#125 - How to get a CryptoPunk for 2 ETH

Plus, the FTX movies hitting screens 🍿

Author

joe hitchcock
January 11, 2023

GM and welcome to Decentra Daily.

We're the web3 newsletter that took the bear market and made it our mascot.

We scare bears, not the other way around.

Today,

  • A Wolf Game player just traded 2 ETH for a CryptoPunk

  • FTX movies and TV shows are coming

Top 24 hr NFT collection volume

via CoinMarketCap

  1. BAYC - 6 sales earning 491.61 ETH (0.02%)

  2. CryptoPunks - 6 sales earning 475.75 ETH (0.05%)

  3. MAYC - 14 sales earning 272.66 ETH (0.03%)

  4. Azuki - 10 sales earning 226.5 ETH (0.35%)

  5. BAKC - 16 sales earning 171.06 ETH (0.01%)

This guy flipped 2 ETH of Wolf Game assets for a CryptoPunk

Yesterday, something big happened in web3's hottest new game, Wolf Game.

NFT whale seedphrase swapped one of his rare, single-attribute Punks for three plots of Wolf Game land:

Now why in the frozen fields of Norse hell would you trade one of the most stable, recognizable NFTs for a few game pieces from a relatively unknown title?

There are two sides to every trade.

So let's look at the reasons behind the purchase and the sale – plus what it might say about NFTs right now.

The seller

@Bullkis1 is the "giga brain" Wolf Game player who acquired and traded the 3 plots of in-game land in just 5 days. 

They've conveniently summarized their thinking into a Tweet thread:

As the thread says, a key thing to remember about any play-2-earn game is that players compete on two levels:

There's the gameplay – the characters, battles, missions, exploration, and other things that happen inside a video game.

Then, there's the "meta game" – the strategizing about how to buy and sell game assets in real-life markets. 🤔

Being good at P2E games isn't just about being a pro gamer. You also need to "play" the secondary market, leveraging the game's rules to trade the right game tokens. 

And that's exactly what @Bullkis1 did.

But why these land plots in particular?

Without getting into the full Wolf Game rules:

  • The plots are located in Community 72 if you want to visit

  • They control valued water resources 💧

  • The land owner can collect high taxes from other players to access water

"I did some simple calculations and found that there were 3 water plots that were particularly valuable as they were the only plots that would get me Water Dominance to boost tax."

@Bullkis1

After that, they DM'd the previous landowners to scoop up the plots for the floor value (2 ETH).

Then they set about explaining their thinking to big players/buyers like Seedphrase. Enter...

The buyer

As one of the most famous NFT collectors/investors around, seeing Seedphrase make big moves into a newer project is nothing new.

They were also an early holder in another much-repped web3 game, Axie Infinity – and still has 1000+ ETH in that project. 👀

Which makes statements like this one pretty significant!

The takeaway?

Seeing as Decentra Daily's co-founders are Wolf Game OGs, we gotta get their hot takes on the trade:

"I’m a little rattled as I sold one of those 3 lands to another guy for basically nothing a week ago! I didn’t see the value in it 😹...

...It was a smart play to essentially print water in the game – great for Wolf Game and good exposure."

"NFT gaming projects with a functioning token and strong communities are the meta...

...They are ready to absorb consumer $ in smaller increments and can actually yield players $...

...Speculation is better for bull markets, real yields are where attention is captured in a bear."

🔎 Big picture? When whales like Seedphrase make moves, ripples are felt across the markets.

How soon until gaming NFTs become as widespread as pfp collections?

Tweet of the day

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On the web3 wire

Coming to a screen near you: a s*** load of FTX movies

Now that media outlets have squeezed every last drop from the FTX saga, it's time for the Hollywood vultures to scavenge what they can – for some upcoming movie and TV adaptations.

Are you down for more FTX content, or are you sick of the story by now?

Never Ending GIFs | Tenor

On one hand, I feel like these primetime shows are great air time for web3. But also, it's way too easy for people to make a mental leap from FTX = bad to crypto = bad.

Whether or not you're into more FTX retellings, there's a s*** load coming down the pipe.

How can Hollywood resist? It's a classic story of a dude getting too big for his boots and biting off more than he can chew – with details juicier than a ripe watermelon:

  • billions on billions of dollars flowing

  • SBF facing 130 years in the slammer

  • then there's the whole "polycule" situation

It's a real-life version of Breaking Bad but with less meth and more Adderall.

This week, the good people at Decrypt put together a list of all the FTX projects currently in development. Here's what we can look forward to:

Michael Lewis book

If you haven't read The Big Short or Moneyball then you're missing out.

My man Michael Lewis knows how to tell a story, and he spent six months following SBF around and interviewing him.

Even after his arrest, SBF is still cooperating on the book, which was originally supposed to be about his rise and embrace of "effective altruism."

Now, the collapse of FTX is the cherry on top of the sundae.

Adapting the book

There's currently a fight over who gets to adapt the Lewis book for TV.

Apple is in talks over a seven-figure deal, while Amazon Studios with Harry Potter producer David Heyman are also interested.

Heavy hitter directors Adam McKay and David Fincher have also been associated with the project if Netflix gets the rights.

Amazon Prime series

The Russo brothers (of Avengers fame) will produce an eight-episode series that could include Marvel cast members.

Trendy docs

New York Magazine and Vox are collabing on a doc that expands on NYMag's SBF cover story.

While Vice Media and magazine The Information will release "SBF and the End of Silicon Valley" some time this summer.

Even Decrypt is getting in on the action, with an upcoming doc that features exclusive talks with SBF & CZ. 🍿

So long folks! 👋

Meme of the day

Because you know Crypto Twitter runs on reply guys...