Coca-Cola Makes 'Masterpiece' NFTs
Coca-Cola Makes 'Masterpiece' NFTs
Big brands and companies continue to enter and invest in Web3, with Coca-Cola marking the latest brand giant to drop a major NFT collection. Here's what you need to know.
TylerD's Market Summary
GM!
Today's top news includes:
Coca-Cola's NFT Masterpiece
New Monument Game details released
DeGods tumble below 5 ETH as Points Parlor details emerge
Machi drops the lawsuit against ZachXBT
Zynga is entering Web3 gaming with Sugartown
đ„€ Coca-Cola's NFT "Masterpiece"
Pepsi became a meme in NFTs back in late 2021, but for the wrong reasons.
Their epic Twitter back-and-forth with Meta and beer.eth went mega-viral as the brands bantered about the metaverse and used NFT lingo like "fren" and "WAGMI" in one of the most cringe-worthy conversations of all time.
Pepsi's NFT quickly tanked and they haven't made too much noise in Web3 since.
Now Coca-Cola looks to avoid those errors with a more thoughtful launch on Coinbase's Base during Onchain Summer.
What Happened?
On Sunday, Coca Cola debuted their newest NFT project "Masterpiece" on Base.
The project is a collection of onchain art, merging iconic traditional art pieces with Coca-Cola bottles in a variety of fashions.
For a quick summary:
What: 8 different NFTs featuring classic masterpiece art mixed with Coca-Cola bottles
Where: On Coinbase's L2 Base https://onchainsummer.xyz/Coca-ColaÂ
When: Went live on Sunday Aug 13, live through Aug 16 at noon ET
How many: Each piece is an open edition, meaning unlimited supply until the mint ends
How much: Prices range from 0.0011 ETH ($2) to 0.014 ETH ($26)
Featured pieces include Vermeer's "Girl with a Pearl Earring," Munch's "The Scream," and Van Gogh's "Bedroom in Arles," though "The Scream" seems to be the early community favorite.
From the mint page:Â
"âMasterpieceâ by Coca-ColaÂź is not just an art collection, but an embodiment of the dynamic convergence between art, technology, and human connection â and by taking it onchain, Coca-ColaÂź is leading the way for other brands and industries to explore innovative ways of engaging with our new digital age."
A bold claim from the team - is it true? Is Coca-Cola leading the way here?
Is this a big deal?
After thinking about this collection for a few days, it has grown on me quite a bit and it does feel like "a big deal."
There are 3 major aspects of this drop that jump out to me, driving its success:
Partnering with Jesse Pollack and the Base team for an Onchain Summer debut
Embracing art as the NFT type/sector and honoring the medium with traditional classics and diverse artists
Launching at an approachable price point
Pepsi's NFT debut was a cartoon microphone made to be a PFP (profile picture) with a variety of traits like hair, glasses and mustaches.
It was silly and while it did ok for a few days in the peak bull market, it quickly fell over 90% from high and has turned illiquid.
This is a much more thoughtful NFT project from Coca-Cola (though not their official debut, as they did a Special Olympics drop previously).
They chose to go the art route, paying homage to the classics and the sector of NFTs that most think will stand the test of time (digital art).
They selected a smart launch partner in Base, who has done a much better job this time around marketing and generating hype for their NFTs (vs the marketplace debut and flop).
And they opted for the low-cost open edition route, meaning fans can collect without breaking the bank.
It's a winning recipe for Coke and I applaud the launch strategy.
Market Action
Will this be a good trade?
Well that depends, and we have to separate "good" NFT launches from brands from "good" trades.
Open editions are historically bad investments. Supply is usually very high, there are low barriers and friction to entry, and thus little secondary demand.
This one may be an exception, but it will depend on the final supply.
So far, we have these totals:
Aket: 19,500 NFTs
Vermeer: 7,600 NFTs
Munch: 3,530 NFTs
Van Gogh: 2,650 NFTs
<I could only pull data on 4 this morning, will revert back with more>
So higher supply on the $2 pieces and much lower on the $26 ones. No surprise.
