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Everyone Wants Virtual Land

What's Dropping, Derivative Projects, Joma Video

February 23, 2022

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What's Dropping ⚡

  • Snoop Dogg released 10,000 programmatically generated “Doggies” Avatars on Sandbox. Presale for Ticket Holders is now live!

  • With Metaverse land being a hotter and hotter commodity seemingly everyday we’re seeing land prices soar. Supply shock is kicking in and we’re seeing the NFTWorlds floor at 15 ETH with under 4% of the total 10k available on the secondary and following suit the BYOLand floor has doubled to 1.8 ETH with slightly over 2% availability via the secondary market.

  • The newest Mega Mutant was revealed last night and it’s insane. There’s only 2 more Mega Mutant Serum left, one of which is own by Deepak and it looks like he’s currently negotiating for the only other available one in existence which will virtually lock up possession of the fabled Golden Mega Mutant that could potentially be derived from this guy.

  • The Orbs by BT - the project that initially got a decent chunk of the space grabbing the pitchforks and torches at the idea of a Dutch Auction starting at 11.11 ETH - revealed yesterday and the results are staggeringly beautiful.

  • NFT Worlds' floor price has skyrocketed this past week and currently sits above 15 ETH. (more on that below)

  • Invisible Friends mints today at 5pm EST for those who are whitelisted. Stay tuned on our Twitter for secondary market floor updates!

A Look Into NFT Derivatives

Derivatives. Derivatives. Derivatives. This new craze has become omnipresent in the space, flooding every space on our social media feeds and OpenSea activity charts. What’s our thesis? Are they good? Are they bad? Are they necessary?

Derivative projects be like...

A derivative in the NFT space functions as a collection that copies or draws inspiration from a successful project. Some of the derivates are blatant renditions, but with different colors, while others are carefully thought out and executed to tastefully highlight the mimicked collection, while still being unique in their own way.  The copied pieces tend to become delisted on OpenSea. With that said, a derivative that develops new attributes/traits tends to stick out for a little while longer. One example that highlights this trend would be Peepedles. It’s a play on the Doodles, while using a completely different primary character. Yes, it does look just like a Doodle, but is it even a Doodle anymore? Or is it just its own unique thing?

Derivatives are a byproduct of collections gaining notoriety, as well as the barrier of entry closing behind its initial fame. When collections become too expensive, derivatives seemingly pop up almost simultaneously. This gives new entrants the ability to buy a similar piece of art at a lower price, while also providing even more attention to the original collection. Derivatives deliver sustained hype for the original collections, which is necessary for the growth of the collection’s community and engagement. So yes, derivatives are a necessary evil when it comes to the mass adoption of easy floor price entry. WAGMI.

Everyone Wants (Virtual) Land 

Like a meteor in the desert night sky, NFT Worlds has shot up the ranks of the most traded and valued NFT projects in recent memory. Left in its wake, people have turned their attention and capital to land in the metaverse. But a lot of the popular options such as Decentraland and The Sandbox have the ability to price out a community member looking for exposure to virtual worlds. This begs the question, what is a good point of entry?

As popular PFP projects look to provide additional value and utility to their holders, they will organize their communities into multiple virtual landscapes. We will most likely see a BAYC plot in many of the most relevant land projects, rather than strictly in a singular project due to the fact different land projects will possess their own unique specialties. Turf NFT is a land project that is still in its infancy, that already features a dedicated and laboring development team. The price to entry is roughly 0.5 ETH, and seemingly has an upside potential similar to Worldwide Webb. What distinguishes Turf is that it operates with a very specific function. It strives to be a virtual space where PFPs go to communicate and gather in a stylish and compelling visual experience.

Turf NFT

When we think about land NFT projects, we must discern the type of world they’re trying to build. Will the experience be pleasant? Do I even enjoy moving around in this world? Are the mechanics smooth, or are they glitchy and clunky? Among emerging land-based projects, Turf’s value proposition focuses on a clean user experience, something that many land projects are lacking at the moment. Its function is also simple, to operate as an immersive chat app. We will begin to see an influx of land projects as the market demand continues to grow, but many of them, like PFP projects, may not stand the test of time. 

Meme Drop đź’§

Possibly the NFT video of the year...

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.  

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