a YC. Final answer?

Roy: 1:33:53

Yeah. All right at 44Black, Blake, stir 44 says, artblocks fidenza VeeFriends, blitmaps Bored Ape Yatch Club, etc. all documented as successful projects. What are some of the projects that are quote unquote, under the radar that bear our attention? Obviously not to be construed as financial advice, but opinion? What? Are there any projects that you are thinking of that you consider to be under the radar?

Jamie: 1:34:23

Well, I'll say this after I sold my fragment of the infinite field the other day, I did go on a buying spree and the things that I did buy were more the Royal Society of players cards, which I've talked about before on the podcast, and more chicken Derby chickens, which I've also talked about on the podcast. So if you're just looking literally at what what my actual transaction history says that those are projects that lately I felt like the amount of money they cost is, is good relative to what I'm getting.

Roy: 1:35:01

I think, yeah, they both probably fall into that category of relatively low priced and somewhat under the radar and have the potential to turn into sort of these blue chip, like long term successful projects. For me, I mean, yeah, I look at for things that I would consider in this category, ones that have been around for a while. So anything wants to say this week, it's hard to imagine calling them under the radar, so much or like, likely to be successful just because it's so speculative and new. And it's hard to know. But if something has been around for two or three months, and it's still not getting a lot of attention, but there's still a team that's working on delivering content and value and their roadmap, and there's still a bit of a community or a community committed to the project, those are the ones that can really take off and Moon. And like we saw that we're seeing that, at the moment with the lazy lions, they they minted at point o five, maybe three months ago. And then the full price was between point o five and point one five for six weeks. But they had a strong community, they had a good team. And in the last couple of weeks, that full price is going up to like 1.5 1.6 at the moment. I mean, I obviously can't pick what the next lazy Lyons is going to be or what a community right? Yeah, there are a lot of communities that have been like that for a long time. And not all of them are going to moon but those are the types of ones I would look at. Potentially things like wicked craniums bulls on the block. You know, they've been around for ages. They haven't fully moved. They haven't seen that one plus a floor price. But you know, you still see them on Twitter, you still see them talking about stuff. So yeah, I guess look at those. A couple that I'm I guess personally a little more bullish on I guess I would add the chickens as well. Penelope is Country Club is a core project. PR and LPs. Our PR and LPS Country Club. It's another cat project. Internet. NFT's plus cats kinda have to go home. They seem to do very well, generally.

Jamie: 1:37:18

You talked me into buying some of those as well. Oh, you

Roy: 1:37:21

Oh, yeah. You did buy some, but not when I was telling you. And it was like point one five, I think

Jamie: 1:37:26

well, yeah, I wanted to spend more on them. So you know what else? I've I've been seeing a decent amount lately. I've been on a new following spree on Twitter. A lot of people have these call intelligence ones as your avatar. Yeah, I own none of them. I think the floor price is around point two 4.4 now. Oh, really? Okay. Yeah,

Roy: 1:37:48

I've been putting on my one eat challenge account. So I'll talk about that later. But

Jamie: 1:37:53

okay. Yeah, those seem like they're they have some degree of growing popularity lately. To me. I don't know how many but

Roy: 1:38:01

yeah, I think so too. I think that they're, they've sort of they're one of the projects that had a huge spike in price. I think they hit 1/8 Maybe maybe a little more came crashing down. And then sort of on this slow build up again. And you see them on Twitter a bit and have a high unique owner percentage they I'll definitely include that one in there as well. Another one forgotten rune, forgotten runes, wizards cult. It is, again, not really spoken about much. You don't really see it too much on Twitter, but they've been around for months. full price has been steadily climbing. It's around point four now. I will just give it a look. Look into that.

Jamie: 1:38:42

Yeah, what actually one of the biggest collectors of my project is open. CNAME is at it. I guess people need an app for open seat. But tad major, he has a lot of those and talks to me about that community. And it's one that I've actually looked at quite a bit as well. Also, when when the bitmap community was dropping that very rare item. I don't know if you remember that. That was one of the projects that was also eligible for it. So interesting. Um, that's just something to keep in mind as well. Yeah. But But yeah, that that that also seems like a kind of interesting, differentiated community whose project hasn't gone to the stratosphere, but has also shown a pretty consistent level floor with a lot of people that care about it.

Roy: 1:39:32

Yeah. I think that's enough. Projects. Yep. Next question.

Jamie: 1:39:39

Oh, actually, hold on one second. I want to go back to this for a second. A lot of times people will kind of ask about what projects to get into or what to recommend for people. And so this person saying, you know, under the radar projects, if he's think they're thinking about buying a project that they want to be on to the radar, I always want people to look at what NFTS Do you already own and try to fill in gaps of things you don't have. So if you already have a lot of art, I would say, maybe look for some utility stuff, some access stuff, some gaming stuff. You know, if you already own a lot of gaming, and FTS, like a lot of Zed stuff, that kind of thing, but you don't really own any high quality art. You don't own any one of one art or any generative art, you know, look there. I just think people should kind of look at the different categories, and try to see what they're lacking, and maybe investigate those areas. Specifically.

Roy: 1:40:40

Very good point. All right, next question at red cup, underscore boss underscore t, ar, your thoughts on glitch crystal monsters, even if it is just even if it is a real quick discussion, please. Thank you.

