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SHILL Issue 78

Solana ecosystem magazine.

Solana ecosystem magazine.

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SOLANA NFT/DEFI/TWITTER ECOSYSTEM

the bit you

came for 2

part 2 from linkkzyy

Sol Nostalgia

Solanasensei looks back

too good

Ct21 sweeping

capitulation

is now the time

Royalties

Secretsphinxes and

kemos4be discuss

ISSUE #78

◎0.25

& MUCH more


ISSUE

78


4 10

16

17

18 86

140

151

152

FROM THE EDITOR

UPTOBER insights

Linkkzyy looks at what is coming up #alpha

Project Royalties

SecretSphinxes is in ont he conversation

Obligation

Redacted_j on why projects should or should

not have an obligation

Solana Nostalgia

SolanaSensei with a history lesson

The Bit You Came For 2

Linkzzyy analyses what to look for ina

project. Part 2 #alpha

too good to pass on

CT21 collecting pieces while you sleep

151 Capitulation

0xGumshoe- what will it take to capitulate?

Royalties Proposition

Kemos4be lays it out, plain and simple

arielgricio


Issue 78

A moment of silence in remembrance of all those NFT projects and 1of1s that have vanished over the last year.

Some, so promising. Others...

One piece locked away in the #SHILL vault this week but I thought I'd re-add my "Nimbus" because @arteovni

is nearing the end of their 100 mint for the Lucid Screens series.

#SHILL has its own NFTs up for auction on Exchange.art and now Formfunction too! Proceeds go to helping this

magazine grow and become better. All the World's a Stage is live now https://exchange.art/pixeltoy/ and Do

You See Me? https://formfunction.xyz/@Pixeltoy.sol/

The 'meta' over the last week has been about ROYALTIES. As such, this issue includes a couple of articles

focused on perspectives. We need perspectives. It helps us form our own opinion based on the evidence

presented.

A whole lot of content in this issue. NFTs to tickle your senses. Alpha to contemplate. Stories you may have

missed. It's good to know that at the end of the week you can rely on #SHILL zine to package it all up in one

convenient magazine that you can access when you are ready.

Ready to dive in?

Enough said. You know the drill.

@Pixeltoy

Cyberobama @mirandaparkeer


Nimbus @arteovni


PROBABLY

@sp00n1cus

40.4k followers

My favorite Discord quote of the day:

"If you guys just tweeted

more FP would be better"


Keep your eyes on...

ALPHA LIONS

PixelPenguinDAO

Secret Sphinx Society


Linkkzyy

Furry Orcs

Introductory Information:

The art is just so consumable imo. Some people dislike AI based art but I just think these things are so

adorable and well crafted that most people will see some cuteness in them. The team seems to be marketing

and expressing their thoughts well and in a vocal manner and they have an interesting plan in the

Roadmap.

Stake 2 Orcs for 60 days; Receive an egg & baby orc.

You can then slowly upgrade this baby orc to level 10 using the native token; higher the lvl, more

tokens earned.

Once your baby orc hits lvl 10 you can then purchase attributes to put on your baby orc and -

customize it. After all this, you can then scan your baby orc into AR or get it ordered as a realistic

3D figure. I find this so bullish because you can essentially build your own mini figure w/ traits

you’ve selected.

After this they envision going further but for now this is the core concept, with a small supply of 2222 of

these, I can see them pumping as 2 have to be staked together for 60 DAYS to get your egg. Likely meaning

the supply will squeeze very rapidly as more people aim to get their baby orcs.

Pros:

Art is very adoptable and conveys an emotion or thought to you.

Vocal team, talking about things relevant to the project + Spaces.

Good organization between Discord & Twitter, minimal clutter.

Massive supply squeeze rooted in the project's utility.

Solid core values.

Organic growth appears.

Cons:

Lack of call to action / community driving in the roadmap / ideas.

No website.

Would love deeper dives on the team; 3 line backgrounds doesn’t really allow readers to attach themselves to the

team or feel a depth to their person.

Conclusion:

I like it a lot, I think they're cute. I think this team is totally

on the right track to building something really cool even if

it’s a little more niche. I also think a lot of holders may find

themselves sentimentally attached to the NFTs once they

have a mini figurine that’s been tailor made to its exact

traits and so on. I think this project has a lot of depth to it.

From waiting 60 days, to raising the baby orc and so on. I

think it’s super intriguing. There’s an inbuilt supply squeeze

as well so It’s likely to see favorable price action with time.

I think with the team providing some more depth on themselves,

a dope website, and really finding ways to get the

community involved, this first installment of the roadmap

may only be the beginning of something dope.


Porky Island

Introductory Info:

I uh- look. I don’t have any information on this, idk what is going on or what they’ll do but

the art is so ugly it becomes funny and the almost exclusive auditory + visual marketing

campaign is just so degenerate and funny.

