NFTeasers #5 | Gary Vee's NFT Restaurant (Flyfish Club) is minting Friday (1.7) and you're not going to want to miss it
Scoreboard | LinksDAO | FlyFish Club | RTFKT Space Pods
Welcome to NFTeasers from the Sunday:Drip Society crew. Each week, we explore the wild world of NFTs, from high conviction buys to hypothetical scenarios/predictions for your favorite projects. Occasionally, we feature upcoming drops and share why we’re bullish/bearish.
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Sunday:Drip members will eventually be eligible for fractional ownership in our DripVault, among several other benefits within our lifestyle brand. Current DripVault value is estimated at 6.6ETH (~$25K) on cost basis of .93ETH (~$3.5K).
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Welcome back to NFTeasers and Happy New Year!
If you’re new to Sunday:Drip Society, we’re building a decentralized, member-owned, lifestyle brand. One of our focuses is building an education arm that helps onboard our members into the web3 world. To learn more about our vision and how Sunday:Drip will take over the world, visit this public facing discord strategy channel: https://discord.gg/KR7jZ3heCM.
On today’s episode, we’ll break down:
Scoreboard - analysis of our past performance
DripVault Trade - LinksDAO leisure membership
High Conviction Bets - Gary Vee’s Flyfish Club
Hypotheticals - What if RTFKTs clone pods are the biggest opportunity being missed in NFTland today?
Here’s how our picks have performed (prices based on the time of writing):
High Conviction Bets:
Riot Racers Racetrack Land - Bought at 0.22ETH. Current floor 0.29ETH Current gain of 0.07ETH (+$266). Nothing has changed since two weeks ago. I think it’s safe to say that this is the floor level until more news is released about the game.
Galactic Apes - Bought at 0.95ETH. Current floor (apes+monkes) at 0.64ETH. Current loss of 0.31ETH (-$1,180). Gapes have surged recently and momentum feels stable at this new level. This is another one where we’re still waiting to see progress on the game. I’d hold if you have them or wait for a pullback if you don’t.
RTFKT CloneX - Bought at 2.63ETH. Current floor for clones at 6.85ETH + a free clone pods airdrop of .89ETH. Current gain of 5.11ETH (+$19.4K). Price level feels a bit high, but I think RTFKT news is coming soon. Possibly avatar bodies? token? other?! Not sure what’s coming but I couldn’t be more bullish on this project long-term. I’d maybe wait for the NFT market as a whole to cool off and look for an entry point on a clone you like in the low 5s if you can get one you like.
Shiny Feather - Minted at .1ETH. Current mint is still active, so this one can be counted as break even for now.
Gambling Apes - Suggested buying at 1.47ETH pre-casino launch with a warning that it was a lot to bite off. Launch was rockier than expected. Current floor is 1.03ETH with first casino profit payout on Jan 31. Current loss of .44ETH (-$1,672). Price action feels steady around the ~1ETH mark so may be a good buying opportunity, but it may also be smart to wait and see how the first payout goes.
Total portfolio “paper” gains: 4.43ETH (+$16,834)
Floor Gen 1 - Bought at 0.14ETH. Current floor is 1.39ETH. Current gain of 1.25ETH (+$4,750). Because we’re Floor holders, we qualified for a free mint of Cold Blooded Creepz. We paid .069ETH. Current floor on those is .5ETH. Current gain of .431ETH (+$1,640). Total gain on this is 1.68ETH (+$6,390). Feels like price action is up.
Poolsuite Executive Member Pass - Bought at 0.2ETH. Current floor is 1.36ETH. Current gain of 1.16ETH (+$4,400). Bullish on this project but price level feels a bit ahead of itself. Would wait for a broader NFT pullback and then jump in.
BYO Pills + Vape + Apostle (bonus) + Land - Bought original pill at .1ETH. Was given Vape for free. Threw in one of my personal avatars (minted for free from pill) so the vault could have a full set. Paid .13ETH (with gas) to mint 1 BYOLand. Total current floor value of the set in the vault is 3.14ETH. Current gain of 2.91ETH (+$11,058). Feels like price action is moving up fast. This team is out-executing most in the space.
Adam Bomb Squad - Bought 4 months ago at .39ETH. Even though the floor price at the time of recommendation was .21, we’ll assume the .39ETH cost basis. Current floor is .28 so current loss of .11ETH (-$418). Feels like price action on ABS is also slowly moving up.