Jamie: 1:40:54

Okay, so that is a curated project by Alita. Son, there's 1000 of them, it's maybe the sixth most recent project. If I had to guess, Count 123456. Okay, eight projects ago, it was actually the first one of this season. And what are your thoughts on it? Right?

Roy: 1:41:18

I like some of them. I think as a collection, it's cool. Like this sort of like these animated, wavy, almost like, stencil. Crystal monster. Yeah. Yeah. I remember before they dropped, I looked at a ton of them on the test network. And I found a few that I really loved. And then sort of a lot that I was sort of ambivalent towards. So it as a collection is no one of my favorite curated drops, but I have one, and I really liked the one that I have. And yeah, that's probably the extent of my thoughts. What do you think?

Jamie: 1:42:01

Um, yeah, it's, it's, it's a project that doesn't resonate super hard with me. It, it is. So it's three dimensional and animated. But you don't have control over the camera. So I feel like what you are seeing at any given moment, in, you know, on the canvas, so to speak, is maybe actually not the most interesting thing, or the most interesting angle that you could view that thing. So it almost seems like there's more going on in the piece than you're able to appreciate with the locked in camera that you have. But, you know, I will go back to a thing we say a lot. It's a pretty unique drop. Yeah, in that there's not a lot of I think the only thing that I can even think of is like the antenna project. It has a little bit of similarities to this. Yeah. Other than that, I find it I find it to be a pretty unique drop. I minted one and sold it pretty quickly. And that's, that's sort of the extent of my feelings on the drop.

Roy: 1:43:15

Yeah, I actually I minted one as well sold it pretty quickly. But then I bought another one, I don't know, maybe a month ago. Just because I wanted

Jamie: 1:43:22

it had a little bit of a thing where like, the black and white traits seem to be a little too common relative to how rare it usually was on our blogs. But then, sort of the the other thing was like, the background color was a very big trade. So you'd have like, tangerine, I remember was the rarest one. But then that was also separate from the monochrome so you'd have tangerine as your background color. But then it was monochrome. And the background color ended up not actually being tangerine, it was just a gray. So like yeah, that was just sort of a thing where the the traits were kind of lying to you. And you're also getting sort of deprived of some of the nicer colors because of how much of it was black and white. Now if you're into more of the black and white art like definitely some art blacks collectors are that's that's probably a collection you like better but I'm a very I love color in my art and it's one of the most important things to me. As to whether or not I'll like an individual work of art or a project of arc. Shout out so this one

Roy: 1:44:37

no go. Chat. Shout out to what D boeckmann or D Bachman Oh yeah, he's

Jamie: 1:44:42

he's one of the black and white collectors. Yeah. But But So this project is one where there's not a ton of color even in the ones that aren't black and white. You're maybe only seeing like four different colors on the screen. And then one time. Yeah.

Roy: 1:45:02

All right. At Elliot Hackney says the Virgo collective and their mutts drop. Now you link something earlier today or yesterday, in one of our groups.

Jamie: 1:45:14

I saw the I think it was the initial tweet that had like a 22nd 22nd teaser video of the months drop. And so I brought it to the attention of maybe you or group chat, but I actually don't really know much at all about the collection or the drop.

Roy: 1:45:34

Rats, I was hoping you knew more. Yeah, that is the extent of my knowledge as well, that

Jamie: 1:45:40

you say, Okay, I'll Did you watch it, I watched a bit of it. It almost looked like basically, if one of the heads of a vo Gu was to just kind of be fully, uh, like, this is this is so

Roy: 1:45:57

what maybe we should explain what the burger is the variable. Okay, go for that. So this was a drop that released maybe three months ago. Essentially, it was very, very hyped at the time. And the collection is sort of like the these robots, but sort of personified, they have faces and human features. And that to be used as Avatar projects, very high quality, the artwork, I would say. Yeah, it was sort of one of the first in maybe the first wave or era of these massive drops, which had big gas was and then the entities were not revealed for, say a week. And then there was a whole secondary market for the pre reveal. And then they got revealed. And what usually happens after a reveal is that prices for the whole collection go down as the common ones drop in price and the rare ones go up. But this one was sort of the exception where everything just sort of seemed to go up because people loved the look of them that much. And the full price went up to well over one eth and has since come crashing down. And it's been hovering around point five sort of seems like for over a month. And yeah, so I bought a few of them. We bought a few You mean our other friend and our little collective fund we have going on. And I was following them for a little while, it seemed like the team was doing good stuff, the community was strong. And then it just sort of got to the point where it was just one more project that I was invested in and wasn't able to track and so I haven't really been following it until now on here this month stroke, which sounds like it's gonna be cool. Yeah,

Jamie: 1:47:40

it it looked almost like if you're playing a first person shooter, and you'd see an item on the ground that was just a pack of ammo. The little teaser video looked like the much drop. So I guess maybe it's some sort of accessory or add on for the for the Vogel's themselves, but I really don't know what it's supposed to be.

Roy: 1:48:05

Alright, that's probably the extent of what we can talk about

Jamie: 1:48:08

that yeah, sorry. Sorry, Elliot Hackney that that was a lackluster answer. Maybe they can tell us more about it. Yeah. We'll have more thoughts.