I think these pump off meme factor or the development of a very niche community, overall

this shit is just funny as hell and there’s 0 harm in being early.

Also bonus points for;

Very active and vocal founder in twitter spaces.

Unique marketing idea with these weird dumb singing videos.

Truly bear market, goblin town vibes.

Art being idk, good? maybe? idk LMAO.


zibbo


zibbo


yobaninja


yobaninja


@SecretSphinxes

Project royalties— once again in the spotlight. Sounds

like time for another thread from the project who

played with royalties before anyone else, nine months

ago. Here’s why we did it, what we’ve learned, and

how we survived and thrived without team royalties:

First, some backstory: Our Sphinx collection minted on

Jan. 13th, 2022, with 5% royalties, but with a twist—

our custom mint contract allowed us to bind every

minter’s wallet to the specific NFT they minted, meaning

all our minters have received secondary royalties

since mint.

Since then, they’ve received over 1,000 Sol in secondary

royalties, over 2/3rds of our original mint proceeds.

Our core roadmap design allows for the creator

wallet address to be swapped out, meaning new holders

can ‘steal’ the royalty binding for themselves!

Experimenting with royalties so long ago was a massive

leap into the unknown, and the re-binding game

theory of catch-and-release allowed us to collect

market data for months on how people chose to trade

when they knew they could control the royalties on

their NFT’s.

What we learned: -Long-term believers don’t see value

in royalties because they aren’t selling often -A small

% of nft’s get traded more because they cycle through

flippers’ hands -Not taking any royalties for the team

requires extremely precise treasury management

The last point is key in this new, 0%-royalty landscape

that we seem to be entering. Proper treasury management

is now critical to projects’ survival.

Things like: -Runway projections -Estimated gross/

net revenues -Transparency reporting are critical to ensure

that investors/holders know the team’s financial

standing and can make appropriate investment choices

based on those numbers.

Projects will also need to either: -raise mint costs to

fully cover their expected build, ship, and delivery

timelines -create revenue flow from business activities,

either ad-hoc or from full-time work in order to be

able to build out a full team of mods and other staff.

Another effect of this shift will be on project development

and team hires. Plenty of projects in the space

hire third-party developers to create their project

infrastructure: staking contracts, gamified contracts,

new mints, etc etc.

These will all need to be appropriately budgeted for,

but less royalties/funds will force teams to hire cheaply—

leading to more unaudited contracts, more potential

drains, and potentially less quality of development.

Third-party devs are already scarce as it is!

Where this is most detrimental is to pre-existing projects.

They’ll need to drastically reconstruct their budgets in order

to reflect the lack of royalties, especially if they’re: -older and

have higher FP -have large teams -don’t have an external revenue

source yet

New + unminted projects can more readily adapt to this

change and may even start to outperform some of the established

projects, as they struggle to adapt quickly enough. In

any case, it’ll be a massive catalyst for a new era of project

organization.

Returning to revenue streams for a second— We’ll likely see

stuff like ‘casinos’ and ‘launchpads’ and ‘accelerators’ become

standard, as projects hunt for a consistent revenue stream.

The market may become saturated in these, and quality may

start to suffer in turn.

Make sure you’re asking the right questions to teams, especially

when development and contracts are involved. Inexperience

can lead to fatal errors when dealing with contracts, and for it

to be done right, make sure they’re spending enough capital to

pursue top tier devs!

In the same vein, projects that will have a huge advantage in

this new era will be those who are owned by devs. In-house

development will become an intangible premium, since projects

won’t have to hire out, can pivot on the fly, and will have

more treasury to wield.

We’re grateful to be in a position where our actions 9 months

ago gave us the experience, we need to navigate this new 0%

royalty landscape. It’ll be interesting to watch teams find solutions

to revenue streams like we did and adapt in ways that we

never thought of.

Some projects will fail. This is an inevitable truth of entering

into a 0% royalty meta. We don’t wish failure on anyone or any

project, but it’s important for us as a space to realize this is

more a reality than ever before, and to prepare for this accordingly.

Some projects will succeed brilliantly, too, and personally I’m

excited about the possibilities. We’re proof that projects don’t

need royalties to survive and thrive in the Solana ecosystem,

and we’d love to share our experiences with everyone so that

everyone is better prepared.


@redacted_j

Does BMW feel like it owes me something? No. It does not. But I have one sitting in my garage. However, when I talk

with NFT creators, they often feel a sense of obligation towards holders, like they constantly owe them “the work” and

“the growth.”

What’s the difference? I’m a customer of BMW, you’re a holder of a shiny Ape. Why isn’t BMW doing twitter spaces giving

me updates all the time? Why do we demand so much of companies like DAA but not of BMW?

This is because the relationship between the holder and creator and customer and corp is different. And I think it comes

from the royalties. The holder is agreeing to give the creator the cut, in exchange for the work from them in growing the

price.

