#131 - The next Gary Vee? Jack Butcher launches Checks NFTs

Hey all! Wiggles here, I tied up Joe (our star writer) and left him in the basement of Decentra Daily's headquarters.

Now I know we haven’t spoken in a while, so please forgive me. I’ve been trying to create an AI that mimics my personality to a T, but AI clearly doesn’t understand the intricacies of phallus jokes, and tongue in cheek comments about failing NFT projects. So here’s a zinger:

Why did the NFT project fail?

Because the founders said they had a "strong community," instead it turned out to be a group of 25-35 year old males with social anxiety and carpal tunnel living in their parents' basements.

The truth hurts.

Checks - VV Edition

Today I’m giving you insight into a new project that I don’t think will fail. Some may say I took a bribe to write this….those people may not be wrong, however this project does check quite a few boxes ;)

Checks was launched with no known utility, just a few cheeky tweets from the founder, Jack Butcher, here's the first one:

The TL;DR of this thread:

• 24 hour open edition for $8 (what Elon Mush charged for Twitter verification)

• Jack posting about how many minted every 20 minutes

People essentially had no idea what they were minting, they were purchasing based on an extremely cheap mint price, and more so, Jack’s reputation (but we’ll get to that later).

Final count - 16,031 minted on @ourZORA

We now have more information about Checks, here's the TL;DR:

Roadmap

• No specific roadmap/timeline, so the project can evolve in different ways (Jack is figuring it out)

• Burn mechanics are imminent, so game theory appears to be the central 'utility' for now

• This thread by Jack is updated as the project progresses, so you want to follow along, keep coming back to it.....and get ready to scroll

Deflationary mechanics

• Burning is planned within 2 weeks

• API is being built to track the burning process and sales on different marketplaces

• The black check is the most elusive meaning 4,096 Checks would need to be burned to get one

• There can only be 3 black Checks based on the 16,031 minted (will DAO's form?)

Artwork

• The original mint has different coloured Checks, the image has since been updated to all blue Checks

• They all look the same, however lower digit serials (2 and 3 digits especially) have been selling well above floor

• There are no imminent plans for a physical release

Derivatives

Because everyone in the NFT space loves derivatives so much, this has sparked a derivative frenzy!

When a project has derivatives popping up off it within days of launching you know it's doing something right.

Jack knows how to create hype and market his content, and so far Checks has delivered on the organic marketing front!

Here's one from Vinnie Hager:

There are even games being inspired by Checks:

Market outlook - at the time of writing

• Mint price: $8 in ETH

• Current floor price: $307.06 (0.2 ETH)

• Latest sale: $280.54 (0.184 WETH)

• 3,303 unique owners (21%)

• 6% listed

• Volume: 1,559 ETH

• Highest sale: 4.66 ETH for Checks 6

Checks have rocketed out of the gates. They have since retraced down from the highs of consistent 0.34 sales on January 17th. Minters are up 35x on their money if considering the latest sale prices.

There may still be plenty of profits to be taken at this price point, especially considering the bear market we are currently in. It also may be a time of accumulation for people who believe in Jack's vision and experiment with Checks, before any burning mechanics start.

Here is the Checks collection on Opensea.

Who is Jack Butcher?

Jack is the founder of Visualize Value. He is a marketing guru, he spent 10 years working as a creative director in Fortune 100 advertising, for companies worth billions.

Nice mugshot Jack! Wiggles took it! We'll be back next week with a more in depth look at Jack, his body of work, and Visualize Value next week.

Wiggles' thoughts:

Jack seems like he wants to dive head first into the wild and wacky world of social contracts, NFTs, digital provenance, art, evolution and decision-making like a kid in a candy store! We don't know what'll grab his attention or where he'll take us, all we know is it's going to be sweet!

Play to Earn Daily - Wolf Game

Here at Decentra Daily we want to focus on P2E gaming, bringing you real time play and yields.

Yesterday Wiggles (me) was playing around in Wolf Game and decided he would loot a Sheep with a Wolf. Let's see what it looked like, and how much that yielded in Wolf Game value.

Sheep identified using wolfgame.page/character

• Reasoning: highest value sheep that was in unprotected (no farmer)

Sheep information

• Sheep had 100.13 STONE (one of the 4 collectable resources in Wolf Game)

Game - Sheep's Dilemma

• Sheep’s Dilemma Game: The Sheep and Wolf are each given a simple choice: choose to Share the Resources, or choose to be Greedy. Each Player’s winnings depend on their choice and the other Player’s choice. Three rounds of the game are played.

Final confirmation

• This is to confirm that your Wolf will spend 26 energy to loot, and be put on a 24hr cooldown.

Round 1 (2 and 3 not shown)

• Wolf went greed and the Sheep went share, meaning the Wolf took the highest possible STONE for that round (30.05)

• For rounds 2 and 3 the Wolf and Sheep chose greed, which didn't work out as well as round 1. Meaning the Wolf received 11.68 x 2, and the Sheep 5.01 x 2

Game summary

• Upon completion you are showing a game summary

• Wolves do not pay tax on their winnings, sheep however do. The Sheep's winnings here were actually 13.36 STONE, but with the 43.21 community tax rate it brought the Sheep's take home pay/winnings to 7.58 (ouch!)

• That's rough considering the daily collection estimate per sheep for Community 19 is at 9.37 STONE per day, meaning that was over 10 days of collecting that Sheep had done, and returned home with less than on day of STONE

Yield

• Well how do you figure out the potential dollar value for what we just yielded here? With WOOL not integrated yet into the resource trading pool (AMM)

• Currently the only way to figure out the hypothetical value of resources is to peg them against the value of CHOPS

• To receive CHOPS you have to burn a gen 0 or 1 sheep. The floor on these is 0.75 ETH, and you receive 1,000 CHOPS when burned.

• In the AMM 1 Stone = 1.24 CHOP currently

• With WOOLS current price that means 1 CHOP = 60.07 WOOL (hypothetical if WOOL was added to AMM - this price could fall or rise dramatically based on demand)

• The Wolf therefore looted 66.23 CHOPS, the equivalent to 3,978.4 WOOL, which is 0.05 ETH or $77 USD

• The current floor price of Wolves on Opensea is 4.25 ETH ($6,498.56). So at current yield it would take 84 days for this Wolf to pay itself off

• *These are all hypotheticals as until WOOL is added to the AMM there is no way to turn resources into $, the only way currently is the own a structured land and receive WOOL payments for breeding or bathing (energy restore)

Charts provided by our friends over at wolfgame.guru

Wiggles' thoughts 2.0:

I love Wolf Game, it's like if Catan and Monopoly had sex, and Farmville snuck in late to make it a weird 3-way, and this is the resulting love child.

Nobody knows how this will play out, and if these hypothetical yields going to turn into real yields? As this stage we await WOOL being more integrated into the game more, especially the AMM. Then we will have a better idea of short/medium term yields.

In the meantime I'm going to try and lure Seedphrase into trading me a Punk for my Wolf Game assets.

Adios till next time folks!

Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the Web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.