Roy: 1:48:19

Yeah. All right. Last question we have is suited aces. 23 says, we'd love to hear, excuse me, we'd love to hear about securing our NFT's especially after hearing about what happened to our dub. So what happened to our dub dub at our job is a bought ape on Twitter. And he posted or tweeted something earlier today. Very unfortunately, he had his wallet compromised, and a lot of his NFT's were essentially last. I think that what happened was that the Hakka sold them or like, listed or accepted a whole bunch of offers, lowball offers and essentially the ARB lost tons of value in NFT's. And it has sort of the community talking about how to secure NFT's wallets, security, best practices, stuff like that. Now we both have you and I hardware wallets, which we would recommend and essentially it connects to our meta mask. And like, you can create a vault account so a new wallet, which is where you can send all your high valuable NFT's and just ERC 20 coins and tokens and in order for that account to buy, sell, send just sort of transact on the Ethereum network in any way that would have the assets leave that account. You have to accept a transaction on your hardware device in your physical session. So it's, it's very difficult for you to get hacked. Essentially, someone can't just put a key logger on your computer, or hack your computer or get your seed phrase even because even if they have your seed phrase, they don't have access to your hardware wallet to confirm the transaction. So step number one is get a hardware wallet.

Jamie: 1:50:20

Yeah, I have I have Leger nano s. And it, it adds a very big level of security. For sure. I think you need to just be super, super suspicious and careful all the time, on Twitter, on Discord, all of that. Just be very, very suspicious of any link that you ever see. Basically, it is always a good practice in terms of security. And, you know, never scan QR codes. Never give people seed phrases.

Roy: 1:51:09

What else? Never, ever, ever. Tell someone your seed phrase never enter it? Like, don't store it on your on like a notepad file in your PC?

Jamie: 1:51:19

Write it down, don't store it anywhere digitally whatsoever. Yeah, it should only be written down with a pen or pencil. Or you know, if you want to go to another level, like engraved in metal or something like that. And yeah, but definitely don't ever have that on any sort of electronic device. The absolute

Roy: 1:51:37

only time you should ever use it is if you need to restore your wallet because you've lost access for one reason or another. Yeah, no one else needs it basically. No.

Jamie: 1:51:48

Funny story. While we were on this trip recently, I helped my friend Justin set up his account. So he said some of Metamask he gets a post, what is it called a note card to write down his seed phrase. And I'm I'm emphasizing him, never put this in a device, keep this superduper secure. And then the next morning. I me and my wife are awake before him and my wife, sister, and my wife is just cleaning up the living room a little bit. And she picks up this postcard from the table as she's picking up things to throw away and goes, What is this paper with a bunch of random words on it? And I was like, Justin, security seriously enough? Yeah. Don't be like just another suggestion.

Roy: 1:52:40

Yeah, don't click on links to seed phrase. Another one that's sort of been going around lately is like scammers have been sending like airdrops of tokens or even NFT Yeah, well, at this point, and if you interact with them, it's sort of it can give them access to your account, if you sort of approve to transfer an NFT or to sell an ERC 20 token, they can drain your account, essentially, it's

Jamie: 1:53:08

basically if you get sent something that you did not buy, or no, you are getting air dropped from a trusted project. I would just hide that from your open sea and never interact with it until you hear you know, a lot from trusted sources or something that they've looked at smart contract or something to that effect and know that it isn't going to lead to some way that your wallet gets drained. Because yeah,

Roy: 1:53:38

yeah, basically just don't

Jamie: 1:53:41

just be very bothered. unlockable content is another thing that where, you know, some NFT's come with unlockable content where you can't see what it is before you buy it. But once you're the owner of the NFT, you have access to the unlockable content. And that unlockable content could just be you know, a virus file that they're trying to hope you download a Trojan horse a link to whatever. So just just be superduper suspicious and careful all the time.

Roy: 1:54:17

Yeah, and another thing is, uh, a lot of like, basically the the reason people end up getting scammed is just lack of obviously information and understanding of how sort of the Ethereum network works. And I would suggest researching more and trying to figure that out for yourself. Like it's obviously very complicated on like, the base levels of how it all technically works, but watch some YouTube videos on, you know, wallet security or like how transactions work on a theorem. What exactly you're signing when you're signing a transaction and what that means and this I mean, there's infinite YouTube videos out there that have Smart people talking about them. So just do do a Google search.

Jamie: 1:55:05

Yeah, not one more thing I want to say. There's a lot of what we basically would call keywords that if you say them on Twitter, meta mask being the tops out the most, if you just typed the word meta mask on Twitter, and send a tweet that has that in it, you will 100% have a bunch of nefarious actors tweeting at you pretending to be some sort of official meta mask support. They are absolutely not that and you should block them and not respond to them. Or click on any links that they send ever. Absolutely.

Roy: 1:55:43

Yeah, you got a lot of people pretending to be people they aren't not just on Twitter, but discord as well. You got people DMing you, they may they'll impersonate other people. Right? Like they can have the same Twitter name of the discord name, they can have the same avatar, it can appear to be a real person DMing you and it's very easy to get caught up. And if you believe that, you know if so if it's someone that you want to hear from, and you want to have a conversation with this person, and all of a sudden they're DMing you is just if someone DMS you out of the blue be very, very, very suspicious.