Only now they’re not giving the cut anymore. They want all the effort for none of the pay.

If that’s the case, if the cut is zero, then what do they, the holders, become to the creators? Just a customer. Just as I am

to BMW. The economics are the same. A one-time purchase, followed by a secondary sale of the NFT is the same economically

as the car market.

The holders are still making big bets on which NFT companies will provide the best value. And NFT companies still need

to provide it. But NFT companies are no longer “in bed” to quite the same extent with the holders.

So now NFT creators have a new incentive: To try to sell goods and services to the holder that the holder wants to buy.

Whatever that might mean. It’s going to be different for every community. Because if they don’t, they make no money.

Following the allegory, BMW wants their resale values to be high because it keeps their primary purchase prices high,

so they produce long-lived products. They want that rep. But they don’t need royalties to have that incentive. (Actually,

their repair bills are insane).

I think this is a better system than one where the NFT creator is incentivised to help current NFT holder find newer NFT

holders at greater price. Sure, that works for a little bit but there is only really a few NFT collections that has survived

more than a year on it.

Now, one could argue these incentives are one and the same, really, but I’d say no. Right now, some projects on Solana

move >500k a month without ever selling a single product. That’s a hell of a lot of inertia to prevent real product innovation.

If you want to see a brand really scramble, take their revenue to zero, but leave them with all the eyeballs and holders

they had before. Trust me, they will come up with some beautiful and amazing product lines that increase the value of

the brand for everybody. It’s Darwinism.

The problem is that the drive to zero isn’t happening fast. Like the frog in the pot, it’s happening so slowly that they think

they can stop it by conjuring up parlor tricks to halt the progress. By the time they realize it’s too late, it’ll be too late for

most of them.


@SolanaSensei

SOLANA NOSTALGIA

For those of you who were not able to experience the birth of Solana NFTs, I would love to describe to you how the

space looked like back then and tell you about a few of my experiences as a Solana OG. If you are a Solana OG, this may

be very nostalgic.

SOLANART

@SolanartNFT was the first marketplace in Solana created by SolPunks founders and initially used for @PunksOnSolana

only. All trades were done through Discord or Telegram prior to that. As Solana NFTs began to expand, they integrated

other SOL projects.


SOLPUNKS

Solana NFTs started with SolPunks. They were the first Solana project to to sell out. They generated the initial hype and

momentum that triggered the entire Solana NFT movement. The SolPunks hype attracted the first ETH whales and big

investors in Solana.


SOLBEARS

SolPunks

SolBears are one of the most legendary rug pulls in Solana. They were the first ones to pull a big hard rug on Solana

thanks to the infamous Yogi. Sensei and many SOL investors lost a huge bag with these bears.


SOLLAMAS

Another OG project that was temporarily very profitable for many was @SollamasNFT. They messed up various things

during their mint. There was a lot of FUD in regards to a few decisions made by the team, but many managed to flip

them for very nice profits.

SMB (PART 1)

One of the most recognized projects in Solana was and still is @SolanaMBS. OGs know that the minting experience in

the early days was horrible. Discords were pure FUD. I believe we waited about one or two days to receive our SMBs.


SMB (PART 2)

SMBs were CRUCIAL for SOL NFTs. At one point, aliens were going for 20 SOL and skellies for like 35 SOL aprox in discord

chats. Sensei paper handed many SMBs. I would have $1 million extra if I sold at the top. No regrets though, this is part

of the game.


DAA (PART 1)

I can confidently say that DAA probably had the greatest impact in all of Solana NFTs. Their Twitter account had more

followers than any other SOL project had prior to the minting. Their marketing strategy was unlike anything we had seen

in Solana.


DAA (PART 2)

While I was in Bali, my friend received a call while he was sleeping. He came running to my room to wake me up for the

mint. After the team changed the minting date and time various times, Sensei managed to mint 12 apes. (I bought a lot

more apes after)


DAA (PART 3)

I was never so confident in my FP predictions for this project. This was the start of a new chapter in the history of Solana.

These were some of the best days I ever had on Solana. FUD and negativity were pretty much inexistent.


DIGITAL EYES

Another marketplace that temporarily had a huge impact in Solana NFTs was @DigitalEyesNFT. Solanart was very selective

with the projects they listed, so many of the projects that didn’t make it would get listed here. (There was a lot of

random bs)

SOLANA ECOSYSTEM These images are for TRUE OGs. We thought the SOL ecosystem was growing so fast when these

images went “viral” back then. We can’t even fit a fifth of the SOL ecosystem in one image anymore.


SOL REACHES $100 Solana hit $100 for the first time in history exactly 1 year ago. - August 30th, 2021 The speculation

surfaced majorly because of Solana’s Ignition teaser video, which featured a purple flamed lighter.