Total portfolio “paper” gains: 5.64ETH (+$21,432)
Total DripVault value: 6.67ETH ($25,346)
Everybody’s a genius in a bull market, but we feel pretty good about where we’re at.
Our DripVault launch has gone pretty well thus far. We’re up ~$21.5K in 5 weeks and have a good mix of compelling lifestyle brands and long-term game holds. While our primary objective is to make money, it’s also important that we curate a collection of brands and projects that we truly believe in for the long-term. That will never change!
This week’s pick for the DripVault is LinksDAO’s Leisure Membership.
LinksDAO is a fascinating experiment and play to transform the future of golf.
The concept is fairly simple…
Use NFTs to raise money to implement an operating team that eventually buys a Top 100 golf course.
Tokenize ownership of the group and form a DAO that has governance rights over managing the club.
Create the future of the country club.
The beauty of LinksDAO is the hybrid physical/digital approach. While the purchase and successful operation of the physical course is obviously super important, building a digital community at the intersection of golf lifestyle and web3 is a wide open lane.
We think LinksDAO could succeed in both areas.
The project sold out 9000 memberships and raised ~$11M+ dollars to chase this goal.
An interesting point here is that the core team acknowledges that the $11M is not enough to buy and operate a championship style course. The initial raise was to hire the team, pay legal/operating fees and cover the diligence process to buy the course. The group then intends to sell memberships to the course to fund the remaining capital required to purchase and operate the course.
By holding one of the initial NFTs, you’ll be airdropped $LINKS tokens, which give you the right to buy a membership at the physical golf course that the DAO acquires.
So think of it this way. Owning a LinksDAO leisure/professional membership doesn’t mean you’ll get to play at Augusta for free. What it does mean is that if the DAO was able to buy Augusta (not possible, but you get my point), you would have the first right of refusal to buy one of the founding memberships.
This may not seem like a massive perk, but often times, top course memberships are extremely exclusive and not open to the public.
Admittedly, there’s a lot that still needs to be figured out here, including where/when/how to buy the first course.
After watching this mint, one thing is for certain…operators with previous experience command respect and drive demand in the web3 ecosystem. Mike Dudas and Chris Maddern (Co-Founders of Button) owned the creation of the project and were quickly joined by a star studded cast of pro athletes and tech talent.
Safe to say we’re excited fore the ride.
Full disclosure: Roman and Kallaway personally bought the upper tier Global Membership (mint price was .72ETH, current floor is .95ETH). We bought the DripVault leisure membership at mint for .18ETH. Current floor price is .29ETH.
Looks like we’re in the restaurant business…this week’s high conviction bet is FlyFish Club, Gary Vee’s NFT restaurant.
I’ve been dying for this concept to come to market and I can’t think of anyone better to execute it than Gary Vee.
Here’s how the process works…
First, Gary forms an expert team of culinary operators in NYC including David Rodolitz (20+ year vet in the culinary scene in NYC, owned several award winning restaurants), Josh Capon (Lure Fishbar, B&B Winepub, El Toro Blanco, Bowery Meat Company and a Miami version of Lure Fishbar in the historic Loews hotel) and Conor Hanlan (spent many years working under Daniel Boulud).
Next, he sells NFT memberships to raise $10M+ to build out the restaurant concept.
Here’s a bit about the restaurant…FFC members will have unlimited access to a private dining room that will span across 10,000+ square feet in an iconic, New York City location. The space will consist of a bustling cocktail lounge, upscale restaurant, intimate omakase room, and an outdoor space.
Some perks of holding the membership:
Can I bring guests? Yes, Flyfish token holders can bring the amount of guests that the reservation and table is reserved for! The restaurant will consist of 2-person, 4-person, 6-person and 8-person tables that can also be combined for larger parties and groups.
Will there be a transaction fee for reservations? There will be no transaction fees for making a reservation. Members will need to have access to the wallet where their membership NFT is kept in order to verify ownership. We’ll unveil more details in the future.
Who can make reservations? Only active (current) FFC members will be allowed to make reservations through our website. It’s also important that members be present for the reservation to verify their ownership. They can make a reservation up to 14 days in advance of the date they visit.
