Non-Fungible Weekly #9

Solana outage! Everyone panic!!! . . . or maybe not.

On June 1, the blockchain halted due to a malfunction that caused conflicting data in the same block on different nodes. During the roughly 4.5 hours that the chain was down, there were the expected memes, tough talk, and threats to leave Solana forever. However, it seemed most people waited patiently, and builders kept building.

How to interpret this reaction from the Solana crowd? Is it a testament to people's faith in what Solana promises to deliver despite some rough patches? Or just another day on Solana? Could it be the lack of a better alternative that keeps people around? Are investors in it for the long haul or will they bail at the next new shiny chain?

One thing is for certain an ever-expanding number of projects are choosing Solana and going all in. Teams are choosing Solana over other blockchains and staking their future and their livelihood on its success. Will you be here to see it, anon?

Bridgesplit Updates...

• Last week we announced our index launches with Serum Surfers, Burrito Boyz, and Skullbots.

• We will be announcing another index with farming rewards coming up... tomorrow? 👀

• Our new app is continuing to be built. We will be providing regular updates to the progress on this over in our Discord.

• The Serum Surfers Index has over 100 NFTs and is offering +266% APY!

• If you are a collection looking to get launched on our app, let us know!

Is Hype Dead?...

What began as a marketing technique exploded into a full-blown category of NFTs. That's right The Hype NFTs. Projects looking to piggyback off the success of Okay Bears quickly took center stage on Twitter to promote their flavor of the new meta. Projects such as Trippin' Ape Tribe, Just Ape, and Great Goats have amassed huge numbers of Twitter followers (bots anyone?) only to find resistance just a short distance down the road.

We have seen TAT rise to over 85 SOL FP directly after mint only to fall to sub 30. Great Goats has been put through the FUD grinder lately, crushing many people's hopes of retiring early. Investors crying scam and rug on hype projects.

Hype is a double-edged sword that can propel a project into the stratosphere or cause it to plummet to its death. The NFT investor is a cruel taskmaster who will not hesitate to hold a project's feet to the fire and demand answers . . . and a roadmap . . . and staking . . . and merch. . . and . . .

Have we seen the rise and fall of the short-lived hype meta? Will the likes of Great Goats show that hype is stronger than ever or will it solidify it's demise? Let us know your thoughts on Twitter or the Discord

NFT Market Updates

NFT markets crabbed along this week. With some bigger projects seeing a drop in FP.

• Great Goats minted and got excitement up to 15 SOL and is now holding a steady 6 SOL floor price

• GhostkidDAO continues to bombard Twitter

• Degods continues to innovate with the announcement of their DAOs with DUST WL initiative.

• Mid Mint Listings on Secondary have become the new standard

Magic Eden took an official stance regarding mid-mint listings. With concerns about being late to the party, Magic Eden pivoted from its stance of waiting to list until a project finished minting out. Mid-mint listings are a new occurrence where secondary markets allow people to list their NFTs directly after they have minted instead of waiting until the entire collection has been completed.

This is a hot topic with debate coming from both sides of the coin. Secondary markets have jockeyed themselves into a race to be first to capture sales while projects fear that mid-mint listings can hurt the initial launch of a project and in turn sink the floor price. Everyone likes to say that floor price doesn't matter but it clearly does as it is a lasting metric that projects are judged against.

Magic Eden has offered alternatives for projects to combat mid-mint listings if they find them disagreeable. Ideas include post-mint reveals, raffles, or a claims page. Regardless of how they feel projects will need to learn to navigate these new waters on secondary

Where do you stand on mid-mint reveals and the hype meta? Let us know in the Discord!

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