Jamie: 1:56:17

Oh, yeah. So here, here's another example where I actually showed some good security. i A while ago sold a collection of three Elementals. And it was a private sale. So this was back when open C didn't charge fees for private sales. And so the Creator wasn't going to get their 5% royalty. And it's sort of a good practice and tradition in the art blocks community that if you did one of these private sales, you would reach out to the artist and send them their 5% royalty. So I went on to the art blocks discord, I went to this artist specific channel on the artbox discord and I said, Hey, I made the sale I want to send Michael, who's the artist of the project, I want to send him His royalty. And you know, maybe 10 hours later or something I got a DM on Discord going, Hey, I saw that you want to send me the thing. Thanks. That's really nice. Like, here's my wallet address. And the screen name looks just like him. That picture was him. And I was quite sure that it was him. And so I was ready to send that. And I went, let me just add one other level of security to it. And I knew that we followed each other on Twitter. So I went onto Twitter and sent him a DM and said, Hey, Michael, I just want to confirm that the person who just DM me on Discord is you so that way, I don't send this half an Aetherium to somebody else. And he's like, Oh, that was me good thinking. And so that was just a way that I confirmed that that was in fact, actually him. Because, again, somebody could actually his screen name is like X II X II, you could you could very easily imitate him and just replace one of those eyes with a lowercase L for instance, and then use his same picture. And if I hadn't taken that little bit of extra step to check on Twitter, I could have sent half an Aetherium to the wrong person.

Roy: 1:58:25

Yeah, that's smart thinking. And I mean, you can never be too careful. In this space, it's like, yeah, it's sort of I was

Jamie: 1:58:34

actually just talking to you was it today or yesterday, thinking about, you know, so you said we have these vaults accounts, I have my regular account, and then my vault, I was thinking about making like a second level vault basically, where I have never, you know, like my current vault account interacts with open sea and gives it permission to sell some of these NFT's. I could have another one that has never given permission to anything to use or transfer or whatever, any of these NFT's. And then if some sort of, you know, terrible, scary open sea thing happened, I could envision me losing some of my stuff in my current vault account. But if I had sort of a next level one that had never given open see permission to do anything, I wouldn't really be able to conceive of how I could lose that stuff.

Roy: 1:59:27

Yeah, I mean, it's not a bad idea. It's when we talking about six or seven figures worth of assets, then, you know, a couple $100 on another hardware wallet and a few hours setting it up and all that it's it's nothing in the grand scheme of things.

Jamie: 1:59:44

Yeah, I have heard horror stories. And you know, this is just another example of being very careful and specific, but like people that do something like that, but then mix up the seed phrases somehow, and then like lock themselves out of there. account because they don't know what goes with what, like, you got you got to be careful and deliberate when you're doing this kind of thing.

Roy: 2:00:06

Yeah, some people will get the whole seed phrase, and then they'll cut it up and give it to like, five people. And then there'll be like, all they'll like, they'll save the seed phrase, but then they'll add like, 10 extra words in, and then they'll remember, Oh, hang on, I actually have to take out every third word. And they think at the time, Oh, that's easy. But then they go back to it two years later, and like, hang on, what do I have to do all these words? Again?

Jamie: 2:00:31

Where's the words? Three, six, and nine? Or was it 114? And seven, or whatever? Maybe

Roy: 2:00:38

it was every second word? Or maybe Yeah, right. And then yeah, so it can make sense to do things like that. But you just need to make double, triple quadruple sure that you'll have a way to remember how to put it all back together if you need to. And not just you make sure that like a loved one knows, or your lawyer or someone sorry, if you get hit by a truck, your assets recoverable by your family and stuff. Right. That was Twitter,

Jamie: 2:01:08

q&a.

Roy: 2:01:10

Twitter q&a, we had way more questions and things and comments, but we obviously can't get to all of them. But we will make this a recurring segment. So if we didn't get to your question, asked again next week, ask a different one. We will pick a few. And yeah, this was fun.

Jamie: 2:01:27

Yep. And if you want to get yours answered, probably just asked something about artbox. Because we both want to know, hang on, I'd have opinions on all of it.

Roy: 2:01:37

I just like we got a few more questions. Alex, I specifically didn't choose too many of them. Because we have a whole section on Oh, yeah, I was like it's true. I don't want to pick for more questions in our blocks. Let's do like diversify a little bit.

Jamie: 2:01:51

Right. But they are ones where we're gonna both have somewhat informed opinion. Yeah. And a lot more of this other stuff. That is

Roy: 2:01:58

true. I mean, we did and we did pick one up looks passionately. So we get we yeah, we can just talked about them in the upload section. But yeah, Twitter q&a.

Jamie: 2:02:10

On to the next segment.