Will I be able to lease my Flyfish token? Yes – the rumors are true. You will be able to lease your Flyfish tokens to other people! This feature is still in development, but you will be able to lease your token on a monthly basis to the secondary market for someone else to enjoy!
So picture this…Flyfish Club becomes the meeting spot for the who’s who of web3 and crypto. Only way in is to be an active member or pay to lease from a current member.
I’d imagine Gary and team will host networking events and group parties at the club that are members only. If the food and vibes are good, I could see this being a hot ticket.
I try to be as honest as I can about when/how to buy into projects and where the opportunities lie. The issue is that the NFT space moves so fast that when I buy in a few days before I write the weekly post, the price may have ripped and the incentive dynamics may have changed.
Full disclosure: I bought my pass for the Flyfish Club for 2.7ETH on secondary from one of the holders in the private sale before Gary tweeted about it.
The public sale is slotted for January 7th at 11am ET. The two tiers of NFTs for sale:
General member (the one I have): 2.5ETH
Omakase member (all general benefits + Omakase room access): 4.25ETH
There will be 2,650 general (FF) memberships available and 385 (FFO) omakase memberships available for the public sale.
This is a pretty big initial purchase price, especially at the Omakase room, but Gary Vee is the hottest ticket there is in NFTs.
There are so many hypothetical scenarios swirling in my head that I’d love to write about.
For the sake of Substack’s “approaching email limit” warnings, I’ll tackle just one for now…RTFKT’s clone pods and why they might be the biggest opportunity that no one is talking about.
I feel like after 8 months in the NFT space, I’ve started to be able to pattern match fairly well.
There are still plenty of NFT verticals where I am a novice and have little personal exposure (particularly fine art, generative art and photography), but when it comes to lifestyle brands and mainstream culture, I feel good about my ability to identify early trends.
RTFKT will be a mainstream brand in 10 years.
When they began negotiating with Nike for their acquisition, likely several months ago, I’m sure they had a plan for what came after the initial clones drop.
I believe their goal was to drop clone bodies (with pants and sneakers) and clone pods (the beginning stages for a world where clones could live, store clothes and collectibles and bridge into other metaverse worlds).
With the Nike acquisition, the bodies drop is a no brainer. All clones will be given bodies with custom Nike sneakers that can be forged.
The pod is where things get interesting.
When I first saw the pods drop, I thought it was a clever way for RTFKT to bolt on extra utility without having to commit to designing another full character set (re: Bored Ape Kennel Club). This was admittedly a lazy take on my end.
All they had to do was work with Cyber to design a single pod layout with easy to use functionality and then airdrop the same piece to all holders.
But why drop one for every clone you held? Why not one per wallet?
I thought about this for a while. If pods were just “meaningless” digital spaces to explore/decorate that no one but you would ever see, surely someone didn’t need more than one?
But what if clone pods aren’t just “meaningless” digital rooms? What if each pod was designed as the future closet for each unique character in the Clone universe?
What if RTFKT has a whole line of digital fashion ready to be bought/earned by Clone holders and the pods are the marketplaces to store/view/trade with others?
What if each pod is really a loot box in disguise with hidden abilities and unlocks that will be revealed overtime depending on which Clone or Clone combination you hold?
What if pods are actually the start of a new kind of visual social media where your digital art, fashion and NFTs are publicly accessible in a network of digital rooms/spaces.
What if pods are a new digital medium with a finite supply of canvas (pods) and unlimited brushes (NFTs)?
What if pods are beachfront property to Nike’s metaverse and ensure the earliest access to everything Nike plans to do in the digital world?
I can frame hypothetical scenarios all day about what pods should/would/could bring.
The bottomline is always the same…Nike would be foolish to squander the opportunity to leverage this much character IP and digital real estate that was served to them on a silver platter.
I think pods (with Clones) will be the forever early access pass into everything Nike does in the web3 world.
I think every one of Nike’s athletes is going to eventually own a Clone. Where do you think they will store all of their digital Nike gear?
Think of pods as your locker in a Nike high school that everybody wants to get into. As long as you own a locker, your tuition is paid for.
Better not forget the combination.
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Legal Disclaimer: No information shared in NFTeasers is financial advice. All content is for entertainment and informational purposes only. Wavy Labs, LLC is not a registered investment, legal, or tax advisor or a broker/dealer.