🙅‍♂️ If You Think You’re Late on NFTs

Lights. Camera. Action. This is Seedphrase Daily 👋

Here to tell you everything important that happened in the crypto space during the weekend!

Today's Agenda 📓:

• 🎬 The Founders of BAYC do Their First Podcast on Full Send

• 🏷 Bored Apes Black Friday Sale

• 🐧 Pudgy Penguins Up 400% in Shit Storm Bear Market

• 🤫 Major Companies are Secretly Investing in Web3

Bored Ape Founders, "Greg Gargamel" and "Gordon Goner," went on their first podcast to talk about the BAYC story and their thoughts on the NFT space.

The episode is an hour and twenty four minutes long.

And I watched every second, so I can give you the juicy bits.

Here's what I got from it 💭:

Yuga Labs & Nelk updates:

• Yuga Labs has been valued at $4B in 14 months.

• Nelk Boys released their "Happy Day" hard seltzer with a limited edition banana flavor that features their Bored Ape IP on the can.

• In case you need a snack with your seltzer, Nelk will soon launch a beef jerky line, featuring multiple Bored Apes they own IP rights to.

Why does this matter?

The NFT space is FINALLY evolving.

Brands are collaborating and creating IRL products. The proliferation of NFTs is inevitable, and with a $4B evaluation Yuga is primed to lead the way.

But how did BAYC form?

• Greg and Gordon have been in the NFT space since 2017.

• Their first NFT buy was Crypto Kitties (which is tanking right now).

• They came up with the Apes in response to the NFT lingo "Apeing in."

• Being from Miami, they wanted to have storytelling inside the swamp (Everglades vibes)

• It started with a small team, with no expectation to grow to 60+ employees.

• The mint price was .08Ξ, around $200 at the time. They wanted a low mint price to make it fair to all.

• It took over a week to mint out. Not a great initial sign.

• Their metaverse Otherdeeds was inspired by Ready Player 1. They want it to be a platform used for more than video games, but kept it vague because they want to underpromise and overdeliver.

Their Mindset :

• They never look at floor price.

• The founders only own 1 BAYC each but take a 2.5% royalty.

Things I thought were interesting 🧠:

They created the most famous NFT project with out any intention to. They don't even look at the floor price and they don't hoard any of their own supply.

Who would have thought BAYC founders are actually pretty humble dudes?

The golden nugget: IP rights to commercialize. We know this is going to get big for every major project, and we want you to keep your eye out and make some money along the way.

Check the Whole Podcast Here

In other Bored Ape News:

Most people don't know that nearly 300 Bored Apes are near liquidation, that's $5.3m on sale.

NFT lending platform, BendDAO, has collateralized almost 3% of the entire BAYC collection, and many have entered the danger zone of liquidation.

👉 How it works:

BendDAO is a peer-to-peer lending service that lets users borrow ETH against their NFTs.

Simply put:

• NFT owner pledges their NFT to BendDAO as collateral

• BendDAO gives them 30%-40% of its worth as an ETH loan

• NFT owner has to pay that back with interest

• If unable to pay, BendDAO SNATCHES THEIR NFT AS THEIR OWN

We're Going Hunting Boys 🦌

If the Apes get liquidated, the DAO could sell them to get their initial investment back with a 60%-70% profit margin, which could make for an excellent opportunity to buy some Apes on sale.

People on Twitter are waiting for this like Yeezys in 2015.

Since we mentioned Pudgy Penguins last week, the price has increased to ATH of 4.5Ξ from 2.35Ξ.

Look on OpenSea

A little backstory 📚

Pudgy Penguins was an OG project in the early PFP days but had problems growing because of poor execution from previous founders.

This led to a loss of interest from the market.

In April 2022, they sold the company for 750Ξ ($2.5M) to Luca Netz, a famous name in the e-comm world, specializing in scaling businesses.

Are the dots connecting?

How they managed to 4x

Since the acquisition four months ago, they've been delivering on all of their promises.

• Pudgy media, a hub for all things Pudgy

• Social media growth, 100k+ followers on IG

• Pudgy Yacht Party in Miami w/ Tory Lanez

• Pudgy Toys licensed by the community

• Pudgy Marketplace

• Clothing line

• Pudgy Toys is unlocking IP potential and new revenue model for holder

That's a lot of sauuuuuceee.

That plus a quality team, fantastic community support, and cute art. Boom. You have a successful NFT project that's getting things done.

Let's see how this project performs in the next few weeks.

Please don't say we don't drop gems 💎.

Mass adoption is silently coming, like the cops shutting down a high school party.

The investments Web2 whales are making are important to take into account. 📈

🌱 NewSeeds

Some other little bits that happened over the Weekend.

FTX revenue reportedly grew 1000% in one year, leaked documents reveal. Tax evasion? 🏃‍♂️💨

Tether reveals 58% decrease in commercial paper holdings in latest attestation. Those audits hit. 📝

Cryptopunk Ethereum NFTs Floor Price flips Bored Apes for first time in 5 months. CryptoPunks OG Goat Status. 🐐

Meme To End The Day

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research