Roy: 2:02:14

Welcome to the 1/8 Challenge segment. This is a segment where I will be talking about my 1/8 challenge, how it's going, my thoughts, etc. So, if you haven't listened to last week's episode, you might not know what I'm talking about. Basically, I decided that I would fund a new wallet with one ether, and try and run it up, turn it into a much larger amount. I've sort of set a rough goal of flipping my way to a crypto bank. And I thought that it would be fun to do. I would learn some things it would be just a good experience to see and navigate the NFT space again with a smaller bank girl. And I mean, yeah, obviously my buying and selling for the last few months has been with a much larger bankroll. But I did one start with you know, around one ether, I often had like less than one eth in my etherium wallet to play with. Let's put it that way. So I started it. Four days ago today is day four. And the first day I basically did nothing with it, I funded the wallet and then I didn't feel like I had enough of a read on the market or see any good opportunities to buy. And on day two, I ended up making my first purchase. It was spent point four five ether on a NFT from the sevens avatar project

Jamie: 2:03:44

that is a big chunk of your one ether. Yeah.

Roy: 2:03:48

I have a lot of mistakes, which I'll talk about at the end where I'll wrap it up. But yeah, it was a big buy. Essentially what I saw was that there was one listed 2.45 And then one listed at point five and then point five, five and then the floor sort of just went up from there. So the floor is very thin. And essentially if I bought this, the floor was immediately already up 10% And the next one buys another Timpson and the project itself, I received a lot of hype, maybe three weeks ago when rent dropped, there was an insane gas war for purchasing them like the main price is point o seven and the effective cost by one was closer to 1.5 eth. So a lot of people pay that's huge. Yeah. It was the the most insane gas what I've ever been in. A lot of people pay that and then all who bought on secondary for that amount. And basically a lot of people were spending 1.5 to eat on these ovens. And the price excuse me subsequently has tanked a lot down to point 4.5 Part of that was because there was a lot of fun Around the launch fear, uncertainty and doubt, because essentially, when they launched, there was a limit of one NFT per transaction. So no one could really meant a lot. But some nefarious actor or some savvy person had figured out a way to mint 1000 of them. Essentially how they did that was they wrote their own custom smart contract and use that contract to interact with the sevens minting contract and circumvented them. I'm

Jamie: 2:05:31

always so impressed and amazed and are able to do it like that.

Roy: 2:05:36

But, you know, obviously, a lot of people were unhappy, who paid tons of gas, because this, this person who minted 1000 Didn't pay that much gas, and also the people who tried to mint and just failed and couldn't, and missed out, like, essentially, the supply was caught by 1000. So people were very unhappy with the project for allowing it to happen and stuff like that. And obviously, it's not great that they did allow it to happen, but they apologized pretty quickly. They explained why was able to happen, and how was the sophisticated technique used? And

Jamie: 2:06:09

how Wow, seems like a word that makes it seem like they were consciously allowing it, whereas it was an exploit that somebody found. Yes. But you know,

Roy: 2:06:23

in their explanation, they basically did say that there is an option to turn off or like not allow public smart contracts to interact, contract. And they didn't, didn't do. Yeah, they didn't deem it necessary. Because, you know, they couldn't have foreseen this. I mean, or they didn't foresee this, because it hadn't happened before. And like the best practices at the time for smart contracts was not to have that in place. And they were just following those general best practices. But yeah, and then this savvy person found this loophole and got around, and yeah, and essentially, the prices tanked lots, it was sort of it launched around the the peak of the bull market, or just as the bear market was beginning. Well, there's many bear market. And so prices fell lots and lots and lots. And so yeah, I bought one of them. For point four, five, it was, I didn't put like a ton of thought into it. I just saw it as a good buy. I was like, hey, point four, five, I got a one bankroll I could quickly flip this make a little profit, or I don't mind holding it, I think, you know, as is often the case, when these projects, they have a huge price hike immediately than the drop down, they sort of slowly tend to crawl back up. And so I bought that, and was feeling decently good about it. And then very next day, I made two more purchases for much, much lower prices. I bought a dizzy dragons 4.054 and a Alfa Betty's 4.04. And in both cases, again, they were much lower than floor price. The Disney dragon floor price was around point or eight. And the alphabet is for price was around point oh six. So I got him for almost a 50% discount. You

Jamie: 2:08:05

bet on those two? No, I

Roy: 2:08:06

just I just happened to be checking the full prices. And I sold them way below floor

Jamie: 2:08:10

or they were just so they were the new floor. They had undercut the existing

Roy: 2:08:13

floor. Yeah. So after I bought on the new floor, the beaten path. And so I just bought them and was feeling pretty good about that. And then sort of just didn't really do much other than that until today. And I was just sort of thinking more about the whole project. And it, I guess I realized that I'd made a mistake. And I shouldn't have been market buying. Because when you buy on open sea, you pay gas. And we're the ones that bankroll every transaction, every gas fee is not insignificant. And if you bid, so you can make bids on items, then if the person who has at least it's the person who accepts the bid, it's that person who pays the gas costs to complete the transaction. So you can bid on as many items as you want effectively. And if someone decides to sell to you, they pay the gas you get transferred, and you pay the amount. And an effective strategy and has worked for many people, including you, including me is to bid much lower than full price. And eventually you'll find someone who at the right time decides hey, I need the liquidity. I'm happy to sell for this price. Maybe they don't check the full price. Maybe they don't care, maybe they do care but just need that liquidity and they'll accept a bid for maybe 50% of full price even and then and also pay the gas and so if you're talking about a thing that like I paid point o five for the Dizzy dragon and it maybe cost me point or one five in gas so that's like 30% And yeah, so I realized that my overall strategy, it was probably still okay like I'm I think those purchases were Plessy v to put it in that that phrase and I could have gone quickly flipped them and made a small profit. I decided not to I decided to hold I guess I wanted to hold up for more significant profit. But it dawned on me that bidding would have been a better strategy. So that's sort of where I'm at right now. I'm deciding, Hey, maybe I should just convert what I have left to what sounds like

Jamie: 2:10:19

you have about point four ether. Yes. Your three NFT's?