SOL INFLUENCERS Many influencers were here since the early days,

but most weren’t. Imagine all the big SOL influencers with less than

10k followers. I believe @SOLBigBrain was the first SOL influencer to

reach 10k. Also, shout out to @SolanaLegend

THUG BIRDZ Another legendary OG project with one of the most

insane Solana NFT communities was Thug Birdz. At one point Thug

Birdz went above 137 SOL floor price. This limited 3333 collection

was very easy to pump and OG holders were not willing to sell.

EXTRA OG MENTIONS

@FRAKT_HQ @KaijuCards @AuroryProject @BoldBadgers @ApeShitSocial @SolDogeNFT @peskypenguins @Galactic-

GeckoSG @SolariansNFT @kreechures @RogueSharks @unirexcity @FamousFoxFed @AbstraticaNFT @ROXcollective


VWPNY


VWPNY


theartfulaaron


theartfulaaron


TemplarKids


yobaninja


SurrealBurak


atrdynn manfeelzs


mauricedotxyz


Odyssey


Odyssey


mauricedotxyz


antiwagmi


antiwagmi


andryaniade


andryaniade


dixhimself


dixhimself


dixhimself


dixhimself


destroyxstairs


destroyxstairs


407Atelie


407Atelie


407Atelie


407Atelie


sal_reload


sal_reload


NekoMeawNFT


NekoMeawNFT


mirandaparkeer


manfeelzs


manfeelzs


manfeelzs


manfeelzs


Minako_Chan2099


Minako_Chan2099


Pozer___


Pozer___


24Kenva


BostonGRL


S0Ltoshi


S0Ltoshi


S0Ltoshi


atrdynn


atrdynn


avekno


ilkep


2

Linkkzyy

Analyzing A Project’s Merit’s Post-Mint.

The Fun Bit.

Social Sentiment: To avoid rewriting the whole bit, apply

this stuff here. Who’s looking at the project, what’s got

people excited about it, how many people and so on.

Under this I would also keep my eye out for expansive

projects, by this I mean things like DeStables. Community

ran projects which add onto the expansion of the

brand/project itself. Additionally look for things like

custom items/collectibles being made; custom versions

of NFTs, custom shoes, clothes and so on.

Numbers & Metrics

Prefacing this by saying, personally I hate TA for NFTs. I

don’t think charting NFTs is a valuable way to trade specifically

when they generally cycle around news rather

than anything else.

If TA still fancies you, the one value I find is figuring out

which price barriers have the largest amount of listings

(aka, resistance). I would recommend doing this regardless

as it offers you an opportunity to sell at the resistance

and rebuy on a potential drawback for cheaper

and netting a neat profit already.

One thing to note when looking at resistance is the

speed of liquidity. If you hit some form of resistance in

FP and liquidity flowing in begins to slow it’s worth listing.

It is very likely that trading bots and people will see

the halt and begin listing/dropping the floor. However,

if liquidity is high; you may just get steam rolled out of

your position.

NFT Inspect: This can be a very valuable tool for reasons

beyond influencers swinging their willies in a battle of

who’s more narcissistic. Observe the community rankings

category. It gives you access to how many unique

individuals are rocking a PFP under this collection but

also the reach.

If you have a collection of say 10,000 and 60% of the collection

is uniquely rocking their PFP with a community

reach of 30% but their floor price is 2 SOL it would be a

buying indicator alone.

However, if the project has a large community reach but

a lackluster amount of unique PFPs; this is not particularly

a buying indicator, it’s more likely that an influencer

or person with a large platform is rocking it, which can

be nice, but it is nowhere near as useful as 2-6,000

people on the timeline marketing the project with each

tweet, reply, Twitter space, etc.

HelloMoon Smart Money: This one is a given nowadays,

so I won’t go into depth but it definitely has its

strengths. Make sure you don’t get caught in a short

term play that will dump on your head. Be proactive.

Liquidity: This is the most important thing with NFTs because

it dictates the value of literally everything. Your floor

can be any price but if there’s no liquidity purchasing at that

set price, it’s not really the floor price. Always keep track of

liquidity flowing into the things you are interested in buying

and if you see slow trends or a gradual daily increase, it’s a

good sign that there might be more coming in the near future

Ask Questions: Try to talk with the team, talk to influencers,

talk to people on the timeline, try to perceive what the mood

is towards the collection. Why are people buying, why are

they bullish and talking about it?

Buy the Rumor, Sell the News

This is a pretty common trading style and is usually successful.

I would not advise following it word for word, but the general

premise is useful in this space.

If you see a project that might be under the radar or slowly

creeping up in terms of volume, NFT Inspect or discussion,

it’s a great opportunity to look into the project and figure out

what’s coming next. Almost every bit of big news/announcements

for projects results in a positive price action even if it’s

10-20%. Taking advantage means you’ve just made a neat 10-

20% for simply being aware and selling to the latecomers.