And we may see upwards of 100k total mints.
Is that a lot? Well Starbucks has over 230,000 NFTs in its collection right now and the lowest floor is $10.
Granted, Starbucks NFTs provide some utility through rewards and thus not a true apples-to-apples comparison, but there is some history of brand NFTs in large supply holding value.
The ways to approach this trading-wise would be to collect the more expensive, lower-supply classics like The Scream and Van Gogh, or to build full sets.
If the final supplies are less than 5k on some of these, it becomes more attractive and the risk/reward looks good at these entry prices.
And there's still a large chance it's not a good trade, so be cautious.
But kudos to Coca-Cola on a very thoughtful NFT launch - one more brands can learn from.
đ What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Trading volume again jumped over 10k ETHÂ on Monday, largely driven by DeGods trading volume; NFTs saw a mix of red and green with DeGods now sub-5 ETH (-24%), while Milady's, Sproto Gremlins and HV-MTLs were in green
Beeple opened up an art contest for entry into his Punks party at Beeple Studios in late September; entrants will create Punks-inspired art in JPEG or GIF format and winners will get free tickets
The Opepen set 11 Opepeng revealed and saw 3 sales in the 4-5 ETH range in early trading, settling at a 5 ETH floor overnight
Sam Spratt dropped a new teaser for the Monument Game (debuting Aug 21) along with new details including its featuring 1 1/1, an edition of 256, a game of art and observation, and a reward for those who play (from Aug 21-24)
Machi Big Brother announced that he's dropping the lawsuit against ZachXBT, citing some amendments Zach made to his article and his broader positive contributions to web3
DeGods shared more detail on their Points Parlor, where holders can stake their NFTs to earn points, use points for packs, and win prizes in each pack, ranging from $DUST to a Tesla (thanks to sponsors like Kraken)
Wreck League published the full details for its Genesis Mint, starting Aug 17 at noon ET, priced at 150 $APE (25k supply) and 50 $APE for Booster Boxes (5k supply)
Kanpai Pandas shared their mint details for the release of the final 1,000 Pandas on Solana; the Dutch auction-style mint starts at 3 pm ET and 750 will be available for public minting
đ Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
The crypto market chopped on the day;Â BTC even at $29,360; ETH even at $1,840; UNIBOT near ATH at $196 and $BITCOIN set a new ATH above $0.17
The Laminal blockchain launched their betanet, bringing Neal Stephenson's metaverse and Lamina1 Hub closer to reality
Zynga has been announced as the developer behind the upcoming web3 game Sugartown, with final allowlist spots up for grabs today in a Twitter spaces
đ NFT Total Volume
DeGods (5,805 ETH, 4.95 ETH Floor)
BAYC (1,134 ETH, 29.1 ETH)
Pudgy Penguins (534 ETH, 4.08 ETH)
Milady (466 ETH, 4.42 ETH)
MAYC (463 ETH, 5.92 ETH)
đ NFT Floor Price Increase
BatDadMigo (60%, 0.12 ETH Floor)
Anata (48%, 0.71 ETH)
BrainDrops (46%, 0.08 ETH)
Parallel Avatars (69%, 0.13 ETH)
Winds of Yawanawa (38%, 4 ETH)
đ Upcoming NFT Mints and Reveals
Today is a lighter day of new drops mostly focused in the art sector, with a few mints from Noble Gallery and Amber Vittoria.
The highlight is likely Kanpai Pandas making their Solana and Tensor debut. With the mint passes selling as high as 2 ETH in the days leading up to this, expectations are high.Â
If you want more, see the full list of today's drops from Swizzy's daily mint monitor.Â
Noble Gallery "TENNIS" (11:00 a.m. ET)
Amber Vittoria "Dreaming" (12:00 p.m. ET)
Kanpai Pandas - Solana mint (TBD)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.
For all volume and floor price data, see Lucky Trader's Project Rankings page.
For all upcoming mints, see Lucky Trader's NFT Calendar page.