Roy: 2:10:23

Yeah, point three, eight. I think after fees and stuff. I think

Jamie: 2:10:27

you make a great point about the rapt ether? And I think I would, I would think that that would be a good way going forward to really ensure you're getting good prices and not paying gas. Yeah, just bid, bid a nice low amount on some promising stuff.

Roy: 2:10:46

Yeah, I'm actually now planning to sell the three that I have. Even if I take like don't make a profit, or even take a small loss after fees, I think having the increased bankroll in rupt etha.

Jamie: 2:11:02

That Do you have anything you're actually looking specifically at bidding on with the rapt ether? Because if it's, yeah, especially cheap, you only need the point four or even less and right, don't need to be selling for a loss yet.

Roy: 2:11:16

So the thing that I'm I've been bidding most on is the koala intelligence agency that we were talking about before? Because, yeah, it seems to be a good project up and coming metrics, a good, good amount of unique owners.

Jamie: 2:11:31

When you say when you say metrics, what kind of things do you think of as a good metric?

Roy: 2:11:36

I think of the amount of unique owners, I think there are 40 something percent, let me just have a quick look. 40, almost 50%, actually, so that is a ton of unique earners for like it's a 10,000 collection, they have almost 5000 unique going to actually they may have over 5000. Now, this hasn't been updated for a couple of days. So that's a good one. The fact that the price used to be higher and has dropped, I always like to buy sort of when it's in this sort of a dip, rather than when it's at its all time high. It just makes more logical sense to buy when it's at a lower price. Those are probably the two main metrics. I like to look at how many listed for sale? And let me have a look for that. I think it's not super good for the quality diligence, NC it's about 30%. So

Jamie: 2:12:28

yeah, that's not terrible. But

Roy: 2:12:31

yeah, so really good is sort of like 15% 18% 13% and an average team.

Jamie: 2:12:38

I mean, some of the some of the diamond handed art blocks projects like Squibbles, for instance, there's like only 4% listed is

Roy: 2:12:44

ludicrous. Yeah. The ghosts project is also like four or 5% people.

Jamie: 2:12:52

And half of those are for like, you know, 5000 ether.

Roy: 2:12:57

The V friends is actually surprisingly low at 6% for a 10,000 collection, which is pretty impressive. Just to get some context bought at your club is 19%. Yeah, so I mean, those are two main metrics. But then there's also the the subjective stuff, like just seeing them pop up more on Twitter and things. And just generally, if you see,

Jamie: 2:13:18

so that that was what had piqued my interest was seeing how many people had them as their Twitter profiles lately.

Roy: 2:13:25

Yeah. So that's one collection, I started getting a bit on deadheads, but I think I'm just gonna spend like a couple hours being take the do the laborious task of just going through maybe a dozen or two dozen collections that have been around for a while that the one thing you don't want to do is bid on something where there's a reasonable chance that the floor is just going to crash. And so that is what is possible, or likely or more likely, with the new collections have only been out a day or two. There's a lot of price discovery, discovery and volatility still happening. Whereas these projects that have been around for a month or two months, it's very unlikely that the full blockchain is going to crash in like 50% in a day. So

Jamie: 2:14:06

most of the sellers have already sold. Yeah.

Roy: 2:14:09

And I mean, they probably aren't even that many buyers anyway. But right, but

Jamie: 2:14:15

sometimes the buying just kind of starts happening and gets out of hand. But it's sort of hard for that to happen with sellers. When there's already been so much time. Yeah, to feel like the project was not a success and try to get out. Yeah, you know, like what, like, when the project has had a lot of success. It's easier for there to be a bunch of downside where people are going, oh shit, I have all these unrealized gains and then like undercutting each other to try and realize them, but if the project is already down, people aren't concerned about, you know, booking that loss so much. So, you know, you can still have explosive upside but much less likely to have explosive downside.

Roy: 2:15:01

Yeah. Especially if it's been sitting at that at a level for a while, like, unless there's like news that comes out that the collection is a scam or something that will crash the price. But that's so rare. It's much more like the

Jamie: 2:15:13

Creator, it has all these racist videos on Yes,

Roy: 2:15:17

exactly. It's much more likely that the opposite happens. And they announce some sort of AirDrop or this new news and utility that people didn't see coming and the price skyrockets up. So yeah, that's sort of where I'm at now, I, I realized that I should have been bidding more from the beginning. I also just think that probably, I've been, I'm still thinking, like, my default reactions are like my personal normal wallet bankroll size. So if I see something, apparently five, oh, hey, that's a good buy. I should just buy it. It just didn't really Dawn and click on me that, hey, that's 45% of my one eth bankroll. And I wasn't really thinking of what I would be doing in the shoes of someone if that was my entire NFT bankroll,