Quality Assurance

I talked about this briefly in pre-mint analysis, but it’s always

good to look for quality insurance on the things you buy into;

- Are the marketing graphics dated?

- How does the website look?

- Discord ugly as shit and hard to navigate?

- Is the staking platform well made?

Tokenomics/Coins

This is something I don’t see talked about enough with

projects implementing staking and native tokens. Why. The.

F*ck do you think tokenomics made from anything less than a

professional mathletics gamer is worth betting on?

It is such a core and key component of their ecosystem and it

requires INTENSE math and thorough design to actually make

not only a unique but sound tokenomics structure.

Don’t have faith in some monkeys releasing a coin without

proper design. If they are cutting corners, being lazy, or overtly

stingy with their funding, none of these are good signs.

Overlap w/ Pre-Mint

There’s some themes which obviously overlap which are as

follows

Is the art good?


Is the team experienced?

Are their plans worth buying into?

Is there a vocal leader?

Socials? (Discord, Twitter etc)

Long Hauls

If you have conviction on a project, then I wouldn’t concern

yourself with trying to get an absolutely bottomed

price. Make the market come to you. Bid, wait for drops

and so on, but don’t keep yourself waiting on something

you wanna vault, it can burn you.

Quickfire/Basic Advice;

Don’t fade metas and market trends. If you see it forming,

follow it. Eg, the early 2022 Branding hype. Late 2021

Utility hype. Going against the grain won’t necessarily

burn you, but it will restrict your ability to make money.

Don’t fade 1/1 Art. This is a subjective thing, but definitely

check it out, it may be worth it down the line.

Organization is key.

If you hate reading, use Chrome extensions such as Swift

Read to speed up the process.

If you can code, I’m sure you can build programs to speed

run processes and organize better.

Always try to ask the team questions. Put the gas on

them a little bit. You may not like their answer but if their

response feels controlled and calculated, assume they’ve

got a good pulse on what they’re doing or will present it

as such.

Always think in the mindset of the general population. It’s

not truly about whether you really like the art, the ideas,

or the team. It’s about if they are consumable on a broader

scale.

Don’t avoid placing bids, there’s always an opportunity to

snag an NFT cheaper by slapping a bid on.

You’re not bound to sell the top, you’re supposed to sell

for profit. If you hit the top great, if you sell before the

top you’ve still profited, don’t be harsh on yourself.

Have clear goals in mind when trading. What $ Value or

$SOL value do you aim to hit? Work towards it. If you hit

it, celebrate it and set a new goal. I found myself constantly

moving goalposts and felt an endless cycle of “I’m

not doing good enough”. Avoid this.

Security is paramount in this space;

Don’t click random links. Ignore any NFT you receive

that you didn’t buy or trade for. Legitimate projects do

NOT randomly drop NFTs. Always check with the project

before interacting. Generally avoid 2FA linked to a phone,

opt for email. Use a hardware wallet if possible.

Tools Worth Using For Trading

NFT Inspect Collections

Hello Moon

Solswatch

Anything Famous Fox

Netrunner - From what I’ve gathered this is the best tax software

native to Solana.

Sol Decoder - Specifically the Fox Alerts. Gives you the ability

to get in on WL Token markets early.

Yawww - An option for royalty evadoooors.

ME Analytics - I find these at times clunky, but they can be

worthwhile on the fly.

Trading Bots - These aren’t something I can endorse, but if

you want them, you can find them.

Must Use For Alpha Hunting

#1 NOTION - You can LITERALLY get a free personal notion. It

is SO. SO. SO key to be organized in this space, it moves like

lightning and the more capital you accumulate the more NFTs

you will be buying at once. Having an organized notion will

allow you to track not only what you’ve bought & hold, what

you’re considering buying and also the projects you need to

research or are researching.

On-top of this, you can get an IOS App and Desktop App.

Have an, “Oh I gotta do this” while out thought? Slam it in

the to-do-list you’ve made. There’s pretty endless management

softwares out there, so feel free to look for something

which may suit you more. Tiago Forte offers good insight on

this.

Solana Calendars/Upcoming mint trackers.

Howrare.is

NFT Calendar

NFT Solana

Hyper Space

NFT Evening

Mercury - This isn’t half bad for looking at projects which

have just been onboarded to Mercury’s WLing service. Can

occasionally find a hidden gem before its WL slots fill up and

snag an early spot.

Magic Eden Launchpad - Similar to Mercury, it’s widely

known, but you might occasionally stumble on some juice

keeping up to date with the projects running through this in

advance.

