Welcome to Noochie's Notes
Welcome to Noochie’s Notes, I’m happy you’re here! This inaugural letter will be short and is intended to give you a taste of what to expect.
I’m targeting a weekly to bi-weekly release of these notes with priority on quality over quantity. The focus will be on web3, with a heavy emphasis on NFTs. Discussion on Defi, DAOs, Bitcoin and other notable topics across the web3 will also be included.
Each set of notes will include some or all of the following sections:
Topic of the Week
This section will be a deep dive analysis on my thinking around a specific project, event or vertical.
I’m currently working on a web scraper to understand ArtBlocks better. I want to quantify who sold out, number of editions, floors, volume, by artist, etc. When this analysis is complete you will see it here first.
Market Analysis
Here’s a quicker than usual and somewhat sad NFT trends analysis for March:
OpenSea had their most volume ever in January, just shy of 5 billion. In February, this number dropped by 27% to 3.57 billion and March is on track to drop and additional 45% to an estimated 1.9 billion in sales.
What do these bleak numbers mean to me?
If I had more liquidity, I would be on a buying spree for blue chips on sale. 24 hours ago, I had punks, apes, and XCOPY’s Grifters listed as collections that felt cheap. The floors on these have all jumped considerably since the Yuga Labs acquisition. I think there are still value buys across established projects in this market.
Note: I find it interesting that Grifters saw a floor rise with the Yuga Labs purchase. Why? Yuga Labs is granting Crypto Punks holders fuller commercial rights over their NFTs, a privilege previously withheld by Larva Labs pre-acquisition. The same day, XCOPY moved Grifters under the Creative Commons License (CC0). We then saw a flurry of buying on CC0 projects.
it is actually all positive tbh punks move from 100% centralized IP model to commercial rights people who were previously 100% cool with 100% centralized discover how CC0 might be interesting the rails are the most important part, not the legal rights, but movement there tooyes, i'm buying up a bunch of CC0 NFTs i'm sure it's just a coincidence that i'm doing it today
DCinvestor.eth @iamDCinvestorI’m being more selective about projects I’m jumping into. If a rising tide raises all ships, the opposite is true when the overall volume is dropping. It’s definitely worth being a bit more patient and waiting for projects you are genuinely excited about.
We could be approaching a market low. I expect things to pick up from here with the waves being made from the Yuga Labs acquisition.
What I’ve Been Buying (And Why)
I bought some Moonlings on the secondary market this morning. I think this project might have legs for a number of reasons.
1. I like that it’s an authorized Pixel Vault derivative.
2. I think JuicyJama nailed the art
3. The proposed governance aligns the community and founder with the project’s success
4. It’s currently inexpensive, so lots of room for upside
This Twitter thread does a great job of explaining the details on why I think this project might have legs.
What I’m Reading
This section will include my favorite reads for that week. This could include Medium articles, books, Twitter threads, etc.
Punks, Squiggles, and the Future of Generative Media - Derek Edwards
This is the single best explanation of the history and future of on-chain generative art. You’ll learn about the early collections, what it means to store and generate art on chain, and the role ArtBlock plays in curating this new wave of generative media.
https://medium.com/collab-currency/punks-squiggles-and-the-future-of-generative-media-d2d3e9df623b
Wall (2022) - Tyler Hobbs
Tyler Hobbs describes the process for designing his newest generative art piece, “Wall”. There are 73 Editions of this, which was done for Proof Collective’s Grails drop. Tyler’s essays are generative art canons at this point, and this one is no exception.
Adios
That’s all for this week. 🙂 DMs are open on Twitter, I love feedback and want to make this something you’re excited to read each week. Cheers! 🍻
Sources
https://dune.xyz/rchen8/opensea