Jamie: 2:16:06

right, it's, it's tough to get to force yourself to care about the one eth as much as somebody who truly only has one eth to play in this space is liable to do. So you might end up having more of a boom or bust strategy, even if you don't necessarily want to. Yeah, and somebody who's really living

Roy: 2:16:27

it, sort of what you said earlier, when you're talking about bankroll management, where if you have one or two eat, you don't want to be buying something for point five, because you're gonna be so psychologically attached and rested, that it's going to be detrimental to you. Immediately. That

Jamie: 2:16:43

was the first thing that you did, just because

Roy: 2:16:45

yeah, I just wasn't, I didn't put myself in the shoes of someone, I just thought, hey, I have money to play with. Maybe I'll do this, it was obvious. It's obviously a very high risk strategy. And that is not what I would recommend. So about 1/8. So, you know, I'm learning as I'm going along, and I'm envisioning that, it's, I said from the outset, that it's decently likely maybe the most likely outcome that I fail, quote, unquote, don't turn this into a massive amount. Right. I will try again, I think it's fun. And I do think what you were, I was gonna say I was thinking of tries to turn 1/8 into a punk, that's going to be an amazing, that's a

Jamie: 2:17:24

great, yes, yeah, yeah. No, I was gonna say that, what you were basically trying to do with the purchase, which is basically target a thin floor that I think is is something that people should look at a lot more when they're considering purchasing stuff. Because if you are, if you are looking at something, I've actually been toying with the idea of finding a metric, or a really hard way to measure this. But if you're looking at something where the floor on a project is, you know, let's say point four ether, but there's 100 of them listed between point four ether, and point five, five ether, it's going to be hard for that project to move up in price a lot, quickly. Whereas if you have another project that has a 4.4. And the next one is point four, five, the one after that is point five, and there's maybe one or two of those, and then all of a sudden it goes to point five, eight and point six, five, and then point 7.91. Now you're getting to the point where you know, you buy yours and three people more by him, you're knocking on the door of a one. S four already.

Roy: 2:18:44

Yeah. It's great. And

Jamie: 2:18:48

yeah, because again, these are non fungible tokens, they're not all the same. And the value of them is so subjective, that you know, prices can really explode on a project. But you have to look at what people are asking for for the project and how many are listed at those prices? And and that'll give you a much better idea of is this a project that can have explosive growth in for price soon? Or is this a project that needs a ton of force sweeping before we can start really seeing appreciable growth in the price?

Roy: 2:19:27

Yeah, I mean, that's an excellent point. And that's basically what is my strategy going in all like, on day one and day two, but you know,

Jamie: 2:19:36

too big of a percentage of your bankroll perhaps

Roy: 2:19:39

Yeah, but also just market buying didn't just doesn't make sense I think.

Jamie: 2:19:43

Yeah. Because like if you're if you're looking at say, something that where the floor is basically point five, and then somebody lists one for point four, five, undercutting it. You might be able to bid point 375 Or point four and they'll accept it, because they're already kind of showing that weakness, they're showing that they want to get out. You know, if they were going to be able to stick to their guns at point four or five, they probably could have stuck to their guns or point five. So So those people are even more ripe, I think for the, for the lower bids.

Roy: 2:20:16

Yep. And something I just want to mention, because I think a lot of people aren't aware of this is that you can have one eth wraps or what to make bids on open. So you have to wrap your ether, which is essentially turning it into an ERC 20 token. And it basically makes it cheaper and easier to transact with on the Ethereum network, it costs very little money to wrap it, like

Jamie: 2:20:43

$5, or is very cheap gas transaction.

Roy: 2:20:48

So you wrap your ether you get with wrapped eth. And use that to make bids, you can make as many bids as you want, up to the amount that you have. So let's say you have one with, you can make 1000 bids for one width, or point 5.7, like the total doesn't have to add up to one worth, you just can't make a bid over one width, you can make as many as you want bid on as many projects, and they're all valid. But if someone accepts one of them, then your future bids will no longer be valid if you don't have the amount of wealth in your account to cover them. But at the time, you can make as many bids as you want. And it's just a great strategy. And a lot of people think that to make 1000 bids of one worth you 2000. With that's just that's not how it works.

Jamie: 2:21:35

Yep, not that is that's a good point. And if somebody doesn't know that, that's going to be very helpful for them to learn.

Roy: 2:21:42

Yeah, I've just sort of been scrolling through the is it one challenge chatting a discord and a lot of people are sort of having this revelation or saying that it's news to them. And it's just I think it really important thing that people show. Yeah,

Jamie: 2:21:56

I've definitely bid like hundreds of times the amount of rapt ether I have in just like three hour bidding sessions before.

