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A $PRIME Day Surprise
Another major airdrop came yesterday, surprising several holders who had low expectations. Just how big was it and what happens now?
TylerD's Market Summary
Today's top news includes:
Airdrop SZN raging on with $PRIME
A Momoguro preview
Predictions for PROOF's major update
MetaMask makes another Web3 gaming move
Binance and their AI product Bicasso
🎁 Parallel's $60M Airdrop
We knew the $PRIME "airdrop" (more like token unlock) was coming.
But we did not know it would be this big.
The $PRIME token became tradeable around 9 am ET yesterday, coming out of the gate at ~$6 before surging close to $8 on the news that Coinbase would be supporting the listing.
It has since sold off more this morning and is down below $4.
Even at $4, the Market Cap is ~$60M and FDV is at $420M (based on 14M available tokens and 100M total supply.
For perspective, $BLUR has a $313M Market Cap at present (though a $2.4B FDV).
This was a significant airdrop, and a much more substantial one than most anticipated. Several casual Parallel holders got anywhere from $3,000-$10,000+ in tokens, while whales received 6-figure sums.
How Did Parallel Pull This Off?
They rewarded holders over partners and investors.
Almost the entire token allocation for this airdrop / unlock was provided to holders and stakers of the Parallel cards.
Investor, founder, and team allocations will not hit the market until mid-July, following a 24-month linear unlock. This makes for a more sustainable emissions rate (per the team).
They did not reward the masses, and this drop was never one on the "farmers" lists.
So the tokens all went to the most active and dedicated holders, some holding cards for almost two years now.
This success has the Parallel ecosystem and its upcoming game launch much more hyped than it was just weeks ago - incredible timing.
Their combination of a team building for years, some deep financial backing, and a now successful token is a powerful one, and they are now back at the forefront of Web3 gaming.
🔔 Momoguro's Anticipated Debut
Momoguro is minting today in what has quickly become one of the more anticipated mints of a jam-packed March for NFTs.
The primary bull case going around is a bet on the founding team.
That team, led by CEO Maureen Fan, have won 9 Emmys with their stories adapted into film, books, TV and games.
Investors include the biggest set of names and companies since Memeland, including Disney, Peter Chernin, Shari Redstone, Comcast, Liz Murdoch, Samsung, Shanghai Media Group & Youku/Alibaba.
And with a big team, comes a big vision.
That vision begins today with the "Holoself Avatar" drop (the Momoguro PFP).
That avatar will provide access to their expanding universe including "the digital collectible game, other digital collectibles, web3 platforms, and an expansion of the Momoguro franchise across media and entertainment."
Whew, that is a lot of access.
The bear case (to be balanced) is that the vision is too large and wide and that these avatars may not make the best PFPs (in an already saturated market).
Though the bulls seem to be outweighing the bears currently on this one.
What You Need to Know
Here are the mint details:
Price to mint: 0.22 ETH, 2 NFTs max
Time: Mar 2, 10 am ET
Who: Allowlist only
*please make sure to double-check with their Twitter account before minting in case of change
Current market chatter is that the allowlist spots are trading for 0.4 ETH, indicating a ~0.4 ETH floor on secondary. If that holds, this would be a quick 2x for minters.
Good luck to anyone participating today.
🗓 PROOF's Big Day
It's no secret in NFT circles that the PROOF ecosystem has been hurting.
The sunsetting of PROOF pass functionality after the 3-year mark, coupled with Kevin Rose's hack and then the cancellation of the PROOF of Conference event destroyed most of the remaining trust in the ecosystem.
Long-term holders sold off.
The floors plummeted.
It seems the team might be down to their last shot to salvage community grace - happening today in a discord token-gated meeting.
Predictions for PROOF's Future
Here's what we know about today's event.
Kevin Rose and the team will share information about:
the upcoming Diamond Nest for Moonbirds
the path forward to grow and strengthen the mission for Moonbirds
some updates for the PROOF Collective as well
That middle bullet is the key one.
My gut is the team is going to double-down on their art focus. Grails is their most successful product and widely acclaimed.
I expect they will lean more toward that, and we even saw a preview yesterday with their announcement that PROOF holders will have access to the Pace Gallery upcoming release of 'Archive of Feelings' with Grails III artist Mika Tajima.
My hot takes:
There will be no token
Project High Rise is scrapped (or greatly diminished from its early vision)
And there will be more talk of Moonbirds DAO taking on more responsibility
We will see how it plays out today - get your popcorn ready.
🚚 What else is happening in NFTs?
Here is a list of the other major headlines from a slower day in NFTs:
Trading volume came in at 38k ETH on Wednesday, -20% from Tuesday; most NFTs chopped on the day
Overlord is migrating its Creepz NFT collection to a new contract today, enabling new features like soft-staking, upgradability and more
Artist Pop Wonder will see his next 1/1 "The Water's Fine" auctioned at Sotheby's
Magic Eden has temporarily paused mobile app functionality, shifting focus to other areas of its platform
Illuvium cancels its plans to collaborate with Su Zhu in the wake of the 3AC fallout
Sorare has introduced a new rewards system, giving its players Coins which can be used to purchase items and merch in its Club Shop 2.0
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market was down slightly on Tuesday; BTC -1.7% at $23,400 and ETH -0.8% at $1,640
MetaMask integrates with HyperPlay (a Web3 game launcher and store aggregator) in their latest gaming move of the week
Binance joins the AI meta, releasing a new AI product called Bicasso allowing users to generate and mint NFTs utilizing AI
Snoop Dogg has partnered with toy company Vital Toys to offer a 13-inch collectible figurine of Snoop's Bored Ape #6723, a.k.a "Dr. Bombay."
🚀 NFT Total Volume
BAKC (4,638 ETH, 7.7 ETH Floor)
BAYC (4,146 ETH, 71.1 ETH)
MAYC (3,603 ETH, 15.1 ETH)
Moonbirds (3,089 ETH, 6.75 ETH)
Azuki (3,030 ETH, 14.8 ETH)
📈 NFT Floor Price Increase
MegaPunks (69%, 0.22 ETH Floor)
Modern Muse (24%, 0.94 ETH)
Createra Genesis Land (24%, 0.57 ETH)
Degen Toonz (18%, 0.66 ETH)
DenDekaDen (10%, 3.55 ETH)
🗓 Upcoming NFT Mints and Reveals
Today's primary drop is Momoguro, covered in detail above.
Coindesk's Microcosm drop is another interesting one, as they launch a live events-access pass with their Microcosms mint (access to Consensys). It's a niche product, but a valuable one for those interested in attending and participating at Consensys.
The wildcard of the day - that PROOF meeting. Expect volatile price action on Moonbirds and Oddities before and after that major event.
Momoguro (10:00 a.m. ET); 0.22 ETH mint
Creature World - open edition (12:00 p.m. ET)
Coindesk Microcosms (12:00 p.m. ET); 1.5 ETH mint
Healing Hippies (1:00 p.m. ET); 0.095 ETH mint
PROOF Collective update (2:00 p.m. ET)
Enjoy this write-up? Follow along with me on Twitter @tyler_did_it or reach out via email firstname.lastname@example.org.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's Project Schedule page.