Influencer Following Lists & Liked posts:

This is a bit obscure, but for many influencers they will

receive loads of DMs daily from upcoming projects. If they

are anything like me, they usually follow every single one

that looks like it has merit from a first glance look. Tracking

some influencer’s recently followed accounts may help you

get ahead of the curb. Similarly, they get tagged in a bunch of

shills every day and they may like some of these. A quick look

at likes can provide some dope insight. I wouldn’t say either

of these are the most efficient or useful ways to hunt some

quality alpha, but the options there.

DAOs & Groupchat; These went very unnoticed until the last

few months, but forming GCs with people in multiple DAOs

(eg, a SMB, a Taiyo, a Degod and a Boogle) can potentially

give you indirect access to all 4 DAOs and can feed each other

any information or alpha inside of them in a mutually benefi


cial manner. Similarly, you can buy into a DAO or just use

a DAO you’re already in.

But Linkkzyy, I’m aware of this stuff and use it already,

where is the juice?!

Well, here’s the alpha hunting tactic that has helped me

find almost every sleeper, stealth, degen mint I've profited

off early.

Videos can’t be directly attached; so find the youtube video

here- https://www.youtube.com/watch?v=h1L6ijiS5Ds

Project Spotlight

Once again I want to slap in this disclaimer: nothing here

is financial advice. It’s just a list of highlights of promising

projects with condensed research & ratings. I implore you

to give them your own research and apply some of the

insight I gave you in the above pages.

—Existing Projects Worth Buying—

DeGods, y00ts, Taiyo Robotics, SMB, Blocksmith etc =

Obvious.

Liberty Square: I think the team is way too dialed into the

space and they’re doing a lot of unique shit with a very

experienced CEO in the web2 business world.

Aurory: I’m perma bullish on this team, it’s such a large

team filled with experience and the necessary funding. I

can’t wait to watch them in the coming years.

Sensei Labs: Art is not to my taste but I think if the listings

see some drastic drops we could see a nice pump down

the track much like BlockSmith’s arch.

NetRunner: The only Solana native tax software to my

knowledge and it appears to be the most efficient. I can

see a pretty clear play in buying a bunch and waiting for

the end of the financial year when people need them to

rent them out or sell them for a neat profit. If not; you

have your tax and portfolio management system covered.

Thugmonkez: I can’t believe I’m putting this here in all

honesty, but the team is stacked with connected and

valued people, the marketing has somehow been working

flawlessly even if it’s just shit copypasta, I see these going

higher. Holding the right amount of these gives access to

the upcoming project the Indie Cove which is worth doing

research into.

Lily/Lotus Gang: Don’t fade bunjil.

Obviously there are many good projects out there, but it’s

going to be up to you to do some of your own hunting.

Precursor Discussion to the upcoming mints list

A very common theme I’ve seen throughout my research

is a lot of ambiguity and a lack of voice from the team. As

a result, for some projects there isn’t a lot to discuss and

the bull case has to be centered around how adoptable

and pumpable the art is + the marketing style so far.

Other projects I find to be outstanding and am extremely

hyped to see their progress. Keep an open mind when

looking at these projects and remember this is not financial

advice, this is not the play to buy, this is a document

summarizing those which look promising and allowing

you to digest their content in short format.

Some may also have more “Cons” than “Pros” but always

remember the disparity between the importance of the

point’s which are pros and cons.

Also also; many of these lack mint dates, supply counts and

prices so you will need to track them actively!

Also also also, if a project has a revenue stream in the making

it will be in pros, if they do not, it won’t be there but any

project lacking a revenue stream model should be an instant

con.

Understanding “Alpha”

For those extremely fresh in the space, “Alpha” is generally

considered to be informative and most importantly early

insight into a project/investment opportunity. Alpha is any

discussion that makes you money. Ultimately, money is

what people want in this space, those who say otherwise

are lying or sitting on a life savings grand enough to feed a

small village for hundreds of years.

But let’s hit the deeper notes now: in an investment rich

space, the number one priority you have as an individual

is attempting to remove emotions from short term plays

and bolstering the strengths of your emotions in long term

plays. If you want to hit a blue chip, you need emotions, you

need conviction and sometimes you need to sink with the

ship, just like many DeGods holders did after its brief decline

in late 2021. However, if you want steady cash flow, you

need to remove emotions from short term plays.

Why is this important?

For me it’s quite simple, you need to acknowledge all positions

from an unbiased standpoint.

If someone screams “BEARISH!!” , you need to ask yourself:

why? As a long term holder, you need to think deeper, why

do you think they’re wrong? What can validate that? In

the case your research and thinking supports what they’re

saying and you simply cannot invalidate it, you must make

the decision, will you sink with the ship or will you cut your

losses?

Similarly in a short term environment your feelings DO NOT

MATTER. What is the public sentiment? What does price action

say? What does the liquidity say? WHAT DO THE FACTS

SAY?

