⚓️ for that reason...I'm out
and the Checks craze continues...
(more on that soon…)
another day, another million-dollar open edition.
over the weekend, Vincent Van Dough minted his Pepe Checks…inspired by Jack Butcher. and because it was the internet’s most famous frog crossed with the internet’s favorite NFT project…it blew up.
Pepe Checks minted over 200K tokens and have had over 300 ETH in volume in their short 3-day lifespan.
how did we get here? well, Jack Butcher himself was so flattered by the piece that he updated the metadata for the official Checks project to look like Pepe too.
this understandably led a lot *more* people to FOMO into VVD’s derivative. and to return the favor, Vincent Van Dough later decided to update the metadata to look like Jack Butcher’s original Checks.
so for a hot minute on Sunday, Checks was Pepe and Pepe was Checks.
both projects prove that art can create *and* showcase culture…and the market is catching on to Checks’ importance in the NFT world in particular. prices continued to balloon over the weekend and they now sit at a 2 ETH price floor as I write this.
just remember that I wrote about them at .257 ETH (and of course, I did not buy any for myself…a BivNFT tradition)
NFT Shark Tank gone wrong
Ryan Carson (formerly of Moonbirds), ruffled some feathers over the weekend.
for the past few months…in addition to running his NFT fund…he’s been teasing a project he was starting in his ‘Daily Dose’ Twitter Spaces show.
and on Friday he finally divulged some of the details of Flux…his new incubator for NFTs.
“wow!” you might be thinking. “he got investors like Gary Vee, Gmoney, and Andrew Wang to be involved in Flux. he must really know what he’s doing to get the who’s who of the NFT world to invest in his project…”
well, not so fast.
as it turns out, the investors’ money hadn’t been secured (in some cases) before he went marketing everything. oops.
this led to many of said investors (see Gmoney above) pulling their commitment (and money) from Flux.
naturally, the FUD came pouring in too…as everyone got yet *another* chance to dunk on Carson, which they lined up to do on Saturday morning.
I’ll give him props for sitting there in a Spaces while influencer after influencer came on stage and called him names. but, he’ll get the last laugh I’m sure…as he’s laughing all the way to the bank (again).
what’s a soulbound token?
well, it’s exactly as dramatic as it sounds. called SBTs for short, soulbound tokens are NFTs that cannot be traded and are forever stuck to the wallet they’re sent to.
they’re all the rage…with projects like Pudgy Penguins and now Sappy Seals using them to reward their communities and long-term holders. while it’s a flex and shows your commitment to certain communities, I still don’t see how or why they’re necessary.
at the end of the day, it’s just *new* social signaling, which maybe has long-term value. but as it stands, it’s kind of a waste of gas really.
call me old school, but I like my NFTs to be unsellable the ol’ fashioned way (because they were rugs).
earthquake relief fund
and to add to the Checks lore, they’re now trying to *help* too.
in the aftermath of destructive earthquakes in Syria and Turkey, Jack Butcher has created another open edition (modeled after his now-famous Checks), that will attempt to raise money for ground relief in the affected areas.
the mint should be open as you’re reading this, and sometimes it’s nice to know you can help even from behind the safety of your computer screen. think about minting some.
see you Thursday.