Thread by @iamDCinvestor

1/ i've now completed initial collections in #NFT projects i think will be remembered as truly "historic," including:

CryptoPunks
Autoglyphs
ArtBlocks
EulerBeats
Uniswap $SOCKS

also Squiggly, HashMasks, and Colorglyphs

now is a good time to revisit some theses (thread) 👇

2/ first, i did a similar thread a week ago, but have since refined my views

it might be worthwhile to go back read that first:

https://twitter.com/iamDCinvestor/status/1360992818387447813?s=20

3/ second, and i can't stress this enough:

DO NOT FOMO INTO NFTS WITH MONEY YOU CANNOT AFFORD TO LOSE

buy to collect for the long-term. imo, some of these will become priceless pieces of history, and most of you will sell them way too early b/c you're overextended

4/ now let's start with @larvalabs CryptoPunks. since my last post, the floor price on Punks has decisively moved up, from 7 ETH to 20 ETH!

there are now reports of folks like @chamath, @garyvee, and others getting serious Punk fever

what does it mean?

5/ collectors with this kind of net worth don't buy this stuff for flipping

they see the #NFT revolution coming, and they are buying in to grab little pieces of history

yes, at some point there will be a huge Punks correction, but it might not be till they trade much higher

6/ there is an argument that at 10K supply, Punks may transcend being simple collectibles to become store holds of wealth

i don't know if this will happen for sure, but if enough people believe it, they could become a Schelling Point for wealth

ben-roy.medium.com/the-fat-crypto…

7/ next on to @larvalabs Autoglyphs. right now, the cheapest one is at 80 ETH

hard to say, but i think not too long from now, you will not be able to find an Autoglyph under 100 ETH, and then 200+ ETH

8/ my thesis on Autoglyphs is that as the first on-chain #generativeart, they will become THE preferred Schelling Point for "fine art" investors

imo, this cohort hasn't arrived yet to invest in #NFTs, but i expect this will change w/ press from the @beeple @ChristiesInc auction

9/ when they do, Autoglyphs will become THE most "elite" cryptoart out there. i don't know if the marketcap will rival that of Punks (now possibly at $1bn+), but the individual unit price will be astronomical

most collectors today are biased in favor of collectibles, like Punks

10/ but the emergence of true #generativeart on #Ethereum will be HUGELY historic, IMO

i've talked often about how i believe this shift to on-chain is historic as far as a creation & ownership mechanism for this form of art

https://twitter.com/iamDCinvestor/status/1361799365917093888?s=20

11/ that's why i think platforms like @artblocks are so important to that story. they provide the platform and the tools to help artists create this work.

and no, i don't expect every collection on ArtBlocks to hold value. it will be highly collection and artist-specific

12/ i've bought many pieces from there now, simply because i think that they are attractive, and i want to support the artists / platforms

one collection i believe may become "investment-grade" are the Ringers by @dmitricherniak

13/ i've heard multiple people tell me "i never really got on-chain art or generative art until i saw the Ringers."

imo, this will be THE collection that brings more mainstream art-world eyes to on-chain art than anything else

view the series here: artblocks.io/project/13

14/ just when i thought i had seen all of the interesting stuff historically, @eulerbeats comes out of nowhere to drop what may be remembered as one of the most novel NFTs ever

economically, this is the most interesting NFT series i've seen since $SOCKS- stradding into DeFi

15/ @eulerbeats combines NFT ownership, royalties, and bonding curves into a mind-bending package- all paired with the first generative art audio-focused NFT ever

here's how it works: in the Genesis set, there are 27 original LPs

eulerbeats.com/stats

16/ but anyone can come in and "print" a copy at any time

when they do, 8% of that goes to the original LP owner, right off the top

2% goes to the creators of @eulerbeats

the remaining 90% get locked into a burn contract

17/ at ANY time, any holder of a print can burn their copy for that last 90% which was paid into the burn contract

think about the implications of all this for a second and your head will

this thread breaks down why this will be so significant 👇

https://twitter.com/iamDCinvestor/status/1363563599684395008

18/ from a collector point of view, the original LPs are in a league of their own

but IMO, Prints could appreciate massively over time, and are priced according to a bonding curve

this means that for each additional Print created, the price keeps going up (assuming no burns)

19/ i've created prints for all 27 LPs, and as an example, i'll prob never burn any of my unique copies- ever

get enough people like that and you establish a floor

we will see waves of price discovery, but if people recognize these as historically relevant, the floor moves up

20/ music NFTs are highly underexplored, and @eulerbeats has achieved many "firsts" here

think ahead to a year from now when many musical artists may be come to chain to sell collectible versions of their tracks, etc.

all of a sudden, these OGs become EXTREMELY sought after

21/ one word of caution: if you choose to acquire a print, i recommend you only do so via the official site- that will always guarantee you a fair price

also know that mint costs can shift rapidly based on if existing holders burn their prints

eulerbeats.com/stats

22/ the bonding curve on this is also a crazy wrench in this mix. the price to mint new prints increases markedly as more outstanding copies exist

there can only be a max of 120 prints for each LP

to give you an idea of pricing:

~5 ETH @ 60 prints
~20 ETH @ 80
~100 ETH @ 100

23/ that brings us to the original #DeFi collectible: @Uniswap $SOCKS

i won't fully restate my thesis here, as not much has changed (though the price has soared from $37K to $92K back to $75K), but you can see my original points here:

https://twitter.com/iamDCinvestor/status/1360992827602272257?s=20

24/ what has changed for $SOCKS, since the introduction of NFTs like @eulerbeats and @TheHashmasks, is that economically-driven #NFTs are likely going to be a key driver of growth in this space

$SOCKS will ALWAYS be the first of these, with their bonding curve pricing on Uniswap

25/ soon, every early #DeFi whale will realize they need at least one $SOCKS, and it wouldn't surprise me to see them trade at well over $1M one day

(PS- this is not financial advice)

unisocks.exchange

26/ so what comes next for me and #NFTs? i outlined my views on how i approach capital allocation in this space below a few days ago

https://twitter.com/iamDCinvestor/status/1363102940714725379?s=20

27/ my plan is to keep an eye on works in Type 2 which have a shot at becoming Type 1

or new drops which i believe are basically Type 1 right out of the gate (like i feel EulerBeats will be)

but at the end of the day, time is the ultimate judge

28/ i fully expect to see some collectibles go through "hype cycles," where they become over-exposed and then forgotten

consider how CryptoPunks have been around for years, but have only gained major steam over the past few months

29/ the same will be true for some newer #NFTs we are seeing now

sometimes things are only revealed to be historically significant after others have arrived and taken inspiration from them

observe hype, consider it, then focus on long-term value drivers 🧐

this is the way

30/ addendum: i included Colorglpyhs on my "also" list because i think they are undervalued and will be priced properly after Autoglyphs are. they are NOT "genre-defining"

Hashmasks are also very interesting, but TBD on evolution & longevity

But Squiggly are HIGHLY slept on imo