Align your mindset and come up with a plan before you buy

into a project so you don’t find yourself over leveraged and

over committed to something which could have made life

changing money, but rather sunk leaving you with pennies

to the dollar.

Alpha can be stumbling on a project with huge potential

early; but I encourage you to be more insightful and think

deeper. This is what will make you more money. Imagine

if you sat down with a friend at the start of this year and discussed

the global economy. You discuss the liquidity flowing

in and out of crypto and NFTs, ask what this NFT hype is

comparable to, and ask how that comparable event transpired?

I say confidently you could have stabled at $120+ SOL

just as I did.


Do not be ham-strung by a vision limited and narrowed specifically to NFTs and even more so NFTs on Solana. Remove

blinders and root your thoughts in authenticity.

You can also look at Alpha through mathematical lenses and what not but I don’t believe NFTs play into the traditional

meaning of Alpha. (Excess ROI after accounting for volatility etc.)

OG Solana Alpha Hunter Turned Builder.

Work w/ @TrippyBunny_NFT @TheAlphaDAO @SolApeFinance


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Allégro by @CryptoVulture

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Only Sky Is Higher Than Sky by @degenpoet

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Time Machine by @degenpoet

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TV Casualty by @lowbrownative

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Seaside Line No. 2 by @a_masudii

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Wild Strokes IV by @SAJNFT

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Yakuza #21 by @rimamaiw

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Vireo’s Eye by @a_meierart

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Zombie Hours by @degenpoet

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NY State of Mind #3 (Metro ID) #42 by @JTLissPhotoArt

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NY State of Mind #4 by @JTLissPhotoArt

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@0xGumshoe

How far are you from Capitulation? NFTs were the only thing keeping the $SOL community alive and

well, but now the castle seems to be falling apart.

Capitulation is a term that defines the moment that an investor gives up and exits the market by liquidating

everything at major losses.

Although the act is just a moment, what precedes it is a multi-month/year long process of continuously

waking up to bad news, loss of liquidity, loss of value and stagnation.

This process is emotionally draining and can lead to depression & other mental and physical health

issues. I’m 2-3 months away from capitulating. However, that makes me highly BULLISH on myself, you

know why?

I have worked on my emotional intelligence long

enough to understand every phase of my emotion

cycle. Right now, I’ve accepted that I won’t be

making as much (or any) money than in last year’s

bull run.

Exhaustion is starting to kick in. In 2 to 3 months,

I will want to give up and just start the year fresh

doing something else. But that’s the thing, I’m

aware, so I won’t give up and it will be 10x easier

to work through those emotions when/if they

come.

The game becomes easier when the mind is

strong. What better time to work on it than in a

Bear Market that pushes your limits? Beat it and

you could achieve wealth that you have never

imagined.

If you leave, where else are you going to find an

investment that has more ROI than Crypto? Nowhere.

So stay, even if you spend 10 minutes a day

checking the news & studying, but stay.

Crypto will change the world, maybe not as much

as we think when the bull run is raging, but it will!

So why leave?

Do you prefer the perspective of having to work

pay-check to pay-check for 40 years filled with regret?

Ask older people about their biggest regrets

and you’ll see yourself in 20 years unless you get

the strength to fight for your happiness.

Write your own mantra and repeat it. Act on it.

Live by it. I know this is something different, but

it’s what made me become financially successful,

so I had to share with you.

SHILL Issue #78

151


@kemos4be

Without royalties NFTs lose 50% or more of their value

proposition.

I will break this topic down into three main sections:

1. Broken Incentives — with royalties as the scapegoat.

2. Disruptive Potential — NFTs have very, very little

without royalties.

3. “Revenue Streams” — grasping for straws & very

shitty replacement for royalties.

Section 1: Broken Incentives

Incentive models have been broken since NFTs started

& they’re only getting worse. I’ll break this down into 3

parts: 1. The Past: Magic Eden & MOPI

2. The State of the Union

3. The Future: Without royalties, it’s worse

S1P1 Magic Eden is a masterclass in revenue maximization:

1. They charge 5-20% of mint to launch. 2.

They receive up to 10% of the royalties on an NFT they

launch. 3. They charge a 2% tx fee to trade on their

platform. 4. They also have VCs. GG, WP.

S1P1: ME launches projects they are heavily optimized

for MOPI (Mint Out, Pump It). This means royalties &

fees become extremely extractive: sometimes even

quadrupling the initial mint take. This was extremely

lucrative for

@MagicEden, especially with projects like @okaybears.

S1P1: The groundwork for the royalty’s debate was,

unintentionally, laid by @MagicEden a few months ago

when they were heavily promoting/marketing hyped

mints & eventual rugs. They optimized their entire

platform & the projects they launched for “Mint Out,

Pump It.” (MOPI)

S1P1: MOPI, a flipping-focused model, was pushed to

the extreme by ME:

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They vigorously marketed botted projects like @ShroudedNFT, @DegentownNFTs, @kingsofdastreet, etc. This led

to obscene extraction via royalties — leaving many to believe that royalties were the “problem.”