Roy: 2:22:03

Yeah. Yeah, that's sort of it. I mean, I'm also thinking maybe about wanting to mint directly from some projects. But I mean, it seems now that the landscape is such that this so much demand, and so many people that are wanting into these projects, that the way that teams are counteracting the gas was is to whitelist people and have meant passes. And I was sort of originally wanting to avoid doing any of that just because maybe it's a bit of luck involved and getting whitelisted. Or maybe it's about favoritism or being early and sort of like, maybe I have more knowledge and connections and stuff to find out about these projects in the average person. So I wanted to I still do want to avoid it. But it does seem like that's a fantastic way to run a bankroll. Just find some good projects, get whitelisted, buy a thing for point O eight, and then sell it for 5x, which seems to attend x, which seems to be the going rate. Yeah, so maybe I might think some more about whether I want to reconsider that and do that. Because I think that isn't probably an even better strategy than then bidding on a bunch of things. And it's something that a lot of people can still emulate. So yeah, maybe I just talked myself into it into that.

Jamie: 2:23:21

Yeah, yeah, I guess you got to just kind of keep an eye on what, what is available to bid on and what's what's coming up to me directly from you know, yeah, times. Sometimes it seems good. Sometimes it doesn't.

Roy: 2:23:34

Definitely. I mean, there's so many projects dropping every day. Now. I still have you

Jamie: 2:23:38

know, I haven't I haven't minted many of these kinds of random new projects in a while. Yeah. I used to be like, every day I was kind of getting in on one or two of them.

Roy: 2:23:49

I still haven't caught up with like, all the projects that mentored while I was away. I don't I don't know half of them. And yet still today. Yeah. Like the the sneaky vampire syndicate that they have to eat flu like?

Jamie: 2:24:06

Yeah, crypto dads.

Roy: 2:24:09

Oh, yeah. Those guys are doing well. Well, well is relative, but yep. Yeah, I think they'll do do well.

Jamie: 2:24:20

So this is this has been the first update from the one F challenge. Right, what do you have to plug?

Roy: 2:24:31

I will plug my newsletter again, my sub stack I write about NFT's. I try and release one, one to two letters a week. lately. It's sort of been around one a week on various topics. Sometimes specific projects, sometimes just general macro topics. My most recent one was on sort of the NFC bear market we're going through and actually probably by the time this is released, I'll have hopefully my latest one out on our blocks and Update, and you can find that at Zeneca. 30 three.substack.com, check it out. What would you like to plug Jamie?

Jamie: 2:25:10

I'm just going to go back to my NFT project abstract of the day, it's on open See, I do one digital abstract piece a day, and I put a lot of effort into them and sell them for point 025 When I released them, and today was day 93. So I'm coming up on the big 100, which is kind of crazy. And I would just love for people to check them out. If that sounds interesting to them.

Roy: 2:25:43

Are you gonna do anything special for day? 100?

Jamie: 2:25:46

I am, but I don't actually have in mind what that special thing is, but I think I'm gonna have to

Roy: 2:25:53

quick Yeah.

Jamie: 2:25:55

Yeah, I do. And I also need to think about what the future holds for it, because I was vaguely thinking about ending it a day 100. I'm vaguely thinking about ending in a day. 365. I definitely want to keep on creating and FTS like this. But I you know, as we've discussed a bit, I want to have it on my own smart contract eventually. So I'm, I'm trying to figure out how long to keep it going in this current format, before taking time off to get my own smart contract in order and go from there.

Roy: 2:26:33

Yeah, that makes sense. You you sort of want to try generative art, right?

Jamie: 2:26:39

I do. Yeah. But that's, that's even further in the future. Because I'm still just having so much fun kind of seeing what are, my brain likes to create? I haven't even gotten close to the point where I go, Okay, now how do I make a code made this type of art, like, I'm still really just experimenting with so much different stuff. Like I'm I'm actually looking at the collection. Now I'm sorted by recently collected, and the pieces just look very different from each other for the most part, you know, days like 9090 9192, and 93, for instance, those are the most recent four, none of them look similar to each other at all. So if you can't really make that generative, right now, I would need to be able to sort of narrow it down. And there's obviously certain things, certain types of patterns and stuff like that, that I've kind of come back to over and over. But yeah, I would just like to develop my artistic sensibilities, and figure out my long term plan for these before I move on to trying to degenerative, but I definitely yes, in the future want to do generative art?

Roy: 2:27:59

Yeah, I mean, I was just thinking it would be cool to see sort of a similar theme, but with generative art, like 100 days, maybe like one a week instead of one a day, because maybe it's hotter, maybe it's not to try different generative art stuff, you could just change a bit of code. But yeah,

Jamie: 2:28:16

yeah, and I definitely have, like, you know, as, as you know, somebody who follows it, I have a thing that I'll name a piece, like woven wonder, for instance. And then I'll like it enough that, you know, the next day or a couple days later, or a week later, or whatever, I'll do another thing that's very similar, and just call it you know, woven wonder to, and I'm looking at, like, for instance, I have just recently did a second one called platforms to add another one called platforms, obviously, I really liked how those came out. And that seems like something that would be able to that I will be able to do generatively you know, if I learned how to do generative art, but it's sort of conducive to having a lot of variety, but still keeping it similar. If I was doing something like that.

Roy: 2:29:08

Make sense? Cool.

Jamie: 2:29:10

This has been episode seven of Two Bored Apes.

Roy: 2:29:13

Thanks for listening

Intro: 2:29:14

Two Bored Apes, talking NFT's, De-fi, and some random stuff! uh uh uh uh Two Bored Apes, talking NFT's, De-fi, and some random stuff! uh uh uh uh