#211 - How valuable is an Elon Musk Tweet?

GM and welcome to Decentra Daily.

We're the web3 newsletter that had our bag of JPEGs smashed by an angry bear.

Today,

1. Elon pumps bags again, but is he worth much?

2. NFL Rivals, the licensed NFT game on Apple app store

3. Broken Keys plays to the market

Plus, all the web3 headlines, memes, and Tweets of the day.

D-Daily takeaway 🥡
CryptoPunks and BAYC floors could converge in the next few days...

What's this? 🤔
Our floor price index tracks the biggest, most influential pfp projects, art collections, and gaming assets.

How valuable is an Elon Musk Tweet?

Yesterday, Elon Musk tweeted a meme featuring a Milady pfp, immediately sending that collection’s floor price ⬆️ from 3.8 to 7.35 ETH.

It’s not the first time that Elon has, seemingly randomly, pumped the bags of an NFT community – and like previous instances, it’s not clear if Elon knew that the meme he used was taken from an NFT project.

Here’s the thing. Elon exposed 29.3 million people to Milady Maker, causing a spike in trading volume that looks to be continuing.

But, despite the surging volume, it took just a couple of hours for the collection floor price to drop back down to ~4.8 ETH.

Sure, that’s a 1 ETH bump – which shouldn’t be ignored in this savage stage of the bear market.

As the cheapest of the 4 collections currently available on Blur’s lending protocol, Blend, Milady prices are also likely being affected by DeFi activity (in ways that I won’t pretend to understand).

But – is 1 ETH all an Elon mention is worth these days?

Here’s how Musk’s previous promos affected project prices:

$DOGE

Elon’s memecoin of choice – he’s definitely done his duty as a bag holder to promote DOGE.

• When Elon changed the Twitter logo to the world’s most famous Shiba Inu, $DOGE jumped 30%, tried valiantly to maintain the pump for a couple of days, then dropped back to previous levels.

• When Elon (and his mom) said “DOGE to the moon!” live on SNL, savvy traders were ready to sell the news, and the coin dropped nearly 40%.

• Elon’s other DOGE tweets can spike the token anywhere from 44% to 682%, but the gains rarely last.

The Memes

When Elon tweeted a memecard from 6529’s collection last month, the NFT was traded at 4X – and then 16X – its previous floor.

What happened next? Elon promptly deleted his tweet and the NFT in question is currently worth a fraction of its ATH.

Cryptodickbutt

On October 30, 2022, Elon Tweeted a CDB. The floor spiked 200% in 20 minutes.

What happened next? About a week of increased floors and trading volume before normal service resumed.

(Actually a sustained pump this time. Well done Elon! 👍)

BAYC

This time last year, Elon changed his pfp to a collage of Bored Apes.

What happened next? 38 Apes quickly sold while $APE jumped 20%…before quickly dropping back.

So – what’s the Decentra Daily takeaway?

Sell. Elon. News.

Broken Keys brings in 758 ETH

Yesterday also saw the auction for Broken Keys – 48, 1/1 art pieces based on a central theme of Pianos, by well-known web3 artist Alpha Centauri Kid.

Each piece was sold in an individual auction, and the prices were wild.

• Highest winning bid: 31.69 ETH for #40: The Looming Unknown

• Lowest winning bid: 9 ETH for #18: Fear Not

• Avg sale price: 13.42 ETH

• 8/48 sold for over 20 ETH

• 3/48 sold for under 10 ETH

(via @Tyler_Did_It.)

Congrats ACK! But why such high prices?

As a respected artist in the space, ACK regularly commands high sale prices.

But Broken Keys stands out for its ability to resist a bear market discount. 🐻

That’s with no additional utility, roadmap, or promises about revenue-sharing opportunities.

So how did ACK achieve these sales?

There’s no simple answer to why any one auction or collection goes stratospheric.

But ACK has been creating Broken Keys in public for +6 months, posting teasers and updates to build anticipation.

Even though there’s no official utility, they’ve also committed to maintaining a mutually beneficial relationship with collectors – or as ACK calls them, an “organically formed collective of champions.” 🤔😂

Notable Tweets ✅

On the web3 wire

Former Coinbase manager sentenced to prison for insider trading 🚔
After an ex-Opensea employee was found guilty of insider trading, Ishan Wahi becomes the second web3 employee to be sentenced for using insider knowledge to profit from crypto markets.

Wendy’s tests out a drive-thru chatbot 🍔
Working with Google, Wendy’s is trialing a bespoke AI model that can talk to customers and take orders at the drive-thru. The bot will be trialed at a location in Columbus, Ohio.

Gemini becomes the latest big exchange to support $PEPE 🐸
You can now deposit and trade PEPE on Gemini’s mobile and web apps.

Check the App Store – did you miss this NFT mobile game?

NFL Rivals, the fantasy football game from the studio behind Blankos Block Party, is quietly sitting in the top #5 free sports games on the Apple App Store.

Mythical Games built this title with fully-licensed NFL teams and athletes, so you can recruit your favorite names and franchises – all with unique rarities, strengths, and weaknesses.

Players build and manage teams, then take on other players.

The cool part? In addition to a free-to-play mode, players can trade game characters and assets as NFTs on the Mythical online marketplace.

That marketplace is powered by the Polkadot blockchain and contains “legendary” assets that are selling for hundreds, or even thousands, of dollars. 👀

NFL Rivals brought in 150,000 players during its beta and expects to see millions of active players as it rolls out the full experience.

Here’s the trailer:

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Meme of the day

Ciao! 👋

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