NOW. To clarify — I’m not trying to lampoon @MagicEden here. Just giving my perspective. They’ve been stuck

between a rock & a hard place for months, and, they’re now in an impossible position. They built for an unhealthy,

immature, & nascent market & amplified those traits.

S1P2: The State of the Union

1. @y00tsNFT/@DeGodsNFT just farmed ~$2 million in royalties off of an unrevealed NFT, then virtue signaled

“0%” royalties after benefiting for months.

S1P2: The State of the Union

2. @MagicEden is now below 50% market share for the 1st time in 2022 bc of 0% royalty competitor. 3. Creator

incentives are blowing up like a pipe bomb inside of a PO Box.

Quote Tweet

@cryptonent

yes, this 0% royalties will force projects to find revenue streams, but it also leaves no incentive to make the fp go

up or provide any holder benefits. why are you even in NFTs at that point?

S1P2: The SOTU

4. Degens are championing “sustainable revenue streams” in place of royalties even though: • Revenue streams

can’t be shared with holders (SEC) • ME can’t even claim its “revenue” is secure nor sustainable. • BAYC, Moonbirds,

DeGods, etc, don’t have them.

S1P2: The SOTU

5. Metashield & not “owning” your NFT. All of this ends up in a big, disgusting, royalty-farmed soup that ends up

creating a somewhat reasonable justification for removing royalties all together. But it isn’t that simple, not at all.

S1P3: The Future Without Royalties

It’s bleak: Soft rugs will increase. Hard rugs will increase. Mint prices will go up. Free mints will be less frequent.

De-rugs will cease to exist.

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S1P3:

1. You’ll get diluted. Why have a limited supply if they

can just keep selling you NFTs?

2. They’ll leave, there’s no incentive to stick around.

3. There’s no incentive to pump floor price except to

sell you more NFTs. 4. It’s just a kickstarter with extra

steps.

S2P1: ALL of the following industries use royalties in

a major capacity & without royalties NFTs have ZERO

potential to disrupt them: — Music (Live & Recorded)

— Video & Film — Art Licensing — Digital Art — Comics

— Audio & Podcasts — Publishing — Journalism —

Live Performance

S1P3: “Nikes don’t have royalties tho.” Yep, and they

make millions of shoes a year to sell to you, justified by

*some* of them having a decent resale price. NFTs also

don’t get dirty or break. They’re a durable asset with

provenance; value over time is best (royalties).

S2P2: Without royalties you won’t be able to onboard

many creators to Web3 whatsoever. The only thing

that has ever convinced any of my “normie” friends

that NFTs are good has been royalties: Art creates perpetual

value & for the first time in history artists can

capture it.

Section 2: Disruptive Potential

1. Disrupting Existing Industries

2. Onboarding Creators & Artists

3. Goodbye Grassroots

S2P2: The concept for a collection from an artist’s

perspective is that they can use the funds to create

something grandiose in scope. Participatory art on a

grand scale. This requires a team, teams require time,

time requires pay. No royalties, no pay overtime. DOA.

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Section 2: Conclusion. Without royalties you essentially

make NFTs an entirely Web2 product. You pay

a centralized team once and then trust them to not

screw you over even though they have 0 incentive not

to. You stifle innovation. You remove 90% of use cases.

& NFTs suck

S3P2: Revenue Streams: The Meme This is quite

simple: There are no reliable revenue streams in this

ecosystem. As evidenced by Magic Eden losing 40% of

its market share in 6 months. Nobody knows where

NFTs are going — it is idiotic to stifle one of the major

innovations.

S3P2: “Revenue streams” are good — but they are not

a wholesale replacement for royalties. I’ve seen dozens

of pieces of tech made irrelevant in a matter of weeks

by another party. PMF doesn’t exist for more than a

month or two for most projects.

S3P3: A Broken Promise The promise of NFTs was a new

structure of project, which allowed for more flexibility.

Sometimes it was bad, but other times leads to innovation.

Section 3: Revenue Streams

1. NFTs are a Financial Media Asset

2. Revenue Streams: The Meme

3. The (now broken) Promise of NFTs.

S3P3: As we hire devs who do web2 implementations

on the blockchain, and strip away our innovative business

structure (via royalties).

Why would anyone care to make a serious business in

web3 outside of shilling to the hype monkeys, in lieu of

a web2 business?

Right around here you should see a “see more” button

to read the rest of the thread. Make sure ya click it.

S3P1: NFTs are tradable media assets. All major media

conglomerates have huge royalty income. Every commercial

you watch, every movie you see, every song

you listen to is paying royalties to someone, somewhere.

Without royalties NFTs become a worthless

financial asset.

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